Century Aluminum produces primary aluminum at smelters in the U.S. and Iceland, and is the largest domestic U.S. primary aluminum producer at roughly 60% of total U.S. output. Century operates three smelters: Grundartangi in Iceland (320,000 tpy capacity, powered by hydro and geothermal energy), Sebree in Kentucky (220,000 tpy), and Mt. Holly in South Carolina (230,000 tpy, currently ramping to full capacity). Century also owns a 55% stake in Jamalco, a bauxite mining and alumina refining operation in Jamaica, and a carbon anode production facility in the Netherlands. Century sells primarily to a small number of industrial customers and commodity traders; Glencore, which also owns roughly 36% of Century's common stock, accounted for about 54% of FY25 sales. Century's realized aluminum price is made up of the LME base price, a regional premium (the Midwest Premium in the U.S.), and a value-added product premium on billet and foundry alloy. Key cost inputs are electricity and alumina. Century's U.S. operations benefit from Section 232 tariffs on aluminum imports (currently 50%), which raise the Midwest Premium and insulate Century from foreign competition, and from Section 45X production tax credits, which generate roughly $70M–$80M in annual cash inflows at current production levels. Century is pursuing two capacity growth initiatives: completing the Mt. Holly restart to full production by mid-2026, and developing a greenfield smelter in Oklahoma in a JV with Emirates Global Aluminium, targeting 750,000 tpy of capacity.