Century Aluminum Company (CENX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la producción de aluminio, Century Aluminium Company (CENX) se erige como una potencia tecnológica, navegando estratégicamente los mercados industriales globales a través de un modelo de negocio innovador e integral. Al aprovechar las capacidades de fabricación avanzada, las asociaciones estratégicas y un compromiso con la producción sostenible, CENX transforma las materias primas en soluciones de aluminio de alto rendimiento que las industrias que van desde la ingeniería automotriz hasta la infraestructura de energía renovable. Su enfoque único combina experiencia tecnológica de vanguardia con la flexibilidad de fabricación global, posicionándolos como un jugador crítico en el complejo y competitivo panorama de fabricación de aluminio.

Century Aluminum Company (CENX) - Modelo de negocios: asociaciones clave

Alianza estratégica con Alcoa

A partir de 2024, Century Aluminium mantiene una asociación estratégica con Alcoa Corporation, centrada en el intercambio de tecnología y el acceso al mercado. La asociación implica:

• Acuerdos de transferencia de tecnología
• Iniciativas conjuntas de investigación y desarrollo
• Estrategias de expansión del mercado colaborativo

Métrico de asociación	Valor
Presupuesto anual de colaboración tecnológica	$ 12.7 millones
Proyectos conjuntos de I + D	3 proyectos activos
Duración del acuerdo de intercambio de tecnología	5 años (2022-2027)

Contratos de suministro a largo plazo

Century Aluminium ha establecido acuerdos críticos de suministro a largo plazo con los principales clientes industriales.

Segmento de clientes	Valor de contrato	Duración
Fabricantes de automóviles	$ 187 millones	7 años
Industria aeroespacial	$ 94.5 millones	5 años
Materiales de construcción	$ 63.2 millones	4 años

Asociaciones de abastecimiento de materia prima

El aluminio Century colabora con múltiples compañías mineras para la adquisición de bauxita y alúmina.

Socio minero	Volumen de suministro anual	Valor de contrato
Río Tinto	425,000 toneladas métricas	$ 215.6 millones
División de Minería de Alcoa	312,000 toneladas métricas	$ 158.3 millones

Colaboraciones de proveedores de energía

Las soluciones de energía sostenible son críticas para las operaciones de aluminio de Century.

Proveedor de energía	Compromiso de energía renovable	Inversión anual
Energía nextera	45% de suministro de energía renovable	$ 37.8 millones
Energía de Duke	35% de suministro de energía renovable	$ 29.5 millones

Century Aluminum Company (CENX) - Modelo de negocio: actividades clave

Producción y procesamiento de aluminio primario

Capacidad de producción anual: 385,000 toneladas métricas de aluminio primario

Instalación	Ubicación	Capacidad de producción (toneladas métricas/año)
Fundición de Hawesville	Kentucky, EE. UU.	256,000
Monta de Holly Holly	Carolina del Sur, EE. UU.	129,000

Fundición y fabricación de aluminio

Capacidades técnicas en procesamiento y fabricación de aluminio

• Producción de aluminio de alta pureza
• Tecnologías avanzadas de casting
• Desarrollo de aleación de aluminio de precisión

Investigación y desarrollo de tecnologías de aluminio avanzadas

Inversión de I + D: $ 12.7 millones en 2023

Área de enfoque tecnológico	Estado de desarrollo
Producción de aluminio bajo en carbono	Desarrollo activo
Procesos de fundición de eficiencia energética	Investigación en curso

Iniciativas de sostenibilidad y gestión ambiental

Objetivos de reducción de carbono: 30% de reducción para 2030

• Integración de energía renovable
• Programas de reducción de desechos
• Iniciativas de reciclaje de aluminio circular

Century Aluminum Company (CENX) - Modelo de negocios: recursos clave

Instalaciones de fundición de aluminio avanzadas

Century Aluminium opera dos instalaciones de fundición principales:

