3 unchanged sentences
(in millions, except per share amounts)
−Removed: Three months ended March 31,
+Added: Three months ended
+Added: Six months ended
+Added: 2022 2021 2022 2021
Related parties $ 483.5 $ 306.4 $ 916.6 $ 574.7
4 unchanged sentences
Selling, general and administrative expenses 5.8 8.7 17.5 24.8
+Added: Asset impairment 159.4 — 159.4 —
Other operating expense - net 0.2 0.1 0.4 0.2
3 unchanged sentences
Interest income 0.0 0.1 0.1 0.2
−Removed: Net loss on forward and derivative contracts ( 56.7 ) ( 98.1 )
+Added: Net gain (loss) on forward and derivative contracts 231.8 ( 64.4 ) 175.1 ( 162.5 )
+Added: Loss on early extinguishment of debt — ( 24.7 ) — ( 24.7 )
Other income - net 3.1 1.2 5.1 3.1
1 unchanged sentence
Income tax (expense) benefit ( 42.3 ) 48.3 ( 44.0 ) 50.6
+Added: Income (loss) before equity in earnings of joint ventures 37.4 ( 35.1 ) 55.1 ( 175.1 )
+Added: Equity in earnings of joint ventures — 0.0 $ — 0.0
Net income (loss) $ 37.4 $ ( 35.1 ) $ 55.1 $ ( 175.1 )
−Removed: net income (loss) allocated to participating securities 1.1 —
+Added: net income allocated to participating securities 2.3 — 3.3 —
Net income (loss) allocated to common stockholders $ 35.1 $ ( 35.1 ) $ 51.8 $ ( 175.1 )
9 unchanged sentences
(in millions)
−Removed: Three months ended March 31,
+Added: Three months ended June 30,
+Added: Six months ended June 30,
+Added: 2022 2021 2022 2021
Comprehensive income (loss):
13 unchanged sentences
(in millions)
−Removed: March 31, 2022 December 31, 2021
+Added: June 30, 2022 December 31, 2021
Cash and cash equivalents $ 30.0 $ 29.0
11 unchanged sentences
Accounts payable, trade $ 229.5 $ 186.5
−Removed: Interest payable 9.4 —
Due to affiliates 26.6 65.8
30 unchanged sentences
(in millions)
−Removed: Three Months Ended March 31,
+Added: Six months ended June 30,
CASH FLOWS FROM OPERATING ACTIVITIES:
2 unchanged sentences
Unrealized (gain) loss on derivative instruments ( 217.5 ) 127.5
+Added: Lower of cost or NRV inventory adjustment 52.8 —
Depreciation and amortization 42.1 41.8
+Added: Loss on early extinguishment of debt — 24.7
Deferred tax provision (benefit) 41.9 ( 47.6 )
+Added: Asset impairment 159.4 —
Other non-cash items -- net ( 9.0 ) 4.2
14 unchanged sentences
CASH FLOWS FROM FINANCING ACTIVITIES:
+Added: Repayment of Senior Notes due 2025 — ( 250.0 )
+Added: Early redemption and tender premiums paid — ( 18.1 )
+Added: Proceeds from issuance of Senior Notes due 2028 — 250.0
+Added: Proceeds from issuance of Convertible Senior Notes — 86.3
Repayments on Hawesville term loan — ( 10.0 )
2 unchanged sentences
Debt issuance costs ( 1.5 ) ( 7.4 )
+Added: Purchases of capped calls related to Convertible Senior Notes — ( 5.7 )
Borrowings under Grundartangi casthouse debt facility 40.0 —
3 unchanged sentences
Cash, cash equivalents and restricted cash, end of period $ 32.5 $ 10.2
+Added: CENTURY ALUMINUM COMPANY
+Added: CONSOLIDATED STATEMENTS OF CASH FLOWS
+Added: (in millions)
+Added: Six months ended June 30,
Supplemental Cash Flow Information:
1 unchanged sentence
Interest $ 13.1 $ 25.7
+Added: Taxes 1.2 0.0
Non-cash investing activities:
7 unchanged sentences
deficit Total shareholders’ equity
−Removed: Three Months Ended March 31, 2022
−Removed: Balance, December 31, 2021 $ 0.0 $ 1.0 $ 2,535.5 $ ( 86.3 ) $ ( 82.3 ) $ ( 1,946.9 ) $ 421.0
+Added: Three months ended
+Added: June 30, 2022
+Added: Balance, March 31, 2022 $ 0.0 $ 1.0 $ 2,536.0 $ ( 86.3 ) $ ( 81.7 ) $ ( 1,929.2 ) $ 439.8
Net income (loss) 0.0 — — — — 37.4 37.4
1 unchanged sentence
Share-based compensation 0.0 0.0 1.0 — — — 1.0
−Removed: Balance, March 31, 2022 $ 0.0 $ 1.0 $ 2,536.0 $ ( 86.3 ) $ ( 81.7 ) $ ( 1,929.2 ) $ 439.8
+Added: Conversion of preferred stock to common stock 0.0 0.0 0.0 — — — —
+Added: Balance, June 30, 2022 $ 0.0 $ 1.0 $ 2,537.0 $ ( 86.3 ) $ ( 80.9 ) $ ( 1,891.8 ) $ 479.0
Three months ended
−Removed: March 31, 2021
+Added: June 30, 2021
+Added: Balance, March 31, 2021 $ 0.0 $ 1.0 $ 2,530.9 $ ( 86.3 ) $ ( 117.5 ) $ ( 1,919.8 ) $ 408.3
+Added: Net income (loss) — — — — — ( 35.1 ) ( 35.1 )
+Added: Other comprehensive income (loss) — — — — 1.1 — 1.1
+Added: Share-based compensation 0.0 0.0 0.7 — — — 0.7
+Added: Conversion of preferred stock to common stock 0.0 0.0 0.0 — — — 0.0
+Added: Capped call premiums — — ( 4.6 ) — — — ( 4.6 )
+Added: Balance, June 30, 2021 $ 0.0 $ 1.0 $ 2,527.0 $ ( 86.3 ) $ ( 116.4 ) $ ( 1,954.9 ) $ 370.4
+Added: Preferred stock Common stock Additional paid-in capital Treasury stock, at cost Accumulated other comprehensive loss Accumulated
+Added: deficit Total shareholders’ equity
+Added: Six months ended
+Added: June 30, 2022
Balance, December 31, 2021 $ 0.0 $ 1.0 $ 2,535.5 $ ( 86.3 ) $ ( 82.3 ) $ ( 1,946.9 ) $ 421.0
3 unchanged sentences
Conversion of preferred stock to common stock — — — — — — 0.0
−Removed: Balance, March 31, 2021 $ 0.0 $ 1.0 $ 2,530.9 $ ( 86.3 ) $ ( 117.5 ) $ ( 1,919.8 ) $ 408.3
+Added: Balance, June 30, 2022 $ 0.0 $ 1.0 $ 2,537.0 $ ( 86.3 ) $ ( 80.9 ) $ ( 1,891.8 ) $ 479.0
+Added: Six months ended June 30, 2021
+Added: Balance, December 31, 2020 $ 0.0 $ 1.0 $ 2,530.0 $ ( 86.3 ) $ ( 118.8 ) $ ( 1,779.8 ) $ 546.1
+Added: Net income (loss) — — — — — ( 175.1 ) ( 175.1 )
+Added: Other comprehensive income (loss) — — — — 2.4 — 2.4
+Added: Share-based compensation — 0.0 1.6 — — — 1.6
+Added: Conversion of preferred stock to common stock 0.0 0.0 0.0 — — — 0.0
+Added: Capped call premiums — — ( 4.6 ) — — — ( 4.6 )
+Added: Balance, June 30, 2021 $ 0.0 $ 1.0 $ 2,527.0 $ ( 86.3 ) $ ( 116.4 ) $ ( 1,954.9 ) $ 370.4
CENTURY ALUMINUM COMPANY
Condensed Notes to the Consolidated Financial Statements
−Removed: Three months ended March 31, 2022 and 2021
+Added: Six months ended June 30, 2022 and 2021
(amounts in millions, except share and per share amounts)
1 unchanged sentence
In management’s opinion, the unaudited interim consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented.
