CHICAGO Century Aluminum Co.s losses widened in
the fourth quarter as ramped up sales couldnt make up for
But the Chicago-based aluminum producer insisted that its
prospects were strong in 2014 thanks in part to plant closures
elsewhere and better demand, according to commentary released
with earnings data Feb. 20.
Markets are presently exhibiting significant uncertainty
due to a variety of well publicized factors. Our industry is
highly susceptible to these trends in the short-term,
Century president and chief executive officer Michael A. Bless
said in a statement. However, our confidence in more
attractive future market conditions has only increased.
Headwinds facing the aluminum industry include historically low
prices for the light metal on the London Metal Exchange. The
cash aluminum contract ended the LMEs official session
Feb. 20 at $1,717.50 per tonne, down 16.8 percent from
$2,065.50 per tonne on the same day last year.
Centurys direct shipments of primary aluminum totaled
485,690 tonnes in 2013 at an average price of 99 cents per
pound, compared with 377,314 tonnes of primary aluminum
shipments sold at an average of $1.03 per pound in 2012.
Prices fell dramatically in 2013, starting the first quarter at
$1.06 per pound before diving to 94 cents in the fourth
quarter, Century said.
Bless looked past the ballooning losses and touted increased
production ofand demand forvalue-added products
from its plants in Sebree, Ky., and Hawesville, Ky. The
companys smelter in Grundartangi, Iceland, is also in an
excellent position to capitalize on strong demand and
shrinking supply in key European markets, he said.
Century continues to look to restart its idled smelter in
Ravenswood, W.Va., and to look for an acceptable
post-2015 arrangement for its facility in Mt. Holly,
S.C., he said.
The power contract for the Mt. Holly facility expires in
December 2015 (
amm.com, Nov. 5
The Ravenswood smelter has been idled for more than four years
amm.com, Feb. 4, 2009