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    Century hopes to reopen its Ravenswood smelter despite loses

  • China Aluminium Network
  • Post Time: 2014/2/25
  • Click Amount: 494

    Despite a loss of $40.3 million the previous year, Century Aluminum still has hopes of reopening its Ravenswood smelter, said the company in a financial statement.

    Century Aluminum lost a sum of $9.7 million in the last 3 months of 2013, according to the financial statement released. The statement also talked about the company paying $8.4 million to its last chief executive officer, Logan Kruger.

    The company lost around $6.9 million during 2012’s fourth quarter.

    "We remain absolutely and resolutely committed to reopening our smelter at Ravenswood, West Virginia, and are working hard on a number of processes to this end," Century stated in its annual report.

    Randy Moore, sub-district director for the United Steelworkers of America in West Virginia, said, "That is what they keep telling us. But nothing really takes place.

    "We still have the situation with the retirees. We still need a power deal and we still need aluminum prices to improve," Moore said. "But I'm glad to hear that."

    Century shut down its Ravenswood plant in February 2009 and 651 employees had to lose their jobs.

    In order to make Century Aluminium reopen Ravenswood smelter, West Virginia legislators as well as State Public Service Commission, as an incentive package in October agreed to let the company pay less for their electricity power.

    Century officials had rejected the deal considering it not very beneficial. But they still wanted to find out a deal suitable for everyone.

    In its annual report, Century said it is making efforts to get a favorable arrangement for electric power, reducing electricity costs, in order to keep its aluminium plant in Mt. Holly, S.C. open.

    "Likewise in Iceland, we continue to work with numerous constituencies to seek a way forward for the Helguvik project," the report stated.

    Michael Bless, Century's president and chief executive officer, said, "The last several months closed out what we believe was successful and forward-looking year for Century."

    According to its filing with Federal Securities and Exchange Commission, the company reported improved economic conditions earlier this year.

    During 2013’s first quarter, Century reported a profit of $8.3 million, in comparison to a $4.4 million loss suffered during 2012’s first quarter.

    Source: http://www.alcircle.com
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