−Removed: Operating results for the first three months of 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
+Added: Operating results for the first six months of 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Throughout this Form 10-Q, and unless expressly stated otherwise or as the context otherwise requires, "Century Aluminum," "Century," the "Company," "we," "us," "our" and "ours" refer to Century Aluminum Company and its consolidated subsidiaries.
+Added: Curtailment of Operations - Hawesville
+Added: On June 22, 2022, our subsidiary, Century Aluminum of Kentucky ("CAKY"), issued a Worker Adjustment and Retraining Notification Act ("WARN") notice at its Hawesville, Kentucky aluminum smelter related to a temporary curtailment of plant operations within 60 days as a result of current market conditions, including historically high energy costs and declining London Metal Exchange ("LME") prices.
+Added: We have since fully curtailed production at the facility and expect to continue to maintain the plant with the intention of restarting operations when markets permit, including energy prices returning to more normalized levels and aluminum prices maintaining levels that can support the on-going costs and capital expenditures necessary to restart and operate the plant.
+Added: As the curtailment represents a significant adverse change in the extent and manner in which the Hawesville smelter will be used, we accordingly evaluated the Hawesville asset group for recoverability.
+Added: As the carrying value of the Hawesville asset group was determined to not be recoverable based on the estimated undiscounted cash flows expected to be generated over the life of the asset group, an impairment charge of $ 159.4 million was recognized to write down the asset group to its estimated fair value of $ 15.0 million.
+Added: We classified the estimated remaining fair value of the long lived assets within Level 3 of the fair value hierarchy as its fair value was determined based on recent comparable transactions with inputs that are not readily observable in the market.
+Added: We also recognized $ 8.2 million of expense during the second quarter related to accrued wages and severance, triggered by our issuance of the WARN notice.
+Added: These costs are included in cost of goods sold and expected to be paid by the end of the third quarter of 2022.
Related Party Transactions
−Removed: The significant related party transactions occurring during the three months ended March 31, 2022 and 2021 are described below.
+Added: The significant related party transactions occurring during the six months ended June 30, 2022 and 2021 are described below.
We believe all of our transactions with related parties are at prices that approximate market.
Glencore Ownership
−Removed: As of March 31, 2022 , Glencore plc and its affiliates (together "Glencore") beneficially owned 42.9 % of Century’s outstanding common stock ( 46.4 % o n a fully-diluted basis assuming the conversion of all of the Series A Convertible Preferred Stock) and all of our outstanding Series A Convertible Preferred Stock.
+Added: As of June 30, 2022 , Glencore plc and its affiliates (together "Glencore") beneficially owned 42.9 % of Century’s outstanding common stock ( 46.3 % o n a fully-diluted basis assuming the conversion of all of the Series A Convertible Preferred Stock) and all of our outstanding Series A Convertible Preferred Stock.
Shareholders' Equity for a description of our outstanding Series A Convertible Preferred Stock.
Century and Glencore enter into various transactions from time to time such as the purchase and sale of primary aluminum, purchase and sale of alumina and other raw materials, tolling agreements as well as forward financial contracts and borrowing and other debt transactions.
+Added: CENTURY ALUMINUM COMPANY
+Added: Condensed Notes to the Consolidated Financial Statements (continued)
+Added: (amounts in millions, except share and per share amounts)
Sales to Glencore
−Removed: For the three months ended March 31, 2022 and 2021, we derived approximately 57 % and 60 %, respectively, of our consolidated net sales from Glencore.
+Added: For the three months ended June 30, 2022 and 2021, we derived approximately 57 % and 58 %, respectively, of our consolidated net sales from Glencore.
Glencore purchases aluminum produced at our U.S.
−Removed: smelters at prices based on the London Metal Exchange (the "LME") plus the Midwest regional delivery premium plus any additional market-based product premiums.
+Added: smelters at prices based on the LME plus the Midwest regional delivery premium plus any additional market-based product premiums.
Glencore purchases aluminum produced at our Grundartangi, Iceland smelter at prices primarily based on the LME plus the European Duty Paid premium plus any additional market-based product premiums.
We have entered into agreements with Glencore pursuant to which we sell certain amounts of alumina at market-based prices.
−Removed: For the three months ended March 31, 2022 and 2021, we recorded no revenue related to alumina sales to Glencore.
+Added: For the three and six months ended June 30, 2022, we recorded $ 13.9 million and $ 13.9 million of revenue related to alumina sales to Glencore, respectively.
