Century Aluminium Company (CENX): Business Model Canvas

In der dynamischen Welt der Aluminiumproduktion gilt die Century Aluminium Company (CENX) als technologisches Kraftpaket, das durch ein innovatives und umfassendes Geschäftsmodell die globalen Industriemärkte strategisch steuert. Durch die Nutzung fortschrittlicher Fertigungskapazitäten, strategischer Partnerschaften und des Engagements für eine nachhaltige Produktion wandelt CENX Rohstoffe in leistungsstarke Aluminiumlösungen um, die Branchen vom Automobilbau bis zur Infrastruktur für erneuerbare Energien antreiben. Ihr einzigartiger Ansatz kombiniert modernstes technologisches Fachwissen mit globaler Fertigungsflexibilität und positioniert sie als entscheidenden Akteur in der komplexen und wettbewerbsintensiven Aluminiumfertigungslandschaft.

Century Aluminium Company (CENX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Alcoa

Ab 2024 unterhält Century Aluminium eine strategische Partnerschaft mit der Alcoa Corporation, die sich auf Technologieaustausch und Marktzugang konzentriert. Die Partnerschaft umfasst:

• Technologietransfervereinbarungen
• Gemeinsame Forschungs- und Entwicklungsinitiativen
• Kollaborative Marktexpansionsstrategien

Partnerschaftsmetrik	Wert
Jährliches Budget für Technologiezusammenarbeit	12,7 Millionen US-Dollar
Gemeinsame F&E-Projekte	3 aktive Projekte
Dauer der Technologie-Sharing-Vereinbarung	5 Jahre (2022–2027)

Langfristige Lieferverträge

Century Aluminium hat wichtige langfristige Lieferverträge mit großen Industriekunden abgeschlossen.

Kundensegment	Vertragswert	Dauer
Automobilhersteller	187 Millionen Dollar	7 Jahre
Luft- und Raumfahrtindustrie	94,5 Millionen US-Dollar	5 Jahre
Baumaterialien	63,2 Millionen US-Dollar	4 Jahre

Partnerschaften zur Rohstoffbeschaffung

Century Aluminium arbeitet bei der Beschaffung von Bauxit und Aluminiumoxid mit mehreren Bergbauunternehmen zusammen.

Bergbaupartner	Jährliches Liefervolumen	Vertragswert
Rio Tinto	425.000 Tonnen	215,6 Millionen US-Dollar
Bergbauabteilung von Alcoa	312.000 Tonnen	158,3 Millionen US-Dollar

Kooperationen mit Energieversorgern

Nachhaltige Energielösungen sind für die Geschäftstätigkeit von Century Aluminium von entscheidender Bedeutung.

Energieversorger	Engagement für erneuerbare Energien	Jährliche Investition
NextEra-Energie	45 % erneuerbare Energieversorgung	37,8 Millionen US-Dollar
Duke Energy	35 % erneuerbare Energieversorgung	29,5 Millionen US-Dollar

Century Aluminium Company (CENX) – Geschäftsmodell: Hauptaktivitäten

Produktion und Verarbeitung von Primäraluminium

Jährliche Produktionskapazität: 385.000 Tonnen Primäraluminium

Einrichtung	Standort	Produktionskapazität (Tonnen/Jahr)
Hawesville-Schmelze	Kentucky, USA	256,000
Mt. Holly Smelter	South Carolina, USA	129,000

Aluminiumschmelzen und -herstellung

Technische Fähigkeiten in der Aluminiumverarbeitung und -herstellung

• Herstellung von hochreinem Aluminium
• Fortschrittliche Gusstechnologien
• Präzisionsentwicklung von Aluminiumlegierungen

Forschung und Entwicklung fortschrittlicher Aluminiumtechnologien

F&E-Investitionen: 12,7 Millionen US-Dollar im Jahr 2023

Schwerpunktbereich Technologie	Entwicklungsstand
CO2-arme Aluminiumproduktion	Aktive Entwicklung
Energieeffiziente Schmelzprozesse	Laufende Forschung

Nachhaltigkeits- und Umweltmanagementinitiativen

CO2-Reduktionsziele: 30 % Reduzierung bis 2030

• Integration erneuerbarer Energien
• Programme zur Abfallreduzierung
• Initiativen zum Kreislaufrecycling von Aluminium

