Century Aluminum Co (NASDAQ: CENX) Has Extended its Power Contract for Its Grundartangi Smelter

Century Aluminum Co (NASDAQ: CENX) owns primary aluminum capacities in both Iceland and the United States. Its corporate offices are situated in Chicago, Illinois. Aside from the Grundartangi smelter, they also have three other aluminum smelters in the United States, in Mt. Holly, S. Carolina, Robards, Kentucky, and Hawesville, Kentucky. The company’s strategic objective is to ensure that it serves all its different constituencies by;

  • Optimizing its environmental and safety performance
  • Enhancing the competitiveness of the assets that already exist by improving efficiency and productivity. Also managing costs; and
  • Going after upstream investment opportunities.

Contract Extension Announcement

Century Aluminum recently announced that Noroural Grundartangi, its wholly-owned subsidiary, has agreed with Iceland’s National Power Company, Landsvirkjun, to extend their 161 MW power agreement for an additional three years up until 2026. The extension of will see the company get an increase of 182 MW on the contract to provide the company with the necessary flexibility to support future growth opportunities and capacity to creep requirements for value-added products.

Century’s Chief Executive Officer and President, Jesse Gray, said that they were happy to have agreed with Landsvirkjun on a contract extension. He also took this chance to thank Landsvirkjun’s Chief Executive Officer, Horour Arnason, and his support staff for all the hard work they put in to ensure an agreement was reached. He also thanked the company, in general, for its continued partnership towards helping support this vital Icelandic industry’s long-term future. This contract extension will help address the increasing power requirements of the Grundartangi smelter that the recent capacity creeps have caused. It will also help provide the company with a little more flexibility to focus some of its efforts on future growth.  

Mr. Jesse Gary has been with the company since 2010. In February 2013, he was promoted to General Counsel and Executive V.P. However, in 2019, he was finally given the title of CEO and President of the company. Jesse has vast strategy development, risk management, and valuable leadership experience.

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