+Added: For the three and six months ended June 30, 2021, we recorded $ 11.4 million and $ 11.4 million of revenue related to alumina sales to Glencore, respectively.
Purchases from Glencore
We purchase a portion of our alumina and certain other raw material requirements from Glencore.
−Removed: Alumina purchases from Glencore during the three months ended March 31, 2022 were priced based on published alumina and aluminum indices as well as fixed prices.
+Added: Alumina purchases from Glencore during the three months ended June 30, 2022 were priced based on published alumina and aluminum indices as well as fixed prices.
Financial Contracts with Glencore
We have certain financial contracts with Glencore.
+Added: See Note 1 4 .
Derivatives regarding these forward financial sales contracts.
−Removed: CENTURY ALUMINUM COMPANY
−Removed: Condensed Notes to the Consolidated Financial Statements (continued)
−Removed: (amounts in millions, except share and per share amounts)
A summary of the aforementioned significant related party transactions is as follows:
−Removed: Three Months Ended March 31, 2022
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2022 2021 2022 2021
Net sales to Glencore $ 483.5 $ 306.4 $ 916.6 $ 574.7
Purchases from Glencore (1)
+Added: 172.8 79.5 227.3 151.8
(1) Includes settlements of financial contract positions.
We disaggregate our revenue by geographical region as follows:
−Removed: Net Sales Three Months Ended March 31,
+Added: Net Sales Three months ended June 30, Six months ended June 30,
+Added: 2022 2021 2022 2021
United States $ 583.4 $ 347.9 $ 1,089.5 624.1
1 unchanged sentence
Total $ 856.6 $ 528.0 $ 1,610.2 $ 972.0
+Added: CENTURY ALUMINUM COMPANY
+Added: Condensed Notes to the Consolidated Financial Statements (continued)
+Added: (amounts in millions, except share and per share amounts)
Fair Value Measurements
9 unchanged sentences
• Level 3 Inputs - significant unobservable inputs for the asset or liability.
−Removed: CENTURY ALUMINUM COMPANY
−Removed: Condensed Notes to the Consolidated Financial Statements (continued)
−Removed: (amounts in millions, except share and per share amounts)
−Removed: Recurring Fair Value Measurements As of March 31, 2022
+Added: Recurring Fair Value Measurements As of June 30, 2022
Cash equivalents $ 3.8 $ — $ — $ 3.8
13 unchanged sentences
TOTAL $ — $ 140.9 5.3 $ 146.2
+Added: CENTURY ALUMINUM COMPANY
+Added: Condensed Notes to the Consolidated Financial Statements (continued)
+Added: (amounts in millions, except share and per share amounts)
(1) Trust assets are currently invested in money market funds.
9 unchanged sentences
FX swaps Discounted cash flows Euro/USD forward exchange rate
+Added: Casthouse currency hedges Discounted cash flows Euro/USD forward exchange rate;
+Added: ISK/USD forward exchange rate
When valuing Level 3 assets and liabilities, we use certain significant unobservable inputs.
−Removed: Management incorporates various inputs and assumptions including forward commodity prices, commodity price volatility and macroeconomic
−Removed: CENTURY ALUMINUM COMPANY
−Removed: Condensed Notes to the Consolidated Financial Statements (continued)
−Removed: (amounts in millions, except share and per share amounts)
−Removed: conditions, including interest rates and discount rates.
+Added: Management incorporates various inputs and assumptions including forward commodity prices, commodity price volatility and macroeconomic conditions, including interest rates and discount rates.
Our estimates of significant unobservable inputs are ultimately based on our estimates of risks that market participants would consider when valuing our assets and liabilities.
−Removed: The following table presents the inputs for fair value measurements categorized within Level 3 of the fair value hierarchy, along with information regarding significant unobservable inputs used to value Level 3 assets and liabilities:
−Removed: Level 3 Fair Value Measurements:
−Removed: As of March 31, 2022
+Added: The following table presents the inputs for recurring fair value measurements categorized within Level 3 of the fair value hierarchy, along with information regarding significant unobservable inputs used to value Level 3 assets and liabilities:
+Added: Recurring Level 3 Fair Value Measurements:
+Added: As of June 30, 2022
As of December 31, 2021
4 unchanged sentences
$ — 8.58 % $ ( 0.2 ) 8.58 %
+Added: Casthouse currency hedges Discounted cash flows Euro/USD forward exchange rate;
+Added: ISK/USD forward exchange rate Discount rate net (1) $ 0.0 8.58 % $ — — %
Nord Pool swaps Discounted cash flows Quoted Nord Pool forward market Discount rate net (1)
9 unchanged sentences
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis.
−Removed: For the three months ended March 31, 2022
+Added: For the three months ended June 30, 2022
Level 3 Assets Level 3 Liabilities
−Removed: Nord Pool LME forward financial sales contracts FX Swaps
−Removed: Balance as of December 31, 2021
−Removed: $ 0.2 $ ( 5.1 ) $ ( 0.2 )
+Added: LME forward financial sales contracts Nord Pool swaps LME forward financial sales contracts FX swaps Casthouse currency hedges
+Added: Balance as of April 1, 2022 $ — $ — $ ( 16.7 ) $ — $ —
Total realized/unrealized gains (losses)
2 unchanged sentences
Purchases — — — — —
+Added: Sales — — — — —
Settlements — — — — —
Transfers into Level 3 (2)
+Added: 1.6 — — — 0.0
Transfers out of Level 3 (3)
+Added: Balance as of June 30, 2022
$ 1.6 $ — $ ( 3.8 ) $ — $ 0.0
−Removed: Balance as of March 31, 2022
+Added: Change in unrealized gains (losses) (1)
$ — $ — $ 12.9 $ — $ —
+Added: (1) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."
+Added: (2) Transfers into Level 3 due to contracts with applied discount rate entered into during the second quarter of 2022.
+Added: (3) Transfers out of Level 3 due to period of time remaining in derivative contract.
+Added: Level 3 Assets Level 3 Liabilities
+Added: For the three months ended June 30, 2021
+Added: Nord Pool swaps LME forward financial sales contracts FX swaps
+Added: Balance as of April 1, 2021 $ — $ ( 6.0 ) $ ( 0.2 )
+Added: Total realized/unrealized gains (losses)
+Added: Included in net income (loss) (1)
+Added: — ( 11.6 ) 0.0
+Added: Purchases, sales, settlements
+Added: Purchases — — —
+Added: Settlements — — —
+Added: Transfers into Level 3 (2)
+Added: 1.5 ( 0.3 ) ( 0.2 )
+Added: Transfers out of Level 3 (3)
+Added: Balance as of June 30, 2021
+Added: $ 1.5 ( 17.9 ) $ ( 0.4 )
Change in unrealized gains (losses) (1)
1 unchanged sentence
(1) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."
