Tue, Jul. 28, 4:36 PM
- Century Aluminum (NASDAQ:CENX) says it will permanently close its Ravenswood, W.Va., aluminum smelter, effective immediately.
- CENX says its decision is based on the inability to secure a competitive power contract for the smelter, compounded by challenging aluminum market conditions largely driven by increased exports of aluminum from China, thus the economics of restarting and operating the facility are unfavorable.
Fri, Jul. 24, 5:40 PM
Wed, Jul. 8, 10:40 AM
- Alcoa (AA -4%) tumbles near 52-week lows, with the company set to report quarterly earnings after today's closing bell.
- BMO analysts aren't getting their hopes up for today's release, saying Alcoa is in "the beginning of one of the weakest pricing environments in years" because of the lags associated with LME aluminum, regional premiums and alumina prices, which suggests the continued sharp decline in each during recent months will hurt Q2 and Q3 results.
- Other aluminum producers also are lower, as commodities are thrashed today: ACH -10.4%, CSTM -2.2%, CENX -1.5%, KALU -0.1%.
- Alcoa Q2 earnings previews: I, II
Thu, May 28, 7:17 PM
- Alcoa (NYSE:AA) shares posted a modest loss of less than 1% in today's trade but it was enough to result in a 52-week low, as J.P. Morgan's Michael Gambardella cuts estimates and price targets for Alcoa and Century Aluminum (NASDAQ:CENX) based on his expectation of lower aluminum regional premiums.
- Gambardella says the timing lag in the business means the two companies will not feel the full brunt of the lower premiums until H2, but AA's diversity in its midstream and downstream segments will shield the impact of the lower premiums; the analyst maintains his Neutral rating on the stock and cuts his stock price target by just $1 to $14.
- However, CENX is a primary aluminum metal producer and highly leveraged to changes in the LME aluminum price and regional premiums, and will suffer more from lower prices, Gambardella says.
Thu, May 28, 10:09 AM
- Century Aluminum (CENX -9.1%) opens sharply lower after J.P. Morgan's Michael Gambardella slashes his estimates for the company well below Wall Street consensus.
- The analyst reiterates his Underweight rating and cuts his stock price target to $5, as he forecasts a $0.27 loss for CENX's FY 2015 vs. the Street's $1.52 in earnings, citing a weak aluminum pricing environment.
- Also: AA -0.7%, ACH -5.3%, RS -1.2%, NOR -3.4%, CSTM -2.7%, KALU -0.1%.
Tue, May 12, 7:23 PM
- United Steelworkers union workers at Century Aluminum's (NASDAQ:CENX) Hawesville, Ky., aluminum smelter - the fourth-largest in the U.S. - have been locked out of the plant after rejecting a company contract offer for the fourth time.
- "We're out of options," CENX says; the company is controlled by Glencore (OTCPK:GLCNF, OTCPK:GLNCY), which the USW says is launching anti-union campaigns elsewhere in the U.S. and other parts of the world.
- CENX says it expects the plant to continue to operate at full production; the smelter has a capacity of 244K metric tons/year.
Fri, May 1, 9:13 AM
Thu, Apr. 30, 4:04 PM
Wed, Apr. 29, 5:35 PM
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Thu, Apr. 9, 2:27 PM
- Alcoa (AA -4%) remains sharply lower following mixed Q1 results and its expectations for global aluminum production to exceed demand by 326K metric tons in 2015, compared with its earlier forecast of a 38K ton deficit.
- Most analysts continue to keep the faith, defending their bullish stances even as they curb estimates: Citigroup reiterates its Buy rating, saying Q2 could be a tough quarter as the rolled-products businesses face headwinds but noting that Alcoa still expects to generate positive free cash flow of at least $500M in 2015 while growing its asset portfolio, and Sterne Agee is one of several firms to reaffirm a Buy rating as AA alters its cost structure and increases value-added products.
- BMO Capital is a voice of dissent, calling Q1 a good start for the company but seeing a challenging outlook ahead; it rates the stock Market Perform with a $14 target.
- Metal fabricator RTI International Metals (RTI -3.9%), which AA recently agreed to acquire, and aluminum producing peer Century Aluminum (CENX -5.4%) are both lower; also, KALU -1.5%, NOR -1.8%, ATI +0.3%.
- Earlier: Alcoa points to lower open after mixed Q1, but analysts still say Buy
Wed, Mar. 4, 12:45 PM
Wed, Mar. 4, 8:13 AM
- Alcoa (NYSE:AA) -2.5% and Century Aluminum (NASDAQ:CENX) -1.6% premarket after BofA Merrill downgrades each to Neutral from Buy, as the firm lowers its aluminum forecasts to reflect worsening aluminum fundamentals from increased Chinese exports and pressure from LME warehouse rule changes.
- BofA says it still believes aluminum can be more defensive vs. other commodities, but it no longer expects falling premiums can be offset by LME price strength near term.
Wed, Feb. 25, 12:48 PM
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Mon, Feb. 23, 5:35 PM
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Mon, Feb. 9, 8:39 AM
- Alcoa (NYSE:AA) -2% premarket after J.P. Morgan downgrades shares to Neutral from Overweight with an $18.50 price target, down from $20, citing weakening fundamentals in aluminum and concerns that U.S. premiums will start to track the recent slide in Europe.
- The firm likes Alcoa's efforts over several years to lower its costs in the upstream and grow its downstream, but believes the downgraded is warranted given the downside risk to stock given just how much aluminum premiums have increased over the past several years; U.S. premiums currently are up more than 200% over early 2012 levels.
- J.P. Morgan also downgrades Century Aluminum (NASDAQ:CENX) to Underweight from Neutral.
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