Century Aluminum Q2 soars to $23.99 mil from $5.15 mil on year

Sales in the second quarter were $366.3 million, up from with $287.9 million in Q2 2010, the company said in a statement.

Shipments of primary aluminum for the quarter totaled 151,483 mt versus 144,580 mt in the year-ago quarter, Monterey, California-based Century said.

"Aluminum market conditions have remained generally stable during the last few months," commented Logan Kruger, Century's president and CEO. "In the developed economies, we continue to see demand reasonably in balance with supply. In China, Brazil and other developing markets, the pace of growth continues at robust levels. The long-term trends of constrained supply and escalating costs continue to be reinforced."

Kruger said that more broadly, "the well-published macro-economic issues, in both developed and developing markets, constitute risks that are difficult to quantify. Short of any of these concerns manifesting themselves in the form of real crises, we remain constructive on the aluminum market over the medium term."

At its Hawesville, Kentucky, aluminum smelter, Century is focused on returning smelter "to the trajectory we anticipated earlier this year. The issues facing the plant can all be remedied with qualified and determined leadership. Over the last thirty days, we have brought on board an able and experienced plant manager and have filled almost all of the previously vacant key operating and technical positions. The team has stabilized the operations and has now turned the corner toward reinstituting the plan to achieve full operating capacity for five lines, which we believe we will reach by the end of the year."

Elsewhere, Century's Grundartangi smelter in Iceland "had an excellent quarter," said Kruger, with annualized shipment volume of 278,000 mt and "controllable costs in check." The Mt. Holly, South Carolina, smelter "is performing near its historically best-in-class levels," added Kruger.