−Removed: (2) Transfers into Level 3 due to contracts with applied discount rate entered into during the first quarter of 2022.
+Added: (2) Transfers into Level 3 due to contracts with applied discount rate entered into during the second quarter of 2021.
(3) Transfers out of Level 3 due to period of time remaining in derivative contract.
−Removed: Level 3 Liabilities
−Removed: For the three months ended March 31, 2021
−Removed: LME forward financial sales contracts FX Swaps
+Added: CENTURY ALUMINUM COMPANY
+Added: Condensed Notes to the Consolidated Financial Statements (continued)
+Added: (amounts in millions, except share and per share amounts)
+Added: For the six months ended June 30, 2022
+Added: Level 3 Assets Level 3 Liabilities
+Added: LME forward financial sales contracts Nord Pool swaps LME forward financial sales contracts FX swaps Casthouse currency hedges
Balance as of January 1, 2022 $ — $ 0.2 $ ( 5.1 ) $ ( 0.2 ) $ —
Total realized/unrealized gains (losses)
+Added: Included in Net Income (1)
+Added: Purchases, sales, settlements
+Added: Settlements —
+Added: Transfers into Level 3 (2)
+Added: 1.6 — ( 2.5 ) — 0.0
+Added: Transfers out of Level 3 (3)
+Added: — ( 0.2 ) — 0.2 —
+Added: Balance as of June 30, 2022
+Added: $ 1.6 $ — $ ( 3.8 ) $ — $ 0.0
+Added: Change in unrealized gains (losses) (1)
+Added: $ — $ — $ 3.8 $ — $ —
+Added: (1) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."
+Added: (2) Transfers into Level 3 due to contracts with applied discount rate entered into during the six months ended June 30, 2022.
+Added: (3) Transfers out of Level 3 due to period of time remaining in derivative contract.
+Added: Level 3 Assets Level 3 Liabilities
+Added: For the six months ended June 30, 2021
+Added: Nord Pool swaps LME forward financial sales contracts FX swaps
+Added: Balance as of January 1, 2021 $ — $ 2.9 $ 0.1
+Added: Total realized/unrealized gains (losses)
Included in net income (loss) (1)
+Added: — ( 20.3 ) 0.0
Purchases, sales, settlements
4 unchanged sentences
Transfers out of Level 3 (3)
−Removed: Balance as of March 31, 2021
— 0.5 ( 0.1 )
+Added: Balance as of June 30, 2021
+Added: $ 1.5 ( 17.9 ) $ ( 0.4 )
Change in unrealized gains (losses) (1)
1 unchanged sentence
(1) Gains and losses are presented in the Consolidated Statement of Operations within the line item "Net gain (loss) on forward and derivative contracts."
−Removed: (2) Transfers into Level 3 due to contracts with applied discount rate entered into during the first quarter of 2021.
+Added: (2) Transfers into Level 3 due to contracts with applied discount rate entered into during the six months ended June 30, 2021.
(3) Transfers out of Level 3 due to period of time remaining in derivative contract.
+Added: Our announcement on June 22, 2022 to curtail operations of the Hawesville smelter represented a significant adverse change in the extent and manner in which this smelter will be used, and we accordingly evaluated the Hawesville asset group for recoverability.
+Added: As the carrying value of the Hawesville asset group was determined to not be recoverable based on the estimated undiscounted cash flows expected to be generated over the life of the asset group, we wrote the asset group down to its estimated fair value of $ 15.0 million.
CENTURY ALUMINUM COMPANY
1 unchanged sentence
(amounts in millions, except share and per share amounts)
+Added: The following table presents the inputs for this non-recurring fair value measurements categorized within Level 3 of the fair value hierarchy, along with information regarding the significant unobservable inputs used:
+Added: Non-Recurring Level 3 Fair Value Measurements:
+Added: As of June 30, 2022
+Added: Asset / Liability Valuation Technique Significant Unobservable Input Fair Value Value/Range of Unobservable Input
+Added: Hawesville asset group Market approach Comparable transaction $ 15.0 $ 15.0
Earnings (Loss) Per Share
2 unchanged sentences
The following table shows the basic and diluted earnings (loss) per share:
−Removed: For the three months ended March 31,
+Added: CENTURY ALUMINUM COMPANY
+Added: Condensed Notes to the Consolidated Financial Statements (continued)
+Added: (amounts in millions, except share and per share amounts)
+Added: For the three months ended June 30,
Net Income (Loss) Shares (in millions)
7 unchanged sentences
Net income (loss) allocated to common stockholders with assumed conversion $ 35.5 97.6 $ 0.36 $ ( 35.1 ) 90.1 $ ( 0.39 )
+Added: For the six months ended June 30,
+Added: Net Income (Loss) Shares (in millions)
+Added: Per Share Net Income (Loss) Shares
+Added: (in millions)
+Added: Net income (loss) $ 55.1 $ ( 175.1 )
+Added: net income allocated to participating securities 3.3 —
+Added: Net income (loss) allocated to common stockholders $ 51.8 91.2 $ 0.57 $ ( 175.1 ) 90.1 $ ( 1.94 )
+Added: Effect of Dilutive Securities:
+Added: Share-based compensation ( 0.5 ) 1.9 — —
+Added: Convertible senior notes 1.4 4.8 — —
+Added: Net income (loss) allocated to common stockholders with assumed conversion $ 52.7 97.9 $ 0.54 $ ( 175.1 ) 90.1 $ ( 1.94 )
Three months ended
+Added: June 30, Six months ended June 30,
Securities excluded from the calculation of diluted EPS (in millions) (1) :
+Added: 2022 2021 2022 2021
Share-based compensation — 2.4 — 2.4
Convertible preferred shares 5.9 6.3 5.9 6.3
+Added: Convertible senior notes — 4.8 — 4.8
(1) In periods when we report a net loss, all share-based compensation awards, convertible preferred shares and convertible senior notes are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on earnings (loss) per share.
