Aluminum Market Remains Challenging, More Cuts Needed - Century

NEW YORK, July 27 -- U.S.-based Century Aluminum Co. Friday said the aluminum market's "balance of risks" remains on the downside, and the industry must cut further output capacity to restore the global supply balance.

    "Despite recently improving metal prices, we believe the balance of risk remains on the downside," said Century president and chief executive officer Logan W. Kruger in the company's second quarter results statement.

    "The demand outlook has improved somewhat in certain regions and sectors. However, we remain convinced the industry must take additional supply side actions for a global balance to be achieved. We continue to plan for a challenging industry environment over the near and medium-term," Kruger said.

    In response to the downturn in demand, Century has curtailed about 28% of primary aluminum capacity, and its Gramercy alumina refinery in the U.S. continues to produce at 50% capacity.

    Century owns aluminum smelters in the U.S. and Iceland, as well as an interest in alumina and bauxite assets in the U.S. and Jamaica.

    (Source: Dow Jones)