Century Aluminum Company (CENX): Business Model Canvas [Dec-2025 Updated]

You're digging into Century Aluminum Company, trying to map out how this industrial giant is positioning itself in late 2025 amidst energy volatility and strong domestic demand. Honestly, their core strategy is laser-focused: maximizing the U.S. premium-which was a hefty $1,425/MT in Q3-by pushing high-purity, value-added aluminum products like billet, all while locking in long-term power deals. They are also banking on significant government support, evidenced by a $220 million receivable from Section 45X clean energy tax credits as of Q3 2025. If you want the precise blueprint for how they manage their smelters, secure raw materials, and structure their revenue streams to capture these domestic advantages, check out the full nine-block analysis below.

Century Aluminum Company (CENX) - Canvas Business Model: Key Partnerships

Century Aluminum Company's operational stability and growth plans are heavily reliant on several critical external relationships, spanning energy supply, raw material sourcing, new product ventures, and governmental policy support.

Power Providers: Santee Cooper for Mt. Holly

Century Aluminum Company secured a stable power supply for its Mt. Holly smelter through an extension of its agreement with South Carolina Public Service Authority (Santee Cooper) running through the year 2031.

This power agreement is foundational to the planned restart of idle capacity at the Mt. Holly facility, which is currently operating at 75 percent capacity.

The restart plan includes a $50 million investment, which is expected to boost production by 50,000 metric tons, increasing overall U.S. aluminum output by 10 percent.

The expansion is projected to create over 100 new jobs, with the fully operational Mt. Holly smelter contributing approximately $900 million yearly to South Carolina's economy, and the new positions averaging a wage of $125,000.

Century Aluminum expects to reach full production at Mt. Holly by early summer 2026, a level not seen since 2015.

Alumina Supply: Clarendon Alumina Partners (CAP) for Jamalco

Jamalco, the bauxite mining and alumina refining operation in Jamaica, is structured as a joint venture where Century Aluminum holds a 55 percent interest and Clarendon Alumina Production Limited (CAP) holds the remaining 45 percent interest.

The refinery has an annual alumina production capacity of over 1,400,000 tonnes per year, a figure achieved after upgrades, with the initial capacity being 500,000 tonnes per year starting in 1972.

Century Aluminum acquired its 55 percent stake for a reported $1 in April 2023, which resulted in a reported $103.3 million gain at the time.

Century Aluminum is preparing to invest up to USD 30 million into Jamalco in 2026, allocated as USD 10 million to USD 15 million for sustaining operations and another USD 10 million to USD 15 million for other investments.

The refinery experienced USD 30.4 million in unplanned costs in the second half of 2023.

A long-awaited turbine generator, critical for generating its own power, is due to be running by the first quarter of 2026.

Joint Venture: MX Holdings for Low-Carbon Secondary Billet

Century Aluminum entered a Memorandum of Understanding with MX Holdings to form a joint venture for manufacturing and marketing low-carbon secondary billet.

MX Holdings will retain a 51 percent controlling interest in the new joint venture.

The venture is scheduled to begin initial production in 2026, with an ultimate scaling output target of 250 million pounds per year, and the new facility is expected to produce 260 million pounds of high-quality billets.

The project involves a $130 million investment and aims to employ approximately 55 individuals.

The new organization is intended to be the largest American-owned secondary billet supplier worldwide.

Governmental Support: Section 45X Tax Credits and Tariffs

The Section 45X Advanced Manufacturing Production Tax Credit under the Inflation Reduction Act provides financial benefits by including certain raw materials in production cost calculations for primary aluminum.

Century Aluminum reported cost reductions of $20.7 million from the 45X credit in the first quarter of 2025 alone.

For comparison, Alcoa reported receiving $50 to $60 million a year in support under 45X as of mid-2025.

The U.S. had only four active aluminum smelters in 2025, a significant drop from 23 active smelters in the year 2000.

The restart plan at Mt. Holly is also noted to benefit from recent increases in Section 232 tariffs.

The potential financial impact of these governmental supports can be summarized:

Partnership/Support Mechanism	Metric/Value	Associated Figure
Santee Cooper Power Extension	Agreement End Year	2031
Mt. Holly Restart Investment	Capital Required	$50 million
Mt. Holly Production Increase	Metric Tons	50,000 metric tons
Jamalco Ownership Stake	Century Aluminum Interest	55 percent
Jamalco Capacity (Post-Upgrade)	Tonnes Per Year	1,400,000 tonnes
Low-Carbon Billet JV Ownership	MX Holdings Interest	51 percent
Low-Carbon Billet JV Output	Pounds Per Year (Target)	250 million pounds
Section 45X Benefit (CENX Q1 2025)	Cost Reduction	$20.7 million

The restart at Mt. Holly is contingent upon final economic incentives from Berkeley County and the State of South Carolina.

Century Aluminum Company (CENX) - Canvas Business Model: Key Activities

You're looking at the core engine of Century Aluminum Company (CENX) operations as of late 2025. This is where the physical metal gets made, managed, and protected from market swings. It's a capital-intensive game, so the activity focus is on maximizing throughput and locking in favorable pricing structures.

