Century Aluminum to Double U.S. Production Capacity with $4 Billion Smelter Project

Century Aluminum (CENX) is aggressively expanding its domestic footprint, announcing a $4 billion joint venture with Emirates Global Aluminium to build a new smelter in Oklahoma. Once operational, the facility is expected to produce 750,000 tons of aluminum annually, effectively doubling the current primary aluminum capacity within the United States. This strategic move aligns with U.S. government priorities to treat primary aluminum as a critical metal for national security, particularly for the aerospace and defense sectors. The Oklahoma project is complemented by other operational boosts, including the restart of the second potline at the Norðurál smelter in Iceland and the expansion of the Mount Holly facility in South Carolina, which is projected to increase U.S. primary production by 10%. The expansion coincides with a tightening global market. As of late April 2026, aluminum prices reached approximately $3,578 per metric ton, a 46% increase year-over-year. Financial performance has reflected these trends; the company reported 2025 sales of $2.53 billion and an adjusted EPS of $2.46, a 242% increase. For the first quarter of 2026, adjusted EBITDA is forecasted between $215 million and $235 million, up from $128.2 million in the previous quarter. To future-proof its operations, the company is pivoting toward sustainability to attract electric vehicle and aerospace clients with strict Scope 3 emission targets. Supported by a $500 million Department of Energy award, Century is developing a first-of-its-kind green aluminum smelter utilizing low-carbon energy. Combined with Section 232 tariffs protecting domestic producers from cheap imports, the company is transitioning from a volatile commodity play to a strategic infrastructure leader.