Century Aluminum Co (NASDAQ: CENX)

Century Aluminum Company is a global producer of primary aluminum and operates aluminum reduction facilities, or smelters, in the United States and Iceland. The company also owns a carbon anode production facility in the Netherlands and holds a 55% joint venture interest in the Jamalco bauxite mining and alumina refining operation in Jamaica. Its core business involves the production of standard grade and value added primary aluminum products that are sold to industrial users and traders worldwide. As of December 31, 2025, Century Aluminum Company reported an annual production capacity of approximately 770,000 tonnes and actual production of about 638,000 tonnes of primary aluminum.

Century Aluminum Company generates revenue primarily from the sale of primary aluminum ingot and value added products such as billet, slab and foundry alloy. Revenue is derived from sales to customers under contracts that incorporate the London Metal Exchange base price plus regional premiums and product specific premiums. In addition, the company earns income from the sale of alumina produced through its Jamalco joint venture and from limited third party sales of carbon anodes, although the majority of anode output is consumed internally by its Icelandic smelter. For the year ended December 31, 2025, alumina sales from Jamalco amounted to approximately 1,000,000 tonnes, with a portion supplied to the company’s own smelters and the remainder sold to third parties under market based agreements.

The company operates through the following segment:

• Operating Segment: The company’s sole operating segment encompasses the production of primary aluminum through its smelters located in Robards, Kentucky, and Goose Creek, South Carolina, in the United States, and in Grundartangi, Iceland, as well as related activities including carbon anode manufacturing in Vlissingen, Netherlands, and the Jamalco joint venture for bauxite mining and alumina refining in Jamaica.

Century Aluminum Company holds a competitive position in the global aluminum industry by emphasizing vertical integration, low carbon production, and proximity to major consumer markets. Its vertically integrated alumina supply through Jamalco provides greater control over a critical raw material, while its Grundartangi facility benefits from hydroelectric and geothermal power that yields one of the lowest carbon footprints in the sector. The company’s U. S. and Icelandic locations allow it to capture regional premiums such as the Midwest and European Duty Paid premiums and to serve customers with shorter supply chains compared to many overseas competitors. Additionally, Century Aluminum Company continues to invest in expanding its product portfolio toward higher value aluminum alloys and in improving operational efficiencies to lower costs across its facilities.

Century Aluminum Company’s customer base is concentrated among a small number of global traders and industrial users. Glencore plc and its affiliates represent the largest single customer, accounting for approximately 54% of consolidated sales in 2025. Other significant customers include Concord Resources Ltd., which purchases alumina under long term supply agreements, and various industrial consumers that buy value added aluminum products for further processing. The company also maintains short term contracts with additional buyers to manage the remainder of its annual output, though the overall base remains highly concentrated.