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Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt

			June 30, 2021						December 31, 2020
Debt classified as current liabilities:
Hawesville Term Loan(1)			$	10.0					$	20.0
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (2)			7.8						7.8
U.S. Revolving Credit Facility(3)			39.6						—
Debt classified as non-current liabilities:
Iceland Revolving Credit Facility (4)			—						45.0
12.0% senior secured notes due July 1, 2025, net of debt discount of $2.3 million, and financing fees of $4.6 million at December 31, 2020, interest payable semiannually			—						243.1
7.5% senior secured notes due April 1, 2028, net of financing fees of $4.6 million at June 30, 2021, interest payable semiannually			245.4						—
2.75% convertible senior notes due May 1, 2028, net of financing fees of $2.5 million at June 30, 2021, interest payable semiannually			83.8						—
Total			$	386.6					$	315.9

(1) See "Hawesville Term Loan" below. At June 30, 2021, the applicable interest rate was LIBOR of 0.2% plus margin of 5.375% and there is no interest payable outstanding. As of June 30, 2021, we have made $30.0 million of principal payments and $4.4 million of interest payments.

(2) The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRBs interest rate at June 30, 2021 was 0.2%.

(3) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at June 30, 2021 was 3.75%.

(4) We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement.

Schedule of debt redemption rights

Prior to April 1, 2024, we may redeem the 2028 Notes, in whole or in part, at a redemption price equal to 100.00% of the principal amount plus a make-whole premium and accrued and unpaid interest, and if redeemed during the twelve-month period beginning on April 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:

Year			Percentage
2024			103.750%
2025			101.875%
2026 & Thereafter			100.000%

Schedule of line of credit facilities

Status of our U.S. revolving credit facility:			June 30, 2021
Credit facility maximum amount			$	175.0
Borrowing availability			173.5
Outstanding letters of credit issued			84.4
Outstanding borrowings			39.6
Borrowing availability, net of outstanding letters of credit and borrowings			49.6

Status of our Iceland revolving credit facility:			June 30, 2021
Credit facility maximum amount			$	50.0
Borrowing availability			50.0
Outstanding letters of credit issued			—
Outstanding borrowings			—
Borrowing availability, net of borrowings			50.0

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