Century Aluminum Co. Reaches Tentative Settlement with USW Local 9423
Jun 9 15
Allison Beck, Acting Director of the Federal Mediation and Conciliation Service (FMCS), announced that with the assistance of Federal mediators, a tentative settlement has been reached between USW Local 9423 and Chicago-based Century Aluminum Co., potentially ending a work stoppage affecting approximately 560 workers at a Century Aluminum facility in Hawesville, KY. Bargaining under the auspices of FMCS mediators, the union and employer reached a tentative agreement after many hours of intense talks.
United Steelworkers Stands for Order in Chaos Created by Century Aluminum
May 21 15
The United Steelworkers (USW) disputed allegations of picket line misconduct made by Century Aluminum, which locked out the 565 members of Local 9423 from their jobs at the company's Hawesville, Ky. smelter on May 12, 2015. The union further repeated its call for Century to end the lockout and reinstate the USW workforce to their rightful jobs while negotiations for a new labor agreement proceed. The USW first learned of the company's purported problems with picketers at the same time Century notified news outlets through an email, which also included the completely false claim that union workers threatened to strike prior to the company carrying out its plan to enforce a lockout. The union will work with law enforcement and the community to maintain orderly and lawful pickets with foremost attention to the safety of locked out workers and the public. The company also objects to locked-out union members bringing their children to the picket line. Although management may prefer to pretend otherwise, the company unilaterally has chosen to give their parents' jobs to temporary replacements in an effort to starve their families into accepting a contract the majority of workers democratically voted to reject four times.
Century Aluminum Co. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for the Remaining Quarters of Fiscal 2015
Apr 30 15
Century Aluminum Co. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. The company reported net income of $73.779 million or $0.76 per common share for the first quarter of 2015. Results include $6.5 million or $0.07 per basic and diluted common share for an unrealized gain on fair value of contingent consideration related to the acquisition of the remaining 50.3% interest of Mt. Holly and were negatively impacted by $1.6 million or $0.02 per common share for signing bonuses related to a new labor agreement in Iceland and $1.0 million or $0.01 per common share related to the separation of a former senior executive. For the first quarter of 2014, the company reported a net loss of $20.104 million or $0.23 per basic and diluted common share. Results were negatively impacted by a $3.1 million charge for increased legal reserves. Sales for the first quarter of 2015 were $587.911 million compared with $420.847 million for the first quarter of 2014. Net cash provided by operating activities in the first quarter of 2015 was $116.267 million as compared to a net use of cash of $10.741 million in the first quarter of 2014. Operating income was $80,045,000 compared to operating loss of $14,234,000 a year ago. Income before income taxes and equity in earnings of joint ventures was $82,570,000 compared to loss of $20,703,000 a year ago. Net income allocated to common stockholders was $67,813,000 compared to loss of $20,104,000 a year ago. Purchase of property, plant and equipment was $10,960,000 compared to $9,700,000 a year ago. Adjusted EBIT was $101 million, an increase of $9 million compared to the $92 million adjusted EBITDA in the fourth quarter of 2014. Capital spending during the first quarter was $13 million. Income before equity in earnings (losses) of joint ventures was $73.269 million against loss before equity in earnings (losses) of joint ventures of $19.609 million a year ago.
The company expects capital spending in the remaining quarters of fiscal 2015 to be higher. The company will continue to anticipate planned spending levels in that $80 million to $90 million range.