23 unchanged sentences
In February 2025, President Trump issued a new Presidential Proclamation directing the tariff rate on imported primary aluminum to be increased from 10% to 25% and for all existing country exemptions or product exclusion to be ended, in each case effective March 12, 2025.
+Added: Then, in May 2025, President Trump again increased tariffs on primary aluminum from 25% to 50%, effective June 4, 2025.
Since the implementation of these changes to the Section 232 tariff program, the Midwest Premium has increased, which we expect will have a material positive impact on our financial position and results of operations.
5 unchanged sentences
Since that time, the issuance of certain Executive Orders, including the Unleashing American Energy Executive Order on January 20, 2025, has required an immediate pause in the disbursement of funds appropriated through the Inflation Reduction Act pending an ongoing review period.
−Removed: The Company is currently evaluating this Executive Order and other related memoranda to determine what, if any, impact they might have on or our previously announced DOE funding.
+Added: The Company is currently evaluating this Executive Order and other related memoranda to determine what, if any, impact they might have on our previously announced DOE funding.
Section 45X of the Inflation Reduction Act
1 unchanged sentence
Treasury Department and the Internal Revenue Service issued final regulations implementing Section 45X of the Inflation Reduction Act, which provide guidance on rules taxpayers must satisfy to qualify for the tax credit.
−Removed: The government has incentivized the production of aluminum by offering a tax credit equal to 10% of eligible domestic production costs.
−Removed: Based on the final regulations, we have recognized a receivable and corresponding offset to cost of
−Removed: goods sold and selling, general and administrative expenses.
−Removed: Any changes to the final regulations could result in a subsequent adjustment to the estimated credit as of March 31, 2025.
+Added: The government has incentivized the production of aluminum by offering a tax credit equal to 10% of eligible
+Added: domestic production costs.
+Added: Based on the final regulations, we have recognized a receivable and corresponding offset to cost of goods sold and selling, general and administrative expenses.
+Added: Any changes to the final regulations could result in a subsequent adjustment to the estimated credit as of June 30, 2025.
+Added: President Trump signed Public Law No:
+Added: 119-21, the One Big Beautiful Bill Act (the "Act") into law on July 4, 2025, which marks the date of enactment for the tax provisions included in the Act.
+Added: The Act removed the exemption for critical minerals related to the phase out of the advanced manufacturing production tax credit under Internal Revenue Code Section 45X of the Inflation Reduction Act of 2022 and final regulations issued in October of 2024.
+Added: Under the Act, beginning in 2031, the amount of the tax credit will be reduced by 25% each year and reduced to 0% in 2034.
Acquisition of 55% interest in Jamalco
4 unchanged sentences
Jamalco has alumina production capacity of approximately 1.4 million tonnes.
−Removed: We recognized a bargain purchase gain of $245.9 million in connection to the acquisition within the Consolidated Statements of Operations for the three months ended March 31, 2024.
+Added: We recognized a bargain purchase gain of $245.9 million in connection to the acquisition within the Consolidated Statements of Operations for the six months ended June 30, 2024.
Jamalco Equipment Failure
3 unchanged sentences
Despite returning the equipment to full capacity as of the end of October 2023, we continued to see some inefficiencies into the first quarter of 2024.
−Removed: We are actively engaged with our insurance carriers in connection with the equipment failure to determine the specific amount of coverage available to us, including any applicable deductibles.
+Added: We are engaged with our insurance carriers in connection with the equipment failure to determine the specific amount of coverage available to us, including any applicable deductibles.
Pricing of Aluminum
10 unchanged sentences
Derivatives and risks associated with such financial contracts are disclosed specifically in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
−Removed: We saw an increase in the pricing of aluminum through the first quarter of 2025.
−Removed: The significant MWP change was driven by an increase to the Section 232 tariff rate for imported primary aluminum from 10% to 25% effective March 12, 2025.
−Removed: The following table summarizes the average price for primary aluminum per tonne for the three months ended March 31, 2025 and 2024.
−Removed: Three months ended
−Removed: ($ per tonne) March 31, 2025 March 31, 2024
+Added: We saw an increase in the pricing of aluminum through the second quarter of 2025 attributable to MWP.