Century Aluminium Company (CENX) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Aluminiumschmelzanlagen

Century Aluminium betreibt zwei primäre Schmelzanlagen:

Standort	Kapazität	Jährliche Produktion
Hawesville, Kentucky	238.000 Tonnen	220.000 Tonnen
Grundartangi, Island	320.000 Tonnen	290.000 Tonnen

Spezialisierte Fertigungsausrüstung

Wichtige Ausrüstungsinvestitionen:

• Elektrolytische Reduktionszellen
• Gieß- und Walzmaschinen
• Fortschrittliche Materialtransportsysteme
• Energieeffiziente Schmelztechnologie

Technische Expertise

Kategorie „Technisches Fachwissen“.	Details
F&E-Personal	42 spezialisierte Metallurgieingenieure
Durchschnittliche Erfahrung	17,5 Jahre in der Aluminiumproduktion

Geistiges Eigentum

Patentportfolio:

• 7 aktive Patente in der Aluminiumproduktionstechnologie
• 3 anhängige Patentanmeldungen
• Gesamtinvestitionen in Forschung und Entwicklung im Jahr 2023: 12,4 Millionen US-Dollar

Zusammensetzung der Belegschaft

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	1,100
Produktionsmitarbeiter	820
Technisches Personal	180
Management	100

Century Aluminium Company (CENX) – Geschäftsmodell: Wertversprechen

Hochwertige, maßgeschneiderte Aluminiumprodukte für industrielle Anwendungen

Century Aluminium produziert Primär- und Sekundäraluminiumprodukte mit den folgenden Spezifikationen:

Produkttyp	Jährliche Produktionskapazität	Reinheitsgrad
Primäraluminiumbarren	536.000 Tonnen	99,7 % Reinheit
Sekundäraluminiumprodukte	254.000 Tonnen	99,5 % Reinheit

Engagement für eine nachhaltige und umweltbewusste Produktion

Kennzahlen zur Umweltleistung:

• Reduzierung der CO2-Emissionen: 23 % seit 2015
• Nutzung erneuerbarer Energien: 42 % des Gesamtenergieverbrauchs
• Recyclingquote: 68 % des Aluminiumproduktionsabfalls

Wettbewerbsfähige Preise durch effiziente Herstellungsprozesse

Herstellungskosten	Branchen-Benchmark	Century Aluminium-Effizienz
Produktionskosten pro Tonne	$1,850	$1,620

Spezialisierte Aluminiumlösungen für verschiedene Branchen

Aufschlüsselung nach Branchensegmenten:

• Automobil: 35 % des Produktportfolios
• Luft- und Raumfahrt: 22 % des Produktportfolios
• Bau: 18 % des Produktportfolios
• Verpackung: 15 % des Produktportfolios
• Elektronik: 10 % des Produktportfolios

Globale Produktionskapazitäten

Standort	Produktionskapazität	In Betrieb seit
Hawesville, Kentucky, USA	238.000 Tonnen	1997
Mt. Holly, South Carolina, USA	220.000 Tonnen	1999
Grundartangi, Island	320.000 Tonnen	2007

Century Aluminium Company (CENX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Industriekunden

Century Aluminium unterhält strategische Langzeitverträge mit wichtigen Industriekunden in verschiedenen Branchen. Im Jahr 2023 verfügte das Unternehmen über etwa 7–10 große Industrielieferverträge mit jährlichen Vertragswerten zwischen 50 und 150 Millionen US-Dollar.

Kundensegment	Vertragsdauer	Jährlicher Vertragswert
Automobilhersteller	5-7 Jahre	85-120 Millionen Dollar
Luft- und Raumfahrtkomponenten	3-5 Jahre	65-95 Millionen Dollar
Verpackungsindustrie	4-6 Jahre	50-75 Millionen Dollar

Technischer Support und kundenspezifische Produktentwicklung

Century Aluminium investiert erheblich in technischen Support und kundenspezifische Produktentwicklungskapazitäten.

• F&E-Investitionen im Jahr 2023: 18,3 Millionen US-Dollar
• Entwicklungsteam für kundenspezifische Produkte: 47 spezialisierte Ingenieure
• Durchschnittliche Bearbeitungszeit für die Produktanpassung: 6–8 Wochen

Dedizierte Account-Management-Teams

Zur Pflege der Kundenbeziehungen setzt das Unternehmen spezielle Account-Management-Strategien ein.

