Monterey, CA, July 20, 2004 - Century Aluminum Company (NASDAQ: CENX) and Noranda, Inc. were approved by a bankruptcy court as the successful bidders to jointly acquire the Gramercy (LA) alumina refinery and related Jamaican bauxite mining assets from Kaiser Aluminum & Chemical Corporation for US $23 million, subject to closing adjustments. Century and Noranda will each pay one-half, or $11.5 million, of the purchase price. Closing is expected to occur late in the third quarter of 2004.
The Gramercy refinery has the capacity to produce 1.25 million metric tons of alumina a year. Century and Noranda each purchase approximately 500,000 metric tons of this alumina a year for their respective primary aluminum reduction plants in Hawesville, KY and New Madrid, MO. The refining process chemically converts bauxite into alumina, the raw material from which primary aluminum is produced.
Century owns 615,000 metric tons per year (mtpy) of primary aluminum capacity. The company owns and operates a 244,000-mtpy plant at Hawesville, KY, a 170,000-mtpy plant at Ravenswood, WV and a 90,000- mtpy plant at Grundartangi, Iceland. Century also owns a 49.67-percent interest in a 222,000-mtpy reduction plant at Mt. Holly, SC. Alcoa Inc. owns the remainder and is the operating partner. Century's corporate offices are located in Monterey, CA.
Century's press releases may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors.
A. T. Posti (831) 642-9364
Director of Corporate Communications