世紀鋁業第二季扭虧為盈 淨收入2.44億美元 受惠鋁價強勁及出售廠房收益

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______.
Commission file number 001-34474 

Century Aluminum Company
(Exact name of registrant as specified in its charter)

Delaware
13-3070826

(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)

One South Wacker Drive60606

Suite 1000(Zip Code)

Chicago, Illinois

(Address of principal executive offices)

Registrant’s telephone number, including area code: (312) 696-3101
Securities registered pursuant to Section 12(b) of the Act:

Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Common Stock, $0.01 par value per shareCENXNasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
The registrant had 98,993,295 shares of common stock outstanding at August 4, 2026.

 Table of Contents

TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
30

Item 3. Quantitative and Qualitative Disclosures about Market Risk
38

Item 4. Controls and Procedures
38

PART II - OTHER INFORMATION

Item 1. Legal Proceedings
40

Item 1A. Risk Factors
40

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
40

Item 5. Other Information
40

Item 6. Exhibits
41

SIGNATURES
42

2

 Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
Three months ended
June 30,Six months ended
June 30,
2026202520262025
(As Restated)(As Restated)
Net sales
Related parties$330.9 $367.6 $636.8 $746.3 
Other customers421.2 260.5 764.5 515.7 
Total net sales752.1 628.1 1,401.3 1,262.0 
Cost of goods sold (1)
524.2 594.5 1,054.6 1,171.1 
Gross profit227.9 33.6 346.7 90.9 
Selling, general and administrative expenses15.9 14.0 41.7 26.5 
Gain on the sale of Hawesville— — (287.9)— 

Other operating expenses - net0.4 1.5 7.3 3.5 
Operating income211.6 18.1 585.6 60.9 
Interest expense - nonaffiliates(9.5)(9.8)(19.4)(19.8)
Interest expense - affiliates(0.6)(1.9)(1.2)(3.7)
Interest income4.4 1.9 7.5 3.7 
Net gain (loss) on forward and derivative contracts - nonaffiliates7.1 (15.6)(58.2)(21.0)

Gain on insurance proceeds - net40.1 — 73.1 — 
Other income (loss) - net3.8 (5.7)(1.7)(9.1)
Income (loss) before income taxes256.9 (13.0)585.7 11.0 
Income tax (expense) benefit(12.1)1.3 (13.9)(0.3)
Equity in losses of unconsolidated subsidiaries(1.0)— (1.0)— 
Net income (loss)243.8 (11.7)570.8 10.7 
Net loss attributable to noncontrolling interests(5.5)(7.1)(16.0)(14.4)
Net income (loss) attributable to Century stockholders249.3 (4.6)586.8 25.1 
Less: net income allocated to participating securities— — — 1.3 
Net income (loss) allocated to common stockholders$249.3 $(4.6)$586.8 $23.8 
(1) Purchases from related party were $104.3 million and $51.8 million for the three months ended June 30, 2026 and 2025, respectively. Purchases from related party were $168.5 million and $140.1 million for the six months ended June 30, 2026 and 2025, respectively. 

Net income (loss) attributable to Century stockholders per common share:
Basic$2.52 $(0.05)$5.93 $0.26 
Diluted$2.39 $(0.05)$5.62 $0.25 
Weighted-average common shares outstanding:
Basic 99.0 93.3 99.0 93.3 
Diluted104.8 93.3 104.7 94.6 
 
See Condensed Notes to the Consolidated Financial Statements
3

 Table of Contents

CENTURY ALUMINUM COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)

(Unaudited)

