Century Aluminum Company Announces Hawesville Labor Contract Extension and Provides Update on COVID-19 Response

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[{"type":"text","content":"CHICAGO, March 24, 2020 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) announced today that the company and United Steel Workers Local 9423 (which represents hourly employees at the company’s Hawesville, Kentucky smelter) have agreed to a one year extension of the labor contract set to expire on April 1, 2020. The extension was ratified by USW 9423 members on March 23, 2020.\n “We want to thank the representatives of the local and international unions for the partnership evident in this development,” commented Michael Bless, President and Chief Executive Officer. “We all share the clear focus on the health and welfare of our employees, their families and our communities, as well as on the importance of sustaining the operations of the plant; this dedication is consistent with the approach at all of our facilities.” Mr. Bless continued, “I would like to take this opportunity to comment briefly on the actions ongoing across the company during these extraordinary times. First and foremost, we have instituted temporary policies and practices at all of our facilities, aimed at keeping our employees and visitors healthy and safe. We have tailored best practices to address the unique requirements of a primary aluminum operation. The objective of these contingency plans is to preserve our ability to operate our facilities continuously in the context of the challenges in the current and prospective near- and mid-term environments. We are in constant contact with our suppliers and customers, and are thankful for their cooperation and partnership. The situation is obviously developing and we are remaining appropriately vigilant on all fronts. At this time we see no impediment to sustaining our ability to operate all of our plants.” “We have implemented a host of measures to lower our cost structure, further reducing the improved levels recently communicated,” concluded Mr. Bless. “In addition, we have taken actions to mitigate risk and increase liquidity during at least the short- and medium-term. We have ceased discretionary spending of all types (including capital spending), optimized our working capital (consistent with preserving prudent inventory levels during this time of uncertainty) and taken a number of other measures to decrease costs. The plants are being operated with the sole objectives of safety and sustainabilit...

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