exhibit-20100427.htm

Exhibit 99.1

Century Reports First Quarter 2010 Earnings

MONTEREY, CA. April 27, 2010 -- Century Aluminum Company (NASDAQ:CENX) today reported net income of $6.3 million ($0.06 per basic and diluted share) for the first quarter of 2010. Cost of sales for the quarter includes a $15.5 million net after-tax charge for the portion of power costs at Hawesville payable by the previous power supplier per the terms of the power agreement.

For the first quarter of 2009, Century reported a net loss of $114.6 million ($1.77 per basic and diluted share). These results were negatively impacted by a charge of $24.3 million ($0.38 per basic and diluted share) related to employee separation expenses, supplier payments and other costs resulting from production curtailments at the Ravenswood, WV and Hawesville, KY primary aluminum smelters.

Recent highlights included:

Ÿ	The Grundartangi smelter shipped at an annualized rate of approximately 276,000 metric tons during the quarter.
Ÿ	Nordural continued preparations for an anticipated restart of major construction activity on the Helguvik smelter project in 2010.
Ÿ	Nordural reached a tentative new five-year labor agreement for the Grundartangi smelter with its unions in Iceland.
Ÿ	The West Virginia state legislature enacted legislation which permits the Public Service Commission to set special electric power rates for specific types of customers.

Sales for the first quarter of 2010 were $285.4 million, compared with $224.6 million for the first quarter of 2009. Shipments of primary aluminum for the 2010 first quarter were 144,677 tonnes, compared with 165,488 tonnes shipped in the year-ago quarter.

"Overall, the market environment continued to exhibit signs of improvement during the early part of 2010," commented Logan W. Kruger, Century's president and chief executive officer. "Industrial activity in developed economies increased at an encouraging pace, while China and other developing regions remained on an impressive growth trajectory. Inventory levels, however, remain high and new capacity continues to increase production levels in certain key regions. Against this backdrop, we are closely monitoring changes in financial markets and industry pricing dynamics, and the impact these factors could have on the amount of metal available to the market, regional premiums and the price of the commodity itself.

"Century had a positive quarter," continued Mr. Kruger. "Our smelters in Kentucky and Iceland operated safely and efficiently. The Company produced good cash flow, and we continue to build our financial strength. We are encouraged by the passage of legislation in West Virginia relating to electric power rates. Although this development is a key factor in enabling the possible restart of the Ravenswood smelter at some point in time, significant work remains. At our Helguvik project in Iceland, we continue to spend considerable effort on finalizing the conditions required for a restart of major construction activity and believe we should be able to achieve this objective later during the year."

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century's corporate offices are located in Monterey, California.

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Century Aluminum’s quarterly conference call is scheduled for 5:00 p.m. Eastern time today. To listen to the conference call and to view related presentation materials, go to www.centuryaluminum.com and click on the conference call link on the homepage.

Contacts:

Mike Dildine (media)	831-642-9364
Shelly Lair (investors)	831-642-9357

Certified Advisors for the First North market of the OMX Nordic Exchange Iceland hf. for Global Depositary Receipts in Iceland:

Atli B. Gudmundsson, Senior Manager -- Corporate Finance, NBI hf.

Steingrimur Helgason, Director -- Corporate Finance, NBI hf.

Cautionary Statement

This press release may contain "forward-looking statements" within the meaning of U.S. federal securities laws. The company has based its forward-looking statements on current expectations and projections about the future; however, these statements are subject to risks, uncertainties and assumptions, any of which could cause the company's actual results to differ materially from those expressed in its forward-looking statements. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the company's Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. The company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made.

Century Aluminum Company

Consolidated Statements of Operations

(in Thousands, Except Per Share Amounts)

(Unaudited)

	Three months ended March 31,
	2010			2009
NET SALES:
Third-party customers	$	192,932		$	170,414
Related parties		92,457			54,173
		285,389			224,587

COST OF GOODS SOLD		251,413			296,948

GROSS PROFIT (LOSS)		33,976			(72,361	)

OTHER OPERATING EXPENSES - NET		4,465			24,332
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		12,251			10,120

OPERATING INCOME (LOSS)		17,260			(106,813	)

INTEREST EXPENSE – THIRD PARTY - Net		(6,297	)		(7,318	)
INTEREST INCOME – RELATED PARTIES		109			142
NET LOSS ON FORWARD CONTRACTS		(1,972	)		(3,602	)
OTHER INCOME (EXPENSE) – Net		408			(242	)

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS (LOSSES) OF JOINT VENTURES		9,508			(117,833	)

INCOME TAX (EXPENSE) BENEFIT		(4,281	)		4,096

INCOME (LOSS) BEFORE EQUITY IN EARNINGS (LOSSES) OF JOINT VENTURES		5,227			(113,737	)

EQUITY IN EARNINGS (LOSSES) OF JOINT VENTURES		1,105			(887	)

