Century Aluminum achieved a significant milestone in the second quarter of 2026, reaching full operational capacity across all its facilities, a first in over ten years. This achievement was highlighted by the successful completion of major expansion projects at Mt. Holly and the restart of Grundartangi Line 2, both delivered ahead of schedule and within budget. The company's financial performance showed substantial improvement, with net sales climbing to $752.1 million and adjusted EBITDA reaching $326.9 million, largely due to favorable LME prices and regional delivery premiums. Furthermore, Century Aluminum significantly strengthened its financial position, reducing net debt to $98 million and achieving a cash-positive status by the end of July, bolstered by tax credit refunds and insurance settlements.
The company's strategic vision extends to the development of a new smelter in Oklahoma, a joint venture with Emirates Global Aluminum, which is progressing towards a final investment decision and groundbreaking by the end of the year. This project is significantly supported by a new executive order issued by President Trump, incentivizing domestic primary aluminum production through reduced tariff rates on imports for approved companies. This policy is expected to allow Century to import up to 300,000 metric tons annually at a lower tariff, providing a crucial funding mechanism for the Oklahoma initiative. Additionally, the monetization of the company's stake in the Hawesville data center project, with a 20-year lease agreement generating substantial revenue, offers another potential capital source for future investments.
Century Aluminum's strong operational performance and strategic growth initiatives position it as a leader in the American aluminum industry. By focusing on efficient operations, leveraging favorable market dynamics, and capitalizing on supportive government policies, the company is not only enhancing its financial strength but also contributing to the resurgence of domestic manufacturing and job creation. This proactive approach to growth and innovation ensures a sustainable and prosperous future, demonstrating a commitment to excellence and national economic development.
