Century Aluminum Restarts Iceland Line 2, Lifts Sales

The Tip Desk · November 8, 2026 · 2 min read

Net sales reached $961.2 million in the third quarter as shipments recovered after the Grundartangi restart, while the company guided fourth-quarter Adjusted EBITDA to $275 million to $300 million.

Century Aluminum Company (CENX) reported third-quarter 2026 net sales of $961.2 million, up $209.1 million from $752.1 million in the second quarter, as aluminum shipments rose to 173,483 tonnes from 130,632 tonnes. The company said the sequential sales increase was driven primarily by higher shipments after Line 2 at the Grundartangi, Iceland facility returned to near full production and by favorable realized metal prices.

Net income attributable to Century was $302.6 million, or $2.89 a share, compared with $249.3 million, or $2.39 a share, in the prior quarter. The company said the $53.3 million sequential increase in net earnings was primarily attributable to higher shipments from the Line 2 restart and favorable realized metal prices, partially offset by a lower gain on insurance proceeds related to Iceland equipment failure and unfavorable power-price realization due to extreme hot weather.

Iceland primary-aluminum shipments more than doubled to 75,300 tonnes from 35,575 tonnes, lifting Iceland sales to $316.9 million from $121.2 million. U.S. shipments were 98,183 tonnes versus 95,057 tonnes. Related-party net sales were $491.6 million; other-customer sales were $469.6 million. Gross profit was $302.9 million and operating income was $292.3 million.

Third-quarter results included $31.0 million of net exceptional items, in particular $34.5 million of unrealized gains on derivative instruments, net of tax, and a $12.7 million gain on insurance proceeds, net of tax, partially offset by $15.1 million related to equipment failures in Iceland, net of tax. Adjusted net income attributable to Century was $271.6 million, or $2.58 a share, up $14.3 million from $257.3 million, or $2.46 a share, in the second quarter.

Adjusted EBITDA attributable to Century was $331.6 million, up $4.7 million from $326.9 million. The company said the increase was mainly from favorable sales volume and mix and realized metal prices, offset by higher operating expenses and unfavorable power-price realization.

Liquidity at September 30, 2026 was $1,161.5 million, comprised of cash and cash equivalents of $713.0 million, restricted cash of $41.6 million, and $406.9 million in combined borrowing availability.

The company expects fourth-quarter 2026 Adjusted EBITDA to range between $275 million and $300 million.

Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica.