Century Aluminum’s Primary Aluminum Shipments Saw Marginal Dip

SEATTLE (Scrap Monster): Century Aluminum Company reported financial results for second quarter of the current year.

The shipments of primary aluminum by the company totaled 203,380 tonnes, down marginally by 1% over the prior quarter. The drop in shipment volumes were mainly attributed to timing of deliveries. The net sales dropped from $490 million in Q1 2019 to $473.1 million during the second quarter of 2019. Also, Century Aluminum reported net loss of $20.7 million, as compared with the net loss of $34.6 million during the prior quarter. The adjusted net loss narrowed from $66.6 million to $16.2 million over the quarter. The adjusted EBITDA stood at $11.7 million, whereas the company reported net cash position of $25.7 million at the end of second quarter this year.

Century Aluminum announced that the rebuild program at Hawesville is on track, with the plant expected to return to full production by 2020. The casthouse expansion program at Sebree smelter is also on schedule. In addition, the company signed an agreement to sell its interest in Chinese anode plant, for which it has already received 50% of the transaction amount. Furthermore, it has completed the second baking furnace at its anode plant in the Netherlands, said the company press release.

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Commenting on the results, Michael Bless, President and Chief Executive Officer noted that demand for aluminum products continued to remain robust in the U.S, boosted by dynamic market conditions. The global aluminum inventories are at historically lower levels. The alumina price too is considered to be in the range of historical fair value, he added.