Century Aluminum Company, a global primary aluminium producer with operations in the United States and Iceland, announced its third quarter results for 2023 last week, disclosing a fall of 10.97 per cent in net income attributable to Century stakeholders. Net income in Q3 2023 stood at US$13.8 million versus US$15.5 million in Q2 2023.
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.”
“Despite volatile market conditions, lower aluminum prices were largely offset by lower input prices and other cost savings in the quarter,” continued Mr. Gary.
Century Aluminum’s net debt decreased over the quarter from US$507 million to US$424 million.
Century Aluminum showed in its Q3 FY2023 report that the world aluminium supply-demand marked a balance to date in FY2023. While the demand was 69.8 million tonnes, the supply was 70.4 million tonnes.
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