Delaware | 13-3070826 | ||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||
One South Wacker Drive | 60606 | ||||
Suite 1000 | (Zip Code) | ||||
Chicago | |||||
Illinois | |||||
(Address of principal executive offices) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||
Common Stock, $0.01 par value per share | CENX | Nasdaq Stock Market LLC | ||||||
(Nasdaq Global Select Market) |
Large accelerated filer | ☐ | Accelerated filer | ☒ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
TABLE OF CONTENTS | |||||
Page | |||||
CENTURY ALUMINUM COMPANY | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
NET SALES: | |||||||||||||||||||||||
Related parties | $ | 404.9 | $ | 350.6 | $ | 1,321.5 | $ | 925.3 | |||||||||||||||
Other customers | 232.3 | 230.8 | 925.9 | 628.1 | |||||||||||||||||||
Total net sales | 637.2 | 581.4 | 2,247.4 | 1,553.4 | |||||||||||||||||||
Cost of goods sold | 680.2 | 526.8 | 2,181.3 | 1,498.6 | |||||||||||||||||||
Gross profit (loss) | (43.0) | 54.6 | 66.1 | 54.8 | |||||||||||||||||||
Selling, general and administrative expenses | 8.7 | 14.2 | 26.2 | 39.0 | |||||||||||||||||||
Asset impairment | — | — | 159.4 | — | |||||||||||||||||||
Other operating (income) expense - net | (0.2) | 0.1 | 0.2 | 0.3 | |||||||||||||||||||
Operating income (loss) | (51.5) | 40.3 | (119.7) | 15.5 | |||||||||||||||||||
Interest expense – Hawesville term loan | — | (0.6) | — | (1.1) | |||||||||||||||||||
Interest expense | (7.9) | (6.1) | (20.9) | (22.6) | |||||||||||||||||||
Interest income | 0.1 | — | 0.2 | 0.2 | |||||||||||||||||||
Net gain (loss) on forward and derivative contracts | 112.6 | (76.7) | 287.7 | (239.2) | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | (24.7) | |||||||||||||||||||
Other income (expense) - net | 11.6 | (2.5) | 16.7 | 0.6 | |||||||||||||||||||
Income (loss) before income taxes | 64.9 | (45.6) | 164.0 | (271.3) | |||||||||||||||||||
Income tax (expense) benefit | (20.6) | (6.8) | (64.6) | 43.8 | |||||||||||||||||||
Income (loss) before equity in earnings of joint ventures | 44.3 | (52.4) | 99.4 | (227.5) | |||||||||||||||||||
Equity in earnings (losses) of joint ventures | (0.0) | 0.0 | (0.0) | 0.0 | |||||||||||||||||||
Net income (loss) | $ | 44.3 | $ | (52.4) | $ | 99.4 | $ | (227.5) | |||||||||||||||
Less: net income allocated to participating securities | 2.7 | — | 6.0 | — | |||||||||||||||||||
Net income (loss) allocated to common stockholders | $ | 41.6 | $ | (52.4) | $ | 93.4 | $ | (227.5) | |||||||||||||||
INCOME (LOSS) PER COMMON SHARE: | |||||||||||||||||||||||
Basic | $ | 0.46 | $ | (0.58) | $ | 1.02 | $ | (2.52) | |||||||||||||||
Diluted | 0.43 | $ | (0.58) | $ | 0.97 | $ | (2.52) | ||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||||||||
Basic | 91.3 | 90.1 | 91.3 | 90.1 | |||||||||||||||||||
Diluted | 97.3 | 90.1 | 97.6 | 90.1 |
CENTURY ALUMINUM COMPANY | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | $ | 44.3 | $ | (52.4) | $ | 99.4 | $ | (227.5) | |||||||||||||||
Other comprehensive income (loss) before income tax effect: | |||||||||||||||||||||||
Net income (loss) on foreign currency cash flow hedges reclassified as income | 0.0 | 0.0 | (0.1) | (0.1) | |||||||||||||||||||
Defined benefit plans and other postretirement benefits: | |||||||||||||||||||||||
OPEB curtailment gain, net | (8.0) | — | (8.0) | — | |||||||||||||||||||
Amortization of prior service benefit during the period | (0.3) | (0.8) | (1.2) | (2.4) | |||||||||||||||||||
Amortization of net loss during the period | 1.1 | 2.1 | 3.6 | 6.3 | |||||||||||||||||||
Other comprehensive income (loss) before income tax effect | (7.2) | 1.3 | (5.7) | 3.8 | |||||||||||||||||||
Income tax effect | (0.1) | (0.1) | (0.2) | (0.2) | |||||||||||||||||||
Other comprehensive income (loss) | (7.3) | 1.2 | (5.9) | 3.6 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 37.0 | $ | (51.2) | $ | 93.5 | $ | (223.9) | |||||||||||||||
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions) | |||||||||||
(Unaudited) | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 64.8 | $ | 29.0 | |||||||
Restricted cash | 1.2 | 11.7 | |||||||||
Accounts receivable - net | 72.1 | 80.6 | |||||||||
Due from affiliates | 14.7 | 8.3 | |||||||||
Inventories | 383.2 | 425.6 | |||||||||
Derivative assets, current | 198.1 | 34.8 | |||||||||
Prepaid and other current assets | 24.5 | 28.2 | |||||||||
