Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon. Thank you for attending today's Century Aluminum Company First Quarter 2023 Earnings Conference Call. All lines will be muted during the presentation portion of the call with an opportunity for question and answers at the end. [Operator Instructions]

I would now like to pass the conference over to our host, Peter Trpkovski, Vice President of Finance and Investor Relations with Century Aluminum, you may proceed.

Peter Trpkovski

operator. you, Thank and everyone, the call. conference Good welcome afternoon, to Senior Jesse President Executive our and I'm Shelly President joined Executive Treasurer. Century's by today Harrison, and Officer; Bialek, here Chief Finance Gary, Officer; Chief Financial President Vice of and and Vice Jerry After we'll comments, prepared your questions. our take

As with the as website of a www. a disclosing is Regulation company We centuryaluminum.com. material our today's on presentation about and means complying for use FD. reminder, information available at our website

to moment and a the take contained please one, slide respect statements to shown statement forward-looking in with non-GAAP review here Turning cautionary measures today's to discussion. financial

And the hand call with that, to I'll Jesse.

Jesse Gary

brief for reviewing will Jerry of take Pete exciting thanks quarter a market you before first then Thanks of results financial our the through of with mines. start new and a Jamalco today controlling performance finish joining. acquisition our to and a bauxite summary strong alumina discussion in refinery by I'll quickly everyone conditions. financial and the to I'll interest turning

conditions and three, further and first prices the with to from quarter slide in in improved LME for premiums reductions Europe levels, side aluminum driven both supply increasing QX by China. regional Turning market

QX. decreased quarter-over-quarter is an most improvement the same our time, paired good of locations. million, operators effort across which US results were EBITDA These $XX by over input results a costs tremendous These drove power of prices operating At $XX falling improving strong with largely enabled significantly. with our conditions market QX by million adjusted approximately

at their health which all first QX. and are of requirement and they delivered begins here I'd commend in Century. to important is at excellent foremost operations success performance core Century Safe stable with priority most safety, a operating and my our and colleagues for This like for

new implemented to levels a reaching to recordable we our improvement ultimate continue will for towards first from our environment, have still reduction XXXX incidents towards initiatives. injury-free when report We goal. in safety continued we room I'm an our goal and strive ultimate dedicated of pleased total remain While

welcome at Jamalco I'd where acquisition mines Xnd, colleagues new refinery operating to XX% in Clarendon, located partner. the we and the to like Century Finally, On in all bauxite we now the our May closed stake our alumina of team. of a Jamalco become Jamaica

largest Century has of it alumina long the that of location Jamalco our to in locations and strategic been to quality its one the of the high Atlantic. due customers close produces proximity smelter and the

and position rationale this return We expect are my to in of portfolio reduce forward. going from our to what smelter further for discuss to closely end transaction capacity. this the Century more strategic pleased very bauxite short the Jamalco add at and and Jamalco the to to our to to alumina I'll excellent remarks facility match

can four, Turning Yunnan we the supply market to with you and global environment restarts China. second Europe the demand balanced as page and see the additional entered on curtailments were in in smelter elsewhere offsetting quarter roughly

capacity to has QX additional XX% representing been in crisis began In total million of now high-energy prices. X.X announced two Europe, In total capacity. energy in due the curtailed tons since EU smelters Europe curtailments of continued over

to to of XX an right the European months. over can risk five, curtailments XXX,XXX see XXX,XXX from the bottom energy from As of therefore on increase we of are prices the tons next and page see EU you here expected additional graph tons further

levels remain well this We $XXX above per significant do needed during prices not as restarts. restarts anticipate period energy economic for megawatt-hour forward any above time

the in In quarter. in province low provinces. Partially China, Yunnan of other in tons curtailments restarts and first reservoir offsetting metric drove continued levels XXX,XXX additional Sichuan in the an

in XXXX. in of further In Chinese continuing present and Shanghai shortages cuts water risk Yunnan output addition, increasing

now of demand prices below improve. should and are These supply swiftly global at historically inventories, levels, With once inventories consumption. side that headwinds XX respond continue premiums conditions these LME global days regional which to low reduce

