Company Developments - Century Aluminum has officially closed its idle smelter in Hawesville, Kentucky, with an annual capacity of 250,000 tons, selling it for $200 million to data center developer TeraWulf, which plans to convert it into a digital infrastructure park focused on high-performance computing and artificial intelligence facilities [1] - Century Aluminum has announced a partnership with Emirates Global Aluminium to construct a new primary aluminum plant in Oklahoma, USA, with an annual capacity of 750,000 tons and a total investment exceeding $5 billion, aiming to benefit from U.S. tariff policies, although there are short-term concerns regarding capital expenditures and aluminum price volatility [2] Financial Performance - According to the Q3 2025 financial report released on November 7, 2025, Century Aluminum's revenue increased by 17.3% year-over-year to $632.2 million, although adjusted earnings per share fell short of expectations; the company anticipates adjusted EBITDA for Q4 2025 to be between $170 million and $180 million, primarily supported by premiums on the London Metal Exchange [3] - As of February 2026, all participating rating agencies have given a buy recommendation for Century Aluminum [3]

Company Overview - Century Aluminum Company produces primary aluminum products, operating facilities in the United States and Iceland, and a carbon anode production facility in the Netherlands [6][9] - The company generates revenue primarily through the manufacturing and sale of primary aluminum products to industrial customers in sectors such as automotive, construction, and packaging [9] Financial Performance - For the trailing twelve months (TTM), Century Aluminum reported revenue of $2.53 billion and a net income of $85.20 million [4] - The company's third-quarter results showed net sales of $632.2 million and adjusted EBITDA attributable to stockholders of $101.1 million, an increase from $74.3 million in the prior quarter [11] - Adjusted earnings per share were reported at $0.56, reflecting stronger realized Midwest premiums and improved operating leverage [11] - As of February 12, 2026, shares were priced at $49.70, representing a one-year price change of 146.53%, significantly outperforming the S&P 500 by 133.63 percentage points [4][8] Investment Activity - Impala Asset Management LLC increased its stake in Century Aluminum by 168,805 shares, bringing its total position to 857,805 shares valued at $33.61 million, which constitutes 21.17% of its 13F reportable assets [2][3] - This transaction reflects a significant conviction in Century Aluminum as it now represents the fund's largest position by a wide margin [10] Market Considerations - The performance of Century Aluminum is influenced by aluminum pricing, power costs, and trade policy, which are considered swing factors in the market [12] - Long-term investors are advised to monitor cash generation, balance sheet discipline, and the sustainability of premium pricing in a cyclical business environment [12]

Group 1 - The stock price of Alcoa Corporation decreased by 3.7% [1] - Century Aluminum's stock price fell by 9% [1]

Core Viewpoint - Century Aluminum (CENX.US) announced a partnership with Emirates Global Aluminium (EGA) to build a new plant, leading to a decline in stock price due to market concerns regarding the project's short-term implications and funding dynamics [1] Recent Events - On January 27, 2026, Century Aluminum and EGA announced plans to construct a primary aluminum plant in Oklahoma with an annual production capacity of 750,000 tons. The total investment is expected to exceed $5 billion, with EGA holding 60% and Century Aluminum holding 40%. The project is set to commence construction by the end of 2026 and be operational before 2030. This collaboration aims to reduce U.S. dependence on aluminum imports and benefit from domestic aluminum premiums due to U.S. tariff policies [2] Stock Performance - Following the announcement, Century Aluminum's stock price dropped by 8.4% on the same day. Analysts from Montreal Bank noted that market concerns about high capital expenditures and cyclical risks in the aluminum industry, particularly amid uncertainties in tariff policies, contributed to this decline. While the partnership is expected to benefit capacity expansion in the long term, short-term risks related to financing and construction progress need to be monitored [3] Funding Situation - On November 15, 2025, the largest shareholder, Glencore, sold 9 million shares at $30.65 each, raising approximately $276 million. This sale led to a nearly 14% drop in stock price, interpreted by the market as a sign of concern regarding Century Aluminum's profitability, increasing selling pressure. As of February 10, 2026, the stock price was $51.96, down 4.42% for the day, but had increased by 9.32% over the past five trading days, with a year-to-date gain of 32.62%. The announcement of the partnership may have prompted some investors to take profits at high stock levels, resulting in a short-term pullback [4] Future Development - The partnership project is expected to increase Century Aluminum's equity capacity by 300,000 tons, combined with the full production plan of the Mt. Holly plant in June 2026, potentially doubling total capacity. The 50% aluminum import tariff in the U.S. and tax credits from the IRA act are expected to continue supporting domestic aluminum premiums. Attention should be paid to aluminum price fluctuations, the EU's CBAM carbon tariffs, and the progress of project financing [5]

