June 14, 2007 at 13:34 PM EDT
Century Aluminum Announces Exercise of Over-Allotment Option

Century Aluminum Company (NASDAQ: CENX) today announced the underwriters of its public offering of 7,250,000 shares of common stock have exercised in full the over-allotment option granted to them by the Company. As a result, the Company will sell an additional 1,087,500 shares of its common stock at the offering price of $52.50 per share.

Including shares sold in the over-allotment, approximately 1.9 million shares of common stock sold in the offering were sold to institutional investors in Iceland by way of global depositary receipts. The global depositary receipts have been accepted for trading on the First North Iceland market of the OMX Nordic Exchange.

Including the exercise of the over-allotment option, the net proceeds from the offering, after deducting underwriting discounts and commissions, are expected to be approximately $416 million.

As previously announced, the Company expects to use the net proceeds of the offering as part of the financing for its proposed new aluminum smelter near Helguvik, Iceland. Pending the commencement of major construction activities for this project, the Company intends to apply the net proceeds from the offering to debt reduction, investment in highly rated short-term securities and other corporate purposes.

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. Incorporated acted as global coordinators for the offering. Kaupthing Bank hf., Kaupthing Securities, Inc. and Landsbanki Islands hf. acted as co-managers. The global coordinators and Kaupthing Securities, Inc. did not offer or sell securities in Iceland. Kaupthing Bank hf. and Landsbanki Islands hf. did not offer or sell securities in the United States.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland, as well as an ownership interest in alumina and bauxite assets in the United States and Jamaica. Century's corporate offices are located in Monterey, California.

Cautionary Statement

This press release may contain "forward-looking statements" within the meaning of U.S. federal securities laws. The company has based its forward-looking statements on current expectations and projections about the future; however, these statements are subject to risks, uncertainties and assumptions, any of which could cause the company's actual results to differ materially from those expressed in its forward-looking statements. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the company's Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. The company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made.


Contacts:

Mike Dildine (media)
831-642-9364

Shelly Lair (investors)
831-642-9357

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