Century Aluminum : Slide Presentation

Century Aluminum Company

4th Quarter Earnings Call

February 18, 2021

Cautionary Statement

This presentation and statements made by Century Aluminum Company management on the quarterly conference call contain "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," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" 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: our assessment of global and local financial and economic conditions; our assessment of the aluminum market and aluminum prices (including premiums); our assessment of alumina pricing and costs associated with our other key raw materials, including power; the impact of ongoing COVID-19 pandemic and governmental guidance and regulations aimed at addressing the pandemic, including any possible impact on our business, operations, financial condition, results of operation, global supply chains or workforce; the future financial and operating performance of Century and its subsidiaries; our ability to successfully manage market risk and to control or reduce costs; our plans and expectations with respect to future operations, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance, our plans with regards to future operations of our Mt. Holly smelter, including our expectations as to the finalization of a new power contract and restart of curtailed production at Mt. Holly and expectations as to the costs and benefits associated with such restart project; our plans with regards to future operations of our Hawesville smelter, including our expectations as to the restart of curtailed production at Hawesville and bringing the smelter back to full production and expectations as to the costs and benefits associated with this restart project; our ability to successfully obtain long-term competitive power arrangements for our operations; the impact of Section 232 relief, including tariffs or other trade remedies, the extent to which any such remedies may be changed, including through exclusions or exemptions, and the duration of any trade remedy; the impact of any new or changed law, regulation, including, without limitation, sanctions or other similar remedies or restrictions; our anticipated tax liabilities, benefits or refunds including the realization of U.S. and certain foreign deferred tax assets and liabilities; our ability to access existing or future financing arrangements and the terms of any such future financing arrangements; our ability to repay or refinance debt in the future; our ability to recover losses from our insurance; estimates of our pension and other postretirement liabilities, legal and environmental liabilities and other contingent liabilities; our assessment of any future tax audits or insurance claims and their respective outcomes; negotiations with labor unions; our assessment of any information technology-related risks, including the risk from cyberattack or data security breaches; and our future business objectives, plans, strategies and initiatives, including our competitive position and 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 actual 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, investors are 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.

In addition, throughout this presentation, we will use non-GAAP financial measures. Non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. Reconciliations to the most comparable GAAP financial measures can be found in the Appendix of today's presentation.

Speakers

• • Mike Bless - President and Chief Executive Officer

• • Craig Conti - Executive Vice President and Chief Financial Officer

• • Peter Trpkovski - Director of Financial Planning and Analysis

• • Shelly Harrison - Senior Vice President, Finance and Treasurer

Overview

• • Industry fundamentals increasingly robust

• • Operations stable - Hawesville recovering from December equipment issues

• • Mt. Holly three-year contract awaiting state approval; production increasing to 75% of capacity

• • Continued support for Section 232 program

• • First major sale of Natur-AlTM low carbon products

"Century Aluminum and Glencore to Supply

150,000 metric tons of Natur‐Al™ to Hammerer

Aluminium Industries"

"Natur‐Al™ products are made with energy from 100% renewable sources"

Industry Environment

LME Aluminum Pricing

Aluminum Supply and Demand Balance

Key Raw Materials

1) Source: CRU Group, Century Aluminum Company

Summary of Financial Results

($MM, except per share and tonne amounts)	Q320	Q420
Income statement
Shipments (tonnes)	203,022	194,940
Net sales	$ 393	$ 389
Net income/(loss)	(58)	(36)
Earnings/(loss) per share	(0.65)	(0.40)
Adjusted net income/(loss)1	(64)	(31)
Adjusted earnings / (loss) per share1	(0.67)	(0.32)
Adjusted EBITDA1	(31)	1
Liquidity
Cash	$ 81	$ 82
Revolver availability	88	101
Total	$ 169	$ 182
Total debt2	$ 333	$ 323
Net debt3	251	241

• 1) See reconciliation to comparable GAAP financial measure in appendix

• 2) Principal amount

• 3) Net debt is a non-GAAP financial measure equal to total debt minus cash

Q320 vs. Q420 Adjusted EBITDA

($MM)

Q320 vs. Q420 Cash Flow

($MM)

2021 Items

U.S. - LME ~50% 1 month lag and ~50% 3 month lag; Midwest Premium primarily 1 month lag Iceland - LME and European Duty Paid Premium primarily 3 month lag

Value Added Products - ~ $115/MT over LME plus regional premium on average over all premium tonnes

Hawesville / Sebree - Market based power (Indiana Hub) Mt. Holly - Fixed Q2 - Q4

Iceland - ~70% price LME dependent and ~30% market-based power (Nord Pool)

Book - Primarily LME dependent with ~3 month lag

Cash - Primary LME dependent with ~1 month lag

Book - Petroleum coke and coal tar pitch prices with ~3 month lag Cash - Petroleum coke and coal tar pitch prices with ~1 month lag

U.S. - $1,740 - $1,790/MT

Iceland - $1,670 - $1,720/MT

• 1) Assumes ~380K of value add premium tonnes, of which 320K in the U.S. and 60K in Iceland

• 2) See assumptions on pg. 15; assumes LME price of ~$2,000/MT. Net of all premiums. Excludes interest, capex, financial hedges and corporate SG&A. See reconciliation to gross plant cash costs in appendix.

