Century Aluminum Company produces primary aluminum and alumina in the United States and Iceland through its subsidiaries. It makes standard-grade and value-added primary aluminum products, and owns and operates a carbon anode production facility in Vlissingen, the Netherlands. The company also operates aluminum reduction facilities, or smelters, along with bauxite mining and alumina refining in Jamaica. Founded in 1995, it is headquartered in Chicago, Illinois.
Century Aluminum's domestic expansion and tariff support drive record results
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Brimstone MOU secures domestic alumina supply Century signed an MOU with Brimstone for domestic alumina supply, reducing reliance on imports. This supports its planned Oklahoma smelter and capacity expansion, lowering supply risk and boosting long-term growth prospects.
It directly addresses a key input for Century's expansion, improving supply security and future production.
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Trump executive order cuts tariffs for new smelter investments A new executive order allows Century to import up to 300,000 tons of aluminum annually at a reduced 25% tariff, down from 50%, starting 2027. This lowers costs and helps fund the Oklahoma smelter, improving project economics.
It provides a tangible financial benefit for Century's major growth project, directly impacting future profitability.
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Mt. Holly expansion boosts U.S. output by 10% Century is expanding its Mt. Holly smelter, increasing U.S. primary aluminum production by 10% and adding jobs. The $50 million investment, supported by government officials, strengthens Century's domestic position and aligns with favorable trade policies.
It shows concrete progress in expanding production capacity, a key driver of future revenue and market share.
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Record Q2 EBITDA and strong cash position Century reported record adjusted EBITDA of $327 million, up $96 million sequentially, with net sales of $752 million. Cash exceeded total debt by July, and Q3 guidance is $325-$345 million, though Mt. Holly instability and energy headwinds are noted.
It demonstrates strong financial performance and cash generation, directly supporting the stock's valuation and growth plans.
Q3 2026
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Century Aluminum's domestic expansion and tariff support drive record results
▲
Brimstone MOU secures domestic alumina supply Century signed an MOU with Brimstone for domestic alumina supply, reducing reliance on imports. This supports its planned Oklahoma smelter and capacity expansion, lowering supply risk and boosting long-term growth prospects.
It directly addresses a key input for Century's expansion, improving supply security and future production.
▲
Trump executive order cuts tariffs for new smelter investments A new executive order allows Century to import up to 300,000 tons of aluminum annually at a reduced 25% tariff, down from 50%, starting 2027. This lowers costs and helps fund the Oklahoma smelter, improving project economics.
It provides a tangible financial benefit for Century's major growth project, directly impacting future profitability.
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Mt. Holly expansion boosts U.S. output by 10% Century is expanding its Mt. Holly smelter, increasing U.S. primary aluminum production by 10% and adding jobs. The $50 million investment, supported by government officials, strengthens Century's domestic position and aligns with favorable trade policies.
It shows concrete progress in expanding production capacity, a key driver of future revenue and market share.
▲
Record Q2 EBITDA and strong cash position Century reported record adjusted EBITDA of $327 million, up $96 million sequentially, with net sales of $752 million. Cash exceeded total debt by July, and Q3 guidance is $325-$345 million, though Mt. Holly instability and energy headwinds are noted.
It demonstrates strong financial performance and cash generation, directly supporting the stock's valuation and growth plans.