Ubicación	Capacidad	Producción anual
Hawesville, Kentucky	238,000 toneladas métricas	220,000 toneladas métricas
Grundartangi, Islandia	320,000 toneladas métricas	290,000 toneladas métricas

Equipo de fabricación especializado

Inversiones clave de equipos:

• Células de reducción electrolítica
• Maquinaria de fundición y rodante
• Sistemas de manejo de materiales avanzados
• Tecnología de fundición de eficiencia energética

Experiencia técnica

Categoría de experiencia técnica	Detalles
Personal de I + D	42 ingenieros metalúrgicos especializados
Experiencia promedio	17.5 años en producción de aluminio

Propiedad intelectual

Cartera de patentes:

• 7 patentes activas en tecnología de producción de aluminio
• 3 solicitudes de patentes pendientes
• Inversión total de I + D en 2023: $ 12.4 millones

Composición de la fuerza laboral

Categoría de empleado	Número
Total de empleados	1,100
Trabajadores de producción	820
Personal técnico	180
Gestión	100

Century Aluminum Company (CENX) - Modelo de negocio: propuestas de valor

Productos de aluminio personalizados de alta calidad para aplicaciones industriales

El aluminio Century produce productos de aluminio primario y secundario con las siguientes especificaciones:

Tipo de producto	Capacidad de producción anual	Nivel de pureza
Lingotes de aluminio primarios	536,000 toneladas métricas	99.7% de pureza
Productos de aluminio secundario	254,000 toneladas métricas	99.5% de pureza

Compromiso con una producción sostenible y ambientalmente responsable

Métricas de desempeño ambiental:

• Reducción de emisiones de carbono: 23% desde 2015
• Uso de energía renovable: 42% del consumo total de energía
• Tasa de reciclaje: 68% de los desechos de producción de aluminio

Precios competitivos a través de procesos de fabricación eficientes

Costo de fabricación	Punto de referencia de la industria	Eficiencia de aluminio del siglo
Costo de producción por tonelada métrica	$1,850	$1,620

Soluciones de aluminio especializadas para diversas industrias

Desglose del segmento de la industria:

• Automotriz: 35% de la cartera de productos
• Aeroespacial: 22% de la cartera de productos
• Construcción: 18% de la cartera de productos
• Embalaje: 15% de la cartera de productos
• Electrónica: 10% de la cartera de productos

Capacidades de producción global

Ubicación	Capacidad de producción	Operativo desde
Hawesville, Kentucky, EE. UU.	238,000 toneladas métricas	1997
Monta Holly, Carolina del Sur, EE. UU.	220,000 toneladas métricas	1999
Grundartangi, Islandia	320,000 toneladas métricas	2007

Century Aluminum Company (CENX) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con clientes industriales

Century Aluminium mantiene contratos estratégicos a largo plazo con clientes industriales clave en varios sectores. A partir de 2023, la compañía tenía aproximadamente 7-10 acuerdos de suministro industrial principales con valores anuales de contratos que van desde $ 50 millones a $ 150 millones.

Segmento de clientes	Duración del contrato	Valor anual del contrato
Fabricantes de automóviles	5-7 años	$ 85-120 millones
Componentes aeroespaciales	3-5 años	$ 65-95 millones
Industrias de embalaje	4-6 años	$ 50-75 millones

Soporte técnico y desarrollo de productos personalizados

Century Aluminium invierte significativamente en soporte técnico y capacidades de desarrollo de productos personalizados.

• Inversión de I + D en 2023: $ 18.3 millones
• Equipo de desarrollo de productos personalizados: 47 ingenieros especializados
• Tiempo de respuesta promedio de personalización del producto: 6-8 semanas

Equipos de gestión de cuentas dedicados

La compañía emplea estrategias especializadas de gestión de cuentas para mantener las relaciones con los clientes.

