Century Aluminum Announces Power Contract Extension for its Grundartangi, Iceland smelter

CHICAGO, July 19, 2021 (GLOBE NEWSWIRE) -- 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.

Contact
Peter Trpkovski
(Investors and media)
312-696-3132

Source: Century Aluminum Company