3 unchanged sentences
Shareholders’ Equity
−Removed: As of March 31, 2022 and December 31, 2021, we had 195,000,000 shares of common stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation, of which 98,418,132 shares were issued and 91,231,611 shares were outstanding at March 31, 2022 and December 31, 2021.
+Added: As of June 30, 2022 and December 31, 2021, we had 195,000,000 shares of common stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation, of which 98,456,895 shares were issued and 91,270,374 shares were outstanding at June 30, 2022, and 98,418,132 shares were issued and 91,231,611 shares were outstanding at December 31, 2021.
The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock which are currently outstanding, including our Series A Convertible Preferred Stock, or which we may designate and issue in the future.
Preferred Stock
−Removed: As of March 31, 2022 and December 31, 2021, we had 5,000,000 shares of preferred stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation.
+Added: As of June 30, 2022 and December 31, 2021, we had 5,000,000 shares of preferred stock, $ 0.01 par value per share, authorized under our Restated Certificate of Incorporation.
Our Board of Directors may issue preferred stock in one or more series and determine for each series the dividend rights, conversion rights, voting rights, redemption rights, liquidating preferences, sinking fund terms and the number of shares constituting that series, as well as the designation thereof.
5 unchanged sentences
Glencore holds all of the issued and outstanding Series A Convertible Preferred Stock.
−Removed: At March 31, 2022 and December 31, 2021, there were 58,542 shares of Series A Convertible Preferred Stock outstanding.
+Added: At June 30, 2022 and December 31, 2021, there were 58,376 shares and 58,542 shares of Series A Convertible Preferred Stock outstanding, respectively.
The issuance of common stock under our stock incentive programs, debt exchange transactions and any stock offering that excludes Glencore participation triggers anti-dilution provisions of the preferred stock agreement and results in the automatic conversion of Series A Convertible Preferred Stock shares into shares of common stock.
The conversion ratio of preferred to common shares is 100 shares of common stock for each share of preferred stock.
−Removed: The Common and Preferred Stock table below contains additional information about preferred stock conversions during the three months ended March 31, 2022 and March 31, 2021.
+Added: The Common and Preferred Stock table below contains additional information about preferred stock conversions during the six months ended June 30, 2022 and June 30, 2021.
Preferred stock Common stock
5 unchanged sentences
Issuance for share-based compensation plans — — 22,128
−Removed: Ending balance as of March 31, 2022
+Added: Ending balance as of June 30, 2022
58,376 7,186,521 91,270,374
3 unchanged sentences
Issuance for share-based compensation plans — — 41,856
−Removed: Ending balance as of March 31, 2021
+Added: Ending balance as of June 30, 2021
63,274 7,186,521 90,129,118
13 unchanged sentences
We have repurchased 7,186,521 shares of common stock under the program for an aggregate purchase price of $ 86.3 million.
−Removed: We have made no repurchases since April 2015 and we have $ 43.7 million remaining under the repurchase program authorization as of March 31, 2022.
−Removed: We recorded an income tax expense of $ 1.7 million a nd an income tax benefit of $ 2.3 million for the three months ended March 31, 2022 and 2021, respectively.
−Removed: The change is primarily due to improved operational results from both U.S.
−Removed: and foreign operations during the current quarter.
+Added: We have made no repurchases since April 2015 and we have $ 43.7 million remaining under the repurchase program authorization as of June 30, 2022.
+Added: For the three months ended June 30, 2022 and June 30, 2021, we recorded an income tax expense of $ 42.3 million a nd an income tax benefit of $ 48.3 million, respectively, and for the six months ended June 30, 2022 and June 30, 2021, we recorded an income tax expense of $ 44.0 million and an income tax benefit of $ 50.6 million, respectively.
+Added: The change is primarily due to improved operational results over the comparison period.
Our income tax benefit or expense is based on an annual effective tax rate forecast, including estimates and assumptions that could change during the year.
−Removed: The application of the accounting requirements for income taxes in interim periods, after consideration of our valuation allowance, causes a significant variation in the typical relationship between income tax expense/benefit and pre-tax accounting income/loss.
−Removed: As of March 31, 2022, all of Century's U.S.
+Added: The application of the accounting requirements for income taxes in interim periods, after consideration of our valuation allowance on domestic losses, causes a significant variation in the typical relationship between income tax expense/benefit and pre-tax accounting income/loss as reported on the consolidated statement of operations.
+Added: As of June 30, 2022, all of Century's U.S.
and certain foreign deferred tax assets, net of deferred tax liabilities, continue to be subject to a valuation allowance.
Inventories consist of the following:
−Removed: March 31, 2022 December 31, 2021
+Added: June 30, 2022 December 31, 2021
Raw materials $ 79.7 $ 132.9
7 unchanged sentences
(amounts in millions, except share and per share amounts)
−Removed: March 31, 2022 December 31, 2021
+Added: June 30, 2022 December 31, 2021
Debt classified as current liabilities:
3 unchanged sentences
Debt classified as non-current liabilities:
−Removed: Grundartangi casthouse facility, net of financing fees of $ 0.6 million at March 31, 2022 (4)
−Removed: 7.5 % senior secured notes due April 1, 2028, net of financing fees of $ 4.0 million at March 31, 2022, interest payable semiannually
−Removed: 2.75 % convertible senior notes due May 1, 2028, net of financing fees of $ 2.2 million at March 31, 2022, interest payable semiannually
+Added: Grundartangi casthouse facility, net of financing fees of $ 0.6 million at June 30, 2022 (4)
+Added: 7.5 % senior secured notes due April 1, 2028, net of financing fees of $ 3.8 million at June 30, 2022, interest payable semiannually
+Added: 2.75 % convertible senior notes due May 1, 2028, net of financing fees of $ 2.1 million at June 30, 2022, interest payable semiannually
Total $ 427.6 $ 451.2
(1) The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing.
−Removed: The IRBs interest rate at March 31, 2022 was 0.64 %.
+Added: The IRBs interest rate at June 30, 2022 was 1.05 %.
(2) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement.
−Removed: The interest rate at March 31, 2022 was 4.25 %.
+Added: The interest rate at June 30, 2022 was 5.50 %.
(3) We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement.
−Removed: The interest rate at March 31, 2022 was 3.51 %.
+Added: The interest rate at June 30, 2022 was 4.68 %.
(4) We incur interest at a base rate plus applicable margin as defined within the agreement.