+Added: The average MWP continued to increase due to the additional increase in Section 232 tariff rate for imported primary aluminum from 25% to 50% effective June 4, 2025.
+Added: The MWP price has recently been at historically high levels and may change rapidly based on factors beyond our control, including changes in tariff policies, changes in supply in the U.S market, and other factors.
+Added: The following table summarizes the average price for primary aluminum per tonne for the three months ended June 30, 2025 and March 31, 2025 and for the six months ended June 30, 2025 and 2024.
+Added: Three months ended Six months ended
+Added: ($ per tonne) June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024
Average LME $ 2,447 $ 2,631 $ 2,538 $ 2,360
2 unchanged sentences
Results of Operations
−Removed: The following discussion for the three months ended March 31, 2025 reflects no change in production capacities as compared to the three months ended December 31, 2024.
+Added: The following discussion for the three and six months ended June 30, 2025 reflects no change in production capacities.
Our net sales are impacted primarily by the LME price for aluminum, regional and value-added premiums, and the volume and product mix of aluminum we ship during the period.
16 unchanged sentences
The alumina price is influenced by a number of factors, including global supply-demand balance, natural disasters and weather events, and other factors outside of our control.
−Removed: Additionally, with our acquisition of a 55% interest in Jamalco, we secured a predictable, long-term supply of alumina and achieved increased transparency and control of our supply chain.
+Added: Additionally, with our acquisition of a 55% interest in Jamalco, we secured a long-term supply of alumina and achieved increased transparency and control of our supply chain.
In general, our results reflect the market cost of alumina on an approximately three-month lag reflecting the terms of our alumina contracts and inventory levels.
−Removed: Quarter ended Three months ended
+Added: Quarter ended Six months ended
Sequential Year-to-date
−Removed: March 31, 2025 December 31, 2024 March 31, 2025 March 31, 2024
+Added: June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024
Related parties $ 367.6 $ 378.7 $ 746.3 $ 639.2
6 unchanged sentences
Bargain purchase gain — — — 245.9
−Removed: Income tax expense (1.6) (0.2) (1.6) (0.5)
−Removed: Net income 25.7 40.4 25.7 244.7
+Added: Income tax benefit (expense) 1.3 (1.6) (0.3) (1.0)
+Added: Net (loss) income (9.1) 25.7 16.6 238.0
Net loss attributable to noncontrolling interests (4.5) (4.0) (8.5) (6.3)
−Removed: Net income attributable to Century stockholders 29.7 45.2 29.7 246.8
+Added: Net (loss) income attributable to Century stockholders (4.6) 29.7 25.1 244.3
SHIPMENTS - PRIMARY ALUMINUM (1)
9 unchanged sentences
93,805 $ 266.5 74,103 $ 185.8 167,908 $ 452.3
+Added: 97,602 258.1 77,025 189.5 174,627 447.6
(1) Excludes scrap aluminum sales, purchased aluminum and alumina sales.
−Removed: Net sales increased by $3.0 million for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, primarily driven by realized LME and regional price premiums of $35.6 million and favorable volume and sales mix of $11.3 million, partially offset by a decrease in third-party alumina sales of $44.5 million.
−Removed: Net sales increased by $144.4 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily driven by favorable realized LME and regional price premiums of $91.1 million and an increase in third-party alumina sales of $58.0 million, partially offset by unfavorable volume and sales mix of $4.7 million.
−Removed: Gross profit decreased by $5.7 million for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, primarily attributable to unfavorable raw material price realization of $25.7 million, unfavorable power price realization of $22.2 million, partially offset by favorable realized LME and regional price premiums of $35.6 million.
−Removed: Gross profit increased by $44.1 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to favorable metal price realization of $63.5 million, favorable regional price realization of $27.6
−Removed: million, partially offset by higher power price realization of $26.7 million and higher operating expenses of $20.3 million including labor costs associated with higher headcounts, increased maintenance costs, and ramp up expenses for the completed Grundartangi casthouse.
+Added: Net sales decreased by $5.8 million for the three months ended June 30, 2025, compared to the three months ended March 31, 2025, primarily driven by a decrease in third-party alumina sales of $38.6 million, partially offset by favorable volume and sales mix of $21.1 million and realized LME and regional price premiums of $11.1 million.
