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    Nick Gowes • Wolfe Research, LLC

    Nick Gowes's questions to Century Aluminum Co (CENX) leadership

    Nick Gowes's questions to Century Aluminum Co (CENX) leadership • Q1 2025

    Question

    Nick Gowes of B. Riley Securities asked about capital allocation priorities, operational progress and cost-saving potential at the Jamalco refinery, the drivers behind Q2's raw material cost guidance, and the timeline and strategic viability of the new U.S. smelter project.

    Answer

    CEO Jesse Gary confirmed that debt reduction remains the primary use of excess cash. He detailed that Jamalco is improving operationally, with a new turbine expected to lower costs starting in Q1 2026, and that the new smelter project's significant capital spending will not begin until 2026. CFO Peter Trpkovski clarified that rising coke, pitch, and caustic prices are driving the Q2 raw material cost headwinds of $5-$10 million.

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    Nick Gowes's questions to Century Aluminum Co (CENX) leadership • Q4 2024

    Question

    Nick Gowes asked about Century's earnings power given the lag in Midwest premium realization, the potential for restarting the Mt. Holly and Hawesville smelters, and for clarification on a one-time alumina cost headwind in the Q1 2025 guidance.

    Answer

    President and CEO Jesse Gary confirmed the significant earnings potential from rising Midwest premiums, noting they could increase further. He stated that analysis for a Mt. Holly restart is being updated following recent tariff news. EVP and CFO Gerald Bialek clarified that the Q1 alumina cost headwind is a temporary accounting issue due to FIFO and is fully offset by a benefit recorded in Q4 2024, with no expected impact in Q2.

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