Century Aluminum Announces Power Contract Extension for its Grundartangi, Iceland smelter
July 19 2021 - 4:05PM
Century Aluminum Company (NASDAQ: CENX), announced today its
wholly-owned subsidiary, Norðurál Grundartangi ehf, has
successfully reached an agreement with Landsvirkjun, the National
Power Company in Iceland, to extend its existing 161 MW power
contract by three years through 2026. The extension will increase
the contract to 182 MW over time to provide the necessary
flexibility to support the most recent capacity creep requirements
and future growth opportunities for value-added products at the
plant.
Jesse Gary, Century’s President and Chief Executive Officer,
said, “We are pleased to reach this agreement with Landsvirkjun. I
would like to personally thank Hörður Arnarson, Chief Executive
Officer of Landsvirkjun, and his team for their hard work on
reaching this agreement and for Landsvirkjun’s continued
partnership towards supporting the long-term future of this key
Icelandic industry. This extension will address Grundartangi’s
increasing power needs due to the recent capacity creep as well as
provide flexibility to pursue future growth at this world-class
smelter.”
About Century Aluminum Company
Century Aluminum Company owns primary aluminum capacity in the
United States and Iceland. Century's corporate offices are located
in Chicago, IL. Visit www.centuryaluminum.com for more
information.
Cautionary Statement
This press release and statements made by Century Aluminum
Company management on the quarterly conference call contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are statements about future
events and are based on our current expectations. These
forward-looking statements may be identified by the words
"believe," "expect," "hope," "target," "anticipate," "intend,"
"plan," "seek," "estimate," "potential," "project," "scheduled,"
"forecast" or words of similar meaning, or future or conditional
verbs such as "will," "would," "should," "could," "might," or
"may." Our forward-looking statements include, without limitation,
statements with respect to: the terms and conditions of such new
power contract for Grundartangi; Grundartangi’s future operations
and growth opportunities for value-added products ; global and
local financial and economic conditions; future aluminum pricing
and the costs of our major raw materials; the impact that these
factors may have on the future financial and operating performance
of Century and its subsidiaries, including Grundartangi.
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our forward-looking
statements are based on current expectations and assumptions that
are subject to risks and uncertainties which may cause actual
results to differ materially from future results expressed,
projected or implied by those forward-looking statements. Important
factors that could cause actual results and events to differ from
those described in such forward-looking statements can be found in
the risk factors and forward-looking statements cautionary language
contained in our Annual Report on Form 10-K, quarterly reports on
Form 10-Q and in other filings made with the Securities and
Exchange Commission. Although we have attempted to identify those
material factors that could cause actual results or events to
differ from those described in such forward-looking statements,
there may be other factors that could cause actual results or
events to differ from those anticipated, estimated or intended.
Many of these factors are beyond our ability to control or predict.
Given these uncertainties, investors are cautioned not to place
undue reliance on our forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
ContactPeter Trpkovski(Investors and
media)312-696-3132
Source: Century Aluminum Company
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