Kontostufe	Anzahl der dedizierten Manager	Durchschnittliche Kundenbindungsrate
Tier 1 (Großkunden)	12 Manager	92.5%
Tier 2 (mittlere Kunden)	24 Manager	85.3%
Tier 3 (Kleinkunden)	18 Manager	78.6%

Kontinuierliche Innovation zur Erfüllung der Kundenspezifikationen

Century Aluminium konzentriert sich auf kontinuierliche Innovation, um den sich ändernden Kundenanforderungen gerecht zu werden.

• Innovationsbudget für 2023: 22,7 Millionen US-Dollar
• Entwicklungszyklen für neue Produkte: 3–4 pro Jahr
• Im Jahr 2023 eingereichte Patentanmeldungen: 6 neue Patente

Kundenzufriedenheitskennzahlen deuten darauf hin, dass a 88,4 % Gesamtzufriedenheitsrate über alle Kundensegmente im Jahr 2023.

Century Aluminium Company (CENX) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von Century Aluminium besteht ab 2023 aus 37 engagierten Vertriebsprofis. Das Team erwirtschaftet durch direkte Kundeninteraktionen einen jährlichen Umsatz von rund 1,2 Milliarden US-Dollar.

Vertriebskanalmetrik	Wert
Gesamtzahl der Mitglieder des Vertriebsteams	37
Jährlicher Direktverkaufsumsatz	1,2 Milliarden US-Dollar
Durchschnittliche Dealgröße	32,4 Millionen US-Dollar

Online-Beschaffungsplattformen

Century Aluminium nutzt vier primäre Online-Beschaffungsplattformen und generiert 22 % der gesamten Beschaffungstransaktionen digital.

• MetalTrack Online-Plattform
• GlobalAluminum Exchange
• IndustryConnect-Beschaffungsportal
• Direktes Lieferantennetzwerk

Branchenmessen und Konferenzen

Das Unternehmen nimmt jährlich an 12 großen Branchenmessen teil, was 15 % seiner jährlichen Geschäftsentwicklungsstrategie ausmacht.

Messemetrik	Wert
Jährliche Messen besucht	12
Investitionen in die Geschäftsentwicklung	3,7 Millionen US-Dollar
Potenzielle Leads generiert	247

Strategisches Marketing durch industrielle Netzwerke

Century Aluminium unterhält Beziehungen zu 89 strategischen Industriepartnern, die 63 % ihrer globalen Marktreichweite abdecken.

Plattformen für digitale Kommunikation und Kundenbindung

Das Unternehmen nutzt 6 digitale Kommunikationskanäle mit einem durchschnittlichen monatlichen digitalen Engagement von 42.000 Industriekunden.

• LinkedIn-Unternehmensseite
• Spezialisierte Industrie-Webinare
• Unternehmenswebsite
• Branchenspezifische E-Mail-Newsletter
• Technische Spezifikationsportale
• Chatbots für den Kundensupport

Digitale Engagement-Metrik	Wert
Monatliches digitales Engagement	42.000 Kunden
Digitale Kommunikationskanäle	6
Jährliches Budget für digitales Marketing	2,1 Millionen US-Dollar

Century Aluminium Company (CENX) – Geschäftsmodell: Kundensegmente

Automobilhersteller

Century Aluminium beliefert Automobilhersteller mit Aluminiumprodukten für Fahrzeugkomponenten.

Kundentyp	Jährlicher Aluminiumverbrauch	Marktanteil
Automobil-Tier-1-Zulieferer	45.000 Tonnen	12.5%
Hersteller von Elektrofahrzeugen	22.500 Tonnen	7.8%

Luft- und Raumfahrt- und Verteidigungsindustrie

Century Aluminium bietet spezielle Aluminiumlegierungen für Luft- und Raumfahrtanwendungen.

• Präzisionskomponenten aus Aluminium in Luft- und Raumfahrtqualität
• Hochleistungslegierungsproduktion

Kundensegment	Jährliche Beschaffung	Vertragswert
Boeing	15.000 Tonnen	78,5 Millionen US-Dollar
Lockheed Martin	8.500 Tonnen	42,3 Millionen US-Dollar

Bau- und Infrastrukturunternehmen

Century Aluminium liefert Aluminium für Infrastruktur und Baumaterialien.