In Regional propelled price US strengthened better and EU QX, ton, premiums the three-month improvements have elevated, aluminum levels. given delivery but quarter while premiums from averaged demand well by receded as quarter-over-quarter than witnessed anticipated $XXX curtailments. $X,XXX the low remain slightly up supply per nearly inventories. throughout recently EDPP QX the

January call, market in QX muted discussed Europe seeing the As in the a support demand billet during have in previous concluded gradual secondary margins largely destocking with market. US and and after our was as the customers recovery tight demand

by issues in other Building were markets and hand to projects automotive rates. sector. dampened Automotive government the chain alleviated as quarter for demand construction supply the and demand was likely challenging renewable strongest increasing of energy markets and renewable started experienced interest first support our energy the the boost rising the most improvements on

towards to demand Despite slab in and global trends and this we recent very growth weakness, sustainability, Europe and weighting, continue the light the long-term billet electrification. macro anticipate constructive by driven both US

efficiency, from vehicle trends all aluminum will has content increased benefit regulator's fuel industry Automotive steadily meet per and emissions, requirements of X production to order lower vehicles. in for increased demand and as the electric

with of month to produced two-thirds meet For fleet the order electric emissions that the a reduction last on EPA's be vehicles would in US needing proposing EPA be more will to significant in all estimating example, total require requirements light than new vehicles EV basis standard. measured that the announcements XXXX conversion

automotive high-performance billet heavier in continues components, of alloys long-term steel extruded The driving solutions place demand. industry aluminum slab traditional towards to and turn enrolled advance

over above nearly supply year-ago and side, reserves and levels natural hour cost levels XX% sitting stockpiles in XX% to remained per above gas the energy XX% normalized coal reduction returned QX utility prices averaging fundamentals constructive Hub with levels. energy demand to Turning US Indy megawatt with $XX QX. year-ago US and around

quarter gas quarter. million during and been supply API $XXX fourth of from natural a rise the did bauxite prices by first curtailments mine Aluminum have an the production challenges. the Australia average in due shortage averaging to $XXX aluminum for in Prices the supported quarter, permitting

I end acquisition when Jerry call the and you Jamalco after to our Jerry? of discuss the outlook. the alumina through QX walks our quarter I'll return at

Jerry Bialek

Jesse. you, Thank

the I'll deliver On Let's turn for sell-through metal X% to first a XXX,XXX slide shipments supported goods. results the increase through global net $XXX consolidated by prices tons, of and improve to levels sales for six quarter. finished help QX a you million, utilization were quarter basis, Realized walk plant higher and sequentially. the of

per was loss improvement Looking at prior EBITDA was net adjusted with QX of This or operating sequentially. an $XX share. results, Adjusted million of $XX $XX.X improvement million, million $XX $X.XX was million compared quarter. an

of realizable of and Hawesville, value million unrealized cash million to million to at In curtailment the on of $X.X this Liquidity QX, the capacity items on or the for impacts charges offset of our at for million contracts, forward cost million and the latter $XXX by million net credit available inventory, lower the major $XX.X consisting month. zero partially were of reduced by end of adjusting due end remained strong facilities. $XXX $XX of in the the which were of $XX.X quarter,

seven provided to the LME prices adjusted explain improvement further we to anticipated last $XX better the our in sequential million were outlook call. EBITDA. in than during Turning slide slightly Realized lagged

of was LME $XXX quarter, prior ton, $X,XXX realized premiums realized quarter versus Midwest US while First up up $XXX. per $XX ton were per

cost three million increased benefit on $XXX, Realized were realized $XXX basis. was per a Together, decreased premiums the ton lower full prices in line Realized Realized European in a quarter. ton, of pitch a reflecting $XXX alumina with $X $XX down coke X% lag. months' prices these delivery per while sequential contributed XX% factors expectations.

