Century Aluminum Is Building a $4 Billion Smelter. Is CENX Stock a Buy Right Now?
Century Aluminum is building a $4 billion smelter in Oklahoma, expected to double U.S. primary aluminum production capacity. The company's shares have risen 22% in the past month due to its expanding operations and favorable market conditions.
Century Aluminum is partnering with Emirates Global Aluminium to build a new aluminum smelter in Oklahoma, the first in the U.S. in 46 years. The smelter is expected to produce 750,000 tons annually, doubling current U.S. capacity. The company operates primary aluminum smelting facilities in Oklahoma, Kentucky, South Carolina, and Iceland. Century Aluminum has also restarted the second potline at its Norðurál smelter in Iceland and is expanding its Mount Holly smelter in South Carolina. The global aluminum market has tightened, with prices hitting $3,578 per metric ton as of April 28, up 46% from the previous year. The company has benefited from reinforced Section 232 aluminum tariffs and is expected to report increased adjusted EBITDA due to improved metal pricing and regional premiums.
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