Century Aluminum Posted Net Loss in 2023, Shipments Saw Drastic Decline

SEATTLE (Scrap Monster): Century Aluminum Company announced its fourth quarter and full year 2023 results.

In the fourth quarter of 2023, the company recorded net sales of $12.3 million. The net sales dipped by 6% over the previous quarter, due to lower realized aluminum prices. The reported net income stood at $30.0 million, or $0.30 per diluted share, with adjusted net income at $40.0 million, or $0.39 per share. The shipments of aluminum increased marginally by 1% over the sequential quarter.

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For the full year, Century Aluminum posted net sales of $2.2 billion. The company reported net loss attributable to its stockholders of $43.1 million, or $0.47 per share and adjusted net income of $30.7 million, or $0.33 per share. The aluminum shipments witnessed significant decline by 9% over the prior year.

The company’s liquidity position as on December 31, 2023 was $312.5 million, an increase of $6.7 million from the third quarter of 2023.

Century Aluminum acquired 55% stake in Jamalco- a bauxite mining and alumina refining operation. Also, it entered into a three-year Mt. Holly power agreement and approved a five-year union labor contract for the Sebree smelter during the year.

Jesse Gary, President and CEO stated that the business performed well despite dynamic conditions in 2023. The company remains focused on executing its long-term capital programs with foremost priority on safety of its employees, he added.