a halved cost and contributed Hub million million adding nearly raw from prior reduction Power XX% Pool to EBITDA. $XX $X material well expectations. Nord EBITDA, Together, our slightly than as MISO market of Indiana as incremental in costs other better quarter for alumina prices, exposure

$XX Jesse and our resulting that last adjusted we Finally, destocking customer first million improvement In sequentially. quarter EBITDA that was sales for mix call. had on referenced the million, was $XX the total, unfavorable from forecasted a

a slide adjusted project. at CapEx facility and to let's million flow. Borrowing million our quarter with against for EBITDA. in $XX started other cash the All Now, We $X turn the in totaled cash in $XX look casthouse offset Grundartangi a $XX for CapEx million casthouse million. have eight

and other million million. Hedge leaving was million $XX settlements and $XX cash we can accounts $XX other explained our $XX QX million the which charge million, of Hawesville cash payable, about during capital us power $X of revolvers by normal million. ending in debt, the and be period, contributed inventory Working used repaid with on $XX curtailment fluctuations of

Slide move Now quarter. insight to X the let's for our expectations second for into

be QX to For LME of $XX versus realized ton $X,XXX up expected per the about QX, is lagged prices.

expected to versus per slightly. QX forecast delivery per $XX is $XXX per US $XXX ton, lagged to Lagged per down the is and at ton, quarter. Midwest The expected ton about ton be is European premium the alumina first realized or up premium $XXX up be slightly

changes premium Power in energy level. QX compared by of of are EBITDA the improvement expected to slight QX. alumina QX prices show costs a expect to together, pricing, to versus $X and signs Taken we contribute continue reduction to delivery LME, $X million total increase approximately EBITDA moderation million and approximately with

stubbornly and to to prices offset neutral a the is elevated coke reduction be compared We expect expected in pitch by the impact prices. from EBITDA with be first coke as to pitch quarter

efficiencies or this current future accretive the With our for respect and to elaborate a on be prices spot increased beginning to benefits quarter. expect results about to Jesse to at to better Jamalco Jamalco, third related We're breakeven the impact will cost excited in and to we moment. EBITDA quarter. financial second adjusted expect in volume

inflation, other to in summer EBITDA are for million range labor due $XX factors wage considered, cycles, outlook adjusted $X of our All costs QX and OpEx between expected smelter to to million. stability be of $XX million to maintenance to is the addition during increase and the seasonal $XX a million months. maintain expected to

points a $XX of in to the Just From million more to quarter. million we a standpoint, a hedge between impact realized few expect $X second make. gain

million. We $X million approximately expense of expect to $XX tax

net As of fall below adjusted these a EBITDA both items and income. impact reminder,

million Finally, I'd we out capital to production expect during Jamalco fund ramp like working as to to million $XX QX we $XX in to there. up at point do between continue that

call I'll that, over back to the Jesse. turn With

Jesse Gary

Jerry. Thanks

balanced, better it consistent, create alumina walk footprint cycles. more to of which Jamalco from robust is high-quality smelters last bauxite and in XX. Century us and alumina supply commodity closed key long-term operational This transaction as for Turning performance strong and exciting through the you and strategic I'll the achieves secures will week. highly acquisition, through to position increased our slide details for our deliver our a transparency This purchases.

company holding X.X in with Jamalco a the was by XXXX went programs of Limited. through Government The remaining current series investment to major Alcoa expansion Alumina as nameplate tons. venture late the to of capacity joint and the of owned by bring Jamaica XX% its Clarendon Production its it refinery and million originally built a through operates stake

excellent We and term its Jamalco. are each logistics to Jamalco costs of both We've very strategic long Century's quality asset a in Its at short alumina, partners is Atlantic to workforce. Century's and for and identified close lines secure low location access as all domestic proximity supply the long bauxite, providing Century operating locations, have to given as the in of Basin smelters. pleased to of strategic high

