Century Aluminum Company (NASDAQ: CENX) reported today that the company has initiated the restart of the potline at Century Aluminum of West Virginia's Ravenswood reduction facility that was shut down on July 29 as a result of a notice to strike by the United Steelworkers. A three-year labor agreement with the union was subsequently ratified on August 5.
Each of the company's four potlines at Ravenswood has a rated capacity of approximately 42,500 tonnes per year. The company expects that the affected potline will be capable of producing at its rated capacity by the end of December 2006.
The company continues to anticipate that direct restart costs will total approximately $4 million. Major restart cost items include pot relining, anode replacement and excess power consumed during the restart phase. The company estimates that lost production from the shutdown will total about 12,000 tonnes, with approximately 75% of the production loss occurring in the third quarter.
Century Aluminum Company, the parent of Century Aluminum of West Virginia, owns primary aluminum capacity in the United States and Iceland, as well as an ownership stake in alumina and bauxite assets in the United States and Jamaica. Century's corporate offices are located in Monterey, California.
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.
Century Aluminum Company