−Removed: The interest rate at March 31, 2022 was 3.64 %.
+Added: The interest rate at June 30, 2022 was 4.53 %.
7.5 % Senior Secured Notes due 2028
3 unchanged sentences
The 2028 Notes are senior secured obligations of Century, ranking equally in right of payment with all existing and future senior indebtedness of Century, but effectively senior to unsecured debt to the extent of the value of collateral.
−Removed: As of March 31, 2022, the total estimated fair value of the 2028 Notes was $ 262.6 million.
+Added: As of June 30, 2022, the total estimated fair value of the 2028 Notes was $ 225.7 million.
Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.
6 unchanged sentences
The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the indenture.
−Removed: As of March 31, 2022, the conversion rate remains unchanged.
+Added: As of June 30, 2022, the conversion rate remains unchanged.
The Convertible Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Notes;
6 unchanged sentences
and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.
−Removed: As of March 31, 2022, the if-converted value of the Convertible Notes exceeded the outstanding principal amount by $ 34.8 million.
−Removed: As of March 31, 2022, the total estimated fair value of the Convertible Notes was $ 137.8 million.
+Added: As of June 30, 2022, the if-converted value of the Convertible Notes does not exceed the outstanding principal amount.
+Added: As of June 30, 2022, the total estimated fair value of the Convertible Notes was $ 66.2 million.
Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered to be active and are therefore considered Level 2 fair value measurements.
2 unchanged sentences
revolving credit facility").
−Removed: revolving credit facility provides for borrowings of up to $ 220.0 million in the aggregate, including up to $ 110.0 million under a letter of credit sub-facility.
−Removed: revolving credit facility matures on May 16, 2023.
+Added: On June 14, 2022 we amended our U.S.
+Added: revolving credit facility, increasing our borrowing capacity to $ 250.0 million in the aggregate, including up to $ 150.0 million under a letter of credit sub-facility.
+Added: revolving credit facility matures on June 14, 2027.
Any letters of credit issued and outstanding under the U.S.
revolving credit facility reduce our borrowing availability on a dollar-for-dollar basis.
−Removed: At March 31, 2022, there were $ 35.3 million in outstanding borrowings and $ 102.1 million of outstanding letters of credit issued under our U.S.
+Added: At June 30, 2022, there were $ 15.0 million in outstanding borrowings and $ 84.4 million of outstanding letters of credit issued under our U.S.
revolving credit facility.
3 unchanged sentences
revolving credit facility:
−Removed: March 31, 2022
+Added: June 30, 2022
Credit facility maximum amount $ 250.0
6 unchanged sentences
Under the terms of the Iceland revolving credit facility, when Grundartangi borrows funds it will designate a repayment date, which may be any date prior to the maturity of the Iceland revolving credit facility.
−Removed: At March 31, 2022, there were $ 35.0 million in outstanding borrowings under our Iceland revolving credit facility.
+Added: At June 30, 2022, there were $ 35.0 million in outstanding borrowings under our Iceland revolving credit facility.
The Iceland revolving credit facility has a term through November 2024.
Status of our Iceland revolving credit facility:
−Removed: March 31, 2022
+Added: June 30, 2022
Credit facility maximum amount $ 80.0
6 unchanged sentences
Under the Casthouse Facility, repayments of principal amounts will be made in equal quarterly installments equal to 1.739 % of the principal amount, the first payment occurring in July 2024, with the remaining 60 % of the principal amount to be paid no later than the termination date in December 2029.
−Removed: As of March 31, 2022, there were $ 40.0 million in outstanding borrowings under this Casthouse Facility.
+Added: As of June 30, 2022, there were $ 40.0 million in outstanding borrowings under this Casthouse Facility.
+Added: Surety Bond Facility
CENTURY ALUMINUM COMPANY
1 unchanged sentence
(amounts in millions, except share and per share amounts)
+Added: As part of our normal business operations, we are required to provide surety bonds or issue letters of credit in certain states in which we do business as collateral for certain workers' compensation obligations.
+Added: In June 2022, we entered into a surety bond facility with an insurance company to provide such bonds when applicable.
+Added: As of June 30, 2022, we had issued surety bonds totaling $ 6.6 million.
+Added: As we had previously guaranteed our workers' compensation obligations through issuance of letters of credit against our revolving credit facility, the surety bond issuance increases credit facility availability.
Commitments and Contingencies
13 unchanged sentences
CAWV has agreed to pay the remaining amounts under the settlement agreement in annual increments of $ 2.0 million for nine years .
−Removed: As of March 31, 2022, $ 2.0 million was recorded in other current liabilities and $ 6.3 million was recorded in other liabilities.
+Added: As of June 30, 2022, $ 2.0 million is recorded in other current liabilities and $ 6.5 million is recorded in other liabilities.
PBGC Settlement
2 unchanged sentences
Under certain circumstances, in periods of lower primary aluminum prices relative to our cost of operations, we were able to defer one or more of these payments, provided that we provide the PBGC with acceptable security for such deferred payments.
−Removed: We did no t make any contributions for the three month periods ended March 31, 2022, or 2021.
+Added: We did no t make any contributions for the three month periods ended June 30, 2022, or 2021.
We historically elected to defer certain payments under the PBGC Settlement Agreement and provided the PBGC with the appropri ate security.
8 unchanged sentences
The arrangement with EDF to act as our market participant with MISO has an effective term through May 2023.
−Removed: Each of these agreements provide for automatic extension on a year-to-year basis unless a one year notice is given.
+Added: On April 26, 2022 EDF gave notice that it would no longer serve as the MISO Market Participant for Hawesville.
+Added: The notice terminated EDF’s contract, effective May 31, 2023, to purchase power from MISO for resale to Kenergy, which then resells the power to Hawesville.
+Added: Century is in discussions with other companies, currently authorized as MISO Market Participants, to replace EDF and expects to have a replacement Market Participant in place prior to the expiration of the contract with EDF.
Sebree has a power supply arrangement with Kenergy and EDF which provides market-based power to the Sebree smelter.
2 unchanged sentences
The arrangement with EDF to act as our market participant with MISO has an effective term through May 2023.
−Removed: Each of these agreements provides for automatic extension on a year-to-year basis unless a one year notice is given.
+Added: On April 26, 2022 EDF gave notice that it would no longer serve as the MISO Market Participant for Sebree.