high-quality Jamalco sufficient for production a existing operations provide of runway for also has nameplate providing refinery of XX mining refinery. clear to the over years licenses long-term and exploratory bauxite

and through engagement. on but and times, with and Perhaps regaining on has a been potential. its experienced Century's full importantly, facilities some way workforce most well cultural talented focus its stewardship The has recently it's sustainable shares community refinery to that environmental very difficult first-class safe operating Jamalco

its broke XXXX, for it halted year resumed which this partial a August about a digesters only out last operations In of summer. in two powerhouse before one with plant's alumina the fire of production

we Given recovery due to to it us of thorough diligence very important process ensure these the refinery. challenges, the was conduct to that have time full

that funding have structure the XX% conduct acquisition Due interim the to us allow asset. been and exchange early for continual ownership almost presence unique to potential restart to have our interest of to since diligence expectations option purchase $X, in provided to to Century site able second due the where second retain despite to February. Jamalco Jamalco digester the This the extensive for on fire teams a XXXX confirm a an allowed for an return we've at quartile

second now near of at the million done X.X restarting with annualized The rate in the team job a Jamalco tons. plant has running production fantastic digester

to We increase million over several and the $X.X months. exceed to expect continue production tons next

already has efficiency improvements volumes and and volume structure additional expect The cost to lowered further continue the Jamalco's as significantly increase. we

results, to current breakeven in quarter quarter. beginning Jerry be and our in spot As mentioned, expect prices, Jamalco at we to to or the second financial accretive be the better roughly third

identified the potential of in investment to we its which $X.X cost quartile Jamalco historical capacity, of and and have should to tons to Project which calling opportunities, operational global full Restore, drive the million are profitability. Finally, improvements second series the asset in we of order return further return a its curve and improved location

to $XX increases The XXXX. additional million Project CapEx over the the the should production expect and XXXX. bulk approximately begin of as occur million $XX year, Project We QX as remaining in will over balance which and cost XXXX savings volume gains soon driving Restore investments of to Restore

double-digit All Century's Project investment IRRs unlevered Restore meet have requirements. investments are expected that to

later We Project will of provide detail on you this year. Restore the additional full scope

creation strongly our that for provide to to Jamalco excited a will opportunity value very of all for meaningful are We add Jamalco long-term Century Century and stakeholders. team the believe

today the questions the and turn to your now look We operator. over we'll to call forward

Operator

begin Q&A will now Instructions] [Operator We session. the

line The with Pipes from Riley. B. Lucas first question the of is

proceed. may You

Lucas Pipes

first has in Thank And past? that the already announcement congratulations changed a on much. maybe anything more my more do operator. attractive now? today makes the afternoon strategic have call. much that on vertical Is for integration on Jamalco. very than questions But of that you there few view the very regarding landscape you and everyone why Good the and is, detail in I thank you Thank question your the

Jesse Gary

but the at Thanks now been we've and chain, the quite been up supply arise. Lucas, for is to it's talking waiting alumina opportunity Jesse. something being and and patient while -- right that we've about backward integration This bauxite for looking into and a and

asset an we found we Jamalco well. that In knew

high well alumina Also take taken smelters, largest all to that fits they operating of alumina with As asset footprint, can been the long have within we has the it I that them so very the and mentioned, well we're and all we've our customer also in an there we works quality of produce. our familiar and high Jamalco found of potential.

operated arms We the unique we're feel and were structure, can really to around sort has that times confident -- given exogenous able able up to put long know created get an it back set event had and the second part and into very acquisition of sort our quartile that second in but we at we it of here, the quartile. asset the

high Century derisk the alumina another over from term. risk long just ultimately, exogenous then prices of And

always find we'd right factors time this what to those was those like assets and and So, said that the we've it be that at we'll fits opportunistic fit reasons, for with we on for also M&A like right Jamalco. look the felt opportunity. And

Lucas Pipes

second helpful. for could what on asset you points may of second on addition Very into just follow-up you the still to necessary you be is Putting Thank the that. the the of some my question for quartile, comment sort back raised. in capital you outlined quarter? And what

your financial of working to accretive asset $XX the I be think mentioned and that's metrics. million more million to capital that then you will broadly, $XX

wondered in think improvements much. drive I on are in QX. that QX what you you incremental Thank hone that the could very I you and accretion said if versus QX,

Jesse Gary

Yes, sure.