Total current assets | 758.6 | 618.2 | |||||||||
Property, plant and equipment - net | 740.9 | 892.5 | |||||||||
Due from affiliates - less current portion | 0.2 | — | |||||||||
Derivative assets - less current portion | 29.9 | 8.1 | |||||||||
Other assets | 54.0 | 51.1 | |||||||||
TOTAL | $ | 1,583.6 | $ | 1,569.9 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Accounts payable, trade | $ | 170.9 | $ | 186.5 | |||||||
Due to affiliates | 15.1 | 65.8 | |||||||||
Accrued and other current liabilities | 66.0 | 62.7 | |||||||||
Derivative liabilities | 22.6 | 102.1 | |||||||||
Accrued employee benefits costs | 10.2 | 8.9 | |||||||||
U.S. revolving credit facility | 63.5 | 63.6 | |||||||||
Iceland revolving credit facility | 50.0 | 50.0 | |||||||||
Industrial revenue bonds | 7.8 | 7.8 | |||||||||
Total current liabilities | 406.1 | 547.4 | |||||||||
Senior notes payable | 246.4 | 245.8 | |||||||||
Convertible senior notes payable | 84.3 | 84.0 | |||||||||
Grundartangi casthouse debt facility | 39.4 | — | |||||||||
Accrued pension benefits costs - less current portion | 24.1 | 28.6 | |||||||||
Accrued postretirement benefits costs - less current portion | 90.9 | 93.3 | |||||||||
Other liabilities | 39.7 | 46.3 | |||||||||
Leases - right of use liabilities | 19.8 | 22.9 | |||||||||
Due to affiliates - less current portion | 4.5 | 21.9 | |||||||||
Deferred taxes | 111.8 | 58.7 | |||||||||
Total noncurrent liabilities | 660.9 | 601.5 | |||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 11) | |||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
0.0 | 0.0 | ||||||||||
Common stock (Note 7) | 1.0 | 1.0 | |||||||||
Additional paid-in capital | 2,537.6 | 2,535.5 | |||||||||
Treasury stock, at cost | (86.3) | (86.3) | |||||||||
Accumulated other comprehensive loss | (88.2) | (82.3) | |||||||||
Accumulated deficit | (1,847.5) | (1,946.9) | |||||||||
Total shareholders’ equity | 516.6 | 421.0 | |||||||||
TOTAL | $ | 1,583.6 | $ | 1,569.9 |
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in millions) | |||||||||||
(Unaudited) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | 99.4 | $ | (227.5) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
(Gain) loss on derivative instruments | (302.3) | 160.6 | |||||||||
OPEB curtailment gain, net | (8.0) | — | |||||||||
Lower of cost or NRV inventory adjustment | 46.5 | — | |||||||||
Depreciation and amortization | 57.5 | 62.4 | |||||||||
Loss on early extinguishment of debt | — | 24.7 | |||||||||
Deferred tax provision (benefit) | 52.3 | (40.9) | |||||||||
Asset impairment | 159.4 | — | |||||||||
Other non-cash items -- net | (12.5) | 2.6 | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable -- net | 8.5 | (27.6) | |||||||||
Due from affiliates | (5.6) | (1.7) | |||||||||
Inventories | (4.1) | (52.2) | |||||||||
Prepaid and other current assets | 5.6 | (4.8) | |||||||||
Accounts payable, trade | (9.6) | 46.7 | |||||||||
Due to affiliates | (34.0) | 43.1 | |||||||||
Accrued and other current liabilities | 12.5 | 3.5 | |||||||||
Ravenswood retiree medical settlement | (2.0) | (2.0) | |||||||||
Other -- net | (6.4) | 1.0 | |||||||||
Net cash provided by (used in) operating activities | 57.2 | (12.1) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property, plant and equipment | (70.2) | (45.7) | |||||||||
Proceeds from sales of property, plant & equipment | 0.1 | 0.0 | |||||||||
Net cash used in investing activities | (70.1) | (45.7) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repayment of Senior Notes due 2025 | — | (250.0) | |||||||||
Early redemption and tender premiums paid | — | (18.1) | |||||||||
Proceeds from issuance of Senior Notes due 2028 | — | 250.0 | |||||||||
Proceeds from issuance of Convertible Senior Notes | — | 86.3 | |||||||||
Repayments on Hawesville term loan | — | (15.0) | |||||||||
Borrowings under revolving credit facilities | 910.2 | 644.2 | |||||||||
Repayments under revolving credit facilities | (910.4) | (641.8) | |||||||||
Debt issuance costs | (1.6) | (7.5) | |||||||||
Purchases of capped calls related to Convertible Senior Notes | — | (5.7) | |||||||||
Borrowings under Grundartangi casthouse debt facility | 40.0 | — | |||||||||
Net cash provided by financing activities | 38.2 | 42.4 | |||||||||
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 25.3 | (15.4) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 40.7 | 84.3 |
