Century Aluminum See Boost in Operations, Driven by Smelter Restarts

The company reported marginally higher net sales of $486.9 million and net loss of $65 million during the quarter.

SEATTLE (Scrap Monster): Century Aluminum Company reported fourth quarter and full year 2018 financial results. The restarts at Hawesville and Sebree smelters contributed to notable surge in shipment volumes by the company during the quarter.

According to company press release, the shipments of primary aluminum during Q4 ’18 totaled 199,466 tonnes, which is significantly higher by 9% over the prior quarter. The shipments had totaled only 182,926 tonnes in the third quarter of 2018. The hike in shipment volumes was mainly driven by production restarts at Hawesville and Sebree smelters. The company reported marginally higher net sales of $486.9 million and net loss of $65 million during the quarter. The adjusted net loss for the quarter was $40.7 million.

During entire year 2018, Century Aluminum reported net loss of $66.2 million, as compared with net income of $48.6 million in 2017. The net sales were up significantly from $1,589.1 million in 2017 to $1,893.2 million for the full year 2018. Shipments too were up marginally from 743,198 tonnes in 2017 to 749,850 tonnes in 2018.

Michael Bless, President and Chief Executive Officer noted that the company achieved good progress in operations during the past several months. Commenting on the outlook for 2019, Bless stated that the robust demand from the U.S. and European markets coupled with resilient alumina prices may deliver favorable industry conditions for the company. The primary aluminum market, which recorded a deficit of over 1.5 million tonnes, is likely to remain at more or less similar level in 2019, he added.

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