Century Aluminum Company (NASDAQ: CENX) has been selected by the U.S. Department of Energy (DOE) to receive up to $500 million in funding to build a new aluminum smelter as part of the Industrial Demonstrations Program. This funding aims to demonstrate commercial-scale decarbonization solutions and move energy-intensive industries toward net-zero while creating and maintaining high-quality jobs and reducing greenhouse gas emissions.
The project represents a major capital injection for the U.S. primary aluminum industry and is expected to double the size of the current industry, marking the first new U.S. primary aluminum smelter in 45 years. This historic investment will strengthen domestic supply chains for materials critical for the green energy transition, including electric vehicles, renewable-energy production and storage, building and construction, and sustainable packaging.
Century Aluminum plans to build the new smelter at a site within the Ohio/Mississippi river basins, creating more than 1,000 full-time jobs and over 5,500 construction jobs. The company also intends to collaborate with job training organizations and local technical colleges to recruit and train employees from the local community where the smelter is located.
Jesse Gary, CEO of Century Aluminum, expressed pride in the DOE's selection of the green aluminum smelter project and emphasized the project's alignment with the company's stakeholders' goals and aspirations.
Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products and is the largest producer of primary aluminum in the United States, with production facilities in Iceland, the Netherlands, and Jamaica. As a result of these announcements, the company's shares have moved 5.6% on the market, and are now trading at a price of $13.96. For the full picture, make sure to review Century Aluminum's 8-K report.