+Added: Net sales increased by $211.7 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by favorable realized LME and regional price premiums of $174.5 million, favorable volume and sales mix of $26.4 million and an increase in third-party alumina sales of $11.6 million.
+Added: Gross profit decreased by $24.4 million for the three months ended June 30, 2025, compared to the three months ended March 31, 2025, primarily attributable to unfavorable raw material price realization of $23.9 million and unfavorable other costs of $12.1 million including increased maintenance costs and potlining expenses, partially offset by favorable realized LME and regional price premiums of $11.1 million and favorable power price realization of $5.8 million.
+Added: Gross profit increased by $59.9 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to favorable metal price realization of $174.5 million and $17.3 million attributable to the IRA Section 45X credit, partially offset by higher power price realization of $44.2 million, unfavorable raw material price realization of $43.4 million and higher other costs of $41.5 million including labor costs associated with higher headcounts, increased maintenance costs, and ramp up expenses for the completed Grundartangi casthouse.
Selling, general and administrative expenses
−Removed: Selling, general and administrative expenses decreased by $2.3 million for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, primarily driven by decreased share-based compensation costs, partially offset by annual incentive compensation during the period.
−Removed: Selling, general and administrative expenses decreased by $1.6 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily driven by a decrease in share-based compensation costs.
−Removed: Net gain (loss) on forward and derivative contracts - nonaffiliates
−Removed: Net gain (loss) on forward and derivative contracts - nonaffiliates decreased by $8.1 million for the three months ended March 31, 2025, compared to the three months ended December 31, 2024.
−Removed: The difference was primarily driven by fluctuations in the forward prices and volume of contracts settled.
−Removed: Net gain (loss) on forward and derivative contracts - nonaffiliates decreased by $8.8 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.
−Removed: The difference was primarily driven by fluctuations in the forward prices and volume of contracts settled.
−Removed: Net gain (loss) on forward and derivative contracts - affiliates
−Removed: Net gain on forward and derivative contracts - affiliates was zero for the three months ended March 31, 2025, as there were no affiliated party contracts executed during the quarter, as compared to a net loss of $0.1 million for the three months ended December 31, 2024.
−Removed: We realized a net gain of $4.0 million for the three months ended March 31, 2024, primarily driven by unrealized gains on LME hedges.
+Added: Selling, general and administrative expenses increased by $1.5 million for the three months ended June 30, 2025, compared to the three months ended March 31, 2025, primarily driven by increased share-based compensation costs and professional services.
+Added: Selling, general and administrative expenses remained relatively consistent for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
+Added: Net (loss) gain on forward and derivative contracts - nonaffiliates
+Added: Net (loss) gain on forward and derivative contracts - nonaffiliates decreased by $10.2 million for the three months ended June 30, 2025, compared to the three months ended March 31, 2025.
+Added: The difference was primarily driven by fluctuations in the forward prices.
+Added: Net (loss) gain on forward and derivative contracts - nonaffiliates decreased by $21.9 million to a loss of $21.0 million f or the six months ended June 30, 2025 as compared to a gain of $0.9 million for the six months ended June 30, 2024.
+Added: The difference was primarily driven by fluctuations in the forward prices.
+Added: Net (loss) gain on forward and derivative contracts - affiliates
+Added: Net (loss) gain on forward and derivative contracts - affiliates was zero for the three months ended June 30, 2025 and March 31, 2025,.as there were no related party contracts executed during either period.
+Added: We realized a net gain of $2.5 million for the six months ended June 30, 2024, primarily driven by unrealized gains on LME hedges.
Bargain purchase gain
We finalized the purchase accounting as of March 31, 2024 related to the acquisition of General Alumina Holdings Limited and subsidiaries, which was acquired on May 2, 2023.
−Removed: We recognized a bargain purchase gain of $245.9 million for the three months ended March 31, 2024.
−Removed: Income tax expense
−Removed: Income tax expense increased to $1.6 million for the three months ended March 31, 2025, compared to $0.2 million for the three months ended December 31, 2024, primarily driven by changes in the jurisdictional mix of earnings on a quarter-over-quarter basis.
−Removed: Income tax expense increased to $1.6 million for the three months ended March 31, 2025, compared $0.5 million for the three months ended March 31, 2024, primarily driven by changes in the jurisdictional mix of earnings on a year-over-year basis.
