Key Developments For Century Aluminum Co
Century Aluminum Co (CENX.O) (Nasdaq)
Century Aluminum Company To Transfer Gramercy, St Ann Stakes To Noranda Units-DJ
Dow Jones reported that Century Aluminum Company has reached an agreement to transfer its 50% stake in Gramercy Alumina LLC and St. Ann Bauxite Limited to subsidiaries of Noranda Aluminum Holding Corporation, which already holds the remaining interest. Noranda will then own 100% of Gramercy, a 1.2 million metric tons a year alumina refinery located in Louisiana, and the 4.8 million tons a year St. Ann bauxite operation in Jamaica.
Century Aluminum Company's Century Aluminum of Kentucky Reaches Agreement On Long Term Power Contract For Hawesville, KY Smelter
Century Aluminum of Kentucky, a wholly owned subsidiary of Century Aluminum Company announced that it has reached agreement on a new, long term power contract for the Company's Hawesville, Kentucky smelter. The agreement was reached after lengthy discussions with E.ON U.S. and Big Rivers Electric Corporation (Big Rivers). E.ON has agreed to help Century mitigate a significant portion of this risk during the near term. For a limited period, to the extent the Company does not use all the power under the take or pay contract, E.ON will, with some limitations, assume the Company's obligations. As part of this arrangement, E.ON will defer the payment of approximately $40 million which it had previously agreed to pay to the Company upfront and defer funding of an escrow account of approximately $40 million that would have been used to reduce the Company's power costs during the next several years. E.ON will now pay these amounts as and if the Company consumes power under the contract. At Hawesville's current production rate, the Company would receive the entirety of these economic benefits over approximately eighteen months. To the extent the aggregate risk mitigation and production payments made by E.ON exceed approximately $80 million, the Company would repay this excess to E.ON over time, but only if the LME aluminum price were to exceed certain thresholds.
Century Aluminum Company Unable To Complete Long-Term Power Contract For Hawesville, KY Smelter
Century Aluminum of Kentucky, a wholly owned subsidiary of Century Aluminum Company announced that due to unfavorable business conditions, it is unable at this time to move forward on a proposed new, long-term power contract for the Company's Hawesville, Kentucky smelter.
Brower Piven Announces Filing Of Class Action Lawsuit Against Century Aluminum Company Expanding Class Period
Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the common stock of Century Aluminum Company (Century Aluminum or the Company) during the period between April 24, 2008 and March 2, 2009, inclusive (the Class Period).
Johnson Bottini, LLP Files Class Action Lawsuit Against Century Aluminum Company And Seeks To Recover Losses
Century Aluminum Company announced that on March 17, 2009, Johnson Bottini, LLP (Johnson Bottini) filed a class action lawsuit (the Complaint) in the United States District Court for the Northern District of California on behalf of a class consisting of all persons who purchased or otherwise acquired the common stock of the Company, pursuant to and/or traceable to a materially false and misleading Registration Statement and Prospectus (collectively the Registration Statement) issued in connection with the Company's January 28, 2009 Secondary Offering (the Offering). The Complaint charges the Company, certain of the Company's executive officers and directors, and the underwriters of the Offering with violations of federal securities laws.