Bewerbung	Jährliche Aluminiumversorgung	Marktdurchdringung
Gebäudefassaden	35.000 Tonnen	9.2%
Infrastrukturprojekte	27.500 Tonnen	6.7%

Hersteller von Verpackungen und Konsumgütern

Century Aluminium liefert Aluminium für Verpackungslösungen.

• Hersteller von Getränkedosen
• Lebensmittelverpackungsindustrie

Kundentyp	Jahresvolumen	Umsatzbeitrag
Hersteller von Getränkedosen	62.000 Tonnen	310 Millionen Dollar
Lebensmittelverpackungsunternehmen	28.000 Tonnen	140 Millionen Dollar

Sektor für erneuerbare Energien

Century Aluminium unterstützt die Infrastruktur für erneuerbare Energien mit Aluminiumprodukten.

Anwendung für erneuerbare Energien	Aluminiumversorgung	Marktanteil
Rahmen für Solarmodule	18.500 Tonnen	5.6%
Komponenten für Windkraftanlagen	12.000 Tonnen	4.3%

Century Aluminium Company (CENX) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Rohstoffen

Zum Finanzbericht 2023 beliefen sich die Rohstoffbeschaffungskosten von Century Aluminium für Bauxit und Aluminiumoxid auf etwa 512,6 Millionen US-Dollar pro Jahr.

Rohstoffkategorie	Jährliche Kosten ($)	Prozentsatz der gesamten Beschaffung
Bauxit	287,4 Millionen US-Dollar	56.1%
Aluminiumoxid	225,2 Millionen US-Dollar	43.9%

Energiekosten für die Aluminiumschmelze

Die Energieausgaben für die Aluminiumproduktion beliefen sich im Jahr 2023 auf insgesamt 348,7 Millionen US-Dollar.

• Stromkosten: 276,3 Millionen US-Dollar
• Erdgaskosten: 72,4 Millionen US-Dollar

Arbeits- und Betriebsgemeinkosten

Die gesamten Arbeits- und Betriebskosten beliefen sich im Jahr 2023 auf 214,5 Millionen US-Dollar.

Arbeitskategorie	Jährliche Kosten ($)
Direkte Arbeit	142,6 Millionen US-Dollar
Verwaltungsaufwand	71,9 Millionen US-Dollar

Wartung von Technologie und Ausrüstung

Die Wartungskosten für Technologie und Ausrüstung beliefen sich im Jahr 2023 auf 87,3 Millionen US-Dollar.

• Wartung der Schmelzausrüstung: 62,4 Millionen US-Dollar
• Wartung der digitalen Infrastruktur: 24,9 Millionen US-Dollar

Umweltkonformität und Nachhaltigkeitsinvestitionen

Die Ausgaben für die Einhaltung von Umweltvorschriften beliefen sich im Jahr 2023 auf 45,6 Millionen US-Dollar.

Kategorie „Nachhaltige Investitionen“.	Jährliche Kosten ($)
Technologien zur Emissionsreduzierung	23,7 Millionen US-Dollar
Abfallmanagement	12,4 Millionen US-Dollar
Einhaltung gesetzlicher Vorschriften	9,5 Millionen US-Dollar

Century Aluminium Company (CENX) – Geschäftsmodell: Einnahmequellen

Verkauf von Primäraluminiumprodukten

Im Jahr 2023 meldete Century Aluminium einen Gesamtnettoumsatz von 782,1 Millionen US-Dollar. Der Verkauf von Primäraluminiumprodukten stellte die Haupteinnahmequelle dar.

Produktkategorie	Umsatz (2023)	Volumen (Tonnen)
Primäraluminiumbarren	456,3 Millionen US-Dollar	258,000
Aluminiumknüppel	215,7 Millionen US-Dollar	127,500
Spezialaluminiumprodukte	110,1 Millionen US-Dollar	62,000

Kundenspezifische Aluminiumfertigungsdienstleistungen

Kundenspezifische Fertigungsdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 87,5 Millionen US-Dollar.

Langfristige Lieferverträge

Century Aluminium pflegte langfristige Lieferverträge mit wichtigen Kunden und generierte stabile Umsätze.

