| Century Aluminum Curtails Potline at Hawesville Smelter | |
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Century Aluminum Company’s CENX fully-owned subsidiary – Century Aluminum of Kentucky – recently announced the curtailment of one potline at its Hawesville, KY aluminum smelter. Hawesville's primary aluminum production will now be about 60% of capacity.
Before the shutdown, the plant operated at around 80% of the capacity. The company earlier announced its plans to shut the smelter entirely from Oct 24, 2015. The company’s decision was based on significant decline in aluminum prices owing to unfair trade practices. Overcapacity in China and the improper export of heavily-subsidized Chinese aluminum products have mainly led to the downfall of the plant.
Century Aluminum’s shares rose around 5.4% to close at $5.71 last Wednesday. The stock is down roughly 77% so far this year.
Century Aluminum released its second-quarter 2015 results on Aug 6. Costs associated with the labor disruption at the Hawesville plant negatively affected its earnings by $11.7 million in the quarter. Along with charges related to labor disruption, Century Aluminum recorded an impairment charge of $30.9 million pertaining to the closure of its Ravenswood smelter in the quarter.
Century Aluminum reported adjusted net income of $24.1 million or 25 cents per share in the quarter. Sales for the quarter were $523.5 million, up 14.2% year over year.
Century Aluminum currently carries a Zacks Rank #4 (Sell). Some better-ranked companies in the basic materials sector include Global Brass and Copper Holdings, Inc. BRSS, NSK Ltd. NPSKY and NN Inc. NNBR. All carrying a Zacks Rank #2 (Buy).
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Century Aluminum is a producing company based in United states of america. Century Aluminum is listed in United States of America. Its market capitalisation is US$ 1.1 billions as of today (€ 1.0 billions). Its stock quote reached its lowest recent point on March 06, 2009 at US$ 1.06, and its highest recent level on September 12, 2024 at US$ 13.04. Century Aluminum has 87 260 000 shares outstanding. |