Core Insights - Emirates Global Aluminium (EGA) and Century Aluminum are collaborating to establish the first primary aluminum smelter in the U.S. in over 45 years, which will utilize advanced smelting technology [1] - The new plant is projected to create approximately 5,000 jobs and position Inola, Oklahoma as a significant hub for critical metals essential for American industries [1] Company Developments - EGA's CEO Abdulnasser Bin Kalban and Century Aluminum's CEO Jesse Gary met with U.S. Energy Secretary Chris Wright to discuss their partnership [1] - The initiative marks a significant investment in the U.S. aluminum industry, reflecting a commitment to modernize and enhance domestic production capabilities [1]

Core Viewpoint - Emirates Global Aluminium (EGA) and Century Aluminum are collaborating on a new primary aluminum production plant in Inola, Oklahoma, marking the first new primary aluminum smelter in the U.S. since 1980, which will significantly boost U.S. aluminum production capacity [1][3]. Group 1: Project Overview - Bechtel has been selected to conduct preparatory engineering for the aluminum production plant, focusing on value improvement and preparing for a final investment decision by the end of 2026 [2][4]. - The project aims to double current U.S. primary aluminum production and will create 1,000 permanent jobs at the facility, along with 4,000 jobs during the construction phase [3][6]. Group 2: Technological and Environmental Aspects - The plant will utilize EGA's latest aluminum reduction technology, EX, which is among the most advanced and efficient globally [3]. - Bechtel is exploring modularization and pre-assembly strategies to enhance construction efficiency and is working with ERM for environmental and social consultation [4]. Group 3: Company Backgrounds - EGA is the world's largest 'premium aluminum' producer, responsible for one in every 25 tonnes of aluminum produced globally, with a strong presence in the U.S. market [7][8]. - Century Aluminum is the largest primary aluminum producer in the U.S. and operates facilities internationally, including in Iceland, the Netherlands, and Jamaica [10]. Group 4: Leadership Statements - EGA's CEO emphasized the transformative nature of the project for America's industrial revival and the economic future of Inola and Oklahoma [5]. - Century Aluminum's CEO highlighted the urgency of meeting national needs for aluminum through this project [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The trading logic of the aluminum market has deviated from fundamentals, with the focus on factors like the US dollar, liquidity, and precious metals. Despite some marginal changes in supply, the long - term growth logic of aluminum remains unchanged, but it is experiencing a short - term correction [4]. - The report上调s the 2026 overseas and domestic electrolytic aluminum production forecasts. However, the market is more sensitive to supply cuts than increases, and the long - term bullish view on aluminum as a hedging asset and its connection to new energy and the new economy persists [4]. - For the short - term market, it is advisable to wait for volatility to subside before making trading decisions [4]. Summaries Based on Related Catalogs 1. Week - on - Week Changes and Outlook - Since the beginning of the year, the aluminum price trend has been highly synchronized with volatility, and the trading logic has deviated from aluminum fundamentals. The focus is on the US dollar, liquidity, and precious metals [4]. - There have been marginal changes in the supply side at home and abroad, including the restart of production at some aluminum plants. The report上调s the 2026 electrolytic aluminum production forecasts for both overseas and domestic markets [4]. - The short - term decline in the number of receiving manufacturers is due to high prices screening out less - resilient downstream buyers. The market is more sensitive to supply cuts than increases [4]. - The short - term view is to wait for the volatility to stabilize before trading [4]. 2. Latest Production Launch Tables of Domestic and Overseas Aluminum Plants - **Overseas**: The production expectations of three overseas plants have been revised upwards. The Lista aluminum plant in the US has restarted 31,000 tons of idle capacity after renewing its power contract. The expected restart time of the Grundartangi aluminum plant in Iceland has been advanced, and the Mozal aluminum plant in Mozambique is expected to have a partial production cut instead of a complete shutdown [7]. - **Domestic**: A northeast domestic aluminum plant with a built - in capacity of 752,500 tons and a current operating capacity of 420,000 tons plans to restart about 300,000 tons of idle capacity in mid - to - late March [7]. 3. Overseas Aluminum Plant Power Contract Progress - The power contract of the US Lista aluminum plant has been renewed to 2035, and it restarted 31,000 tons of idle capacity in January 2026. Other plants also have different power contract situations and production statuses [9]. 4. Overseas Aluminum Plant Production Launch Schedule - In 2026 and the long - term, there are various production - related activities overseas, including new construction, expansion, and restart of production at different aluminum plants. The annual total planned new production capacity in 2026 is 1.7355 million tons [10]. 5. Expected Table of New Domestic Electrolytic Aluminum Projects in 2026 - There are different types of projects in China, such as replacement, expansion, and production restart. The total new production capacity in 2026 is expected to be 1.127 million tons, with limited net - increase capacity from replacement projects [13]. 6. Supply - Demand Balance Sheets at Home and Abroad - The report上调s the 2026 overseas and domestic electrolytic aluminum net - increase production forecasts by 120,000 tons and 195,000 tons respectively. The supply - demand balance shows a slight deficit in 2026 [16]. - The long - term growth logic of aluminum remains unchanged, and the market should tolerate short - term corrections [16]. 7. Cost and Profit - Alumina prices have been falling since mid - 2025, which is one of the reasons for the increased profits of aluminum plants. Electricity prices and pre - baked anodes are in a range - bound state [22]. - The average profit of electrolytic aluminum has dropped from about 8,700 yuan/ton last week to 7,000 yuan/ton this week, and the average cost has slightly increased to 16,200 yuan/ton due to a 0.01 - yuan/degree increase in electricity prices [26]. 8. Internal - External Price Ratio - The Shanghai - London ratio has fluctuated. After rising to a phased high on January 7, it has declined. The LME aluminum price led the decline, and the domestic market followed. The internal - external price ratio is currently range - bound [31]. - The overseas spot premiums in North America and Japan have increased week - on - week [31]. 9. Downstream and Inventory - The downstream operating rate is at a seasonal low, especially for aluminum sheets, foils, and strips. It is expected to recover after the holiday [45]. - As of Thursday, the social inventory of electrolytic aluminum has increased, while the LME aluminum inventory has decreased. The social inventory of aluminum rods has also increased [48]. - The processing fee of aluminum rods has fluctuated after reaching a high this week [54].

