−Removed: The following is an update to the risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
−Removed: Other than the following update, there have been no material changes to the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
−Removed: You should carefully consider the risk factors set forth below and those contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our other filings made with the Securities and Exchange Commission.
+Added: There have been no material changes to the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, except for the changes disclosed in the subsequent quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020.
+Added: You should carefully consider those risk factors contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our other filings made with the Securities and Exchange Commission.
You should be aware that these risk factors and other information may not describe every risk facing our Company.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
−Removed: Public health pandemics, epidemics or similar public health threats, including the novel coronavirus disease (COVID-19), could have a material adverse effect on our business, outlook, financial condition, results of operations and liquidity.
−Removed: Our business could be adversely affected by the recent COVID-19 pandemic or other health pandemics, epidemics or similar public health threats in the future.
−Removed: Our operating results depend on the market for primary aluminum which can be volatile and subject to many factors beyond our control.
−Removed: While the ultimate impact of the COVID-19 pandemic on our business and the economy in general is still unknown, the virus has already disrupted the global economy and created significant volatility in the industries in which we operate.
−Removed: As a result, since the outbreak of COVID-19, we have seen a substantial decrease in the price of aluminum.
−Removed: For example, the average LME price for primary aluminum was $1,792 per tonne in 2019.
−Removed: The LME price for primary aluminum averaged $1,690/MT for the quarter ended March 31, 2020, and averaged $1,457/MT for April 2020.
−Removed: A continued deterioration in economic conditions could materially and adversely affect future demand and prices for aluminum which could have a material adverse effect on our financial condition and liquidity.
−Removed: Our business also depends on the ability of our employees to travel to our aluminum smelting facilities and operate our plants.
−Removed: Since the outbreak of COVID-19, we have implemented several new policies and procedures to protect the health and safety of our workforce.
−Removed: We have restricted both personal and business travel, implemented continuous disinfecting of our workplaces, and set up employees whose jobs allow them to work remotely.
−Removed: We have advised all of our employees in proper care and hygiene to prevent the spread of the virus.
−Removed: While these measures serve to reduce the possibility of transmission of the virus within our workplaces, they do not assure that our employees will not contract the virus or bring it into the workplace.
−Removed: Were such an event to be widespread enough, our operations could be disrupted to varying degrees up to and including a shutdown, which could have a material adverse effect on our business, outlook, financial condition, results of operations and liquidity.
−Removed: The COVID-19 pandemic could also interfere with general commercial activity related to our supply chain and customer base, which could have an adverse effect on our financial condition and operational results.
−Removed: Our raw materials suppliers may not be available or may be delayed in shipments to us, impacting our ability to deliver to our customers, negatively impacting our operational results and financial condition.
−Removed: Further, if our customers’ businesses are similarly affected, they might delay or reduce purchases from us, which could adversely affect our results of operations.
−Removed: The COVID-19 pandemic has also created substantial uncertainty and volatility in the financial markets which may impact our ability to access capital and the terms under which we can do so.
−Removed: As of March 31, 2020, we had an aggregate of approximately $382.1 million of outstanding debt, including $250.0 million aggregate principal amount of senior secured notes due June 2021 and $90.0 outstanding under our revolving credit facilities.
−Removed: revolving credit facility matures on the earlier of May 2023 or six months before the stated maturity of our outstanding senior secured notes, which based on our outstanding unsecured notes that mature on June 1, 2021, the maturity date under the facility would be December 1, 2020.
−Removed: Our ability to pay interest on and to repay or refinance our debt will depend upon our access to financial markets or other alternative
−Removed: sources of liquidity and future operating performance any of which may be negatively impacted by the effects the COVID-19 pandemic.
−Removed: The severity, magnitude and duration of COVID-19 is uncertain, rapidly changing and hard to predict.
−Removed: The extent to which COVID-19 may adversely impact our business depends on future developments, which are highly uncertain and unpredictable, such as the ultimate duration and scope of the outbreak, its impact on our customers and suppliers, how quickly normal economic conditions, operations, and the demand for our products can resume, and whether the pandemic leads to recessionary conditions in any of our key markets.
−Removed: While we expect the COVID-19 pandemic to negatively impact our results of operations, cash flows and financial position, the current level of uncertainty over the economic and operational impacts of COVID-19 means the related impact to our business cannot be reasonably estimated at this time.
−Removed: To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in our 2019 Annual Report.
Unregistered Sales of Equity Securities and Use of Proceeds
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.