+Added: The notice terminated EDF’s contract, effective May 31, 2023, to purchase power from MISO for resale to Kenergy, which then resells the power to Sebree.
+Added: Century is in discussions with other companies, currently authorized as MISO Market Participants, to replace EDF and expects to have a replacement Market Participant in place prior to the expiration of the contract with EDF.
Century Aluminum of South Carolina, Inc.
20 unchanged sentences
The current labor agreement is effective through November 30, 2022.
+Added: CENTURY ALUMINUM COMPANY
+Added: Condensed Notes to the Consolidated Financial Statements (continued)
+Added: (amounts in millions, except share and per share amounts)
Approximately 54 % of our U.S.
1 unchanged sentence
The labor agreement for Hawesville employees is effective through April 1, 2026.
+Added: Upon announcement of the temporary curtailment, Hawesville and the USW local union entered into effects bargaining.
+Added: An agreement was reached on July 19, 2022, covering the curtailment period.
Century Sebree's labor agreement with the USW for its employees is effective through October 28, 2023.
Holly employees are not represented by a labor union.
−Removed: CENTURY ALUMINUM COMPANY
−Removed: Condensed Notes to the Consolidated Financial Statements (continued)
−Removed: (amounts in millions, except share and per share amounts)
Contingent obligations
1 unchanged sentence
This contingent obligation consists of the aggregate payments made to Big Rivers by the third party on CAKY’s behalf in excess of the agreed upon base amount under the long-term cost-based power contract with Kenergy.
−Removed: As of March 31, 2022, the principal and accrued interest for the contingent obligation was $ 28.4 million, which was fully offset by a derivative asset.
+Added: As of June 30, 2022, the principal and accrued interest for the contingent obligation was $ 28.8 million, which was fully offset by a derivative asset.
We may be required to make installment payments for the contingent obligation in the future.
These payments are contingent based on the LME price of primary aluminum and the level of Hawesville’s operations.
−Removed: As of March 31, 2022, the LME forward market prices exceeded the threshold for payment, however, based on the current level of Hawesville's operations, we believe that we will not be required to make payments on the contingent obligation during the term of the agreement, which expires in 2028.
+Added: As of June 30, 2022, the LME forward market prices do not exceed the threshold for payment.
+Added: In addition, based on the current level of Hawesville's operations, including the temporary curtailment, we believe that we will not be required to make payments on the contingent obligation during the term of the agreement, which expires in 2028.
There can be no assurance that circumstances will not change thus accelerating the timing of such payments.
1 unchanged sentence
Components of AOCL:
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
8 unchanged sentences
(1) The allocation of the income tax effect to the components of other comprehensive loss is as follows:
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
6 unchanged sentences
Defined benefit plan and other postretirement liabilities Unrealized gain (loss) on financial instruments Total, net of tax
−Removed: Balance, January 1, 2022 $ ( 84.0 ) $ 1.7 $ ( 82.3 )
+Added: Balance, April 1, 2022 $ ( 83.4 ) $ 1.7 $ ( 81.7 )
Net amount reclassified to net income (loss) 0.8 0.0 0.8
−Removed: Balance, March 31, 2022
+Added: Balance, June 30, 2022
$ ( 82.6 ) $ 1.7 $ ( 80.9 )
−Removed: Balance, January 1, 2021 $ ( 120.6 ) $ 1.8 $ ( 118.8 )
+Added: Balance, April 1, 2021 $ ( 119.3 ) $ 1.8 $ ( 117.5 )
Net amount reclassified to net income 1.2 ( 0.1 ) 1.1
−Removed: Balance, March 31, 2021
+Added: Balance, June 30, 2021
$ ( 118.1 ) $ 1.7 $ ( 116.4 )
+Added: Balance, December 31, 2021 $ ( 84.0 ) $ 1.7 $ ( 82.3 )
+Added: Net amount reclassified to net loss 1.4 0.0 1.4
+Added: Balance, June 30, 2022
+Added: $ ( 82.6 ) $ 1.7 $ ( 80.9 )
+Added: Balance, December 31, 2020 $ ( 120.6 ) $ 1.8 $ ( 118.8 )
+Added: Net amount reclassified to net income (loss) 2.5 ( 0.1 ) 2.4
+Added: Balance, June 30, 2021
+Added: $ ( 118.1 ) $ 1.7 $ ( 116.4 )
Reclassifications out of AOCL were included in the consolidated statements of operations as follows:
−Removed: Three months ended March 31,
+Added: Three months ended June 30,
+Added: Six months ended June 30,
AOCL Components Location 2022 2021 2022 2021
12 unchanged sentences
Pension Benefits
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2022 2021 2022 2021
Service cost $ 1.0 $ 0.9 $ 2.1 $ 2.3
5 unchanged sentences
Other Postretirement Benefits
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2022 2021 2022 2021
Service cost $ 0.0 $ 0.0 $ 0.1 $ 0.1
3 unchanged sentences
Net periodic benefit cost $ 0.4 $ 0.3 $ 1.2 $ 0.8
−Removed: As of March 31, 2022, we had an open position of 118,341 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price.
+Added: As of June 30, 2022, we had an open position of 109,566 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price.
These contracts are expected to settle monthly through December 2024.
2 unchanged sentences
We have also entered into financial contracts with various counterparties to offset fixed price sales arrangements with certain of our customers ("fixed for floating swaps") to remain exposed to the LME and MWP aluminum prices.
−Removed: As of March 31, 2022, we had 4,816 tonnes related to fixed for floating swaps that will settle monthly through November 2022.
+Added: As of June 30, 2022, we had 3,277 tonnes related to fixed for floating swaps that will settle monthly through February 2023.
We have entered into financial contracts to hedge a portion of Grundartangi's exposure to the Nord Pool power market (“Nord Pool power price swaps”).
−Removed: As of March 31, 2022, we had an open position of 1,755,100 MWh related to the Nord Pool power price swaps.
+Added: As of June 30, 2022, we had an open position of 1,536,700 MWh related to the Nord Pool power price swaps.
The Nord Pool power price swaps are expected to settle monthly through December 2023.
Because the Nord Pool power price swaps are settled in Euros, we have entered into financial contracts to hedge the risk of fluctuations associated with the Euro ("FX swaps").
−Removed: As of March 31, 2022, we had an open position related to the FX swaps of € 48.3 million that will settle monthly through December 2023.