Three months ended
June 30,Six months ended
June 30,
2026202520262025
(As Restated)(As Restated)
Comprehensive income (loss):
Net income (loss)$243.8 $(11.7)$570.8 $10.7 
Other comprehensive income before income tax effect:
Net gain on foreign currency cash flow hedges reclassified as income(0.1)(0.1)(0.1)(0.1)
Defined benefit plans and other postretirement benefits:
Net gain arising during the period2.4 — 11.3 — 
Amortization of prior service benefit during the period0.2 — 0.3 0.1 
Amortization of net (gain) loss during the period(0.6)1.6 1.4 3.2 
Other comprehensive income before income tax effect1.9 1.5 12.9 3.2 
Income tax effect— — — — 
Other comprehensive income1.9 1.5 12.9 3.2 
Comprehensive income (loss)245.7 (10.2)583.7 13.9 
Comprehensive loss attributable to noncontrolling interests(4.5)(7.1)(10.7)(14.4)
Comprehensive income (loss) attributable to Century stockholders$250.2 $(3.1)$594.4 $28.3 

See Condensed Notes to the Consolidated Financial Statements
4

 Table of Contents

CENTURY ALUMINUM COMPANY
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
June 30, 2026December 31, 2025
ASSETS
Cash and cash equivalents$343.4 $134.2 
Restricted cash46.3 1.4 
Accounts receivable - net136.2 109.9 
Non-trade receivables65.1 38.1 
Due from affiliates13.0 29.6 
Manufacturing credit receivable176.8 172.6 
Inventories582.9 519.6 
Derivative assets6.5 1.5 
Prepaid and other current assets31.4 24.4 
   Total current assets1,401.6 1,031.3 
Property, plant and equipment - net1,253.0 1,167.6 
Manufacturing credit receivable - less current portion48.4 — 

Other assets172.1 70.4 
Total assets$2,875.1 $2,269.3 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable, trade$216.6 $187.2 

Accrued compensation and benefits77.1 74.4 
Due to affiliates71.9 70.8 
Accrued and other current liabilities43.6 35.6 
Derivative liabilities71.6 58.2 

Carbon credit repurchase liability28.6 28.6 
Current maturities of long-term debt— 68.8 
   Total current liabilities509.4 523.6 
Long-term debt480.0 479.5 

Accrued benefits costs - less current portion92.1 97.7 
Other liabilities114.3 104.9 

Deferred taxes70.5 58.4 
Asset retirement obligations - less current portion 74.3 75.3 
   Total noncurrent liabilities831.2 815.8 
COMMITMENTS AND CONTINGENCIES (NOTE 13)

SHAREHOLDERS’ EQUITY:
Preferred stock (Note 14) 
— — 
Common stock (Note 14)
1.1 1.1 
Additional paid-in capital2,574.5 2,571.5 
Treasury stock, at cost(86.3)(86.3)
Accumulated other comprehensive loss(47.6)(55.2)
Accumulated deficit(1,038.6)(1,625.5)
    Total Century shareholders’ equity1,403.1 805.6 
Noncontrolling interests131.4 124.3 
Total equity1,534.5 929.9 
Total liabilities and equity$2,875.1 $2,269.3 

See Condensed Notes to the Consolidated Financial Statements
5

 Table of Contents

CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six months ended June 30,
20262025
(As Restated)
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income$570.8 $10.7 
Adjustments to reconcile Net income to net cash provided by operating activities:
Unrealized loss on derivative instruments8.8 14.5 

Depreciation, depletion and amortization39.6 47.3 
Share-based compensation11.9 4.7 
Net periodic benefit cost9.5 5.5 
Change in deferred tax provision10.4 2.4 
Gain on the sale of Hawesville(287.9)— 

Gain on insurance proceeds received for property damage(3.6)— 

Other non-cash items - net5.6 (3.6)
Change in operating assets and liabilities:
Accounts receivable(40.9)(15.2)
Non-trade receivables(31.7)11.6 
Manufacturing credit receivable(52.6)(43.1)
Due from affiliates16.5 11.3 
Inventories(68.4)27.5 
Prepaid and other current assets(7.0)3.5 
Accounts payable, trade53.9 18.0 
Due to affiliates1.1 (11.8)
Accrued and other current liabilities10.5 (3.9)

Other - net(10.5)0.8 
Net cash provided by operating activities236.0 80.2 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment(134.4)(45.0)
Proceeds from the sale of Hawesville200.0 — 

Insurance proceeds received for property damage13.6 — 
Net cash provided by (used in) investing activities79.2 (45.0)
CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings under revolving credit facilities265.0 586.7 
Repayments under revolving credit facilities(326.1)(621.0)