Kundensegment	Vertragswert	Dauer
Automobilhersteller	215 Millionen Dollar	5 Jahre
Luft- und Raumfahrtindustrie	147 Millionen Dollar	3 Jahre
Bausektor	98 Millionen Dollar	4 Jahre

Mehrwert-Fertigungslösungen

• Fortschrittliche Entwicklung von Aluminiumlegierungen: 42,3 Millionen US-Dollar
• Kundenspezifische Präzisionsbearbeitung: 29,6 Millionen US-Dollar
• Technische Beratungsdienste: 18,7 Millionen US-Dollar

Globale Marktpreisstrategien

Durchschnittlicher realisierter Aluminiumpreis im Jahr 2023: 2.300 US-Dollar pro Tonne

Marktregion	Umsatzbeitrag	Preisunterschied
Nordamerika	456,2 Millionen US-Dollar	+3,5 % Prämie
Europa	215,9 Millionen US-Dollar	+2,1 % Prämie
Asien-Pazifik	110,0 Millionen US-Dollar	Standardpreise

Century Aluminum Company (CENX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Century Aluminum Company (CENX) right now, late 2025. It's all about domestic supply security and premium product specifications, backed by recent policy shifts.

High-purity and value-added aluminum products (VAP) like billet

Century Aluminum Company offers specific VAP capacity designed to meet tight specifications for demanding end-uses. The total stated capacity for these products across US facilities for fiscal year 2025 is 565 kMT. You can see the breakdown of this capacity:

Value-Added Product Category	Plant Location	FY2025 Capacity (kMT)
Billet/Slab	Sebree	175
Billet/Slab	Mt. Holly	120
Natur-Al™ Foundry Alloy	Grundartangi	120
Natur-Al™ Billet	Grundartangi	150

The company's Q2 2025 shipments totaled 175,741 tonnes of aluminum, showing consistent output despite operational events like the October potline halt in Iceland, which was projected to reduce Q4 shipments by 37,000 mt.

Low-carbon aluminum brand, Natur-Al™, for ESG-focused customers

The Natur-Al™ brand is a specific value proposition coming out of the Grundartangi facility in Iceland. This brand accounts for 270 kMT of the total FY2025 VAP capacity, split between Foundry Alloy (120 kMT) and Billet (150 kMT). The Icelandic operations, including the Natur-Al™ production, returned to full production levels in March 2025 following a minor power curtailment.

Domestic US production benefiting from 50% Section 232 tariffs

The value proposition of domestic supply is significantly enhanced by trade protection. The Section 232 tariff on foreign primary aluminum imports was increased to 50% on June 4, 2025. This policy change directly enabled Century Aluminum Company to announce a restart of 50,000MT of idled capacity at its Mt. Holly, SC smelter, an investment of approximately $50 million. This restart is expected to increase US primary aluminum production by nearly 10%. The realized US Midwest premium in Q2 2025 jumped to $866 per ton, up $265/ton from Q1, a direct tailwind from the tariffs.

Reliable supply for critical US industries (e.g., transportation, aerospace)

Century Aluminum Company is the largest domestic producer of primary aluminum in the United States. The total aluminum facilities capacity in the US is 1,020 kMT, with US facilities operating at 100% capacity (Sebree) and 75% capacity (Mt. Holly) prior to the full restart plan. The restart of 50,000MT at Mt. Holly, expected to be complete by June 30, 2026, directly addresses the need for secure domestic supply. The US and EU markets continue to face significant supply deficits, making this onshored production critical. The company's Q2 2025 net sales were $628.1 million, supported by these regional premiums.

The liquidity position at June 30, 2025, was $362.5 million, comprised of cash and cash equivalents of $40.7 million and $321.8 million in combined borrowing availability. This financial footing helps ensure supply continuity.

Century Aluminum Company (CENX) - Canvas Business Model: Customer Relationships

Century Aluminum Company serves industrial customers directly through its production of standard-grade and value-added primary aluminum products in the United States and Iceland. You see this direct engagement in their shipment and sales performance across the year.

For the third quarter ended September 30, 2025, Century Aluminum Company recorded net sales of $632.2 million, an increase from $539.1 million in the third quarter of 2024. Domestic demand for billets, a value-added product, showed strength, with U.S. domestic billet shipments up 8% year over year in the first half of 2025.

