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.
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.
SOURCE Century Aluminum