CENTURY ALUMINUM COMPANY | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in millions) | |||||||||||
(Unaudited) | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 66.0 | $ | 68.9 | |||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | 14.0 | $ | 26.0 | |||||||
Taxes | 1.9 | 0.0 | |||||||||
Non-cash investing activities: | |||||||||||
Capital expenditures | 1.1 | 6.1 | |||||||||
Capitalized interest | 3.4 | 0.8 |
CENTURY ALUMINUM COMPANY | ||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Common stock | Additional paid-in capital | Treasury stock, at cost | Accumulated other comprehensive loss | Accumulated deficit | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 0.0 | $ | 1.0 | $ | 2,537.0 | $ | (86.3) | $ | (80.9) | $ | (1,891.8) | $ | 479.0 | ||||||||||||||||||||||||||||||
Net income (loss) | 0.0 | — | — | — | — | 44.3 | 44.3 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (7.3) | — | (7.3) | |||||||||||||||||||||||||||||||||||||
Share-based compensation | 0.0 | 0.0 | 0.6 | — | — | — | 0.6 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | 0.0 | 0.0 | 0.0 | — | — | — | 0.0 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 0.0 | $ | 1.0 | $ | 2,537.6 | $ | (86.3) | $ | (88.2) | $ | (1,847.5) | $ | 516.6 | ||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 0.0 | $ | 1.0 | $ | 2,527.0 | $ | (86.3) | $ | (116.4) | $ | (1,954.9) | $ | 370.4 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (52.4) | (52.4) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | 0.0 | 0.0 | 1.0 | — | — | — | 1.0 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | 0.0 | 0.0 | 0.0 | — | — | — | 0.0 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 0.0 | $ | 1.0 | $ | 2,528.0 | $ | (86.3) | $ | (115.2) | $ | (2,007.3) | $ | 320.2 | ||||||||||||||||||||||||||||||
Preferred stock | Common stock | Additional paid-in capital | Treasury stock, at cost | Accumulated other comprehensive loss | Accumulated deficit | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 0.0 | $ | 1.0 | $ | 2,535.5 | $ | (86.3) | $ | (82.3) | $ | (1,946.9) | $ | 421.0 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 99.4 | 99.4 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (5.9) | — | (5.9) | |||||||||||||||||||||||||||||||||||||
Share-based compensation | 0.0 | 0.0 | 2.1 | — | — | — | 2.1 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | 0.0 | 0.0 | 0.0 | — | — | — | 0.0 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 0.0 | $ | 1.0 | $ | 2,537.6 | $ | (86.3) | $ | (88.2) | $ | (1,847.5) | $ | 516.6 | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 0.0 | $ | 1.0 | $ | 2,530.0 | $ | (86.3) | $ | (118.8) | $ | (1,779.8) | $ | 546.1 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (227.5) | (227.5) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 3.6 | — | 3.6 | |||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 0.0 | 2.6 | — | — | — | 2.6 | |||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | 0.0 | 0.0 | 0.0 | — | — | — | 0.0 |
Capped call premiums | — | — | (4.6) | — | — | — | (4.6) | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 0.0 | $ | 1.0 | $ | 2,528.0 | $ | (86.3) | $ | (115.2) | $ | (2,007.3) | $ | 320.2 | ||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales to Glencore | $ | 404.9 | $ | 350.6 | $ | 1,321.5 | $ | 925.3 | |||||||||||||||
Purchases from Glencore(1) | 56.0 | 78.3 | 268.5 | 230.1 |
Net Sales | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
United States | $ | 353.5 | $ | 373.8 | $ | 1,443.0 | $ | 997.9 | ||||||||||||||||||
Iceland | 283.7 | 207.6 | 804.4 | 555.5 | ||||||||||||||||||||||
Total | $ | 637.2 | $ | 581.4 | $ | 2,247.4 | $ | 1,553.4 |
Recurring Fair Value Measurements | As of September 30, 2022 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
Cash equivalents | $ | 9.3 | $ | — | $ | — | $ | 9.3 | ||||||||||||||||||
Trust assets (1) | 0.6 | — | — | 0.6 | ||||||||||||||||||||||
Derivative instruments | — | 225.7 | 3.3 | 229.0 | ||||||||||||||||||||||
TOTAL | $ | 9.9 | $ | 225.7 | $ | 3.3 | $ | 238.9 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Contingent obligation – net | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Derivative instruments | — | 27.8 | 2.3 | 30.1 | ||||||||||||||||||||||
TOTAL | $ | — | $ | 27.8 | $ | 2.3 | $ | 30.1 | ||||||||||||||||||
Recurring Fair Value Measurements | As of December 31, 2021 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
