Century Aluminum Company reported its financial results for the first quarter of 2025, revealing a net income of $29.7 million, a significant decrease from $246.8 million in the same period last year. The company's net sales reached $633.9 million, up from $489.5 million in the first quarter of 2024, primarily driven by favorable realized prices for aluminum and increased third-party alumina sales. However, the gross profit for the quarter was $60.6 million, down from $66.3 million in the previous quarter, attributed to unfavorable raw material and power price realizations.
Compared to the previous fiscal period, Century Aluminum's net sales increased by $3.0 million from the fourth quarter of 2024, largely due to higher realized LME and regional price premiums. The company also noted a decrease in third-party alumina sales, which negatively impacted overall revenue. The gross profit for the quarter was affected by rising costs, including a $25.7 million unfavorable raw material price realization and a $22.2 million unfavorable power price realization, despite the positive impact of higher aluminum prices.
In terms of strategic developments, Century Aluminum completed the acquisition of a 55% interest in the Jamalco alumina refinery in Jamaica in May 2023, which is expected to enhance its supply chain and production capabilities. The company has also entered into a Cooperative Agreement with the U.S. Department of Energy for up to $500 million in funding to build a new aluminum smelter, marking the first new U.S. primary aluminum smelter in 45 years. This initiative is part of the company's broader strategy to expand its production capacity and improve operational efficiency.
Operationally, Century Aluminum reported a total of 168,672 tonnes of primary aluminum shipments in the first quarter of 2025, with 94,601 tonnes from the United States and 74,071 tonnes from Iceland. The company’s cash and cash equivalents increased to $44.9 million as of March 31, 2025, compared to $32.9 million at the end of 2024. The company also maintained unused availability under its revolving credit facilities of $294.2 million, indicating a solid liquidity position.
Looking ahead, Century Aluminum anticipates that the recent increase in Section 232 tariffs on imported primary aluminum will positively impact its financial performance. The company is focused on managing market risks associated with aluminum pricing and raw material costs while continuing to explore opportunities for growth and operational improvements. However, the company also acknowledged ongoing challenges related to energy prices and supply chain disruptions, particularly in Europe, which could affect its operations and profitability in the near term.
About CENTURY ALUMINUM CO
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