CapEx I'll to So, question the with I'll just first start then question. second get and your

improvements that that most come digester operations and but will continue the So, projects come back volume the from the beneficial two as of operational will of occur in One, stabilization restart ramp at the up implement to continued over gains these of site. capital factors. we also the we second half, will both with the the

along spread programs, down. will costs as And that also additional we operational volume, but further it so of our variety lower fixed add as over will the come push which with cost we improvement volume a that cost

cost and the it's really twofold, on savings benefits. incremental volume So, both

as $XX into half On of capital guidance expect for did there'll back mention side, we'll the additional half of you timeframe about the over be to there forward, back XXXX $XX we this go that year. CapEx we the million And million projects give back of XXXX come go to the year. remaining and and number the we a

Lucas Pipes

I now. very Got turn I'll much. it. Thank color. over that appreciate for it you

Jesse Gary

Lucas. Thanks

Operator

line of Wolfe you. with The next Research. the Tanners Timna from is question Thank

proceed. may You

Timna Tanners

afternoon. good Hey

Jesse Gary

Hey Timna.

Timna Tanners

I wanted about hear I to some didn't items mentioned. you ask

off -- $XX.X or land second so of something missing the from First did our I appear quarter million the in is that in notes, had we Holly, going that sale am there? Mt. to from

Jesse Gary

continues move Timna. Thanks to Yes, little of the forward. that going transaction bit are No. that on issues is There with a zoning sale.

rest the Just second half, of the so normal same. and process in should it be metrics close that the that for transaction be expect the now should will but we

Timna Tanners

closing I and the some was second Hawesville. Okay. Thanks. reading commentary prices, news June lower so it sale just have question just to nine just is going closure for on Kentucky updated late -- positive other thoughts and future the of said wanted on to was And Hawesville? then it you you Land where was back half. and some XX the environment energy market months you of the

Jesse Gary

it's Sure, in question. we order at and as curtail continue enable it the in we a site controlled a of we totality That as decision curtailed the the did we will a obviously, that in decision the we of circumstances. Yes. very the maintain to when that restart. mentioned And great look necessary context manner restart to

we're being back aluminum required -- drivers cost and bring plant the prices power to a to historical restart price capacity. of full costs maintain about Hawesville levels main an talking prolonged also the period required, levels to at for that So, and and expenses specifically, justify can that the then

long-term burden expense. we to need reduce have just the both undertake to drive the of to that a we're we those ultimately returns then while So that in see and of components finding those volatility continuing seen conditions wait will improve, level

that costs the holding on there. just item note One is to

costs that capacity the will that so for power Hawesville expect those facility, month for there. item that's roll roll that do $X existing off, one million year to the was will this just Timna, note We Sorry, purchased last holding now costs on a about off.

Timna Tanners

Okay. Thanks.

specific then waiting in that So, prices and is more or is words, power what there commitment and requirement no you're for you're accommodating to prices, other aluminum restart saying?

