Century Aluminum Company (CENX) 16th Annual Wells Fargo Industrials & Materials Conference summary

Industry and macro environment

• Aluminum market is experiencing its largest supply deficit ever, with global inventories at historic lows, driven by a Chinese production cap and disruptions in the Middle East.

• Western markets, especially the U.S. and Europe, are incentivized to increase domestic production due to supply chain security and national defense needs.

• Tariffs and regional premiums in the U.S. and Europe provide a competitive advantage for local producers, supporting investment and expansion.

• Demand growth is robust, particularly from power infrastructure and data center sectors, adding to the tightness in supply.

• Both U.S. political parties support reindustrialization and domestic aluminum production, making policy risk relatively low.

Company strategy and growth initiatives

• Expansion projects are underway in Mount Holly and Iceland, with both expected to reach full capacity by mid-year, increasing production by over 250,000 tons.

• A new Oklahoma smelter, a joint venture with EGA, will double U.S. aluminum capacity; the project is supported by a $500 million Department of Energy grant and favorable financing.

• The company has de-risked its cost structure by integrating upstream with the Jamalco asset, stabilizing earnings.

• Capital allocation prioritizes organic growth, disciplined M&A, and potential shareholder returns as excess cash builds.

• The sale of the Hawesville site to TeraWulf generated $200 million upfront and a 6.8% stake in a future data center, with flexible exit options.

Operational updates and financials

• Icelandic smelter restart is on schedule, with most tonnage online by July and insurance recoveries lagging by a quarter.

• Mount Holly ramp-up is proceeding as planned, with full capacity expected by the end of the month.

• The Oklahoma smelter project is progressing, with power agreement negotiations ongoing and strong local and federal support.

• The company expects significant EBITDA and cash flow growth in the coming quarters, supporting expansion and new investments.

• Estimated CapEx for the Oklahoma project is around $6 billion, with $500 million in grants and up to 80% financed at attractive rates.