Cash equivalents | $ | 14.2 | $ | — | $ | — | $ | 14.2 | ||||||||||||||||||
Trust assets (1) | 0.1 | — | — | 0.1 | ||||||||||||||||||||||
Derivative instruments | — | 42.6 | 0.2 | 42.8 | ||||||||||||||||||||||
TOTAL | $ | 14.3 | $ | 42.6 | $ | 0.2 | $ | 57.1 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Contingent obligation – net | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Derivative instruments | — | 140.9 | 5.3 | 146.2 | ||||||||||||||||||||||
TOTAL | $ | — | $ | 140.9 | 5.3 | $ | 146.2 | |||||||||||||||||||
Level 2 Fair Value Measurements: | ||||||||||||||
Asset / Liability | Valuation Techniques | Inputs | ||||||||||||
LME forward financial sales contracts | Discounted cash flows | Quoted LME forward market | ||||||||||||
Midwest Premium ("MWP") forward financial sales contracts | Discounted cash flows | Quoted MWP forward market | ||||||||||||
Fixed for floating swaps | Discounted cash flows | Quoted LME forward market, quoted MWP forward market | ||||||||||||
Nord Pool power price swaps | Discounted cash flows | Quoted Nord Pool forward market | ||||||||||||
Indiana Hub power price swaps | Discounted cash flows | Quoted Indiana Hub forward market | ||||||||||||
FX swaps | Discounted cash flows | Euro/USD forward exchange rate | ||||||||||||
Casthouse currency hedges | Discounted cash flows | Euro/USD forward exchange rate; ISK/USD forward exchange rate |
Recurring Level 3 Fair Value Measurements: | As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Asset / Liability | Valuation Technique | Observable Inputs | Significant Unobservable Input | Fair Value | Value/Range of Unobservable Input | Fair Value | Value/Range of Unobservable Input | |||||||||||||||||||||||||||||||||||||
LME forward financial sales contracts | Discounted cash flows | Quoted LME forward market | Discount rate net (1) | $ | 0.9 | 8.58% | $ | (5.1) | 8.58% | |||||||||||||||||||||||||||||||||||
FX swaps | Discounted cash flows | Euro/USD forward exchange rate | Discount rate net (1) | $ | — | 8.58% | $ | (0.2) | 8.58% | |||||||||||||||||||||||||||||||||||
Casthouse currency hedges | Discounted cash flows | Euro/USD forward exchange rate; ISK/USD forward exchange rate | Discount rate net (1) | $ | — | 8.58% | $ | — | —% | |||||||||||||||||||||||||||||||||||
Nord Pool swaps | Discounted cash flows | Quoted Nord Pool forward market | Discount rate net (1) | $ | — | 8.58% | $ | 0.2 | 8.58% | |||||||||||||||||||||||||||||||||||
Contingent obligation | Discounted cash flows | Quoted LME forward market | Expected monthly Hawesville production level (2) | $ | — | 0 MT/month | $ | — | 14,000 - 15,000 MT/month |
For the three months ended September 30, 2022 | Level 3 Assets | Level 3 Liabilities | ||||||||||||||||||||||||
LME forward financial sales contracts | LME forward financial sales contracts | Casthouse currency hedges | ||||||||||||||||||||||||
Balance as of July 1, 2022 | $ | 1.6 | $ | (3.8) | $ | 0.0 | ||||||||||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||||||||||||
Included in Net Income (1) | 1.6 | 1.5 | — | |||||||||||||||||||||||
Purchases, sales, settlements | ||||||||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||||||||
Sales | — | — | — | |||||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||||
Transfers into Level 3 (2) | — | — | — | |||||||||||||||||||||||
Transfers out of Level 3 (3) | — | — | 0.0 | |||||||||||||||||||||||
Balance as of September 30, 2022 | $ | 3.2 | $ | (2.3) | $ | 0.0 | ||||||||||||||||||||
Change in unrealized gains (losses) (1) | $ | 1.6 | $ | 1.5 | $ | — |
Level 3 Assets | Level 3 Liabilities | |||||||||||||||||||
For the three months ended September 30, 2021 | Nord Pool swaps | LME forward financial sales contracts | FX swaps | |||||||||||||||||
Balance as of July 1, 2021 | $ | 1.5 | $ | (17.9) | $ | (0.4) | ||||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||||||
Included in net income (loss) (1) | — | (7.7) | (0.5) | |||||||||||||||||
Purchases, sales, settlements | ||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Settlements | — | — | — | |||||||||||||||||
Transfers into Level 3 (2) | — | — | — | |||||||||||||||||
Transfers out of Level 3(3) | (1.5) | 11.0 | — | |||||||||||||||||
Balance as of September 30, 2021 | $ | — | (14.6) | $ | (0.9) | |||||||||||||||
Change in unrealized gains (losses) (1) | $ | — | $ | (7.7) | $ | (0.5) |
