Century Aluminum to Get up to $500 Million in U.S. Funding For New Aluminum Smelter
By Will Feuer
Century Aluminum said it is starting negotiations for up to $500 million in funding from the U.S. government that will go toward building the first new U.S. primary aluminum smelter in 45 years.
The smelter, once completed, would double the size of the current U.S. primary aluminum industry. The company said the project will strengthen U.S. supply chains for materials that are critical to key parts of the green-energy transition.
Century said it expects to build the new smelter at a site in the Ohio-Mississippi River Basins. The project is expected to create more than 1,000 full-time, union-represented jobs, in addition to over 5,500 construction jobs.
The company, the largest producer of primary aluminum in the U.S., said it was selected by the Energy Department to receive the funding, which will come from the 2021 Infrastructure Law and the Inflation Reduction Act.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 25, 2024 06:31 ET (10:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks