
Century Aluminum Company announced results for the third quarter of 2018. The company reported a net loss of $20.3 million for Q3 2018 in comparison to net income of $19.4 million for Q2 2018. The adjusted net income was $2.3 million for Q3 2018 compared to adjusted net income of $30.9 million for Q2 2018.
Century Aluminium reported adjusted EBITDA of $28.7 million, down $25.8 million from Q2 2018. The decrease was primarily attributable to higher alumina costs, partially offset by higher LME prices and regional premiums.
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Michael A. Bless, President and Chief Executive Officer said: “Downstream demand continues to show strong growth and forward indicators suggest this trajectory should continue. Global primary aluminium inventories have decreased as forecasts call for a production deficit of nearly two million metric tons in 2018.
“U.S. delivery and product premiums remain firm, supported in part by the U.S. administration’s continuing commitment to combat the pervasive practice of state support of this industry around the world. Importantly, we believe we are now seeing the end phase of the difficult conditions that have impacted the alumina sector during 2018; upon resolution of these issues, we see the alumina market as being well supplied and prices returning to historical norms.”
Sales increased to $481.8 million in Q3 2018 compared with $470.0 million in Q2 2018. Shipments of primary aluminium stood at 182,926 tonnes compared with 180,220 tonnes in Q2 2018.
Mr. Bless continued, “The restart project at Hawesville is on time and budget; we were honored to have Secretary Ross and Governor Bevin join us to celebrate the reopening of the first of the curtailed potlines. We recently signed a two year extension to Mt. Holly’s power contract. This agreement will support the continuing operation of half of this excellent plant while we pursue options to enable the restart of the second potline. With our production back to near capacity and favorable industry conditions, we see 2019 as having the underpinnings for a strong year for the company’s operations and financial performance.”
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