For the nine months ended September 30, 2022 | Level 3 Assets | Level 3 Liabilities | ||||||||||||||||||||||||||||||
LME forward financial sales contracts | Nord Pool swaps | LME forward financial sales contracts | FX swaps | Casthouse currency hedges | ||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | — | $ | 0.2 | $ | (5.1) | $ | (0.2) | $ | — | ||||||||||||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Included in Net Income (1) | 1.6 | — | 5.3 | — | — | |||||||||||||||||||||||||||
Purchases, sales, settlements | ||||||||||||||||||||||||||||||||
Purchases | — | |||||||||||||||||||||||||||||||
Sales | — | |||||||||||||||||||||||||||||||
Settlements | — | |||||||||||||||||||||||||||||||
Transfers into Level 3 (2) | 1.6 | — | (2.5) | — | 0.0 | |||||||||||||||||||||||||||
Transfers out of Level 3 (3) | — | (0.2) | — | 0.2 | — | |||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | 3.2 | $ | — | $ | (2.3) | $ | — | $ | 0.0 | ||||||||||||||||||||||
Change in unrealized gains (losses) (1) | $ | 1.6 | $ | — | $ | 5.3 | $ | — | $ | — |
Level 3 Assets | Level 3 Liabilities | |||||||||||||||||||
For the nine months ended September 30, 2021 | Nord Pool swaps | LME forward financial sales contracts | FX swaps | |||||||||||||||||
Balance as of January 1, 2021 | $ | — | $ | 2.9 | $ | 0.1 | ||||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||||||
Included in net income (loss) (1) | — | (28.0) | (0.5) | |||||||||||||||||
Purchases, sales, settlements | ||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Settlements | — | — | — | |||||||||||||||||
Transfers into Level 3 (2) | 1.5 | (1.0) | (0.4) | |||||||||||||||||
Transfers out of Level 3(3) | (1.5) | 11.5 | (0.1) | |||||||||||||||||
Balance as of September 30, 2021 | $ | — | (14.6) | $ | (0.9) | |||||||||||||||
Change in unrealized gains (losses) (1) | $ | — | $ | (28.0) | $ | (0.5) |
Non-Recurring Level 3 Fair Value Measurements: | As of September 30, 2022 | ||||||||||||||||||||||||||||
Asset / Liability | Valuation Technique | Significant Unobservable Input | Fair Value | Value/Range of Unobservable Input | |||||||||||||||||||||||||
Hawesville asset group | Market approach | Comparable transaction | $15.0 | $15.0 |
For the three months ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | Shares (in millions) | Per Share | Net Income (Loss) | Shares (in millions) | Per Share | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 44.3 | $ | (52.4) | |||||||||||||||||||||||||||||||
Less: net income allocated to participating securities | 2.7 | — | |||||||||||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||||||||||||
Net income (loss) allocated to common stockholders | $ | 41.6 | 91.3 | $ | 0.46 | $ | (52.4) | 90.1 | $ | (0.58) | |||||||||||||||||||||||||
Effect of Dilutive Securities(1): | |||||||||||||||||||||||||||||||||||
Share-based compensation | (0.4) | 1.4 | — | — | |||||||||||||||||||||||||||||||
Convertible senior notes | 0.7 | 4.6 | — | — | |||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||||
Net income (loss) allocated to common stockholders with assumed conversion | $ | 41.9 | 97.3 | $ | 0.43 | $ | (52.4) | 90.1 | $ | (0.58) | |||||||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | Shares (in millions) | Per Share | Net Income (Loss) | Shares (in millions) | Per Share | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 99.4 | $ | (227.5) | |||||||||||||||||||||||||||||||
Less: net income allocated to participating securities | 6.0 | — | |||||||||||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||||||||||||
Net income (loss) allocated to common stockholders | $ | 93.4 | 91.3 | $ | 1.02 | $ | (227.5) | 90.1 | $ | (2.52) | |||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Share-based compensation | (1.2) | 1.7 | — | — | |||||||||||||||||||||||||||||||
Convertible senior notes | 2.1 | 4.6 | — | — | |||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||||
Net income (loss) allocated to common stockholders with assumed conversion | $ | 94.3 | 97.6 | $ | 0.97 | $ | (227.5) | 90.1 | $ | (2.52) |
Preferred stock | Common stock | ||||||||||||||||
Common and Preferred Stock Activity (in shares): | Series A Convertible | Treasury | Outstanding | ||||||||||||||
Beginning balance as of December 31, 2021 | 58,542 | 7,186,521 | 91,231,611 | ||||||||||||||
Conversion of convertible preferred stock | (496) | — | 49,617 | ||||||||||||||