News & notes movingCENX
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Defense & Geopolitical Fragmentation▼
U.S. Steel Stocks Swing Amid U.S.-Canada Trade War
U.S. steel and aluminum stocks surged and then retreated last week as the escalating trade war between the United States and Canada sent investors scrambling to reprice exposure to North American metals supply chains. The State Street Materials Select Sector SPDR (XLB) reached a new intraday record on Monday, Aug. 25, but by Friday's close it had slipped into the red for the week, while the VanEck Steel ETF (SLX) was essentially unchanged. Through Aug. 28, SLX has gained more than 28% on the year and XLB more than 18%. The swing reflects the complexity of a trade war between two countries whose metals industries are deeply intertwined. Dan Luttner, managing partner of NEOS by Argon & Company, characterized the initial stock move as a repricing reflex rather than a durable signal, noting that Nucor and Cleveland-Cliffs use electric arc furnace technology with no dependence on Canadian ore or slab, positioning them to capture tariff-driven pricing benefits. However, Cleveland-Cliffs stock is in negative territory for 2026 due to balance sheet stress, and Century Aluminum remains exposed because its raw inputs largely still flow across the Canadian border. Atsi Sheth, chief credit officer at Moody's Ratings, said uncertainty will persist, while Scott Beaulier, a University of Wyoming economics professor, urged caution against drawing firm conclusions from early stock moves. Canada announced counter-tariffs on $27.6 billion worth of American goods last Tuesday, matching a 50% U.S. tariff on Canadian exports, with measures scheduled to kick in on Sept. 8. President Donald Trump has separately threatened to raise tariffs on Canadian autos, trucks, and steel to 50% on Jan. 1, 2027.
CENX · Tariff · Negative Century Aluminum remains exposed because its raw inputs largely still flow across the Canadian border amid the U.S.-Canada trade war.
CLF · Tariff · Neutral Cleveland-Cliffs' EAF technology avoids Canadian ore/slab dependence, positioning it to capture tariff-driven pricing benefits, but its stock is in negative territory for 2026 on balance sheet stress.
NUE · Tariff · Positive Nucor's electric arc furnace technology has no dependence on Canadian ore or slab, positioning it to capture tariff-driven pricing benefits.
Canada cannot fully supply U.S. aluminium needs, Morgan Stanley says
Canada could not fully meet U.S. aluminium import requirements even if it redirected all domestic production south of the border, Morgan Stanley said in a research note examining potential tariff relief. The United States relies on imports for about 80% of its aluminium consumption, with Canada historically its largest foreign supplier. During the first half of 2026, the U.S. imported 1.68 million tonnes, or about 280,000 tonnes per month, while Canada exported 1.16 million tonnes, averaging 192,000 tonnes per month and covering about 68% of U.S. import needs. Canadian production totalled nearly 1.6 million tonnes, equivalent to around 95% of American import requirements, meaning the U.S. would still need metal from other countries if every tonne produced in Canada were redirected there. Morgan Stanley assessed reports that Washington could reduce tariffs on some Canadian aluminium to 25% from 50%, a change that would encourage Canadian producers to send metal to the U.S. instead of Europe, where shipments enter duty-free. Still, the marginal tonne required by American buyers would come from a country facing the 50% tariff, and Morgan Stanley said the U.S. Midwest aluminium premium should continue to reflect that higher duty. The premium has traded about 30% above the implied tariff cost, partly reflecting competition with European buyers for Canadian metal, and reducing Canada's tariff could lower that competition and create modest downside for the Midwest premium. Morgan Stanley estimated that the premium could surrender roughly half its current excess over tariff-based fair value, equal to about 10 to 12 cents per pound. European premiums could receive near-term support if Canadian shipments move back toward the U.S., though recovering Middle Eastern supply may limit that impact. Further American supply could arrive under tariff discounts for companies expanding domestic capacity, with Emirates Global Aluminium and Century Aluminum planning a 750,000-tonne-per-year U.S. smelter.
AA · Tariff · Neutral Potential tariff reduction on Canadian aluminium could affect Alcoa's U.S. operations and premiums, but impact is mixed.
CENX · Tariff · Neutral Century Aluminum may face competitive pressures from Canadian imports if tariffs are reduced, but also benefits from higher premiums.
RIO.LSE · Tariff · Neutral Rio Tinto's Canadian operations could see increased U.S. demand if tariffs are reduced, but European premiums may soften.