2021 Items continued

$80 - $90MM

Depreciation

Income tax

U.S. - Book/Cash <$1MM

Iceland - Book 20%; <$5MM cash income tax payment

1)Consolidated cash flow break-even is direct LME comparative, net of all premiums and based on assumptions found on pg. 15. This includes maintenance capex, SG&A, interest, taxes and other corporate cash outflows. Excludes investment capex, financial hedges, and term loan paydown.

Non-GAAP Financial Measures

Adjusted EBITDA, adjusted net income / (loss) and adjusted earnings / (loss) per share and net debt are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period's results with prior periods on a consistent basis by adjusting for items that management does not believe are indicative of Century's ongoing operating performance

and ability to generate cash. Management believes these non-GAAP financial measures enhance an overall understanding of Century's performance and our investors' ability to review Century's business from the same perspective as management.

The following slides provide a reconciliation of adjusted EBITDA, adjusted net income / (loss) and adjusted earnings / (loss) to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, adjusted EBITDA, adjusted net income / (loss) and adjusted earnings / (loss) per share included in the following slides may not be comparable to similarly titled measures of other companies. Investors are encouraged to review the reconciliations in conjunction with the presentation of these non- GAAP financial measures.

Adjusted Net Income (Loss) Non-GAAP Reconciliation

Net income (loss) as reported

Lower of cost or NRV inventory adjustment, net of tax

Q320	Q420
$MM EPS	$MM EPS
$ (58.2) $ (0.65)	$(35.5) $(0.40)

(15.4)

(0.17)

(2.4)

(0.02)

Unrealized (gain) loss on forward and derivative contracts, net of tax Sebree equipment failure, net of insurance proceeds

8.0 - 1.2

0.09 -

13.6

0.15

(0.8) -

(0.01)

Loss on early extinguishment of debt

0.01 -

-

Litigation settlement

Impact of preferred shares Adjusted net income (loss)

- - $ (64.4)

(5.5) - $(30.6)

(0.06)

0.05 $ (0.67)

0.02 $(0.32)

Adjusted EBITDA Non-GAAP Reconciliation

($MM)

Q320

Q420

Net income (loss) as reported Interest expense

$

(58.2)

$

(35.5)

9.1

8.7

Interest expense - term loan Interest income

0.4

0.3

(0.1)

(0.2)

Net (gain) loss on forward and derivative contracts Loss on early extinguishment of debt

9.4

15.4

1.2

-

Other (income) expense - net Income tax expense (benefit) Equity in earnings of joint ventures Operating income (loss)

0.0

(0.5)

0.3

(1.5)

-

0.1

$

(37.9)

$

(13.2)

Lower of cost or NRV inventory adjustment

(16.4)

Sebree equipment failure, net of insurance proceeds Litigation settlement

Depreciation and amortization Adjusted EBITDA

- - 22.9

(2.4) (0.8) (5.5) 22.7

$

(31.4)

$

0.8

Supplemental Information

Pot Relining Expense1

$

11.8$

10.6

1) The Company expenses its pot relining costs through Costs of Goods Sold as incurred rather than capitalizing and amortizing over a period of years. For informational purposes, we have provided the amount of pot relining expense incurred for each period. Our calculation of Adjusted EBITDA above does not make any adjustment to exclude these charges.

2021 Items - Q2-Q4 Price Assumptions

Key Assumption	Units	Price
Midwest Premium	$/MT	$	340
European Duty Paid Premium	$/MT	150
Alumina Price Index	$/MT	300
MISO Indiana Hub	$/MWh	28
Nord Pool1	$/MWh	34
Coke	$/MT	300

1)Assumes EURUSD of 1.21

2021 Items Gross to Net Plant Cash Cost Reconciliation

FY21 ($/MT)	U.S.	Iceland
Gross plant operating cash costs ($/MT)	$ 2,130	$ 2,180	$ 1,820	$ 1,870
Regional premium	(340)	(340)	(150)	(150)
Other1	(50)	(50)	-	-
Net plant operating cash costs ($/MT)	$ 1,740	$ 1,790	$ 1,670	$ 1,720

1) Product premium on average across all tonnes, net of freight and other adjustments 16

2021 Sensitivities

($MM)	Variance
LME	+/- $100/MT	52
MWP1	+/- $22.04/MT	12
EDPP2	+/- $22.04/MT	7
Alumina Price Index	+/- $10/MT	2
MISO Indiana Hub3	+/- $1/MWh	6
Nord Pool4	+/- $1/MWh	1
Coke5	+/- $10/MT	3
Pitch5	+/- $10/MT	1

4)

• 1) Midwest Premium for all U.S. operations

• 2) European Duty Paid Premium for Grundartangi operations 5)

• 3) Power market for Hawesville and Sebree operations 6)Power market for Grundartangi operations Raw materials for carbon anodes Excludes impact of outstanding hedges

For Additional Information

Peter [e-mail]

312-696-3132 (Office)

Century Aluminum Company

One South Wacker Dr, Suite 1000

Chicago, IL 60606 312-696-3102 (Fax)

www.centuryaluminum.com