Century Aluminum Foresees Stable Demand For Primary Aluminum and Products in 2018

SEATTLE (Scrap Monster):  Century Aluminum Company, the US-based producer of primary aluminum having facilities in the US and Iceland, has announced robust results for the fourth quarter and full year 2017. Announcing its outlook for 2018, the company hoped that the demand from Western countries will continue to remain stable, although market conditions are feared to remain volatile and complex.

Century Aluminum Company reported net income of $35.8 million for the fourth quarter of 2017, which is notably higher when compared with the net income of $20.8 million during the third quarter of the previous year. The adjusted EBITDA rose sharply by 25% to $60.2 million during the quarter. The sales increased considerably from $400.6 million in Q3 ’17 to $433.8 million in Q4 last year. The company also reported marginal increase in primary aluminum shipments over the previous quarter from 184,974 tonnes to 189,000 tonnes.

For the full year 2017, Century Aluminum Company reported net income of $48.6 million as against net loss of $252.4 million in 2016. Sales too jumped higher from $1,319.1 million to $1,589.1 million. The primary aluminum shipments totaled 743,198 tonnes during the whole year.

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Michael Bless, President and CEO, Century Aluminum Company stated that stable operations and tight cost control measures contributed to the company’s good quarterly performance. Most plants achieved quarter-over-quarter improvement in safety performance, he noted. The higher raw material costs impacted the company results in 2017. However, improved raw material environment and boosted demand for primary aluminum and aluminum products may boost the company’s performance in 2018. The Western demand is expected to remain strong, despite volatile and complex market conditions, Bless added.

Century Aluminum Company also announced that it will continue to make significant investments towards upgrading existing facilities.