Repayments of Industrial Revenue Bonds(7.8)— 
Repayments under Grundartangi casthouse debt facility— (4.5)
Payment of incentive compensation withholding taxes(4.7)— 
Contributions from joint venture partner12.5 11.4 

Net cash used in financing activities(61.1)(27.4)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH254.1 7.8 
Cash, cash equivalents and restricted cash, beginning of period135.6 35.7 
Cash, cash equivalents and restricted cash, end of period$389.7 $43.5 

6

 Table of Contents

CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six months ended June 30,
20262025
Supplemental Cash Flow Information:
Cash paid for:
Interest$18.4 $18.7 
Taxes, net of refunds3.1 (0.1)
Non-cash investing activities:
Capital expenditures9.7 6.4 

See Condensed Notes to the Consolidated Financial Statements
7

 Table of Contents

CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except share data)
(Unaudited)
Preferred stockCommon stockAdditional paid-in capitalTreasury stock, at costAccumulated other comprehensive lossAccumulated
deficitTotal Century equityNoncontrolling InterestTotal equity
SharesAmountSharesAmount
Three months ended
June 30, 2026
Balance, March 31, 2026— $— 98,974,047 $1.1 $2,572.7 $(86.3)$(48.5)$(1,288.1)$1,150.9 $133.6 $1,284.5 
Net income (loss)— — — — — — — 249.3 249.3 (5.5)243.8 
Other comprehensive income— — — — — — 0.9 — 0.9 1.0 1.9 
Share-based compensation— — 19,248 — 1.8 — — — 1.8 — 1.8 
Contributions from noncontrolling interest— — — — — — — — — 2.3 2.3 
Balance, June 30, 2026— $— 98,993,295 $1.1 $2,574.5 $(86.3)$(47.6)$(1,038.6)$1,403.1 $131.4 $1,534.5 

Three months ended
June 30, 2025
Balance, March, 31, 2025
(As Restated)49,679 $— 93,296,937 $1.0 $2,550.8 $(86.3)$(101.6)$(1,637.6)$726.3 $111.5 837.8 
Net income (loss)— — — — — — — (4.6)(4.6)(7.1)(11.7)
Other comprehensive income— — — — — — 1.5 — 1.5 — 1.5 
Share-based compensation— — 25,707 — 1.2 — — — 1.2 — 1.2 
Conversion of preferred stock to common stock(165)— 16,477 — — — — — — — — 
Contributions from noncontrolling interest— — — — — — — — — 18.6 18.6 
Balance, June 30, 2025
(As Restated)49,514 $— 93,339,121 $1.0 $2,552.0 $(86.3)$(100.1)$(1,642.2)$724.4 $123.0 $847.4 

See Condensed Notes to the Consolidated Financial Statements

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CENTURY ALUMINUM COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except share data)
(Unaudited)
Preferred stockCommon stockAdditional paid-in capitalTreasury stock, at costAccumulated other comprehensive lossAccumulated
deficitTotal Century equityNoncontrolling InterestTotal equity
SharesAmountSharesAmount
Six months ended
June 30, 2026
Balance, December 31, 2025— $— 98,969,007 $1.1 $2,571.5 $(86.3)$(55.2)$(1,625.5)$805.6 $124.3 $929.9 
Net income (loss)— — — — — — — 586.8 586.8 (16.0)570.8 
Other comprehensive income— — — — — — 7.6 — 7.6 5.3 12.9 
Share-based compensation— — 24,288 — 3.0 — — — 3.0 — 3.0 

Contributions from noncontrolling interest— — — — — — — — — 17.8 17.8 
Balance, June 30, 2026— $— 98,993,295 $1.1 $2,574.5 $(86.3)$(47.6)$(1,038.6)$1,403.1 $131.4 $1,534.5 

