The following is a summary of the Century Aluminum Company (CENX) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 adjusted EBIDTA reached $34 million, a significant achievement driven by higher aluminum prices and strong operational performance.

• Debt was reduced by nearly $50 million, enhancing liquidity measures which now exceed $340 million.

• Net sales climbed to $561 million, a 15% increase from the previous quarter, primarily due to improved aluminum pricing.

• Adjusted net income amounted to $1 million or $0.01 per share with a strong liquidity position evidenced by $343 million in funds available by the end of the quarter.

Business Progress:

• Century Aluminum has made progress in its operations with the Grundartangi site returning to full production and commencing the qualification of new natural green billets.

• The company is actively managing its growth projects with updates expected in the upcoming quarter.

• Operations at Jamalco were swiftly restored post-Hurricane Beryl, with alternative port arrangements facilitating continued shipments.

Opportunities:

• Expectations of higher EBIDTA in Q3, influenced by lagged beneficial pricing impacts from LME and delivery premiums.

• The restoration of full production at Grundartangi and effective supply chain management at Jamalco following Hurricane Beryl are expected to support continued operational efficiency and fulfillment of shipment schedules.

• Recent U.S. and EU trade actions aim to bolster domestic production and reduce dependency on imports, potentially benefiting Century Aluminum's strategic positioning in these markets.

Risks:

• The impact from Hurricane Beryl could introduce uncertainties in short-term production volumes and shipment schedules despite recovery efforts.

• Volatility in alumina prices, driven by external production issues and regulatory changes, poses a risk to cost management strategies.

• Potential disruptions or delays in global shipping due to geopolitical actions or sanctions could affect import/export dynamics.

More details: Century Aluminum IR

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