Century Aluminum reported second-quarter net sales of $752 million, a sequential increase of $103 million, driven by higher realized prices and increased shipment volumes.

The company’s adjusted EBITDA reached $327 million, up $96 million from the prior quarter. Net income stood at $249 million, or $2.39 per share. Shipments totaled approximately 131,000 tons, reflecting a 6% increase sequentially due to the completion of the Mount Holly expansion and the restart of Potline 2 at Grundartangi.

Operational Highlights and Capacity Restoration

Century Aluminum confirmed that all assets are now operating at full capacity for the first time in over a decade. The Mount Holly expansion in South Carolina was completed on time and on budget, adding over 150 full-time jobs and increasing total U.S. primary aluminum production by nearly 10%. At Grundartangi in Iceland, the restart of Line 2 concluded six months ahead of schedule, though the plant is currently running at slightly reduced amperage pending new transformer installations in the fourth quarter.

At Jamalco, the new TG4 power generation turbine came online in August, enabling self-generated energy and eliminating reliance on the Jamaican grid. Management noted that while bauxite quality issues persist at Jamalco, a revised mining plan is in place to address these headwinds over the coming quarters.

Market Conditions and Pricing Dynamics

The company highlighted strong market conditions, with LME prices returning to pre-conflict levels of approximately $3,250 per ton. The U.S. Midwest premium stood at $1.11 per pound, while the European duty-paid premium was around $500 per ton. Century Aluminum expects a global deficit of approximately 1 million tons this year, with inventories approaching all-time lows.

Balance Sheet and Cash Flow

Century Aluminum strengthened its balance sheet significantly during the quarter. Cash balance ended at $388 million, and net debt was reduced to $98 million following $66 million in debt repayments. By the end of July, the company’s cash position exceeded its total debt. The company received $94 million in 45X tax credits and $19 million in insurance recoveries post-quarter, further boosting liquidity.

What the Numbers Show

A divergence between reported shipments and production capacity highlights a timing effect in the financial results. While Mount Holly reached full capacity by late June, the incremental nature of the restart meant Q2 reflected only a partial quarter of the expanded run rate. Additionally, shipment cutoff timing resulted in a sequential increase in finished goods inventory. This indicates that the full revenue benefit of the expanded capacity will materialize in Q3, as management expects these inventory levels to convert into cash and sales in the next quarter.

Outlook and Strategic Projects

For Q3, Century Aluminum guided adjusted EBITDA to a range of $325 million to $345 million. This forecast assumes lagged LME prices of $3,325 per ton and includes expected energy headwinds of $10 million to $15 million due to seasonal factors. Volume and sales mix are projected to improve by $15 million to $25 million as Mount Holly ships at full capacity.

The company also detailed progress on the new Oklahoma smelter project, a joint venture with Emirates Global Aluminum. Management expects final investment decision (FID) and groundbreaking by year-end, with first hot metal targeted for the end of 2029. A recent executive order incentivizing domestic aluminum production allows Century to import up to 300,000 metric tons annually at a reduced tariff rate starting in 2027, which is intended to help fund the Oklahoma project.

Century Aluminum Company (NASDAQ: CENX) celebrated the completion of a $50 million expansion at its Mt. Holly aluminum smelter in Goose Creek, South Carolina, on July 27, 2026. The project increases total U.S. domestic primary aluminum production by approximately 10% and expands the facility’s workforce to over 600 employees. The milestone underscores the impact of federal trade policy on industrial scaling, with management citing President Trump’s Section 232 national security tariff on aluminum as the catalyst for ramping up domestic production.

The ribbon-cutting ceremony was attended by U.S. Secretary of Commerce Howard Lutnick, Senior Counselor to President Trump Dr. Peter Navarro, South Carolina Attorney General Alan Wilson, and Century Aluminum CEO Jesse Gary. Other dignitaries included U.S. Senator Tim Scott and South Carolina Governor Henry McMaster. The gathering served as a platform for executive remarks on the broader implications for U.S. supply chain resilience and domestic manufacturing capacity.

Key Event Details

Leadership Remarks

Jesse Gary, CEO of Century Aluminum, emphasized the strategic importance of the expansion for national security. "We are grateful to President Trump and Secretary Lutnick for their strong leadership as we rebuild U.S. aluminum production, which is critical for U.S. national and economic security," Gary stated. "President Trump’s Section 232 program with no exceptions and no exemptions shows what is possible when our leaders create the conditions necessary for long-term investment in American aluminum production."

Howard Lutnick highlighted the economic benefits to South Carolina. "Century Aluminum’s $50 million investment will increase American aluminum production by 10% and further cement South Carolina as a leader in American manufacturing," Lutnick said. Dr. Peter Navarro added that the investment embodies President Trump’s vision of a new Golden Age for American manufacturing, while Governor Henry McMaster noted the state’s continued role in driving critical metal production.

What the Numbers Show

The 10% increase in total U.S. domestic primary aluminum production from a single facility expansion indicates that the Mt. Holly smelter accounts for a significant portion of the country’s baseline production. This metric suggests that incremental capacity gains at key sites can materially shift national output figures. The simultaneous growth in workforce to over 600 employees implies that the expansion is labor-intensive or requires increased operational staffing, rather than being solely automation-driven. This correlation between capacity growth and headcount expansion points to a model prioritizing domestic employment alongside output volume, consistent with the policy drivers cited by management.