Century Aluminum Company - Company Announcement (is)

- Century Aluminum Announces Equity Investment Impairment

MONTEREY, CA--(Marketwire - August 07, 2009) - Century Aluminum Company
(NASDAQ: CENX) today announced that it will record an equity investment
impairment charge of $73.2 million in the second quarter relating to the
recently agreed transfer of the Company's 50% ownership interests in Gramercy
Alumina LLC and St. Ann Bauxite Limited. 

As a result of this second quarter subsequent event transaction announced by
the Company on Tuesday, August 4, 2009, management undertook an evaluation to
determine the impact, if any, on the carrying amount of the equity investment
in the joint venture assets as of June 30, 2009. The Company has concluded that
the terms of the sales agreement provided indications of an impairment of the
equity investment in the joint ventures and, as a result, has performed an
impairment analysis to determine the appropriate carrying amount of these
assets as of quarter end. Based on the impairment analysis, the Company will
record a $73.2 million impairment charge in the three months ended June 30,
2009. 

This non-cash charge will be reflected in the June 30, 2009 financial
statements included in the Company's Quarterly Report on Form 10-Q, which is
expected to be filed on August 10, 2009. 

Century Aluminum Company owns primary aluminum capacity in the United States
and Iceland. Century's corporate offices are located in Monterey, California. 


Cautionary Statement 

This press release may contain "forward-looking statements" within the meaning
of U.S. federal securities laws. The company has based its forward-looking
statements on current expectations and projections about the future; however,
these statements are subject to risks, uncertainties and assumptions, any of
which could cause the company's actual results to differ materially from those
expressed in its forward-looking statements. More information about these
risks, uncertainties and assumptions can be found in the risk factors and
forward-looking statements cautionary language contained in the company's
Annual Report on Form 10-K and in other filings made with the Securities and
Exchange Commission. The company does not undertake, and specifically
disclaims, any obligation to revise any forward-looking statements to reflect
the occurrence of anticipated or unanticipated events or circumstances after
the date such forward-looking statements are made. 


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

Helga Gunnarsdottir, Director-Corporate Finance, NBI hf. 

Astros Vidarsdottir, Senior Manager-Corporate Finance, NBI hf. 



Contacts:

Media
Mike Dildine
831-642-9364

Investors
Shelly Lair
831-642-9357