Six months ended
June 30, 2025
Balance, December 31, 2024 (As Restated)49,715 — 93,288,565 $1.0 $2,550.2 $(86.3)$(103.3)$(1,667.3)$694.3 $111.0 $805.3 
Net income (loss)— — — — — — — 25.1 25.1 (14.4)10.7 
Other comprehensive income— — — — — — 3.2 — 3.2 — 3.2 
Share-based compensation— — 30,486 — 1.8 — — — 1.8 — 1.8 
Conversion of preferred stock to common stock(201)— 20,070 — — — — — — — — 
Contributions from noncontrolling interest— — — — — — — — — 26.4 26.4 
Balance, June 30, 2025
(As Restated)49,514 $— 93,339,121 $1.0 $2,552.0 $(86.3)$(100.1)$(1,642.2)$724.4 $123.0 $847.4 

See Condensed Notes to the Consolidated Financial Statements
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CENTURY ALUMINUM COMPANY
Condensed Notes to the Consolidated Financial Statements
Six months ended June 30, 2026 and 2025 
(amounts in millions, except share and per share amounts)
(Unaudited)

1.    General
Description of Business
Century Aluminum is a producer of primary aluminum, which trades as a global commodity, and owns a 55% interest in a bauxite mining and alumina refinery joint venture. We are organized as a holding company, with our operating primary aluminum smelters and our bauxite mining and alumina refinery joint venture owned by separate subsidiaries.
Throughout this Form 10-Q, and unless expressly stated otherwise or as the context otherwise requires, "Century Aluminum", "Century", "the Company", "we", "us", "our" and "ours" refer to Century Aluminum Company and its consolidated subsidiaries.
Basis of Presentation
The accompanying unaudited interim consolidated financial statements of Century Aluminum Company should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025. In management’s opinion, the unaudited interim consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for the first six months of 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
Our consolidated financial statements include the consolidated results of the Jamalco joint venture ("Jamalco"), an unincorporated joint venture between Clarendon Alumina Production Limited ("CAP") and General Alumina Jamaica Limited ("GAJL"), an indirect, wholly-owned subsidiary of the Company through General Alumina Holdings Limited ("GAHL"). CAP's interest in the joint venture is reflected as noncontrolling interest on the accompanying Consolidated Balance Sheets.
Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These immaterial reclassifications had no effect on the previously reported net income or net cash flows.
Restatement
As noted in the Company's Form 10-K for the fiscal year ending December 31, 2025, as filed with the SEC on March 3, 2026, the Company has restated the comparative financial statements including the Consolidated Statement of Operations, Consolidated Balance Sheets, and Consolidated Statement of Stockholders' Equity as of and for the three and six months ended June 30, 2025, and applicable footnotes. The restatement reflects a change related to the consolidation of the Company's Jamalco joint venture whereby the Company previously used the proportionate method of consolidation for certain of Jamalco's net assets versus the full consolidation method. The change in consolidation method did not have any impact on our net income attributable to Century stockholders for the periods that were restated.
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CENTURY ALUMINUM COMPANY
Condensed Notes to the Consolidated Financial Statements (continued)
(amounts in millions, except share and per share amounts)
(Unaudited)

The following tables present a summary of the effects of the correction of the Company’s previously issued consolidated financial statements as of and for the three months ended June 30, 2025.
The effects of the corrections described above to the Company's consolidated statements of operations are shown below.

Three months ended June 30, 2025
As Previously
ReportedRestatement
ImpactsAs Restated
Cost of Goods Sold$591.9 $2.6 $594.5 
Gross profit36.2 (2.6)33.6 
Operating income20.7 (2.6)18.1 
Loss before income taxes(10.4)(2.6)(13.0)

Net loss(9.1)(2.6)(11.7)
Net loss attributable to noncontrolling interests(4.5)(2.6)(7.1)
Net loss attributable to Century stockholders(4.6)— (4.6)
Less: Net income allocated to participating securities— — — 
Net loss allocated to common stockholders$(4.6)$— $(4.6)

The effects of the corrections described above to the Company's consolidated balance statements are shown below.

