CHICAGO Affiliates of Glencore International Plc,
Century Aluminum Co.s largest shareholder, were involved
in transactions made with entities that are fully or partly
controlled by the Iranian government, according to a Century
filing with the U.S. Securities and Exchange Commission (SEC).
Non-U.S. affiliates of Glencore in 2012 entered into sale and
purchase contracts with Iranian entities for metals and metal
oxides, as well as sales contracts for wheat and coal, the
Monterey, Calif.-based aluminum producer said in an annual
report filed March 18 with the SEC, citing information provided
A spokesman for Baar, Switzerland-based Glencore declined to
comment or elaborate on Centurys annual filing.
Its exactly how it is in the 10-K (filing),
the spokesman told AMM March 19.
Under the Iran Threat Reduction and Syria Human Rights Act of
2012, which President Barack Obama signed into law Aug. 10,
2012, companies must disclose whether they or any of their
affiliates have knowingly engaged in transactions involving
Iran, Century said in the filing. While Glencore might be
considered an affiliate of Century, the aluminum producer
has no control over (Glencores) actions or the
actions of its affiliates, the filing said.
Century and its global subsidiaries had no transactions
or activities requiring disclosure under (the act), nor were we
involved in the transactions described by Glencore in the
filing, Century said.
Glencore and its affiliates conducted all transactions with
Iran in compliance with applicable sanction laws and with
necessary approvals by government authorities, Century said in
the filing. Transactions made by Glencore and its non-U.S.
affiliates did not violate sanction laws administered by the
U.S. Department of Treasury or the Office of Foreign Asset
Control and are not the subject of any enforcement
actions under Iran sanction laws, the company said.
Glencore, which holds a 46.6-percent stake in Century, also
supplies the company with alumina, according the SEC filing.
Century recorded net sales of $552.3 million from Glencore in
2012. That is 59.5 percent more than the $346.3 million in
sales booked with Centurys second-largest customer,
Southwire Co., and more than double the $202.5 million Century
logged in net sales from its third-largest customer, BHP