+Added: As of June 30, 2022, we had an open position related to the FX swaps of € 43.1 million that will settle monthly through December 2023.
We have entered into financial contracts to fix a portion of our exposure to the Indiana Hub power market at our Kentucky plants ("Indiana Hub power price swaps").
−Removed: As of March 31, 2022, we had an open position of 307,200 MWh.
+Added: As of June 30, 2022, we had an open position of 263,520 MWh.
The Indiana Hub power price swaps are expected to settle monthly through December 2023.
+Added: During the second quarter of 2022, we entered into forward contracts to hedge the risk of fluctuations associated with the Icelandic Krona (ISK) and Euro for contracts related to the construction of the Grundartangi casthouse denominated in these currencies ("casthouse currency hedges").
+Added: As of June 30, 2022, we had an open position related to the ISK casthouse swaps of $ 58.0 million that will settle monthly through July 2023.
+Added: As of June 30, 2022, we had an open position related to the Euro casthouse swaps of $ 14.8 million that will settle monthly through February 2024.
Our agreements with derivative counterparties contain certain provisions requiring collateral to be posted in the event the market value of our position exceeds the margin threshold limit of our master agreement with the counterparty.
−Removed: As of March 31, 2022, and December 31, 2021, the Company had recorded restricted cash of $ 18.5 million and $ 8.6 million, respectively, as collateral related to open derivative contracts under the master arrangements with our counterparties.
−Removed: The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of March 31, 2022 and December 31, 2021, respectively:
+Added: As of June 30,
CENTURY ALUMINUM COMPANY
1 unchanged sentence
(amounts in millions, except share and per share amounts)
+Added: 2022, and December 31, 2021, the Company had recorded restricted cash of $ 1.3 million and $ 8.6 million, respectively, as collateral related to open derivative contracts under the master arrangements with our counterparties.
+Added: The following table sets forth the Company's derivative assets and liabilities that were accounted for at fair value and not designated as cash flow hedges as of June 30, 2022 and December 31, 2021, respectively:
Asset Fair Value
−Removed: March 31, 2022 December 31, 2021
+Added: June 30, 2022 December 31, 2021
Commodity contracts (1)
3 unchanged sentences
Liability Fair Value
−Removed: March 31, 2022 December 31, 2021
+Added: June 30, 2022 December 31, 2021
Commodity contracts (1)
3 unchanged sentences
(1) Commodity contracts reflect our outstanding LME forward financial sales contracts, MWP forward financial sales contracts, fixed for floating swaps, Nord Pool power price swaps, and Indiana Hub power price swaps.
−Removed: At March 31, 2022, $ 37.9 million of Due to affiliates and $ 52.9 million of Due to affiliates - less current portion was related to commodity contract liabilities with Glencore.
+Added: At June 30, 2022, $ 6.8 million of Due to affiliates and $ 9.4 million of Due to affiliates - less current portion was related to commodity contract liabilities with Glencore.
At December 31, 2021, $ 17.1 million of Due to affiliates, and $ 21.9 million of Due to affiliates - less current portion was related to commodity contract assets and liabilities with Glencore.
−Removed: (2) Foreign exchange contracts reflect our outstanding FX swaps.
−Removed: The following table summarizes the net (loss) gain on forward and derivative contracts:
−Removed: Three months ended March 31,
+Added: (2) Foreign exchange contracts reflect our outstanding FX swaps and the casthouse currency hedges.
+Added: The following table summarizes the net gain (loss) on forward and derivative contracts:
+Added: Three months ended June 30,
+Added: Six months ended June 30,
+Added: 2022 2021 2022 2021
Commodity contracts (1)
2 unchanged sentences
Total $ 231.8 $ ( 63.3 ) $ 175.1 $ ( 161.4 )
−Removed: (1) For the three months ended March 31, 2022 and 2021, there were $ 58.9 million and $ 20.3 million of the net losses, respectively, with Glencore.
+Added: (1) For the three months ended June 30, 2022, $ 65.2 million of the net gain was with Glencore, and for the three months ended June 30, 2021, $ 28.7 million of the net loss was with Glencore.
+Added: For the six months ended June 30, 2022, $ 6.3 million of the net gain was with Glencore, and for the six months ended June 30, 2021, $ 53.5 million of the net loss was with Glencore.
+Added: Subsequent Events
+Added: On August 3, 2022, our wholly owned subsidiary, Mt.
+Added: Holly Commerce Park LLC, entered into a binding agreement, subject to ordinary course conditions, to sell approximately 133 acres of land for $ 30.0 million.
+Added: We previously formed the commerce park, located near our Mt.
+Added: Holly smelter, to develop excess land at the site and to assist the county with bringing additional business and commerce to the area.
FORWARD-LOOKING STATEMENTS
5 unchanged sentences
• Our assessment of the alum inum market and aluminum prices (including premiums);
−Removed: • Our assessment of alumina pricing, costs associated with our other key raw materials, including power, and supply and availability of key raw materials;
+Added: • Our assessment of alumina pricing, the outlook for when energy prices, both in the United States and Europe, may return to more normalized levels, costs associated with our other key raw materials, including supply and availability of key raw materials, including natural gas;
• The impact of the COVID-19 pandemic and governmental guidance and regulations aimed at addressing the pandemic, including any possible impact on our b usiness, operations, financial condition, results of operation, global supply chains or workforce;
−Removed: • The impact of the war in Ukraine, including new sanctions and export controls targeting Russia and businesses tied to Russia and to sanctioned entities and individuals, including any possible impact on our business, operations, financial condition, results of operations, and global supply chains;
+Added: • The impact of the war in Ukraine, including any sanctions and export controls targeting Russia and businesses tied to Russia and to sanctioned entities and individuals, including any possible impact on our business, operations, financial condition, results of operations, and global supply chains;
• The future financial and operating performance of the Company and its subsidiaries;
4 unchanged sentences
Holly, including the timing, costs and benefits associated with this restart project;
−Removed: • Our plans with regards to future operations of our Hawesville smelter, including our expectations as to the restart of curtailed production at Hawesville and bringing the smelter back to full production and expectations as to the timing, costs and benefits associated with this restart project;
+Added: • Our plans with regards to the timing of any restart of our Hawesville production, including costs associated with any such restart;
• Our plans and expectations with regards to the Grundartangi casthouse project, including our expectations as to the costs and benefits associated with the Grundartangi casthouse project;
21 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.