SOURCE: Century Aluminum Company

Century Aluminum Company

March 26, 2015 07:00 ET

Century Aluminum Expands Share Repurchase Program

CHICAGO, IL--(Marketwired - Mar 26, 2015) - Century Aluminum Company (NASDAQ: CENX) announced today that its Board of Directors has further increased the size of the Company's ongoing share repurchase program by $50 million. Today's increase brings the total amount authorized for repurchases since the inception of the plan to $130 million, with $61 million available for future share repurchases as of March 25, 2015. Through the date of this announcement, the Company has repurchased approximately 1.2 million shares in the first quarter of 2015 for an aggregate purchase price of $19.4 million.

"We believe our current cash position and the competitive position of our businesses make this an optimal time to return value to our shareholders," said Michael Bless, the Company's President and Chief Executive Officer.

Purchases made pursuant to the share repurchase program will be made in either the open market or in privately negotiated transactions periodically as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time and has no expiration date.

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.

Certified Advisors for the First North market of the OMX Nordic Exchange Iceland hf. for Global Depositary Receipts in Iceland:

Atli B. Gudmundsson, Senior Manager -- Corporate Finance, Landsbankinn hf.

Steingrimur Helgason, Director -- Corporate Finance, Landsbankinn hf.

Cautionary Statement

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," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast," "prospect" 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 whether or not we repurchase shares of our common stock under our share repurchase program in the future and our long-term growth prospects.

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, the reader is 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.

Contact Information

  • Contacts:

    Shelly Harrison
    (investors)
    (312) 696-3140

    Kenny Barkley
    (media)
    (270) 521-7424