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Century Aluminum Reports 2019 Results

Metal News - Published on Tue, 25 Feb 2020

Image Source: centuryaluminum.com
Century Aluminum Company announced 2019 results. Century Aluminum President and Chief Executive Officer Michael Bless said "We had begun to see a pickup in industrial activity in several key global markets, the recently signed US Sino trade agreement supported those trends global metal inventories remained low, though they had risen through the second half of the year, there were some positive signals in late 2019. The commodity price had. in response to these fundamental improvements, manifested an upswing in sentiment. The temporary deterioration in global economic activity caused by the virus outbreak has weighed heavily on the market price of industrial commodities. Trends in input costs have moved uniformly in Century’s favor. The alumna price has settled at normalized levels and carbon prices have continued to fall. Lastly, power prices to which we are exposed in the US and in Europe have declined reflecting continued decreases m the cost of power generation, we believe these levels reflect a long term trend.”

Full Year 2019 Financial Results

Shipments of 811,244 tonnes, an 8% increase over prior year driven by the ongoing restart at Hawesville and return to full production at Sebree after the temporary potline outage in 2018. In the fourth quarter of 2019, shipments of primary aluminum were 202,870 tonnes compared with 198,543 tonnes slipped in the third quarter of 2019, reflecting the impact of the ongoing Hawesville restart

Net sales of USD 1,836.6 million, a 3% decrease over prior year, primarily due to tower LME prices partially offset by higher volume and product premiums

Net loss of USD 80.8 million

Adjusted net loss of USD 129.2 million

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Posted By : Rabi Wangkhem on Tue, 25 Feb 2020
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