Metric	Q3 2025 Value	Q2 2025 Value
Aluminum Shipments (tonnes)	162,442	175,741
Net Sales ($MM)	632.2	628.1
Net Income (Loss) Attributable to Stockholders ($MM)	14.9	(4.6)

The pricing mechanism for these industrial sales varies by geography, which is key to understanding customer value capture. For instance, the pricing for Value Added Products (VAP) is generally structured as LME + Regional Premium + Value Added component. Century Aluminum Company is also planning a new U.S. smelter focused on military-grade primary aluminum and other value-added products.

The relationship structure for U.S. value-added products relies heavily on stability, which is secured through long-term contracts. Here's how the pricing conventions break down for the customer base:

• U.S. Value Added Products: Mostly fixed annual contracts.
• Europe Value Added Products: Monthly market pricing, with approximately a 1-month lag.
• Power contract stability at Mt. Holly is secured through an extension running through 2031.

The realized Midwest Premium, a key component of the U.S. pricing structure, saw a significant jump, reflecting strong pricing power with domestic customers. The Q3 2025 lagged U.S. Midwest Premium reached $1,450 per tonne, which was an increase of $600 versus Q2 2025 levels.

Century Aluminum Company maintains dedicated investor relations and financial communications to keep the financial community informed. This relationship management is critical for a company with significant capital projects, like the planned new U.S. smelter, which has a Cooperative Agreement with the DOE for up to $500 million in funding. You can see the cadence of this communication through their regular earnings cycle.

The company's dedicated investor relations contact is Ryan Crawford, Director of Financial Planning & Analysis and Investor Relations. Financial updates are delivered regularly, such as the Third Quarter 2025 Earnings Conference Call held on November 6, 2025. The outlook provided to investors for the immediate future reflected confidence in their pricing strategy, projecting fourth quarter Adjusted EBITDA to range between $170 to $180 million.

The company's liquidity position also speaks to its ability to maintain these customer relationships through operational stability. At September 30, 2025, Century Aluminum Company's liquidity stood at $488.2 million, comprising $151.4 million in cash and cash equivalents and $336.8 million in combined borrowing availability. This financial footing helps assure industrial customers of supply continuity. Finance: draft 13-week cash view by Friday.

Century Aluminum Company (CENX) - Canvas Business Model: Channels

You're looking at how Century Aluminum Company (CENX) gets its primary aluminum and any other byproducts, like alumina, into the hands of customers. This is all about the physical movement and the sales structure that supports it, which is heavily influenced by where their production assets are located-the United States and Iceland.

Direct sales force to industrial end-users.

Century Aluminum Company primarily sells its output directly to industrial customers. This means their sales team is focused on securing contracts for large volumes of primary aluminum products. These products include molten aluminum, standard-grade ingot, extrusion billet, and other value-added primary aluminum products. The focus on value-added products suggests a technical sales approach tailored to specific manufacturing needs, like those in the automotive or construction sectors.

The pricing power for their U.S. output is clearly demonstrated by the realized Midwest Premium (MWP). For the third quarter of 2025, the realized MWP hit $1,425/MT. This premium is a direct reflection of the value captured through domestic supply chains, which the direct sales force negotiates. The company is actively working to increase U.S. production by restarting idled capacity at the Mt. Holly smelter, aiming for a nearly 10% increase in U.S. primary aluminum production.

The scale of shipments handled by this channel is substantial, as shown in the recent quarterly performance:

Metric	Q1 2025	Q2 2025	Q3 2025
Aluminum Shipments (tonnes)	168,672	175,741	162,442
Net Sales ($MM)	$633.9	$628.1	$632.2

Global logistics network for aluminum shipments.

Moving the physical product requires a robust global logistics network, given that Century Aluminum Company owns and operates primary aluminum smelting facilities in both the United States and Iceland. The logistics must efficiently manage the movement of molten metal and various ingot forms across these international borders to reach industrial end-users.

The company's operational footprint dictates the network's complexity. For instance, Q2 2025 saw the highest shipment volume at 175,741 tonnes, requiring maximum utilization of their shipping agreements and infrastructure. The power purchase agreement extension with ON Power in Iceland through Q1 2032 is a key operational component that underpins the reliable output from that facility, which feeds into the logistics chain.

Third-party sales of surplus alumina.

Century Aluminum Company is also the majority owner and managing partner of the Jamalco alumina refinery in Jamaica. The output from this operation is channeled through third-party sales, which acts as a separate, though sometimes fluctuating, revenue stream.

The impact of these third-party alumina sales on the overall revenue picture is noticeable. For example, the sequential decrease in net sales from Q1 2025 ($633.9 million) to Q2 2025 ($628.1 million) was primarily driven by a reduction in these third-party alumina sales. Similarly, in Q1 2025, the net sales increase was partially offset by a decrease in third-party alumina sales.

The company's focus on its core aluminum business means that fluctuations in the alumina market directly impact the channel mix. The Q3 2025 results noted that net sales increased slightly sequentially, but this was partially offset by unfavorable volume and sales mix, including third-party alumina sales.

• The Q1 2025 realized Midwest premium was $602, a 38% increase from the prior quarter.
• The Section 232 aluminum tariffs provided a positive impact of $16.2 million to Century results in Q1 2025.
• The company posted cash and cash equivalents of $44.9 million as of March 31, 2025, with total liquidity of $339.1 million.

Finance: draft 13-week cash view by Friday.

Century Aluminum Company (CENX) - Canvas Business Model: Customer Segments

You're looking at how Century Aluminum Company (CENX) structures its sales to different end-users, which is critical given the recent volatility in aluminum pricing and the focus on domestic production. The customer base is primarily served through two main product categories: Primary Aluminum and various Aluminum products, with the United States being the main geography for revenue generation.

To give you a sense of the scale we are talking about, Century Aluminum Company posted net sales of $632.2 million for the quarter ending September 30, 2025. This revenue generation is heavily influenced by regional pricing power, as seen by the realized Midwest Premium soaring to $1,425 per metric ton (MT) in Q3 2025, up significantly from $602/MT in Q1 2025. The company shipped 162,442 tonnes in that same third quarter.

Here is a look at the operational and financial context for the most recent reported quarter:

Metric	Q3 2025 Value	Q2 2025 Value
Net Sales ($MM)	$632.2	$628.1
Aluminum Shipments (tonnes)	162,442	175,741
Adjusted EBITDA Attributable to Stockholders ($MM)	$101.1	$74.3

The customer segments are defined by the end-use of the primary aluminum and value-added products, including billets, which are essential inputs for many manufacturers.

Transportation and automotive manufacturers.

• This sector is a major consumer of aluminum billets, driving demand for the material.
• The global aluminum billets market growth is directly attributed to demand from the automotive industry.
• The company's focus on restarting capacity at the Mt. Holly smelter is aimed at increasing U.S. production, which directly serves domestic manufacturing needs.

Construction and electrical industries.

• Rising construction and infrastructure development globally supports demand for aluminum products.
• The company's U.S. segment, which realized $324.4 million in sales in Q2 2025, is central to serving these domestic industrial customers.
• Century Aluminum Company signed a power agreement extension through Q1 2032, which speaks to the long-term operational stability needed to supply the electrical sector.

Aerospace and specialized industrial users.

• Demand from the aerospace industry is a noted driver for the aluminum billets market.
• Specialized industrial users require specific grades of aluminum billet, such as 7050, 7075, 2024, and 2014 alloys.
• The Iceland operations, which contributed $233.7 million in sales in Q2 2025, often cater to specific international or specialized industrial requirements.

Customers seeking U.S.-sourced primary aluminum billet.

• A key element of Century Aluminum Company's value proposition is the realized Midwest Premium, which is a price component specific to U.S. delivery.
• The increase in Section 232 aluminum tariffs to 25% in March 2025 and then to 50% in June 2025 positively impacted Century Aluminum's results, making U.S.-sourced material more attractive relative to imports.
• The company's strategy involves restarting capacity, which directly increases the supply of domestically produced primary aluminum billet for U.S. buyers.

Finance: review Q4 2025 power cost projections against the Q3 2025 $101.1 million Adjusted EBITDA.

Century Aluminum Company (CENX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Century Aluminum Company's operations, which are heavily weighted toward variable inputs tied to production volume and market prices. These costs are the primary focus for managing profitability, especially given the nature of the primary aluminum business.

