Century Aluminum expanding South Carolina smelter operations
June 3, 2021
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MONCKS CORNER, S.C. (AP) A company that heralds itself as the largest primary aluminum producer in the U.S. is expanding its South Carolina operations, announcing 100 new jobs at a smelter in Moncks Corner, less than a year after saying it could possibly shutdown over an electric rates dispute.
Dignitaries including Gov. Henry McMaster and U.S. House Majority Whip Jim Clyburn were on hand for Thursday s ceremonial restart at Century Aluminum, a Chicago-based company that operates its Mt. Holly smelter in Berkeley County.
Also Thursday, Century officials announced a $60 million capital investment, money they said would allow the company to fill 100 new jobs at the Mt. Holly facility, bringing the total employed there to over 400.
/PRNewswire/ Century Aluminum, America s largest primary aluminum producer, will host a ceremonial restart and jobs announcement at its Mt. Holly, South.
US aluminum tariffs achieved goal in saving, growing domestic industry: panel
The US’ 10% tariff on aluminum imports from most countries accomplished its stated purpose of protecting the at-risk domestic aluminum industry in the interest of national security, market analysts and participants said May 26 after the release of a report from the Economic Policy Institute.
EPI Senior Economist Robert Scott said the tariff, imposed by former President Donald Trump under Section 232 in 2018, came at a time when the US primary aluminum industry was “hanging on by a thread.”
“The industry was threatened with collapse, and the US had the only existing high-quality, high-purity aluminum smelter that was running in the NATO countries,” Scott said in a virtual panel discussing the EPI’s May 25 report on the tariff’s impact.
This morning in metals news:
Century Aluminum released its Q1 financial results; meanwhile, copper prices continue to surge; and natural gas production plummeted during what was a frigid February in the US.
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Century Aluminum releases Q1 financial results
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Century Aluminum reported a Q1 net loss of $140 million, compared with a Q4 2020 net loss of $35.5 million.
“First quarter results were negatively impacted by $87.4 million of exceptional items, in particular $92.7 million of unrealized losses on forward derivative contracts (net of tax),” the firm said.
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