Jesse Gary

That's to forward. do, it's to We market that move we'd for conditions everything like but right summary, the in a that just need we good Yes, really something Timna. wait holistic it's to need to align, order decision. a

Timna Tanners

that you questioning around along guess $X line Understood. And on me just that. okay a lastly something for get nervous the then whenever makes you if could wonder is follow-up I I thing a Jamalco. that of last with the what's

commitment And specific And so or amount there should else forward? be the aware all government of CapEx of requirements that for terms just of any that thinking about again was given anything anything the we should be to the cash terms going Jamaican in detail. of we in thanks

Jesse Gary

a Government. No, we And XX% just it's of as the Timna. question, asset. Noble, purchased the a not XX% Jamaican our former owners and Jamaican We that from reminder fair Government other to interest the start, on the but does -- who is from purchase did the

Yes, happen. that to circumstances your just was enabled set this $X, unique about of it the to question really

XXXX. they period just as facility, maybe a we've give post-fire, We've, that financial in there it the facility timeframes restarted watching So, imagine, little closely bit long and customers some you the might had order of a color. situation get rebuild after to difficult as with major and a been more

know down. these cost in order them with that they they of to And restarted to they digester full as into the sorts bring get you enter it XXXX last back really in structure assets, is once to as a started production to year single important started

worked where interim able found the they situation restart so to we couldn't But a out the situation monies where additional we're fund second digester, that we to in funding. they and we some provide needed themselves a

option agreed due put was But us watch there before we to digester make to sure come second to the and the gave there that ourselves, we're wanted as that a you the we able might $X. the right return diligence and then option a have this be up, exercise a imagine, for so funding in the asset structure, we're rest to to for of negotiate few comfortable months which that sure the around with and

working that's a And of that that that million be will see around reasoning the sort forward. that that's of prepaid that Jerry interim will of so build. $XX really a the so you'll $XX structure for $XX the of in going of contributing to part in reflected mentioned as funding, alumina some part form some dollar capital million of in and $XX came then and capital working be It million that million the to build

question, obligations the side. But CapEx just on no your to ultimate

we sort like no those Although they're the think no asset good at liabilities we are about projects of anything very or excited assume, projects, that. there's and debt

we're So what like, looks it asset. about it and is really the excited

Timna Tanners

Thanks again.

Jesse Gary

Yes.

Operator

with John Tumazos question Thank next Tumazos you. the Research. The is from of line Very John Independent

You may proceed.

Jesse Gary

John. Hey

John Tumazos

you issues, Thank you. have reclamation, as give you going sheet post-employment are assumed to Jamalco, to can for and liabilities other on-balance Staying amounts? costs, guidance any with those or some us

Jesse Gary

Sure, John. sure. Yes,

are all liabilities so course of refinery. what liabilities the call I for And alumina assumed would ordinary

reclamation liabilities bauxite But storage part mentioned, So, of you does residual significant are life the it is that there left. and asset about mine mining some ultimately great this associated with areas. have as the the

with left we their it So, over and high licenses. very bauxite existing mine XX life asset of long-term quality mining as has of years view a

an quartile the the especially curve cost its given this that for very is second asset think we long be So, place we operating a will time. on in

John Tumazos

$XX be consolidated might liability more see after we There million? or closing million $XXX like be

Jesse Gary

that's news. when accounting, good back work latter to come assumption the through detail the but than running assumption. we your after exact we towards the you accounting it's to more your give we'll year Still the of first Yes, on that, the half here -- final the but all

John Tumazos

You right you. Thank the all buy to output? [Indiscernible] the have

Jesse Gary

you could the just repeat question? John, Sorry,

John Tumazos

of the to right buy have XXX% You the output?

Jesse Gary

and where joint we their cap at each of so XX%. of takes the takes cost an there the is and unincorporated structured share Jamalco The partners the our of output venture take output XX%

John Tumazos

you. Thank

Jesse Gary

Thanks John.

Operator

BMO from Capital is with Markets. Jancic Thank the of line Katja The next you. question

proceed. may You

Katja Jancic

question. Hi, thank my you taking for

little first of clarification. bit Just a

the million digester? million capital, $XX that's pre-funding considered in second working $XX for the was said what to You

Jesse Gary

Yes, be a delivered the million will prepayment that be of in of portion will was part capital which that in build. of alumina now working and quarter a to for part $XX million second $XX

Katja Jancic

And provide you Can was much that the how total number? pre-funding?