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Critical Materials & Supply Chain▼2impact 4
US Poised to Cut Canadian Steel and Aluminum Tariffs to 25%, Autos to 15%
The United States and Canada are close to a trade deal that would lower tariffs on certain steel and aluminum imports from 50% to 25% and reduce tariffs on Canadian auto imports to 15% from 25%, according to a Bloomberg report on August 20, 2026, citing sources close to the negotiations. Details are still being finalized and may not apply to all goods at the same rate. Some downstream products could still face different tariff levels. The progress comes after President Donald Trump said the US had reached a deal with Canada and temporarily suspended the 50% tariffs to allow talks before a Friday deadline. The proposal under discussion would give Canada terms similar to those for the United Kingdom, which received 25% steel tariffs, and Japan and South Korea, which received 15% auto tariffs. Canadian Prime Minister Mark Carney said negotiators are moving toward the best possible deal for the country's strategic industrial sectors, but tariffs of 15% to 25% remain far above historical norms and could create domestic political pressure, as well as pressure on Mexico, which has not yet reached a deal with the US. Financial markets responded positively, with the Canadian dollar strengthening to around 1.3809 per US dollar, its strongest level since June 1. Algoma Steel Group shares jumped 16.6% in Toronto, while US steel producers such as Nucor fell 5.9% and Century Aluminum dropped 4.6%. Canada is the largest source of US aluminum imports, accounting for roughly half of total US consumption, but US industry groups are pressing against tariff cuts covering all products, warning that around 125,000 American aluminum industry jobs could be affected.
Inola Board Halts $4 Billion Aluminum Smelter Backed by Trump
The Inola, Oklahoma board of trustees voted unanimously to impose a 60-day moratorium on a $4 billion aluminum smelter project backed by President Donald Trump. The plant, a joint venture between Emirates Global Aluminium PJSC and Century Aluminum Co., would be the first new US facility in nearly 50 years to process aluminum from raw material rather than recycled. Opponents fear hydrogen fluoride emissions will damage farmland and that the plant's 1.2 gigawatts of electricity demand will raise power prices. The moratorium ends September 28, and the developers say it will not affect the project's timing, with the plant expected to open around 2030.
Century Aluminum reports record $327 million adjusted EBITDA in Q2 2026
Century Aluminum posted second-quarter adjusted EBITDA of $327 million, a $96 million sequential increase, driven by higher aluminum prices, regional premiums, and a 6% rise in shipments to approximately 131,000 tonnes. Net sales reached $752 million, up $103 million from the prior quarter, while adjusted net income came in at $257 million, or $2.46 per share. The company ended June with $388 million in cash, no outstanding credit-facility borrowings, and net debt reduced to $98 million, and by the end of July cash exceeded total debt. A new executive order grants Century a tariff benefit allowing imports of up to 300,000 metric tons per year at a reduced 25% rate starting in 2027, which will help fund the Oklahoma smelter project. The company guided for third-quarter adjusted EBITDA in the range of $325 million to $345 million, though it flagged operational instability at Mt. Holly, slightly reduced amperage at Grundartangi until new transformers are installed in the fourth quarter, and energy headwinds of $10 million to $15 million.
Commerce Secretary Lutnick visits Century Aluminum as expansion boosts US primary output by 10%
United States Secretary of Commerce Howard Lutnick, Senior Counselor to President Trump Dr. Peter Navarro, and South Carolina Attorney General Alan Wilson joined Century Aluminum CEO Jesse Gary and workers to celebrate a historic increase in domestic production. The expansion at the Mt. Holly plant will raise total U.S. domestic primary aluminum production by approximately 10% and grow the workforce to over 600. Century Aluminum is making a $50 million investment, which Secretary Lutnick said will further cement South Carolina as a leader in American manufacturing. CEO Jesse Gary credited President Trump's Section 232 program with no exceptions and no exemptions for creating conditions that enable long-term investment in American aluminum production.
CENX · Supply · Positive Century Aluminum's Mt. Holly expansion increases US primary aluminum output by 10% and adds jobs, supported by $50M investment and favorable tariff policy.
ALUMINUM · Supply · Negative Increased US domestic aluminum production (10% rise) adds to global supply, which is negative for aluminum futures prices.