Issuance for share-based compensation plans | — | — | 66,001 | ||||||||||||||
Ending balance as of September 30, 2022 | 58,046 | 7,186,521 | 91,347,229 | ||||||||||||||
Beginning balance as of December 31, 2020 | 63,589 | 7,186,521 | 90,055,797 | ||||||||||||||
Conversion of convertible preferred stock | (315) | — | 31,465 | ||||||||||||||
Issuance for share-based compensation plans | — | — | 41,856 | ||||||||||||||
Ending balance as of September 30, 2021 | 63,274 | 7,186,521 | 90,129,118 |
September 30, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | 62.7 | $ | 132.9 | |||||||
Work-in-process | 56.2 | 76.1 | |||||||||
Finished goods | 41.0 | 43.9 | |||||||||
Operating and other supplies | 223.3 | 172.7 | |||||||||
Total inventories | $ | 383.2 | $ | 425.6 |
September 30, 2022 | December 31, 2021 | ||||||||||
Debt classified as current liabilities: | |||||||||||
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1) | $ | 7.8 | $ | 7.8 | |||||||
U.S. Revolving Credit Facility(2) | 63.5 | 63.6 | |||||||||
Iceland Revolving Credit Facility (3) | 50.0 | 50.0 | |||||||||
Debt classified as non-current liabilities: | |||||||||||
Grundartangi casthouse facility, net of financing fees of $0.6 million at September 30, 2022(4) | 39.4 | — | |||||||||
7.5% senior secured notes due April 1, 2028, net of financing fees of $3.6 million at September 30, 2022, interest payable semiannually | 246.4 | 245.8 | |||||||||
2.75% convertible senior notes due May 1, 2028, net of financing fees of $2.0 million at September 30, 2022, interest payable semiannually | 84.3 | 84.0 | |||||||||
Total | $ | 491.4 | $ | 451.2 |
Status of our U.S. revolving credit facility: | September 30, 2022 | ||||
Credit facility maximum amount | $ | 250.0 | |||
Borrowing availability | 190.3 | ||||
Outstanding letters of credit issued | 39.9 | ||||
Outstanding borrowings | 63.5 | ||||
Borrowing availability, net of outstanding letters of credit and borrowings | 86.9 |
Status of our Iceland revolving credit facility: | September 30, 2022 | ||||
Credit facility maximum amount | $ | 100.0 | |||
Borrowing availability | 100.0 | ||||
Outstanding letters of credit issued | — | ||||
Outstanding borrowings | 50.0 | ||||
Borrowing availability, net of borrowings | 50.0 |
Components of AOCL: | September 30, 2022 | December 31, 2021 | |||||||||
Defined benefit plan liabilities | $ | (92.3) | $ | (86.7) | |||||||
Unrealized gain (loss) on financial instruments | 1.8 | 1.9 | |||||||||
Other comprehensive loss before income tax effect | (90.5) | (84.8) | |||||||||
Income tax effect (1) | 2.3 | 2.5 | |||||||||
Accumulated other comprehensive loss | $ | (88.2) | $ | (82.3) |
September 30, 2022 | December 31, 2021 | ||||||||||
Defined benefit plan liabilities | $ | 2.6 | $ | 2.9 | |||||||
Unrealized loss on financial instruments | (0.4) | (0.4) |
Defined benefit plan and other postretirement liabilities | Unrealized gain (loss) on financial instruments | Total, net of tax | |||||||||||||||
Balance, July 1, 2022 | $ | (82.6) | $ | 1.7 | $ | (80.9) | |||||||||||
Net amount reclassified to net income (loss) | (7.3) | 0.0 | (7.3) | ||||||||||||||
Balance, September 30, 2022 | $ | (89.9) | $ | 1.7 | $ | (88.2) | |||||||||||
Balance, July 1, 2021 | $ | (118.1) | $ | 1.7 | $ | (116.4) | |||||||||||
Net amount reclassified to net income (loss) | 1.2 | 0.0 | 1.2 | ||||||||||||||
Balance, September 30, 2021 | $ | (116.9) | $ | 1.7 | $ | (115.2) | |||||||||||
Balance, December 31, 2021 | $ | (84.0) | $ | 1.7 | $ | (82.3) | |||||||||||
Net amount reclassified to net income (loss) | (5.9) | 0.0 | (5.9) | ||||||||||||||
Balance, September 30, 2022 | $ | (89.9) | $ | 1.7 | $ | (88.2) | |||||||||||
Balance, December 31, 2020 | $ | (120.6) | $ | 1.8 | $ | (118.8) | |||||||||||
Net amount reclassified to net income (loss) | 3.7 | (0.1) | 3.6 | ||||||||||||||
Balance, September 30, 2021 | $ | (116.9) | $ | 1.7 | $ | (115.2) | |||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
AOCL Components | Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Defined benefit plan and other postretirement liabilities | Cost of goods sold | $ | 0.4 | $ | 0.7 | $ | 1.3 | $ | 2.2 | |||||||||||||||||||||||
Other income (expense) - net | (8.0) | — | (8.0) | — | ||||||||||||||||||||||||||||
Selling, general and administrative expenses | 0.2 | 0.2 | 0.5 | 0.6 | ||||||||||||||||||||||||||||
