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Century Aluminum to Temporarily Idle Its Hawesville Smelter Due to Soaring Energy Prices; Issues WARN Notice to Employees
CHICAGO, June 22, 2022 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX), the largest producer of primary aluminum in the United States, has
About this update from Century Aluminum Company
[{"type":"text","content":"CHICAGO, June 22, 2022 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX), the largest producer of primary aluminum in the United States, has announced it will temporarily idle its smelter in Hawesville, Kentucky, as a direct result of skyrocketing energy costs. The smelter is expected to begin the idling process on Monday, June 27th. The company says it expects to idle operations for a period of approximately nine to twelve months until energy prices return to more normalized levels. Century continues to explore all available options to avoid the temporary curtailment. The Hawesville facility is the largest Century Aluminum smelter in the U.S. and the largest producer of military-grade aluminum in North America. It currently employs more than 600 workers, most of whom unfortunately received notice today under the WARN Act that they will be temporarily laid off. Century Aluminum is working with all of its employees and the local union to help identify unemployment support and training opportunities. Jesse Gary, the Company’s President and Chief Executive Officer, commented, “This unprecedented rise in global energy prices arising from the Russian war in Ukraine has dramatically increased the price of energy in the U.S. and around the globe. The power cost required to run our Hawesville, KY, facility has more than tripled the historical average in a very short period. Unfortunately, this makes it necessary to temporarily curtail operations for approximately nine to twelve months until energy prices return to more normalized levels. We are confident that energy prices will moderate in the next year and believe strongly in the future prospects of the Hawesville smelter given its recent performance and the continuing important role it plays in US national security. “Our dedicated and highly-skilled employees are like family to us, and we are saddened that the current energy crisis triggered by the war in Ukraine has forced us to take this action. We will work with all of our employees to help them identify local unemployment resources and training opportunities.” Given the unique circumstances at each of Century’s plants, the company does not have any current plans to idle any other facility. About Century Aluminum Company Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century's co...