Glencore increases Century Aluminum stake slightly

Glencore converted some of its preferred shares in mid-sized US aluminium producer Century Aluminum into common stock worth about $200 000 at the end of 2015, boosting its stake slightly, a filing showed on Tuesday.

The Swiss trader and miner, which was already Century's largest shareholder, converted 456.38 convertible preferred shares into just over 45 000 common shares, taking its overall stake to 37.35-million common shares. The raises its stake to about 42.97%, up slightly from 42.91%.

Century's shares have plunged by about 85%, to around $4.30, over the past year as a global aluminium surplus and concerns about slowing economic growth in China, the world's top producer and consumer, have curtailed metal prices. Aluminium prices have lost about a quarter of their value since May last year and were around $1 460/t on Tuesday.

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