June 30, 2025
As Previously ReportedRestatement ImpactsAs Restated
ASSETS
Non-trade receivables$— $17.1 $17.1 
Total current assets790.3 17.1 807.4 
Property, plant and equipment - net975.6 175.2 1,150.8 
Other assets69.6 1.0 70.6 
TOTAL$1,949.0 $193.3 $2,142.3 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accrued compensation and benefits$44.2 $1.0 $45.2 
Non-trade payables7.7 (7.7)— 
Accrued and other current liabilities44.9 3.1 48.0 
Total current liabilities451.1 (3.6)447.5 
Accrued benefits costs - less current portion127.8 14.5 142.3 
Asset retirement obligations - less current portion63.2 19.3 82.5 
Total noncurrent liabilities813.6 33.8 847.4 

SHAREHOLDERS’ EQUITY:
Noncontrolling interests(40.1)163.1 123.0 
Total equity684.3 163.1 847.4 
TOTAL$1,949.0 $193.3 $2,142.3 

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CENTURY ALUMINUM COMPANY
Condensed Notes to the Consolidated Financial Statements (continued)
(amounts in millions, except share and per share amounts)
(Unaudited)

The effects of the corrections described above to the Company's consolidated statements of shareholders' equity are shown below.

Three months ended June 30, 2025
(As Previously Reported)Noncontrolling interestTotal equity
Balance, March 31, 2025$(35.6)$690.7 
Net income (loss)(4.5)(9.1)
Other comprehensive income (loss)— 1.5 
Share-based compensation— 1.2 
Contributions from noncontrolling interest— — 
Balance, June 30, 2025$(40.1)$684.3 

(Restatement Impacts)
Net income (loss)$(2.6)$(2.6)
Contributions from noncontrolling interest18.6 18.6 

(As Restated)
Balance, March 31, 2025111.5 837.8 
Net income (loss)(7.1)(11.7)
Other comprehensive income (loss)— 1.5 
Share-based compensation— 1.2 
Contributions from noncontrolling interest18.6 18.6 
Balance, June 30, 2025$123.0 $847.4 

Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that requires disclosure of the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense line item on the income statement. The standard also requires a qualitative description of other amounts included in each relevant expense line item on the income statement that are not separately disclosed. In addition, entities are required to disclose the nature and amount of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We do not expect any impact to the consolidated financial statements, but the standard will require certain additional disclosures. The Company plans to adopt this guidance for the annual period ending December 31, 2027.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance on the recognition, measurement and presentation of government grants. The new standard is effective for fiscal years beginning after December 15, 2028. Early adoption is permitted. The Company has previously analogized to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, to account for refundable tax credits as an income grant. The Company's policy on income grants under IAS 20 aligns with the updated guidance, and the Company does not expect a material effect on its consolidated financial statements upon adoption.
In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which introduces a comprehensive model that establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and, when applicable, compliance obligations that may be settled by using environmental credits. The new standard is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, applied retrospectively by making a cumulative-effect adjustment to the opening balance of retained earnings. Early adoption is permitted. If an entity adopts the standard in an interim reporting period, it must adopt the guidance as of the 
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CENTURY ALUMINUM COMPANY
Condensed Notes to the Consolidated Financial Statements (continued)
(amounts in millions, except share and per share amounts)
(Unaudited)

beginning of the annual reporting period that includes that interim reporting period. The Company's policy for environmental credit accounting aligns with the standard and there will be no material impact to the consolidated financial statements. The standard will require certain additional disclosures.