+Added: We recognized a bargain purchase gain of $245.9 million for the six months ended June 30, 2024.
+Added: Income tax benefit (expense)
+Added: Income tax changed to a $1.3 million benefit for the three months ended June 30, 2025, compared to $1.6 million expense for the three months ended March 31, 2025, primarily driven by changes in the jurisdictional mix of earnings on a quarter-over-quarter basis.
+Added: Income tax expense decreased to $0.3 million for the six months ended June 30, 2025, compared to $1.0 million for the six months ended June 30, 2024, primarily driven by changes in the jurisdictional mix of earnings on a year-over-year basis.
Income Taxes to the consolidated financial statements included herein for additional information.
6 unchanged sentences
We believe that cash provided from operations and financing activities will be adequate to cover our operations and business needs over the next twelve months.
−Removed: As of March 31, 2025, we had cash and cash equivalents of approximately $44.9 million and unused availability under our revolving credit facilities of $294.2 million, after consideration of our outstanding
−Removed: borrowings and letters of credit.
−Removed: Our cash and cash equivalents and unused availability under our revolving credit facilities comprise our liquidity position, which was $339.1 million as of March 31, 2025.
+Added: As of June 30, 2025, we had cash and cash equivalents of approximately $40.7
+Added: million and unused availability under our revolving credit facilities of $321.8 million , after consideration of our outstanding borrowings and letters of credit.
+Added: Our cash and cash equivalents and unused availability under our revolving credit facilities comprise our liquidity position, which was $362.5 million as of June 30, 2025.
We may borrow and make repayments under our revolving credit facilities in the ordinary course based on a number of factors, including the timing of payments from our customers and payments to our suppliers.
8 unchanged sentences
The dividend and distribution limitations are applicable to certain of our subsidiaries only in the case of an event of default or failure to comply with certain financial covenants.
−Removed: As of March 31, 2025, we and our subsidiaries were in compliance with all such covenants or maintained availability above such covenant triggers.
−Removed: Debt to the consolidated financial statements included herein for additional information on our debt.
+Added: As of June 30, 2025, we and our subsidiaries were in compliance with all such covenants or maintained availability above such covenant triggers.
+Added: On July 22, 2025, we completed the issuance of $400 million of Senior Secured Notes due 2032 (the "2032 Notes").
+Added: We also amended our U.S.
+Added: Credit Facility to, among other things, extend the maturity date to July 22, 2030.
+Added: With proceeds of the 2032 Notes, we redeemed the 2028 Notes at a redemption price of 101.875% and intend to use the balance of the proceeds from the 2032 Notes issuance to pay down our existing credit facilities.
+Added: Debt and Note 16.
+Added: Subse q uent Events to the consolidated financial statements included herein for additional information on our debt.
Available Cash
−Removed: Our available cash and cash equivalents balance at March 31, 2025 was $44.9 million compared to $32.9 million at December 31, 2024.
+Added: Our available cash and cash equivalents balance at June 30, 2025 was $40.7 million compared to $32.9 million at December 31, 2024.
Sources and Uses of Cash
Our statements of cash flows are summarized below:
−Removed: Three months ended March 31,
+Added: Six months ended June 30,
(in millions) 2025 2024
3 unchanged sentences
Change in cash, cash equivalents and restricted cash $ 7.8 $ (47.5)
−Removed: The increase in net cash provided by operating activities during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to lower cash outflows from accounts payable associated with the timing of payments for alumina, partially offset by lower cash inflows from accounts receivable from sales of aluminum and alumina.
−Removed: The decrease in net cash used in investing activities during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher prior year expenditures related to the Grundartangi casthouse project completed in the second quarter of 2024.
−Removed: The change in net cash used in financing activities during the three months ended March 31, 2025 compared to net cash provided by financing activities in the three months ended March 31, 2024 was primarily due to net repayments on our revolving credit facilities and repayments on our Grundartangi Casthouse Facility.