Operating primary aluminum smelters in the US and Iceland is the fundamental activity. Century Aluminum Company owns and operates facilities across the US and in Iceland, with revenue split showing a slight majority coming from the US operations. For the full year 2025, Century projects total aluminum shipments of 660,000 tonnes.

Here's a look at the capacity and shipment targets for 2025:

Facility Location	Capacity Type Data	2025 Projected Shipments (Metric Tons)	Capacity (Metric Tonnes Per Year)
Sebree, KY (US)	Shipments	215,000	Approximately 220,000
Mt. Holly, SC (US)	Shipments (Pre-Full Restart)	165,000	Approximately 229,000
Grundartangi (Iceland)	Shipments	280,000	Data Not Explicitly Stated for Capacity

The company's revenue exposure is weighted toward the US market dynamics, with US smelters contributing about 58% of revenue compared to 41.6% from Iceland. The Iceland sales alone are estimated at $900 million per year.

A major focus is restarting the final 50,000 metric tons of capacity at Mt. Holly. Century announced an investment of approximately $50 million for this effort. This restart will boost US domestic aluminum production by almost 10 percent. The plant, operating at 75% capacity as of August 2025, is targeted to achieve full production by June 30, 2026. Once fully operational, this restart is expected to add approximately $25 million in quarterly EBITDA.

Managing the Jamalco alumina refinery operations secures a critical raw material input. Century Aluminum Company holds a 55% interest in the Jamalco joint venture in Jamaica. The refinery has a nameplate capacity of 1,400,000 tonnes per year. Notably, Jamalco began restart procedures following Hurricane Melissa on October 29, 2025.

Risk mitigation through hedging LME, Midwest Premium, power, and fuel costs is essential, especially given the reliance on regional premiums. Century expects to maintain its hedging strategy, with portions of its LME exposure, Midwest Premium, power costs, and fuel costs hedged for FY26. The company specifically entered into some Midwest premium hedging to lock in returns related to the Mt. Holly expansion, which management expects to be fully repaid by the end of 2026. The Midwest Premium (MPW) reached $1,600/tonne in September 2025. The Q3 2025 realized US Midwest Premium was $1,425/MT, with the Q4 2025 lagged expectation set at $1,775/MT. Management estimates that an increase in the MDW premium by $22.04/T increases EBITDA by $9 million.

The final key activity involves advancing the new greenfield US smelter project. Century initiated Phase One of this project in January 2025 under a Department of Energy (DOE) grant initiative. This project aims to be the first new primary smelter built in the U.S. in 50 years and would double the size of the current U.S. primary aluminum industry. Phase One activities include planning, permitting, and design. The new facility is designed to emit 75 percent less climate pollution than existing facilities and is projected to create over 1,000 full-time operations positions and 5,500 construction jobs.

Century Aluminum Company (CENX) - Canvas Business Model: Key Resources

You're looking at the core assets Century Aluminum Company (CENX) relies on to operate and generate revenue as of late 2025. These aren't just buildings; they are the production engines and financial anchors of the business.

Physical Production Assets and Capacity

Century Aluminum Company's primary resources are its physical smelting facilities, which are critical for primary aluminum output. The company operates facilities across North America and Europe, with specific assets highlighted below:

Facility Location	Primary Function	Rated Capacity (Metric Tonnes/Year)
Grundartangi, Iceland	Smelting	317,000 (with expansion toward 325,000 expected)
Sebree, Kentucky, US	Smelting	220,000
Mt. Holly, South Carolina, US	Smelting	229,000 (operating at 75 percent capacity, aiming for full production by early summer 2026)

These smelters are supported by upstream integration, most notably the majority stake in the Jamalco alumina refinery in Jamaica. Century Aluminum holds a 55 per cent ownership interest in Jamalco, which has a nameplate capacity of approximately 1.4 million tonnes per year of alumina.

Financial and Contractual Assets

Financial instruments and long-term contracts provide stability and future cash flow certainty. A key financial asset is the receivable related to the Inflation Reduction Act tax credits:

• $220 million receivable for Section 45X tax credits as of September 30, 2025, related to 2023, 2024, and 2025 year-to-date U.S. production.
• The company also received $75 million from the IRS for the fiscal year 2024 Section 45X filing in October 2025.

Power supply is a major operational cost, so long-term agreements are vital. Century Aluminum has secured stability for its U.S. operations:

• Long-term power purchase agreement extension with Santee Cooper for the Mt. Holly smelter secured through 2031.
• Nordural, the Icelandic unit, entered a long-term energy management agreement with Snerpa Power.

For 2026, Century Aluminum plans to invest between $10 million to $15 million for sustaining operations and another $10 million to $15 million in further investments at Jamalco to cut costs.

Value-Added Production Capability

The ability to produce higher-margin products is a critical resource. Both the Sebree and Mt. Holly facilities possess specialized casthouse capacity for value-added products (VAP). Sebree produces products like billet and can deliver molten metal directly to nearby customers. Mt. Holly casts standard-grade aluminum into tee bars, billet, and foundry products, which sell at a premium to standard-grade aluminum.

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.