Other operating (income) expense - net | 0.2 | 0.4 | 0.7 | 1.2 | ||||||||||||||||||||||||||||
Income tax effect | (0.1) | (0.1) | (0.3) | (0.3) | ||||||||||||||||||||||||||||
Net of tax | $ | (7.3) | $ | 1.2 | $ | (5.8) | $ | 3.7 | ||||||||||||||||||||||||
Unrealized loss on financial instruments | Cost of goods sold | $ | 0.0 | $ | 0.0 | $ | (0.1) | $ | (0.1) | |||||||||||||||||||||||
Income tax effect | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||
Net of tax | $ | 0.0 | $ | 0.0 | $ | (0.1) | $ | (0.1) |
Pension Benefits | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Service cost | $ | 1.1 | $ | 1.2 | $ | 3.2 | $ | 3.5 | |||||||||||||||
Interest cost | 2.6 | 2.4 | 7.7 | 7.3 | |||||||||||||||||||
Expected return on plan assets | (5.9) | (5.6) | (17.6) | (16.8) | |||||||||||||||||||
Amortization of prior service costs | 0.0 | 0.0 | 0.1 | 0.1 | |||||||||||||||||||
Amortization of net loss | 0.9 | 1.5 | 2.6 | 4.5 | |||||||||||||||||||
Net periodic benefit cost (income) | $ | (1.3) | $ | (0.5) | $ | (4.0) | $ | (1.4) |
Other Postretirement Benefits | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Service cost | $ | 0.0 | $ | 0.1 | $ | 0.1 | $ | 0.2 | |||||||||||||||
Interest cost | 0.9 | 0.6 | 2.2 | 1.8 | |||||||||||||||||||
Amortization of prior service cost | (0.3) | (0.8) | (1.3) | (2.4) | |||||||||||||||||||
Amortization of net loss | 0.2 | 0.6 | 1.0 | 1.7 | |||||||||||||||||||
Curtailment gain, net | (8.0) | — | (8.0) | — | |||||||||||||||||||
Net periodic benefit cost (income) | $ | (7.2) | $ | 0.5 | $ | (6.0) | $ | 1.3 |
Asset Fair Value | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Commodity contracts (1) | $ | 229.0 | $ | 42.9 | |||||||
Foreign exchange contracts (2) | — | — | |||||||||
Total | $ | 229.0 | $ | 42.9 | |||||||
Liability Fair Value | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Commodity contracts (1) | $ | 16.4 | $ | 143.3 | |||||||
Foreign exchange contracts (2) | 13.7 | 2.9 | |||||||||
Total | $ | 30.1 | $ | 146.2 | |||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Commodity contracts(1) | $ | 120.0 | $ | (75.6) | $ | 301.3 | $ | (235.2) | |||||||||||||||
Foreign exchange contracts | (7.4) | (1.4) | (13.6) | (3.2) | |||||||||||||||||||
Total | $ | 112.6 | $ | (77.0) | $ | 287.7 | $ | (238.4) |
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
NET SALES: | |||||||||||||||||||||||
Related parties | $ | 404.9 | $ | 483.5 | $ | 1,321.5 | 925.3 | ||||||||||||||||
Other customers | 232.3 | 373.1 | 925.9 | 628.1 | |||||||||||||||||||
Total net sales | 637.2 | 856.6 | 2,247.4 | 1,553.4 | |||||||||||||||||||
Gross profit (loss) | (43.0) | 15.9 | 66.1 | 54.8 | |||||||||||||||||||
Net income (loss) | 44.3 | 37.4 | 99.4 | (227.5) | |||||||||||||||||||
INCOME (LOSS) PER COMMON SHARE: | |||||||||||||||||||||||
Basic | $ | 0.46 | $ | 0.38 | $ | 1.02 | $ | (2.52) | |||||||||||||||
Diluted | $ | 0.43 | $ | 0.36 | $ | 0.97 | $ | (2.52) |
SHIPMENTS - PRIMARY ALUMINUM(1) | |||||||||||||||||||||||||||||||||||
United States | Iceland | Total | |||||||||||||||||||||||||||||||||
Tonnes | Sales $ (in millions) | Tonnes | Sales $ (in millions) | Tonnes | Sales $ (in millions) | ||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
3rd Quarter | 95,502 | $ | 320.3 | 78,223 | $ | 283.7 | 173,725 | $ | 604.0 | ||||||||||||||||||||||||||
2nd Quarter | 139,630 | $ | 564.8 | 74,454 | $ | 273.2 | 214,084 | $ | 838.0 | ||||||||||||||||||||||||||
1st Quarter | 134,953 | $ | 494.8 | 76,458 | $ | 247.5 | 211,411 | $ | 742.3 | ||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
3rd Quarter | 117,951 | $ | 366.6 | 78,144 | $ | 207.6 | 196,095 | $ | 574.2 | ||||||||||||||||||||||||||
2nd Quarter | 112,792 | $ | 314.0 | 78,102 | $ | 180.1 | 190,894 | $ | 494.1 | ||||||||||||||||||||||||||
1st Quarter | 116,437 | $ | 275.6 | 79,260 | $ | 164.2 | 195,697 | $ | 439.8 | ||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
(in millions) | September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net sales | $ | 637.2 | $ | 856.6 | $ | 2,247.4 | $ | 1,553.4 | |||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
(in millions) | September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Gross profit (loss) | $ | (43.0) | $ | 15.9 | $ | 66.1 | $ | 54.8 |
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
