CENX Filings — Century Aluminum Company - FilingSpy
CENX
Century Aluminum Company
A global producer of primary aluminum, Century Aluminum runs smelters in the U.S. and Iceland and holds a majority stake in a Jamaican bauxite and alumina joint venture. Founded in 1995 to take over aluminum assets from commodities giant Glencore, the company was created partly to shake off the stigma of Marc Rich, the notorious trader who secretly controlled its Ravenswood, West Virginia smelter. Its Icelandic plant, powered by renewable energy, produces a low-carbon line called Natur-Al™.
Gross margin hits 30.3% as aluminum prices and insurance recoveries lift Q2, while Grundartangi nears full production.
Century Aluminum's reached its highest level in over four years. rose 19.7% to $752.1 million and gross margin expanded to 30.3%, driven by higher aluminum prices and $73.1 million in insurance recoveries from the Grundartangi outage. The smelter is expected to return to near-full production by the end of July, shifting the focus back to the company's growth projects.
Key takeaways
expanded to 30.3% from 5.3% a year ago, as a $457.4 million benefit from higher and regional premiums in the first half of the year and $73.1 million in net insurance proceeds for the Grundartangi equipment failure outweighed higher raw material and power costs.
rose 19.7% to $752.1 million, driven by favorable metal price realizations, though the increase was partially offset by lower production volumes from the Grundartangi smelter, which operated at roughly one-third capacity during the quarter.
Section summaries
Management's Discussion and Analysis
Net income surged to $570.8M in H1 2026 driven by higher aluminum prices, a $287.9M gain on the Hawesville sale, and insurance recoveries.
⌄
Total rose 11% to $1,401.3M for H1 2026, primarily from higher and regional premiums ($457.4M benefit), partially offset by lower volumes due to the Grundartangi outage.
reached $211.6 million, up from $18.1 million in Q2 2025, as the insurance recoveries and higher aluminum prices flowed through to the .
was $249.3 million, or $2.39 per diluted share, compared to a $4.6 million loss a year ago, with the improvement driven by the operating gains and a $287.9 million gain on the sale of the Hawesville smelter site recognized in Q1.
The Grundartangi smelter restarted one in late April 2026, and management expects a return to near-full production by the end of July 2026, which would restore the majority of the output lost since the October 2025 electrical failure.
Liquidity stood at $784.9 million at quarter-end, including $343.4 million in cash, supported by the Hawesville sale proceeds and insurance recoveries.
What changed
The Grundartangi outage flagged in Q3 2025 is nearing resolution: one potline restarted in late April 2026, and a return to near-full production is expected by the end of July 2026, with $73.1 million in net insurance proceeds recognized in the first half of the year.
The Hawesville smelter site, whose restart viability had been a watch item since its 2022 curtailment, was sold in February 2026 for $200 million plus a minority interest in a data center, generating a $287.9 million gain and removing the asset from the company's portfolio.
The joint development agreement with Emirates Global Aluminium for a new 750,000-tonne U.S. smelter, announced after FY 2025, remains in progress with no final investment decision yet reported, while the previously pursued $500 million DOE grant is no longer mentioned as an active initiative.
The raw material cost that compressed in Q2 2025 was more than offset in Q2 2026 by the sharp rise in aluminum prices and insurance recoveries, driving gross margin to 30.3% from 5.3% a year ago.
What to watch
Whether the Grundartangi smelter achieves its targeted return to near-full production by the end of July 2026 and what the run-rate looks like once insurance recoveries taper off.
The trajectory of the and aluminum price through Q3 2026, and whether the one-to-three-month sales-contract lag sustains or erodes the 30.3% as Grundartangi volume ramps back up.
Whether the joint development agreement with Emirates Global Aluminium progresses to a final investment decision and how the company plans to finance its share of a new 750,000-tonne smelter.
The level and volatility of third-party alumina sales from the Jamalco joint venture, which can swing independently of aluminum prices.
increased $255.8M to $346.7M in H1 2026, driven by favorable metal price realization, though partially offset by higher raw material costs, unfavorable power prices, and increased operating costs for the Mt. Holly restart.
A $287.9M gain on the February 2026 sale of the Hawesville facility and $73.1M in net insurance proceeds for the Grundartangi equipment failure significantly boosted H1 2026 .
Liquidity stood at $784.9M as of June 30, 2026, comprising $343.4M in cash, $46.3M in restricted cash, and $396.7M in unused availability.
The company expects 2026 of $180–$190M, including $70–$80M for Grundartangi repairs (expected to be insurance-reimbursed) and ~$50M for the Mt. Holly restart.
Quantitative and Qualitative Disclosures About Market Risk
See Part II, Item 7A - "Quantitative and Qualitative Disclosures of Market Risks" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. As of June 30, 2026, there have been no material changes in this information. See Part I, Item I "Financial Statements…
⌄
See Part II, Item 7A - "Quantitative and Qualitative Disclosures of Market Risks" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. As of June 30, 2026, there have been no material changes in this information. See Part I, Item I "Financial Statements" in Note 13. Commitments and Contingencies for additional information.
We are a party from time to time in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on our financial position, results…
⌄
We are a party from time to time in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on our financial position, results of operations or liquidity. For information regarding material legal proceedings pending against us at June 30, 2026, refer to Note 13. Commitments and Contingencies to the consolidated financial statements included herein.
There have been no material changes to the risk factors previously disclosed under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. You should carefully consider the risk factors contained in our Annual Report on Form 10-K…
⌄
There have been no material changes to the risk factors previously disclosed under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. You should carefully consider the risk factors contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our other filings made with the Securities and Exchange Commission. You should be aware that these risk factors and other information may not describe every risk facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.