Century Aluminum posts an 11% Q-o-Q fall in net income on lower shipments and poor LME prices

The income fell due to lower shipments and poor aluminium prices on the London Metal Exchange. Century’s aluminium shipments in Q3 2023 were 171,995 tonnes, down by 0.95 per cent from 173,649 tonnes. Realised LME aluminium price was US$2,237 per tonne, down by $134 per tonne from the prior quarter.

Century Aluminium’s net sales were recorded at US$545.2 million for Q3 2023, marking a fall of 5.26 per cent from US$575.5 million during Q2 2023. The company also reported its Adjusted EBITDA attributable to Century stockholders for Q3 2023, which stood at US$9.3 million versus US$29.5 million a quarter ago.

Jesse Gary, President and Chief Executive Officer of Century Aluminium, commented: "Century made progress on its long-term initiatives in the third quarter. We were very pleased to reach agreement on a new three-year power contract for our Mt. Holly smelter that should enable us to continue to invest in this excellent smelter and its employees for years to come. In Iceland, our new billet casthouse at Grundartangi is nearing completion, and we are already experiencing strong customer engagement for our new Natur-AlTM low-carbon billet products.”