Jesse Gary

that million million within increased of that the rest disclosing is $XX inventory $XX the the a not to receivables million to We're production represents buildup is $XX facility. $XX the at but million it payables and as has and in

Katja Jancic

Okay. Jamalco. forward? the the it Then on for provide clear slide But going and include any typically especially how change you sensitivities doesn't your going you alumina XX, provide can it's that are how direction to as contracts, to sensitivities

Jesse Gary

Yes, problem. sure. Katja, no

So, sort for as sales same there's roughly mix internal on XX. our will of out an of QX given cargo and see the what stay mix existing page and Jamalco, you coming

As tons Jamalco what production about half and roughly our of you'll linked that Jamalco and our share we sort will forward, take half and change is of going XXX,XXX towards is of roughly our of is requirements. integrate half Jamalco's the LME our alumina, of see XX% production mix share cost which of

And so that give half we'll production will percentage, be that additional detail and gives you there forward, some LME pretty you but costs roughly hopefully balanced close. half going Jamalco a sense,

Katja Jancic

is the And right now? can information the about production you provide cost

Jesse Gary

No, level, but costs we production by asset-by-individual down don't break asset talk. an we'll

a to the more lot is just the call system transaction what additional will there. input to provide QX as -- the integrated week, give closed We time sort into Jamalco of need given specifics last how on some the

Katja Jancic

very you Okay. Thank much.

Jesse Gary

Katja. Thanks

Operator

B. from Riley. with is next The you. a follow-up Thank Lucas question

proceed. You may

Lucas Pipes

Thank much. you very

Just a follow-ups. few quick

end other Thank you. First the it year? $XX to what headwind or one-off stay in would one head slide or you the and can it QX, is segments $X OpEx million a on that us million repeat the is remind in nine, of through of is

Jerry Bialek

Hey, Lucas, Jerry. it's

As and $XX also in made to inflation I up cycles. some some seasonal $X wage of the million had labor. We we've had said prepared that remarks there maintenance my million is

the into quarter the flow we've that first we the of efficiencies last year, cost quarter. quarter think cutting fourth of amount through you If had did back to fair a fourth some and

the timeframe in cycle We're is there the of now bit seasonality that invest as to during a and stability approaching will of little us seasonal a in the help labor and just summer aspect put going a where timeframe important well. we're difficult manage additional to through OpEx little months an so we bit

Lucas Pipes

it. Got

So, we but maybe QX? in reversal shouldn't expect a QX, in

Jerry Bialek

Correct.

Lucas Pipes

helpful. back cost, And That's question. two-part questions on then to Timna's

costs is Hawesville, for first how could required? capital much is The be restart for what your sense

part, you second would did possible today? your skeptical on the output that of Thank past, as that with you mechanisms market was I but then you. hedge And matter price in the approach, appreciate thoughts somewhat think would

Jesse Gary

yourself detail the exact give make Thanks both environment find specific we'll Yes, obviously that decision Obviously, we time. make to once questions of we'll those Lucas. restart both on are additional probably the those when you that in at restart operating to you that decision.

you'll million brought remember we that last at back Hawesville on. XXXX, But $XX about per there we back maybe to context, was started give you a of in when lines little bit potlines

the manner be were realigned more remember time next intensive time recent have is you of lines restart full required capital if from the much and relines more will relining this Because those that we restart That would which in the and of it the down which around cells, all been time. we have when recently those less cells costs. restart, at significantly then

costs And decision. give once detail that lower we'll significantly we make so actually you I potline, those additional million would for than expect to restart be but $XX the

Operator

Thank you. Instructions] [Operator

waiting remarks. further back to over to concluding for call There Gary queue. I the questions are would Jesse turn no like in

Jesse Gary

this we Thanks. talking forward third quarter you to dialing Thanks quarter call and the everybody call. the on to look into for

Operator

This concludes today's for conference participation. call. Thank you all your

your lines. disconnect now may You

Century Aluminum (CENX) 8 May 232023 Q1 Earnings call transcript