American smelter Century Aluminum Company released results for the second quarter of the year this week. Despite facing serious obstacles in the quarter, Century turned in mostly positive numbers for Q2.
For the second quarter Century recorded US$575.5 million in net sales, down slightly on the quarter from the first quarter total of US$552.4 million. Adjusted EBITDA attributable to Century stockholders in the quarter rose from Q1 to US$29.5 million from the prior quarter’s total of US$24.1 million.
Total net sales in the quarter were US$575.5 million, up from the prior quarter’s total of US$552.4 million. Century showed a net income allocated to common stockholders of US$7.1 million, reversing a net loss of US$38.6 million in the prior quarter.
For the year’s first half, Century showed a net loss of US$32 million, reversing a net profit of US$55.1 million the year before.
President and Chief Executive Officer Jesse Gary said in a press release that the firm turned in strong numbers despite the many challenges it has recently faced.
“Global conditions remain complex, with rising interest rates slowing Western economies over the first half and impacting our markets. Despite these macro challenges, Century’s continued focus on cost discipline and operational performance puts us in a strong position to continue to deliver robust results despite a declining aluminum price.”
“We made good progress over the second quarter towards integrating our new Jamalco operations into the broader Century team,” he continued. “In Iceland, our billet casthouse project remains on schedule to deliver Natur-Al green billet products in the first quarter of 2024. Overall, operational performance across Century’s smelters was excellent in the quarter; we will remain focused over the back half of the year on consistent and safe operational execution.”
