CENTURY ALUMINUM COMPANY By Will Feuer
Century Aluminum shares climbed after the aluminum producer said it was selected by the U.S. Energy Department to begin award negotiations for up to $500 million in funding to build the first new U.S. primary aluminum smelter in 45 years.
The stock rose almost 8% to $14.22 in morning trading, reaching its highest level in about two years. Shares are up almost 59% from a year ago.
The funding talks are part of the Energy Department's Industrial Demonstrations Program.
The smelter, once completed, would double the size of the current U.S. primary aluminum industry. The company said the project will strengthen U.S. supply chains for materials that are critical to key parts of the green-energy transition.
Century said it expects to build the new smelter at a site in the Ohio-Mississippi River Basins. The project is expected to create more than 1,000 full-time, union-represented jobs, in addition to over 5,500 construction jobs.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
03-25-24 1035ET
