CHICAGO, March 8, 2018 /PRNewswire/ -- President
Donald J. Trump today signed a Presidential Proclamation
implementing a 10% tariff on all primary aluminum imports into
the United States in order to stop
the flood of foreign metal that has been destroying the U.S.
aluminum industry and threatening our nation's national security.
Canada and Mexico will be given a temporary exemption
from the tariff pending negotiations.
Michael Bless, Century Aluminum
Company's (NASDAQ: CENX) President and Chief Executive Officer,
praised the President's determination:
"We strongly support today's signing of the Presidential
Proclamation by President Donald J.
Trump that will impose broad comprehensive relief to stop
the flood of aluminum imports into the
United States. President Trump's decisive action protects
thousands of American aluminum workers from countries that cheat
and puts U.S. national security first. We commend President Trump
for acting swiftly and boldly on the aluminum sec. 232 to save the
American aluminum industry."
Century Aluminum is the largest producer of primary aluminum in
the United States. The Company's Hawesville smelter, which currently operates
at 40% of capacity, is the last U.S. smelter operating that is
capable of producing high purity aluminum necessary for defense and
military applications.
"We look forward to working with Governor Matt Bevin and Kentucky's Economic Development Cabinet to
begin the process of restarting the idled potlines at our
Hawesville, Kentucky smelter,
bringing back nearly 300 new American jobs to Hancock County, and investing over
$100 million to restart and upgrade
the smelters technology," announced Mr. Bless. The Company expects
to provide additional details on the Hawesville restart in coming weeks.
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.
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: trade remedies to address
excess capacity or unfair trade practices, including, the extent to
which any such remedies are ultimately implemented, the final form
and type of any such trade remedy, the timing for implementation
and duration of any trade remedy and the future impact of any such
trade remedies to Century or the aluminum industry in general; the
future operation of our smelters, including plans to restart
curtailed production and any costs, benefits or actions associated
therewith; our ability to hire and retain qualified employees;
future global and local financial and economic conditions; our
assessment of the aluminum market and aluminum prices (including
premiums); our assessment of power pricing and our ability to
successfully obtain and/or implement long-term competitive power
arrangements for our operations and projects; our ability to
procure alumina, carbon products and other raw materials and our
assessment of pricing and costs and other terms relating thereto;
the future financial and operating performance of Century, its
subsidiaries and its projects; future earnings, operating results
and liquidity; our future business objectives, strategies and
initiatives.
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, investors are
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.
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SOURCE Century Aluminum