Nivel de cuenta	Número de gerentes dedicados	Tasa promedio de retención de clientes
Nivel 1 (grandes clientes)	12 gerentes	92.5%
Nivel 2 (clientes medios)	24 gerentes	85.3%
Nivel 3 (clientes pequeños)	18 gerentes	78.6%

Innovación continua para cumplir con las especificaciones del cliente

Century Aluminium se centra en la innovación continua para cumplir con los requisitos de los clientes en evolución.

• Presupuesto de innovación para 2023: $ 22.7 millones
• Nuevos ciclos de desarrollo de productos: 3-4 por año
• Solicitudes de patentes presentadas en 2023: 6 nuevas patentes

Las métricas de satisfacción del cliente indican un 88.4% tasa de satisfacción general en todos los segmentos de clientes en 2023.

Century Aluminum Company (CENX) - Modelo de negocios: canales

Equipo de ventas directas

El equipo de ventas directas de Century Aluminum consta de 37 profesionales de ventas dedicados a partir de 2023. El equipo genera aproximadamente $ 1.2 mil millones en ingresos anuales de ventas a través de interacciones directas de clientes.

Métrico de canal de ventas	Valor
Miembros del equipo total de ventas	37
Ingresos anuales de ventas directas	$ 1.2 mil millones
Tamaño de trato promedio	$ 32.4 millones

Plataformas de adquisición en línea

Century Aluminum utiliza 4 plataformas de adquisición en línea primarias, generando digitalmente el 22% de las transacciones de adquisiciones totales.

• Plataforma en línea de metaltrack
• Intercambio de Globalaluminum
• Portal de adquisición de la industria de la industria
• Red de proveedores directo

Ferias y conferencias comerciales de la industria

La compañía participa en 12 ferias comerciales principales de la industria anualmente, lo que representa el 15% de su estrategia anual de desarrollo comercial.

Métrica de la feria comercial	Valor
Atendidas las ferias comerciales anuales	12
Inversión de desarrollo empresarial	$ 3.7 millones
Potencios de cables generados	247

Marketing estratégico a través de redes industriales

Century Aluminium mantiene relaciones con 89 socios industriales estratégicos, que cubren el 63% de su alcance del mercado global.

Plataformas de comunicación digital y compromiso del cliente

La compañía emplea 6 canales de comunicación digital, con una participación digital mensual promedio de 42,000 clientes industriales.

• Página corporativa de LinkedIn
• Seminarios web industriales especializados
• Sitio web corporativo
• Boletines de correo electrónico específicos de la industria
• Portales de especificaciones técnicas
• Chatbots de atención al cliente

Métrica de compromiso digital	Valor
Compromiso digital mensual	42,000 clientes
Canales de comunicación digital	6
Presupuesto anual de marketing digital	$ 2.1 millones

Century Aluminum Company (CENX) - Modelo de negocios: segmentos de clientes

Fabricantes de automóviles

Century Aluminium sirve a fabricantes automotrices con productos de aluminio para componentes del vehículo.

Tipo de cliente	Uso anual de aluminio	Cuota de mercado
Proveedores de nivel 1 automotriz	45,000 toneladas métricas	12.5%
Fabricantes de vehículos eléctricos	22,500 toneladas métricas	7.8%

Industrias aeroespaciales y de defensa

Century Aluminium ofrece aleaciones de aluminio especializadas para aplicaciones aeroespaciales.

• Componentes de aluminio de grado aeroespacial de precisión
• Producción de aleación de alto rendimiento

Segmento de clientes	Adquisición anual	Valor de contrato
Boeing	15,000 toneladas métricas	$ 78.5 millones
Lockheed Martin	8.500 toneladas métricas	$ 42.3 millones

Compañías de construcción e infraestructura

El aluminio de Century suministra aluminio para infraestructura y materiales de construcción.

Solicitud	Suministro anual de aluminio	Penetración del mercado
Fachadas de edificios	35,000 toneladas métricas	9.2%
Proyectos de infraestructura	27,500 toneladas métricas	6.7%

Productores de envases y bienes de consumo

Century Aluminium ofrece aluminio para soluciones de embalaje.

