3 unchanged sentences
the Midwest premium for aluminum sold in the United States and the European Duty Paid premium for metal sold into Europe) and any product premiums.
−Removed: From time to time, we may manage our exposure to fluctuations in the LME price of primary aluminum and/or the regional premium through financial instruments designed to protect our downside price risk exposure.
+Added: From time to time, we may manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to protect our downside price risk exposure.
From time to time, we also enter into financial contracts to offset fixed price sales arrangements with certain of our customers (the "fixed for floating swaps").
13 unchanged sentences
Electrical Power Price Sensitivity
−Removed: With the movement toward market-based power supply agreements, we have increased our electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO and Nord Pool power markets or the price of natural gas.
Power represents one of our largest operating costs, so changes in the price and/or availability of market power could significantly impact the profitability and viability of our operations.
−Removed: Transmission line outages, problems with grid stability or limitations on energy import capability could also increase power prices, disrupt production through pot instability or force a curtailment of all or part of the production at these facilities.
+Added: With our market-based power supply agreements, we increased electrical power price risk for our operations, whether due to fluctuations in the price of power available on the MISO and Nord Pool power markets or the price of natural gas.
+Added: Transmission line outages, problems with grid stability or limitations on energy import capability could increase power prices, disrupt production through pot instability or force a curtailment of all or part of the production at these facilities.
In addition, indirect factors that lead to power cost increases, such as any increasing prices for natural gas or coal, fluctuations in or extremes in weather patterns or new or more stringent environmental regulations may severely impact our financial condition, results of operations and liquidity.
25 unchanged sentences
Fair Values and Sensitivity Analysis
−Removed: The following tables present the fair value of our derivative asset and liabilities as of June 30, 2021 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at June 30, 2021.
+Added: The following tables present the fair value of our derivative asset and liabilities as of September 30, 2021 and the effect on the fair value of a hypothetical ten percent (10%) adverse change in the market prices in effect at September 30, 2021.
Our risk management activities do not include any trading or speculative transactions.
1 unchanged sentence
Commodity contracts (1)
+Added: $ 42.1 $ 18.7
Foreign exchange contracts (2)
8 unchanged sentences
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.