+Added: The change in net cash provided by operating activities during the six months ended June 30, 2025 compared to net cash used in operating activities for the six months ended June 30, 2024 was primarily due to lower cash outflows from accounts payable associated with the timing of payments for alumina and higher cash inflows from inventories attributable to higher shipments in the current period, partially offset by lower cash inflows from accounts receivable associated with higher realized prices of outstanding receipts from sales of aluminum and alumina.
+Added: The decrease in net cash used in investing activities during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to higher proceeds from our joint venture partner to fund the construction of co-tenancy assets.
+Added: The change in net cash used in financing activities during the six months ended June 30, 2025 compared to net cash provided by financing activities in the six months ended June 30, 2024 was primarily due to net repayments on our revolving credit facilities and repayments on our Grundartangi Casthouse Facility.
+Added: Share Repurchase Program
+Added: In 2011, our Board of Directors approved a $60.0 million common stock repurchase program and subsequently increased this program by $70.0 million in the first quarter of 2015.
+Added: Under the program, Century is authorized to repurchase up to $130.0 million of our outstanding shares of common stock, from time to time, on the open market at prevailing market prices, in block trades or otherwise.
+Added: The timing and amount of any shares repurchased will be determined by our management based on its evaluation of market conditions, the trading price of our common stock and other factors.
+Added: We made no repurchases during the three months ended June 30, 2025 or during the years ended 2024, 2023, and 2022.
+Added: As of June 30, 2025, we had $43.7 million remaining under the repurchase program authorization.
+Added: The repurchase program may be expanded, suspended or discontinued by our Board, in its sole discretion, at any time.
+Added: Capital Resources and Commitments
+Added: We intend to finance our future capital expenditures from available cash, cash flows from operations and if necessary, borrowing under our existing revolving credit facilities.
+Added: For major investment projects we would likely seek financing from various capital and loan markets and may potentially pursue the formation of strategic alliances.
+Added: We may be unable, however, to issue additional debt or equity securities, or enter into other financing arrangements on attractive terms, or at all, due to a number of factors including a lack of demand, unfavorable pricing, poor economic conditions, unfavorable interest rates, or our financial condition or credit rating at the time.
+Added: Future uncertainty in the U.S.
+Added: and international markets and economies may adversely affect our liquidity, our ability to access the debt or capital markets and our financial condition.
+Added: On January 10, 2025, the Company entered into a Cooperative Agreement with the DOE’s Office of Clean Energy Demonstrations for up to $500 million in IRA funding.
+Added: With the help of this funding, we plan to build the first new U.S.
+Added: primary aluminum smelter in 50 years at a site within the Ohio/Mississippi River Basins.
+Added: Capital expenditures paid for the six months ended June 30, 2025 were $45.0 million.
+Added: We estimate our total capital spending in 2025 will be approximat ely $70 to $80 million, related to our ongoing investment and sustainability projects at our plants.
+Added: This amount includes $40 million, representing investments in our Jamalco facility.
+Added: We have certain legal commitments, including obligations related to retiree medical benefits, pension contributions, power supply contracts, and labor agreements.
+Added: These include a settlement agreement for retiree medical benefits requiring annual payments, a pension contribution commitment through 2025, and power supply arrangements with terms extending through 2028.
+Added: Additionally, we have contingent obligations based on the LME price of primary aluminum and the level of Hawesville's operations, which are currently offset by a derivative asset.
+Added: We are also a defendant in several actions relating to various aspects of our business.
+Added: While it is impossible to predict the ultimate disposition of any litigation, we do not believe that any of these lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or liquidity.
+Added: Commitments and Contingencies to the consolidated financial statements included herein for additional information.
Supplemental Guarantor Financial Information
The Company has filed a Registration Statement on Form S-3 (the "Universal Shelf Registration Statement") with the SEC pursuant to which the Company may, from time to time, offer an indeterminate amount of securities, which may include securities that are guaranteed by certain of the Company's subsidiaries.
−Removed: As of March 31, 2025, we have not issued any debt
−Removed: securities pursuant to the Universal Shelf Registration Statement.
+Added: As of June 30, 2025, we have not issued any debt securities pursuant to the Universal Shelf Registration Statement.
However, any securities that we may issue in the future may limit our ability, and the ability of certain of our subsidiaries, to pay dividends or make distributions in respect of capital stock.
