SEATTLE (Scrap Monster): Century Aluminum Company announced its second quarter 2022 results.
The shipments of primary aluminium for the quarter ended 30th June, 2022 totalled 214,084 tonnes, higher by 1% sequentially. The shipments had totalled 211,411 tonnes in Q1 this year.
The company reported net income of $37.4 million for the second quarter of 2022, significantly higher from $17.7 million during the prior quarter. The quarterly results were negatively impacted by exceptional items, including asset impairment charge and curtailment costs related to the Hawesville plant. The adjusted income recorded sequential decline by $30.3 million to total $30.4 million.
The adjusted EBITDA for Q2 2022 was $86.6 million, down by $18.9 million from the prior quarter. The dip in EBITDA was mainly driven by higher energy and raw material costs, which were partially offset by higher LME and regional premiums. The liquidity position recorded a surge by $71.3 million during the quarter to end the quarter at $225.6 million, said the company press release.
Jesse Gary, President and Chief Executive Officer noted that the company will likely benefit from long-term trends towards value-added aluminum products through its Grundartangi casthouse and North America casthouse debottlenecking projects.
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