Century Aluminum Fair Value Estimated at $74 After Mt. Holly Expansion
Century Aluminum's fair value is estimated at $74 per share, suggesting the stock is undervalued relative to its last close of $46.21. The valuation follows the expansion of its Mt. Holly smelter in South Carolina, a project tied to Section 232 aluminum tariffs, which positions the company to increase U.S. primary aluminum production. The share price has returned 11.35% over the past week but is down 23.92% over 90 days, while the one-year total shareholder return stands at 101.79%. The $74 fair value estimate hinges on aggressive earnings and revenue assumptions, supported by rising domestic demand from supply chain reshoring and government trade protections. However, risks include potential rollback of Section 232 tariffs or higher raw material and power costs that could tighten margins.
Century Aluminum Expands Mt. Holly Smelter to Boost U.S. Output
Century Aluminum is expanding its Mt. Holly smelter, increasing U.S. aluminum production capacity and adding to its workforce. The project has drawn participation from key government officials, underlining its role in U.S. manufacturing and industrial policy. The expansion positions Mt. Holly as a larger contributor to domestic supply at a time when aluminum is central to multiple manufacturing and infrastructure needs. Century Aluminum stock closed at $46.36, with a 103.2% gain over the past year, an 8.8% rise over the past week, and a 2.0% decline over the past month.
CENX · Supply · Positive Century Aluminum is expanding its Mt. Holly smelter, increasing U.S. aluminum production capacity.
ALUMINUM · Supply · Negative Increased U.S. aluminum production capacity from the expansion may add to global supply, potentially pressuring aluminum prices.
Century Aluminum Applauds Trump Executive Order Cutting Tariffs for New Domestic Smelter Investments
Century Aluminum Company applauds President Donald Trump’s executive order that allows companies investing in new U.S. primary aluminum production to import a commensurate amount of primary aluminum at a reduced tariff rate of 25%, down from 50%. Century and Emirates Global Aluminum announced plans in February to jointly build a new aluminum smelter in Inola, Oklahoma, which would be the largest single investment ever in U.S. primary aluminum production and could more than double the nation’s current output. The Oklahoma Primary Aluminum smelter is expected to have capacity for 750,000 tonnes and will add over 1,000 direct jobs and 4,000 construction jobs. Century also recently announced expanding capacity at its Mt. Holly plant, which will increase total U.S. primary aluminum production by 10% and add another 150 jobs in South Carolina.
CENX · Tariff · Positive Executive order reduces tariff on imported aluminum for new domestic smelter investments, directly benefiting Century's planned smelter.
Emirates Global Aluminum · Tariff · Positive Emirates Global Aluminum is joint-venture partner in the new smelter, benefiting from reduced tariff on imports.
Brimstone and Century Aluminum sign MOU to create first fully domestic US aluminum supply chain
Brimstone and Century Aluminum have signed a memorandum of understanding to establish the first fully domestic mine-to-metal primary aluminum supply chain in the United States. Under the agreement, Brimstone will supply Century with significant volumes of alumina from its forthcoming plant, using a proprietary process that avoids bauxite by refining a common calcium-bearing silicate rock abundant in the US. Century recently announced a joint project to build the largest US primary aluminum plant ever in Inola, Oklahoma, which would double domestic capacity, and has restarted idle capacity at its Mt. Holly, South Carolina plant, increasing domestic capacity by 10 percent. Brimstone's commercial demonstration plant in Reno, Nevada is expected to be operational in 2028, with its first industrial-scale plant anticipated by 2034 and an annual production capacity of approximately 350,000 metric tons of smelter-grade alumina. The partnership aims to reduce reliance on imports, as China currently accounts for about 60 percent of global alumina and aluminum production, while the US produces less than one-sixth of the aluminum it consumes.
CENX · Demand · Positive Century Aluminum will receive significant alumina supply from Brimstone, enabling its new plant and capacity expansion, reducing import reliance.
Brimstone · Demand · Positive Brimstone secures a customer for its alumina output from its forthcoming plant, validating its proprietary refining process.
ALUMINUM · Supply · Positive The MOU aims to create a fully domestic aluminum supply chain, potentially reducing US import dependence and supporting domestic production.
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