| Century Aluminum to Idle Hawesville, Kentucky Plant | |
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Century Aluminum Company’s CENX fully-owned subsidiary, Century Aluminum of Kentucky has announced its intention to shut down its operations at the Hawesville, KY aluminum plant.
The company’s decision is 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 led to the downfall of the plant.
The company will curtail operations at the plant beginning on Oct 24, 2015 unless the current pricing environment substantially changes. Century Aluminum issued a notice to its employees at the plant pursuant to the federal Working Adjustment and Retraining Notification Act (WARN). There are about 565 employees at Hawesville. The move, however, will not affect Century Aluminum's Sebree or Mt. Holly operations.
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 also recorded an impairment charge of $30.9 million related 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 $523.5 million, up 14.2% year over year.
Century Aluminum currently carries a Zacks Rank #4 (Sell). Some better-ranked companies in the basic materials sector include Global Brass and Copper Holdings, Inc. BRSS, NSK Ltd. NPSKY and Air Products and Chemicals Inc. APD. All of them carry a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CENTURY ALUM CO (CENX): Free Stock Analysis Report AIR PRODS & CHE (APD): Free Stock Analysis Report NSK LTD -UN ADR (NPSKY): Free Stock Analysis Report GLOBAL B&C HLD (BRSS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Century Aluminum is a producing company based in United states of america. Century Aluminum is listed in United States of America. Its market capitalisation is US$ 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. |