2.    Related Party Transactions
The significant related party transactions occurring during the three and six months ended June 30, 2026 and 2025 are described below. All of our related party transactions are subject to the Company's Related Party Transaction Policy and are required to be made on an arm's length basis and on terms that are fair and reasonable to the Company and substantially the same as would apply if the other party was not a related party. We believe all of our transactions with related parties are at prices that approximate market.
Glencore Ownership
As of June 30, 2026, Glencore plc and its affiliates (together "Glencore") beneficially owned 30.0% of Century’s outstanding common stock. Century and Glencore enter into various transactions from time to time, such as the purchase and sale of primary aluminum, alumina and other raw materials; tolling agreements; forward financial contracts and borrowing and other debt transactions.
Sales to Glencore
For the three months ended June 30, 2026 and 2025, we derived approximately 44.0% and 58.5%, respectively, of our consolidated net sales from Glencore. For the six months ended June 30, 2026 and 2025, we derived approximately 45.5% and 59.1%, respectively, of our consolidated net sales from Glencore. 
Glencore purchases aluminum produced at our U.S. smelters at prices based on the London Metal Exchange ("LME") plus the Midwest regional delivery premium plus any additional market-based product premiums. Glencore purchases aluminum produced at our Grundartangi, Iceland smelter at prices based on the LME plus the European Duty Paid premium plus any additional market-based product premiums. 
We have entered into agreements with Glencore pursuant to which we sell certain amounts of alumina at market-based prices. For the three and six months ended June 30, 2026, the Company recognized $50.2 million and $111.5 million, respectively, of revenue related to alumina sales to Glencore. For the three and six months ended June 30, 2025, the Company recognized $48.0 million and $126.4 million, respectively, of revenue related to alumina sales to Glencore. 
Purchases from Glencore
We purchase a portion of our alumina and certain other raw material requirements from Glencore. Alumina purchases from Glencore during the three and six months ended June 30, 2026 and 2025 were priced based on aluminum indices.
Summary
A summary of the aforementioned significant related party sales and purchases is as follows: 

Three months ended
June 30,Six months ended
June 30,
2026202520262025
Net sales to Glencore$330.9 $367.6 $636.8 $746.3 
Purchases from Glencore104.3 51.8 168.5 140.1 

Vlissingen Credit Facility
On December 9, 2022, Vlissingen entered into a Facility Agreement with Glencore International AG, which was amended and extended on October 1, 2024 (as amended, the “Vlissingen Credit Facility”). The availability period for borrowings under the Vlissingen Credit Facility was extended by two years and now ends on December 2, 2026. Under the Vlissingen Credit Facility, Vlissingen may borrow from time to time up to $90.0 million in one or more loans at a variable interest rate equal to the 1-month SOFR rate plus 3.687 percentage points, subject to an absolute maximum level of 9.00% and an absolute minimum 
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CENTURY ALUMINUM COMPANY
Condensed Notes to the Consolidated Financial Statements (continued)
(amounts in millions, except share and per share amounts)
(Unaudited)

level of 7.00%. As of June 30, 2026, there were no outstanding borrowings under the Vlissingen Credit Facility. See Note 12. Debt for additional information. Any borrowings under the Vlissingen Credit Facility are expected to be used for general corporate and working capital purposes of Century and its subsidiaries.

3.    Revenue
We enter into contracts to sell mainly primary aluminum to our customers. Revenue is recognized when our performance obligations with our customers are satisfied. Our obligations under the contracts are satisfied when we transfer control of our primary aluminum to our customers which is generally upon shipment or delivery to customer directed locations. The amount of consideration we receive, thus the revenue we recognize, is a function of volume delivered, market price of primary aluminum, which is based on the LME, plus regional premiums and any value-added product premiums. For alumina, consideration is based on the alumina pricing index, plus Atlantic differential.
The payment terms and conditions in our contracts vary and are not significant to our revenue. We complete an appropriate credit evaluation for each customer at contract inception. Customer payments are due in arrears and are recognized as Accounts receivable - net and Due from affiliates in our Consolidated Balance Sheets.
In connection with our sales agreements with certain customers, including Glencore, we invoice the customer prior to physical shipment of goods for a majority of production generated from each of our U.S. domestic smelters. For those sales, revenue is recognized only when the customer has specifically requested such treatment and has made a commitment to purchase the product. The goods must be complete, ready for shipment and separated from other inventory with control over the goods passing to the customer. We must retain no further performance obligations.
Contract liabilities are recorded when cash payments are received or due in advance of performance. Amounts recognized in Due to affiliates was $32.3 million and $31.2 million, as of June 30, 2026 and December 31, 2025, respectively.
The table below shows the amount of net sales to external customers for each of the Company's produc