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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt

			September 30, 2021						December 31, 2020
Debt classified as current liabilities:
Hawesville Term Loan(1)			$	5.0					$	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)			17.3						—
Iceland Revolving Credit Facility (4)			30.0						—
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 $4.4 million at September 30, 2021, interest payable semiannually			245.6						—
2.75% convertible senior notes due May 1, 2028, net of financing fees of $2.4 million at September 30, 2021, interest payable semiannually			83.9						—
Total			$	389.6					$	315.9

(1) See "Hawesville Term Loan" below. At September 30, 2021, the applicable interest rate was LIBOR of 0.125% plus margin of 5.375% and there is no interest payable outstanding. As of September 30, 2021, we have made $35.0 million of principal payments and $4.6 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 September 30, 2021 was 0.21%.

(3) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2021 was 4.00%.

(4) We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement. The interest rate at September 30, 2021 was 3.088%.

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 and Thereafter			100.000%

Schedule of line of credit facilities

Status of our U.S. revolving credit facility:			September 30, 2021
Credit facility maximum amount			$	175.0
Borrowing availability			175.0
Outstanding letters of credit issued			108.5
Outstanding borrowings			17.3
Borrowing availability, net of outstanding letters of credit and borrowings			49.2

Status of our Iceland revolving credit facility:			September 30, 2021
Credit facility maximum amount			$	50.0
Borrowing availability			50.0
Outstanding letters of credit issued			—
Outstanding borrowings			30.0
Borrowing availability, net of borrowings			20.0

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