Century Aluminum Commends U.S. Treasury’s New Guidance on Section 45X

SEATTLE (Scrap Monster): In a significant development for the U.S. primary aluminum industry, Century Aluminum Company (NASDAQ: CENX), a major player in the sector, has expressed its gratitude towards the U.S. Treasury Department. The Treasury has recently issued interpretive guidance on Section 45X of the Inflation Reduction Act, specifically focusing on its relevance to the U.S. primary aluminum industry. This announcement came from Chicago on December 15, 2023, highlighting the company’s positive reception of the federal government’s latest move.

Jesse Gary, the CEO of Century Aluminum, articulated the company’s response, lauding the Biden Administration for its steadfast support of the U.S. aluminum industry.

“We thank the Biden Administration for these important clarifications, and we are excited about the benefits that the U.S. primary aluminum industry will realize from the advanced manufacturing tax credit. Century Aluminum is proud to do its part to advance the broader national goals of increasing domestic production of critical minerals, accelerating the green energy transition and positioning the U.S. as a global leader in advanced manufacturing.”

Century Aluminum, headquartered in Chicago, stands as the largest domestic producer of primary aluminum in the United States. The company operates smelters in Sebree, Kentucky; Hawesville, Kentucky; and Mt. Holly, South Carolina. These facilities play a critical role in the country’s aluminum production, contributing significantly to the industry’s output.

Further delving into the implications of the Treasury’s guidance, Century Aluminum has scheduled an investor conference call for December 19, 2023, at 11:00 a.m. Eastern time. The focus of this call will be to discuss the impact of the Treasury Department’s guidance on the 45X Advanced Manufacturing Tax Credit and its ramifications for the company and the industry at large.

 Courtesy: www.aluminuminsider.com