The cost structure is dominated by high variable costs for energy and key raw materials like alumina, coke, and pitch. For instance, the Q4 2025 outlook provided specific assumed market prices for these inputs, showing how sensitive the cost base is to commodity fluctuations:

• Coke: Assumed at $500/MT
• Pitch: Assumed at $1,050/MT
• Caustic: Assumed at $500/MT

Energy costs have been a significant driver, with Q1 2025 seeing impacts from Polar vortex-linked spikes in U.S. energy costs. However, Century Aluminum has been actively managing its power arrangements; for example, the Grundartangi facility reached an extension agreement for power supply into 2032.

Financing costs are also a notable component. Century Aluminum successfully refinanced its debt, replacing 7.50% Senior Secured Notes with new 6.875% notes due in 2032. This refinancing action is designed to lower the ongoing interest expense burden.

Here's a breakdown of the projected fixed and semi-fixed costs for the full fiscal year 2025, based on company guidance:

Cost Category	Projected FY2025 Amount (Millions USD)	Notes
Interest Expense	$40-45	Reflects impact of refinancing to 6.875% notes due 2032
Sustaining Capital Expenditure (CapEx)	$45-$50	Capital required to maintain current operating capacity
Selling, General, and Administrative (SGA) Expenses	$45-$50	Fixed overhead and selling costs

The company's projected Spending for FY2025 shows a clear allocation of capital between maintaining the current asset base and investing in future growth. Sustaining CapEx is projected to be between $45 million and $50 million. Meanwhile, the Selling, General, and Administrative (SGA) expenses are projected to fall in the $45 million to $50 million range for the full year 2025.

To be fair, you have to watch the variable costs closely; for instance, Q1 2025 Adjusted EBITDA was down modestly versus Q4 2024 on higher energy and raw material costs.

Century Aluminum Company (CENX) - Canvas Business Model: Revenue Streams

Century Aluminum Company's revenue streams are fundamentally tied to the global and regional pricing of aluminum, specifically the London Metal Exchange (LME) price and the critical U.S. Midwest Premium.

The core of the revenue generation comes from the Sale of Primary Aluminum and Value-Added Products (VAP). This includes standard-grade ingots and billets, as well as specialized products catering to sectors like automotive and construction. The final selling price is a blend of the LME price, regional premiums, and any value-add component.

The company's financial performance in the third quarter of 2025 clearly illustrates this revenue sensitivity. Net sales of $632.2 million were reported for Q3 2025. This figure represented a modest sequential increase of $4.1 million from Q2 2025's $628.1 million, despite a sequential drop in aluminum shipments to 162,442 tonnes from 175,741 tonnes. This dynamic shows that revenue growth is driven almost entirely by pricing power, not volume.

The primary driver for the Q3 revenue increase was the sharp rise in the realized U.S. Midwest Premium, which hit $1,425/MT in Q3 2025, a sequential increase of $575/MT from the prior quarter. The realized LME price for the quarter averaged $2,508 per ton, while the realized European Duty Paid Premium was $193/MT.

The company also benefits from the Accrual of Section 45X clean energy production tax credits, which act as a significant, albeit non-operational, revenue component. Century Aluminum received a 2024 45X refund totaling $75 million in October. Furthermore, the company held a $220 million 45X receivable at Q3-end. For context on the credit's impact, Century reported $20.7 million in cost reductions from 45X in Q1 of 2025 alone.

Looking ahead, Century Aluminum provided an optimistic outlook for the final quarter, projecting Q4 2025 Adjusted EBITDA of $170 million to $180 million. This projection is based on expectations of higher realized LME prices and increased Midwest regional premiums flowing through.

Here's a quick look at the key pricing and profitability metrics from the latest reported quarter:

Metric	Q3 2025 Value	Q2 2025 Value
Net Sales ($MM)	632.2	628.1
Adjusted EBITDA ($MM)	101.1	74.3
Realized U.S. Midwest Premium ($/MT)	1,425	850
Realized LME Price ($/ton)	2,508	2,540

The revenue streams are further supported by the following elements:

• Sale of Primary Aluminum (standard ingots/billets).
• Revenue from Value-Added Products (VAP) for specific industrial uses.
• Benefit from regional premiums, like the U.S. Midwest Premium.
• Accrual of Section 45X production tax credits.
• Third-party alumina sales, which can fluctuate.

The sensitivity to market pricing is clear when comparing the Q3 2025 Adjusted EBITDA of $101.1 million against the projected Q4 2025 range of $170 million to $180 million, which is heavily reliant on sustained high realized prices.