NET INCOME (LOSS)	$	6,332		$	(114,624	)

EARNINGS (LOSS) PER COMMON SHARE
Basic – Net Income (Loss)	$	0.06		$	(1.77	)
Diluted – Net Income (Loss)	$	0.06		$	(1.77	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		92,550			64,608
Diluted		93,091			64,608

Net Income (Loss) Allocated to Common Shareholders	$	5,808		$	(114,624	)

Century Aluminum Company

Consolidated Balance Sheets

(Dollars in Thousands)

(Unaudited)

	March 31, 2010			December 31, 2009
ASSETS
Current Assets:
Cash	$	213,739		$	198,234
Restricted cash		9,372			8,879
Accounts receivable – net		35,392			37,706
Due from affiliates		35,524			19,255
Inventories		140,670			131,473
Prepaid and other current assets		74,669			93,921
Total current assets		509,366			489,468
Property, plant and equipment – net		1,284,904			1,298,288
Due from affiliates – less current portion		8,968			5,859
Other assets		72,615			68,135
Total	$	1,875,853		$	1,861,750

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable, trade	$	74,993		$	77,301
Due to affiliates		39,309			32,708
Accrued and other current liabilities		36,618			38,598
Accrued employee benefits costs – current portion		12,997			12,997
Convertible senior notes		43,786			43,239
Industrial revenue bonds		7,815			7,815
Total current liabilities		215,518			212,658

Senior notes payable		247,843			247,624
Accrued pension benefit costs – less current portion		44,072			43,281
Accrued post retirement benefits costs - less current portion		179,151			177,231
Other liabilities		26,824			31,604
Deferred taxes		85,933			81,622
Total noncurrent liabilities		583,823			581,362

Shareholders’ Equity:
Series A preferred stock (one cent part value, 5,000,000 shares authorized; 82,943 and 83,452 shares issued and outstanding at March 31, 2010 and December 31, 2009, respectively)		1			1
Common stock (one cent par value, 195,000,000 shares authorized; 92,660,357 and 92,530,068 shares issued and outstanding at March 31, 2010 and December 31, 2009, respectively)		927			925
Additional paid-in capital		2,503,263			2,501,389
Accumulated other comprehensive loss		(73,696	)		(74,270	)
Accumulated deficit		(1,353,983	)		(1,360,315	)
Total shareholders’ equity		1,076,512			1,067,730
Total	$	1,875,853		$	1,861,750

Century Aluminum Company

Consolidated Statements of Cash Flows

(Dollars in Thousands)

(Unaudited)

	Three months ended March 31,
	2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	6,332		$	(114,624	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized net loss on forward contracts		1,853			1,817
Unrealized gain on contractual receivable		(88	)		-
Realized benefit of contractual receivable		15,368			-
Accrued and other plant curtailment costs – net		(2,272	)		18,235
Debt discount amortization		766			1,990
Depreciation and amortization		15,778			20,845
Lower of cost or market inventory adjustment		57			2,271
Deferred income taxes		4,319			25,548
Pension and other post retirement benefits		3,666			4,112
Stock-based compensation		1,284			(90	)
Undistributed (earnings) losses of joint ventures		(1,105	)		887
Change in operating assets and liabilities:
Accounts receivable – net		2,314			26,342
Sale of short-term trading securities		-			13,686
Due from affiliates		(20,760	)		26,904
Inventories		(9,254	)		4,761
Prepaid and other current assets		3,692			74,187
Accounts payable, trade		(2,223	)		(12,201	)
Due to affiliates		6,601			(8,037	)
Accrued and other current liabilities		1,423			(9,887	)
Other – net		(6,093	)		(2,010	)
Net cash provided by operating activities		21,658			74,736

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(972	)		(9,184	)
Nordural expansion		(4,678	)		(6,501	)
Investments in and advances to joint ventures		(10	)		-
Restricted and other cash deposits		(493	)		-
Net cash used in investing activities		(6,153	)		(15,685	)

CASH FLOWS FROM FINANCIING ACTIVITIES:
Repayment under revolving credit facility		-			(25,000	)
Issuance of common stock – net		-			104,041
Net cash provided by financing activities		-			79,041

NET INCREASE IN CASH		15,505			138,092

CASH, BEGINNING OF PERIOD		198,234			129,400

CASH, END OF PERIOD	$	213,739		$	267,492

Century Aluminum Company

Selected Operating Data

(Unaudited)

SHIPMENTS – PRIMARY ALUMINUM

	Direct (1)			Toll
	Metric Tons	(000) Pounds	$/Pound	Metric Tons	(000) Pounds	(000) Revenue
2010
1st Quarter	76,653	168,990	$1.04	68,024	149,968	$109,659
2009
1st Quarter	97,392	214,712	$0.72	68,096	150,126	$ 71,048


(1)	Does not include Toll shipments from Nordural Grundartangi