Century Aluminum's Strategic Expansion Fuels Investor Confidence

Century Aluminum's dual-track strategy drives strong 2025 results, with a new US smelter planned and an accelerated restart in Iceland, supported by upheld Section 232 tariffs.

Century Aluminum Company is executing a dual-track growth strategy, combining aggressive domestic capacity expansion with the accelerated recovery of its international operations. The company's plans to build the first new primary aluminum smelter in the United States in nearly five decades, alongside a significantly expedited restart of its Icelandic facility, are reinforcing its competitive market position. Recent financial results demonstrate that these strategic moves are already creating a robust foundation for future performance.

Financial Strength and Operational Momentum

The company's operational successes are translating into a strengthened financial profile. For the full year 2025, Century Aluminum reported an adjusted EBITDA of $425.1 million, representing a near doubling from the prior year's figure of $244.2 million. A separate transaction further bolstered the balance sheet: the sale of the Hawesville site to TeraWulf for $200 million. Century Aluminum retains a 6.8% minority stake in the property, which is being repurposed as a data center campus.

This financial vigor is mirrored in the equity's performance. Shares recently posted a weekly gain of 15.69%, trading at €44.98 and hovering just below their 52-week high. Looking ahead, management has provided guidance for the first quarter of 2026, forecasting an adjusted EBITDA in the range of $215 to $235 million. For the full 2026 fiscal year, the company anticipates sales volume of 630,000 metric tons of aluminum, with planned capital expenditures (CapEx) estimated between $115 and $125 million, underscoring a commitment to disciplined growth investment.

Domestic Growth Anchored by Trade Policy

A pivotal factor supporting Century Aluminum's U.S. growth ambitions is the recent Supreme Court decision upholding the "Section 232" tariffs. As the processor of nearly 60% of the nation's primary aluminum, the company views the continuation of these trade measures as a validation of its domestic investment strategy.

This offensive includes substantial capacity increases at existing facilities. Production at the Mt. Holly site is slated to rise by over 50,000 tons by the second quarter of 2026. An even more ambitious project is the joint venture with Emirates Global Aluminium to construct a new greenfield smelter in Oklahoma. This facility is expected to double national production capacity, create more than 1,000 permanent jobs, and cement Century Aluminum's role as a technological leader within the U.S. industrial base.

Accelerated Recovery at International Operations

While focusing on North American expansion, the company is also making swift progress in restoring operations at its international site in Grundartangi, Iceland. Following a significant electrical fault in October 2025 that severely curtailed capacity, repair efforts are progressing ahead of schedule. Operations are now expected to recommence by the end of April 2026—approximately six months earlier than initially planned. The company is targeting a return to full capacity by the end of July 2026.

Together, these parallel initiatives in capacity building and operational recovery paint a picture of a company strategically positioning itself for long-term growth while maintaining a firm grip on its current financial and operational levers.