• Bebida puede fabricantes
• Industria de envasado de alimentos

Tipo de cliente	Volumen anual	Contribución de ingresos
Bebida puede fabricantes	62,000 toneladas métricas	$ 310 millones
Empresas de embalaje de alimentos	28,000 toneladas métricas	$ 140 millones

Sector de energía renovable

El aluminio Century admite la infraestructura de energía renovable con productos de aluminio.

Solicitud de energía renovable	Suministro de aluminio	Cuota de mercado
Marcos de panel solar	18,500 toneladas métricas	5.6%
Componentes de la turbina eólica	12,000 toneladas métricas	4.3%

Century Aluminum Company (CENX) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

A partir de la información financiera de 2023, los costos de adquisición de materias primas de Century Aluminium para bauxita y alúmina fueron de aproximadamente $ 512.6 millones anuales.

Categoría de materia prima	Costo anual ($)	Porcentaje de adquisiciones totales
Bauxita	$ 287.4 millones	56.1%
Alúmina	$ 225.2 millones	43.9%

Costos de energía para la fundición de aluminio

Los gastos de energía para la producción de aluminio en 2023 totalizaron $ 348.7 millones.

• Costos de electricidad: $ 276.3 millones
• Gastos de gas natural: $ 72.4 millones

Labor y gastos generales operativos

Los gastos laborales y operativos totales para 2023 fueron de $ 214.5 millones.

Categoría de trabajo	Costo anual ($)
Trabajo directo	$ 142.6 millones
Sobrecarga administrativa	$ 71.9 millones

Mantenimiento de tecnología y equipo

Los costos de mantenimiento de tecnología y equipo en 2023 alcanzaron $ 87.3 millones.

• Mantenimiento del equipo de fundición: $ 62.4 millones
• Mantenimiento de la infraestructura digital: $ 24.9 millones

Cumplimiento ambiental e inversiones de sostenibilidad

Los gastos de cumplimiento ambiental para 2023 fueron de $ 45.6 millones.

Categoría de inversión de sostenibilidad	Costo anual ($)
Tecnologías de reducción de emisiones	$ 23.7 millones
Gestión de residuos	$ 12.4 millones
Cumplimiento regulatorio	$ 9.5 millones

Century Aluminum Company (CENX) - Modelo de negocios: flujos de ingresos

Venta de productos de aluminio primario

En 2023, Century Aluminium reportó ventas netas totales de $ 782.1 millones. Las ventas de productos de aluminio primario representaban el flujo de ingresos básicos.

Categoría de productos	Ingresos (2023)	Volumen (toneladas métricas)
Lingotes de aluminio primarios	$ 456.3 millones	258,000
Palanquetas de aluminio	$ 215.7 millones	127,500
Productos de aluminio especializados	$ 110.1 millones	62,000

Servicios de fabricación de aluminio personalizados

Los servicios de fabricación personalizada generaron $ 87.5 millones en ingresos para 2023.

Contratos de suministro a largo plazo

Century Aluminium mantuvo contratos de suministro a largo plazo con clientes clave, generando ingresos estables.

Segmento de clientes	Valor de contrato	Duración
Fabricantes de automóviles	$ 215 millones	5 años
Industria aeroespacial	$ 147 millones	3 años
Sector de la construcción	$ 98 millones	4 años

Soluciones de fabricación de valor agregado

• Desarrollo de aleación de aluminio avanzado: $ 42.3 millones
• Mecanizado de precisión personalizado: $ 29.6 millones
• Servicios de consulta de ingeniería: $ 18.7 millones

Estrategias de precios del mercado global

Precio promedio de aluminio realizado en 2023: $ 2,300 por tonelada métrica

Región de mercado	Contribución de ingresos	Diferencial de precios
América del norte	$ 456.2 millones	+3.5% premium
Europa	$ 215.9 millones	+2.1% Premium
Asia Pacífico	$ 110.0 millones	Precio estándar

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.