Century Aluminum Company

What they do

Century owns and operates primary aluminum smelting facilities at Sebree and Mt. Holly in the United States and Grundartangi in Iceland, plus a 100%-owned Vlissingen facility, per the 10-K facility table. It holds a 55% joint venture interest in the Jamalco alumina refinery and bauxite mining operation in Jamaica, with mining rights extending through 2031. The company sells aluminum to related parties and other customers; in Q2 2026, related-party sales were $330.9 million versus $421.2 million to other customers.

Revenue drivers

• Primary aluminum sales to related parties — Largest single channel in Q2 2026 at $330.9 million of $752.1 million total net sales, though down from $367.6 million a year earlier.
• Primary aluminum sales to other customers — Q2 2026 sales to other customers were $421.2 million, up from $260.5 million in Q2 2025, and now the larger of the two channels.
• Realized metal price and premium mix — Results reflect LME aluminum plus regional premiums on an approximately one-to-three month lag; average 2025 LME was $2,630/tonne, average MWP $1,295/tonne and average EDPP $252/tonne.
• Jamalco alumina joint venture — Century is majority owner and managing partner of the Jamaican alumina refinery and bauxite operation; Jamalco is consolidated and noncontrolling interests absorbed losses of $5.5 million in Q2 2026.

Recent performance

Q2 2026 net sales were $752.1 million, up $102.9 million sequentially, on 130,632 tonnes shipped versus 122,865 tonnes in Q1 2026. Net income attributable to Century was $249.3 million, or $2.39 diluted EPS, down $88.2 million sequentially because Q1 2026 included a $287.9 million gain on the sale of Hawesville. Adjusted EBITDA attributable to Century was $326.9 million, up $95.5 million from Q1 2026. Second-quarter results included $8.0 million of net exceptional items, notably $61.3 million related to Iceland equipment failures. Six-month 2026 net sales were $1,401.3 million with net income attributable to Century of $586.8 million.

Strategy

Century completed the restart of the last 90 pots at Mt. Holly, returned Line 2 at Grundartangi to near full production, and brought the new Jamalco power generation turbine TG4 online in August 2026. The company received a 2025 45X refund of $94.3 million in July, and management stated that as of the end of July 2026 cash exceeded total debt. The 10-K cites plans and expectations regarding a new aluminum smelter project, a possible joint venture with Emirates Global Aluminium, and up to $500 million of DOE funding, alongside the data center under construction on the former Hawesville site. It also references insurance recovery for the October 2025 Grundartangi equipment failure. Century has not filed and does not intend to file amendments to previously filed reports following its restatement.

Risks

• Restatement of prior financials — Century corrected an error in how it consolidated the Jamalco joint venture, using full consolidation rather than the proportionate method, and prior reports should not be relied upon.
• Aluminum price and premium volatility — Net sales depend on LME aluminum prices and regional premiums, which the 10-K describes as historically volatile, with realized pricing lagging one to three months.
• Operational outages — The October 2025 equipment failure at Grundartangi drove $61.3 million of exceptional items in Q2 2026, and the 10-K also references returning Jamalco to normal operation after Hurricane Melissa.
• Raw material, power and tariff exposure — The 10-K flags dependence on alumina, coke, pitch and aluminum fluoride supply and prices, power price and availability including curtailments, and the impact of Section 232 and 301 trade actions.

Outlook

Management guided third quarter 2026 Adjusted EBITDA attributable to Century to a range of $325 million to $345 million. Liquidity at June 30, 2026 was $784.9 million, comprising $343.4 million of cash, $44.8 million of restricted cash and $396.7 million of combined borrowing availability. The company said cash exceeded total debt as of the end of July 2026.