Century Aluminum Company - Interim information

Century Aluminum Reports Fourth Quarter 2014 Financial Results

CHICAGO, IL--(Marketwired - February 24, 2015) - Century Aluminum Company
(NASDAQ: CENX) reported net income of $61.8 million ($0.64 per common share)
for the fourth quarter of 2014. Results were positively impacted by $6.9
million ($0.07 per common share) for purchase accounting related to the
acquisition of the remaining 50.3% interest of Mt. Holly and negatively
impacted by $5.0 million ($0.05 per common share) in non-cash, non-recurring
pension charges and by $2.6 million ($0.03 per common share) related to the
separation of former senior executives. 

Sales for the fourth quarter of 2014 were $551.2 million compared with $401.2
million for the fourth quarter of 2013. Shipments of primary aluminum for the
fourth quarter of 2014 were 226,082 tonnes compared with 216,755 tonnes shipped
in the fourth quarter of 2013. 

For the fourth quarter of 2013, Century reported a net loss of $9.7 million
($0.11 per common share). Cost of sales for the fourth quarter of 2013 included
a benefit of $16.6 million related to deferred power contract liability
amortization and $9.0 million for lower inventory costs. Results also included
an $8.4 million charge related to the separation of our former chief executive
officer. 

For full year 2014, the company reported net income of $112.5 million ($1.16
per common share). Results were positively impacted by a benefit of $5.5
million related to power contract amortization, an unrealized gain of $1.4
million, primarily related to an LME-based contingent obligation and by $6.9
million for purchase accounting related to the acquisition of the remaining
50.3% interest of Mt. Holly. Results were negatively impacted by $5.0 million
in non-cash, non-recurring pension charges, $3.6 million for litigation related
items and by $2.6 million related to the separation of former senior
executives. 

Sales for the year ended December 31, 2014 were $1,931.0 million compared with
$1,454.3 million for 2013. Shipments of primary aluminum for 2014 were 867,125
tonnes compared with 764,598 tonnes for 2013 period. 

For 2013, Century reported a net loss of $40.3 million ($0.45 per common
share). Results were positively impacted by a $31.0 million benefit for
deferred power contract liability amortization, $2.2 million in litigation
items and an unrealized gain of $16.8 million, primarily related to an
LME-based contingent obligation. In addition, the company recorded a gain on
bargain purchase of $5.3 million related to the Sebree acquisition. Results for
2013 were negatively impacted by relocation costs of $5.8 million, a loss on
early extinguishment of debt of $3.3 million and an $8.4 million charge related
to the separation of our former chief executive officer. "The global macro environment continues to be buffeted by volatile and
unpredictable forces," commented Michael Bless, President and Chief Executive
Officer. "Myriad geopolitical developments continue to weigh on the price of
risk assets, including base metals. In addition, the rapid decline in the value
of crude and other major fossil fuels, while producing a meaningful reduction
in the price of electric power, has further weighed on sentiment toward
industrial commodities. Lastly, the uncertain pace of near-term economic
activity in China continues to provide an overhang. All this said, trading
conditions in our markets remain reasonably attractive. The fundamentals that
should drive market conditions over the long-term, most specifically an
attractive demand growth profile, remain firmly in place. It is thus incumbent
on us to continue to manage our business on a balanced basis through the
present uncertainties.""We've had a productive last few months at Century," continued Mr. Bless. "In
early December we completed the acquisition of the remaining interest in the
Mt. Holly smelter. Having now had a closer look, we have confirmed our
long-held opinion of the high quality of the management team and employees, and
the production and management processes they employ. We are now focused on the
significant transition activities, largely in the area of ERP and other
systems, which must be completed during the balance of this year. In addition,
our recently started value-added product lines at Sebree and Grundartangi are
now producing at full capacity."

Mr. Bless concluded, "We have a lot on our plates over the next few months. We
are redoubling our efforts on our key safety initiatives; safety performance,
while adequate, has been far from the continuous improvement we demand. At Mt.
Holly, we are very focused on achieving a post-2015 power arrangement that will
support the operation of and investment in this plant over the long term. We
will be conducting in-depth negotiations over labor contracts at both
Hawesville and Grundartangi. Last, we hope to be nearing a solution for a power
contract that will enable us to restart the Ravenswood smelter."

About Century Aluminum

Century Aluminum Company owns primary aluminum capacity in the United States
and Iceland. Century's corporate offices are located in Chicago, IL. Visit
www.centuryaluminum.com for more information. 

Certified Advisors for the First North market of the OMX Nordic Exchange
Iceland hf. for Global Depositary Receipts in Iceland: 

Atli B. Gudmundsson, Senior Manager -- Corporate Finance, Landsbankinn hf.

Steingrimur Helgason, Director -- Corporate Finance, Landsbankinn hf.

Cautionary Statement

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are statements about future events and are based on
our current expectations. These forward-looking statements may be identified by
the words "believe,""expect,""hope,""target,""anticipate,""intend,""plan,""seek,""estimate,""potential,""project,""scheduled,""forecast" or
words of similar meaning, or future or conditional verbs such as "will,""would,""should,""could,""might," or "may." Our forward-looking statements
include, without limitation, statements with respect to: future global and
local financial and economic conditions; our assessment of the aluminum market
and aluminum prices (including premiums); the future financial and operating
performance of the Company, its subsidiaries and its projects; future earnings,
operating results and liquidity; future inventory, production, sales, cash
costs and capital expenditures; our business objectives, strategies and
initiatives, the growth of our business (including with respect to production
and production capacity) and our competitive position and prospects; our
ability to access existing or future financing arrangements; our ability to
successfully manage transmission issues and market power price risk and to
control or reduce power costs; our assessment of power pricing and our ability
to successfully obtain and/or implement long-term competitive power
arrangements for our operations and projects, including at Mt. Holly and
Ravenswood; our ability to successfully produce value-added products at our
smelters; future construction investment and development, including at the
Helguvik Project, the restart of the second baking furnace at Vlissingen and
our expansion project at Grundartangi, including our discussions regarding
securing sufficient amounts of power, future capital expenditures, the costs of
completion or cancellation, timing, production capacity and sources of funding;
our ability to derive benefit from acquisitions, including the acquisitions of
our Mt. Holly and Sebree smelters, and to successfully integrate these
operations with the rest of our business; and tour plans with respect to
restarting operations at our Ravenswood smelter. 

Where we express an expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to have a
reasonable basis. However, our forward-looking statements are based on current
expectations and assumptions that are subject to risks and uncertainties which
may cause actual results to differ materially from future results expressed,
projected or implied by those forward-looking statements. Important factors
that could cause actual results and events to differ from those described in
such forward-looking statements can be found in the risk factors and
forward-looking statements cautionary language contained in our Annual Report
on Form 10-K, quarterly reports on Form 10-Q and in other filings made with the
Securities and Exchange Commission. Although we have attempted to identify
those material factors that could cause actual results or events to differ from
those described in such forward-looking statements, there may be other factors
that could cause results or events to differ from those anticipated, estimated
or intended. Many of these factors are beyond our ability to control or
predict. Given these uncertainties, the reader is cautioned not to place undue
reliance on our forward-looking statements. We undertake no obligation to
update or revise publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise.

Attachments:

CENTURYALUMINUM_8K_20150224.PDF