(in millions) | September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Asset impairment charge | $ | — | $ | 159.4 | $ | 159.4 | $ | — |
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
(in millions) | September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Selling, general and administrative expenses | $ | 8.7 | $ | 5.8 | $ | 26.2 | $ | 39.0 |
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
(in millions) | September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net gain (loss) on forward and derivative contracts | $ | 112.6 | $ | 231.8 | $ | 287.7 | $ | (239.2) |
Quarter ended | Nine months ended | ||||||||||||||||||||||
Sequential | Year-to-date | ||||||||||||||||||||||
(in millions) | September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Income tax benefit (expense) | $ | (20.6) | $ | (42.3) | $ | (64.6) | $ | 43.8 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(in millions) | |||||||||||
Net cash provided by (used in) operating activities | $ | 57.2 | $ | (12.1) | |||||||
Net cash used in investing activities | (70.1) | (45.7) | |||||||||
Net cash provided by financing activities | 38.2 | 42.4 | |||||||||
Change in cash, cash equivalents and restricted cash | $ | 25.3 | $ | (15.4) |
September 30, 2022 | December 31, 2021 | ||||||||||
Current assets | $ | 300.7 | $ | 395.3 | |||||||
Non-current assets | 734.6 | 935.3 | |||||||||
Current liabilities | 293.2 | 375.1 | |||||||||
Non-current liabilities | 491.6 | 556.1 |
Nine Months Ended September 30, 2022 | |||||
Net sales | $ | 1,443.0 | |||
Gross profit (loss) | (21.5) | ||||
Income (loss) before income taxes | (144.5) | ||||
Net income (loss) | 99.4 |
Hawesville | Sebree | Mt. Holly | Grundartangi | Total | |||||||||||||||||||||||||
Expected average load (in megawatts ("MW")) | 482 | 385 | 400 | 537 | 1,804 | ||||||||||||||||||||||||
Quarterly estimated electrical power usage (in megawatt hours ("MWh")) | 1,055,580 | 843,150 | 876,000 | 1,176,030 | 3,950,760 | ||||||||||||||||||||||||
Quarterly cost impact of an increase or decrease of $1 per MWh (in millions) | $ | 1.1 | $ | 0.8 | $ | 0.9 | $ | 1.2 | $ | 4.0 | |||||||||||||||||||
Annual expected electrical power usage (in MWh) | 4,222,320 | 3,372,600 | 3,504,000 | 4,704,120 | 15,803,040 | ||||||||||||||||||||||||
Annual cost impact of an increase or decrease of $1 per MWh (in millions) | $ | 4.2 | $ | 3.4 | $ | 3.5 | $ | 4.7 | $ | 15.8 |
Asset Fair Value | Fair Value with 10% Adverse Price Change | ||||||||||
Commodity contracts (1) | $ | 229.0 | $ | 188.0 | |||||||
Total | $ | 229.0 | $ | 188.0 |
Liability Fair Value | Fair Value with 10% Adverse Price Change | ||||||||||
Commodity contracts (1) | $ | 16.4 | $ | 16.8 | |||||||
Foreign exchange contracts (2) | 13.7 | 24.6 | |||||||||
Total | $ | 30.1 | $ | 41.4 |
Exhibit Number | Description of Exhibit | Incorporated by Reference | Filed Herewith | ||||||||||||||
Form | File No. | Filing Date | |||||||||||||||
X | |||||||||||||||||
X | |||||||||||||||||
X | |||||||||||||||||
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101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | X | |||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | X | |||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | X | |||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | X | |||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | X | |||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Century Aluminum Company | ||||||||||||||
Date: | November 7, 2022 | By: | /s/ GERALD C. BIALEK | |||||||||||
Gerald C. Bialek | ||||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
Date: | November 7, 2022 | By: | /s/ ROBERT HOFFMAN | |||||||||||
Robert Hoffman | ||||||||||||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||||||||||||||
Date: | November 7, 2022 | |||||||
/s/ JESSE E. GARY | ||||||||
Name: Jesse E. Gary | ||||||||
Title: President and Chief Executive Officer (Principal Executive Officer) |
Date: | November 7, 2022 | ||||||||||
/s/ GERALD C. BIALEK | |||||||||||
Name: Gerald C. Bialek | |||||||||||
Title: Executive Vice President and Chief Financial Officer |
/s/ JESSE E. GARY | ||||||||
By: | Jesse E. Gary | |||||||
Title: | President and Chief Executive Officer (Principal Executive Officer) | |||||||
Date: | November 7, 2022 |
/s/ GERALD C. BIALEK | ||||||||
By: | Gerald C. Bialek | |||||||
Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||
Date: | November 7, 2022 |