10 unchanged sentences
The Company’s or Guarantors’ amounts due from, amounts due to, and transactions with the Non-Guarantor Subsidiaries s are disclosed below:
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Current assets $ 452.1 $ 414.0
2 unchanged sentences
Non-current liabilities 506.9 490.4
−Removed: Three months ended March 31, 2025
+Added: Six months ended June 30, 2025
Net sales $ 992.5
2 unchanged sentences
Net income 25.1
−Removed: As of March 31, 2025 and December 31, 2024, an intercompany receivable due to the Company and Guarantors from the Non-Guarantor Subsidiaries totaled $46.3 million and $40.4 million, respectively, and an intercompany non-current loan due to the Company from the Non-Guarantor Subsidiaries totaled $365.2 million and $358.1 million, respectively.
−Removed: Share Repurchase Program
−Removed: In 2011, our Board of Directors approved a $60.0 million common stock repurchase program and subsequently increased this program by $70.0 million in the first quarter of 2015.
−Removed: Under the program, Century is authorized to repurchase up to $130.0 million of our outstanding shares of common stock, from time to time, on the open market at prevailing market prices, in block trades or otherwise.
−Removed: The timing and amount of any shares repurchased will be determined by our management based on its evaluation of market conditions, the trading price of our common stock and other factors.
−Removed: We made no repurchases during the three months ended March 31, 2025 or during the years ended 2024, 2023, and 2022.
−Removed: As of March 31, 2025, we had $43.7 million remaining under the repurchase program authorization.
−Removed: The repurchase program may be expanded, suspended or discontinued by our Board, in its sole discretion, at any time.
−Removed: Capital Resources and Commitments
−Removed: We intend to finance our future capital expenditures from available cash, cash flows from operations and if necessary, borrowing under our existing revolving credit facilities.
−Removed: For major investment projects we would likely seek financing from various capital and loan markets and may potentially pursue the formation of strategic alliances.
−Removed: We may be unable, however, to issue additional debt or equity securities, or enter into other financing arrangements on attractive terms, or at all, due to a number of factors including a lack of demand, unfavorable pricing, poor economic conditions, unfavorable interest rates, or our financial condition or credit rating at the time.
−Removed: Future uncertainty in the U.S.
−Removed: and international markets and economies may adversely affect our liquidity, our ability to access the debt or capital markets and our financial condition.
−Removed: On January 10, 2025, the Company entered into a Cooperative Agreement with the DOE’s Office of Clean Energy Demonstrations for up to $500 million in IRA funding.
−Removed: With the help of this funding, we plan to build the first new U.S.
−Removed: primary aluminum smelter in 50 years at a site within the Ohio/Mississippi River Basins.
−Removed: Capital expenditures paid for the three months ended March 31, 2025 were $21.2 million.
−Removed: We estimate our total capital spending in 2025 will be approximately $70 to $80 million, related to our ongoing investment and sustainability projects at our plants.
−Removed: This amount includes $40 million, representing investments in our Jamalco facility.
−Removed: We have certain legal commitments, including obligations related to retiree medical benefits, pension contributions, power supply contracts, and labor agreements.
−Removed: These include a settlement agreement for retiree medical benefits requiring annual payments, a pension contribution commitment through 2025, and power supply arrangements with terms extending through 2028.
−Removed: Additionally, we have contingent obligations based on the LME price of primary aluminum and the level of Hawesville's operations, which are currently offset by a derivative asset.
−Removed: We are also a defendant in several actions relating to various aspects of our business.
−Removed: While it is impossible to predict the ultimate disposition of any litigation, we do not believe that any of these lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or liquidity.
−Removed: Commitments and Contingencies to the consolidated financial statements included herein for additional information.
+Added: As of June 30, 2025 and December 31, 2024, an intercompany receivable due to the Company and Guarantors from the Non-Guarantor Subsidiaries totaled $33.6 million and $40.4 million, respectively, and an intercompany non-current loan due to the Company from the Non-Guarantor Subsidiaries totaled $372.6 million and $358.1 million, respectively.
Quantitative and Qualitative Disclosures about Market Risk
See "Quantitative and Qualitative Disclosures of Market Risks" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
−Removed: As of March 31, 2025, there have been no material changes in this information.
+Added: As of June 30, 2025, there have been no material changes in this information.
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.