Century Aluminum Ended Q3 This Year in Net Loss

SEATTLE (Scrap Monster): Century Aluminum Company reported third quarter 2021 results.

The company reported net loss of $52.4 million during the quarter, negatively impacted by $46.7 million of net exceptional items. It reported an adjusted net loss of $5.7 million, which is an improvement of $22.1 million over the sequential quarter. The adjusted EBITDA for the quarter stood at $70.3 million, significantly higher by $36.4 million from the sequential quarter. The EBITDA boost was mainly driven by higher aluminum prices and increased regional premiums, although partially impacted by escalated energy costs.

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The company’s liquidity position at the end of the quarter was $126.8 million. The cash flow during the quarter was impacted by various factors, including increased capital spending on restart of Mt. Holly smelter. The production cuts in China and Europe resulted in aluminum inventories falling into multi-year lows.

Jesse Gary, President and Chief Executive Officer, Century Aluminum announced significant progress in expansion projects at Hawesville and Mt. Holly smelters. Both the projects are likely to achieve substantial completion by end-2021. In spite of inflationary pressure in many of its key raw materials, both the operations are well-positioned to continue to deliver strong results in the fourth quarter and beyond, he added.