Tuesday, August 18, 2009

Century Aluminum takes USD 73 million Q2 charge

Reuters reported that Century Aluminum Company which already reported a Q2 loss is taking a USD 73.2 million charge that will increase that loss.

The charge relates to the recently agreed transfer of the company's 50% ownership interests in Gramercy Alumina LLC in Louisiana and Jamaica's St. Ann Bauxite Limited.

The non cash charge for equity investment impairment will be reflected in Q2 financial statements on Form 10-Q expected to be filed with the Securities and Exchange on August 10th 2009.

California based company reported a Q2 net loss of USD 33.9 million or 46 cents per share. A spokesman said that those results were only "provisional" and that the impairment charge although incurred in the Q3 would be included in the Q2 results filed with the SEC next week.

Century Aluminum said that it will transfer its stakes in the 2 companies to subsidiaries of privately held Noranda Aluminum Holding Corporation.

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