Century Aluminum slash output, stock rallies

Century Aluminum Co. (NASDAQ:CENX) has exercised a 28% slash in output meanwhile it is also planning to curtail yet another production of around 200,000 tonnes on grounds of exceeding supply pushing prices below cash cost level of majority producers. Explore Commodity Online Mobile Services Century Aluminum Co. is engaged in producing aluminum. It got charged $24.3 million in the recent quarterly results on account of job and production cuts at Ravenswood and Hawesville facilities wherein the latter is now operating at an annual capacity of 200,000 tonnes/year. CEO of Century Aluminum Co. Wayne Hale told Reuters that a 50,000- tonne reduction is yet in pipe-line to be initiated in near future. CENX recently reported a loss of 52.35 in revenues year-over-year to $224.59 million. Analysts recommend to ‘Hold’ the stock and target an average price of 6.5. Century Aluminum Co. share however gained 30.94% at NASDAQ on Friday and touched a 52-week high of 80.52 and low of 1.04. It was last traded at 5.29.