Market Overview - U.S. equities faced a challenging day on February 5, 2026, with significant sell-offs in technology stocks and negative job market reports impacting investor sentiment [1] - The S&P 500 fell 1.2% to close at 6,798.40, marking its sixth decline in seven trading days since reaching an all-time high [2] - The Nasdaq Composite dropped 1.6% to 22,540.59, while the Dow Jones Industrial Average decreased by 1.2% to 48,908.72 [2] - Bitcoin prices fell below $64,000, reaching their lowest level since October 2024, further exacerbating the downturn [2] Major Market Movers and Corporate News - Alphabet (GOOGL) saw a decline of 0.8% despite stronger-than-expected sales, as investors were concerned about projected capital expenditures for AI infrastructure, estimated at $175 billion to $185 billion for 2026, nearly double the $91.45 billion spent in 2025 [3] - Qualcomm (QCOM) experienced an 8.5% drop due to a disappointing outlook, citing a tightening global memory shortage affecting the smartphone market [4] - Advanced Micro Devices (AMD) fell sharply by 17.3% on a weak outlook, contributing to the semiconductor sector's struggles [4] - Uber Technologies (UBER) declined by 5.2% after missing earnings expectations, while Amgen (AMGN) surged 8.2% on positive earnings results [5] - Eli Lilly (LLY) jumped 10.3% due to strong sales of its drugs, and McKesson (MCK) soared 16.5% after exceeding profit and revenue expectations [5] - Peloton Interactive (PTON) plummeted 28% after reporting weaker-than-expected results, while Estee Lauder (EL) and Snap (SNAP) retreated by 19% and 12%, respectively [6] Job Market Developments - Amazon (AMZN) announced plans to cut approximately 16,000 corporate roles, while UPS revealed 30,000 job cuts [7] - Dow (DOW) reduced its workforce by 4,500 jobs, with Home Depot (HD) and Nike (NKE) also making cuts [7] Economic Indicators - Initial jobless claims for the week ending January 31 rose to 231,000, exceeding economists' estimates [9] - U.S. employers announced over 108,000 layoffs in January, the highest for that month since 2009, with job openings falling to 6.5 million in December, the lowest since 2020 [9] - The Consumer Price Index rose 2.7% over the year in December, indicating persistent inflation despite potential interest rate cuts by the Federal Reserve [10] Upcoming Market Events - Investors are awaiting the release of January U.S. Non-Farm Payrolls, Unemployment Rate, and Average Hourly Earnings data on February 6, which will provide further insights into the labor market [8]

Group 1 - Century Aluminum Company will report its fourth quarter 2025 earnings on February 19, 2026, after market close [1] - A follow-up conference call is scheduled for February 19, 2026, at 5:00 p.m. Eastern time [1] - The earnings call will be webcast live on the company's website, with a replay available approximately two hours after the live call [2] Group 2 - Investors can contact Chad Rigg for inquiries at 312.696.3132 or via email at investorrelations@centuryaluminum.com [2] - Media inquiries can be directed to Tawn Earnest at 614.698.6351 or tawn.earnest@centuryaluminum.com [2]

Core Insights - Century Aluminum Company is set to take a 40% stake in a joint venture with Emirates Global Aluminium to build the first primary aluminum smelter in the US in nearly 50 years, with an investment of approximately $4 billion [1] - The planned annual capacity of the smelter has increased from 600,000 to 750,000 metric tons, which would more than double total US aluminum output and reduce reliance on imports that currently meet about 85% of domestic industrial demand [2] - The project is expected to create 1,000 permanent jobs and support an additional 4,000 positions during the construction phase [2] - The initiative aligns with efforts to boost domestic aluminum production, especially after the doubling of import tariffs to 50% last year, which has led to record highs in the Midwest aluminum premium [3] Company Overview - Century Aluminum Company, along with its subsidiaries, produces and sells standard-grade and value-added primary aluminum products in the US and Iceland [4]