Century Aluminum Co (NASDAQ: CENX) reported Q3 EPS of ($0.39), $0.09 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $438 million versus the consensus estimate of $462.29 million.

Century's cash position at quarter end was $22.5 million and revolver availability was $177.6 million.

"The external environment remains complex, with conflicting signals evident at each of the macro and sector specific levels,” commented Michael Bless, President and Chief Executive Officer. “We have seen slowing growth in many of our customers’ markets, and this condition is manifested in declining product premiums. However, inventory levels remain relatively low and the global balance of supply and demand is, at this time, consistent with a healthy market. Of course the broader environment remains exposed, on the upside as well as the downside, to developments on several key geopolitical issues. The alumina price has, as expected, returned to more normalized levels, both in absolute and in relation to the metal price.”

Mr. Bless continued, “The company’s operations remain largely on track. At Hawesville, we are on pace to return the plant to full production in 2020. As previously reported, the three newly rebuilt potlines are fully operational. Earlier this year, we disconnected one of the two lines which have been continuously operating; its rebuild is on schedule and we expect to begin restarting cells in January and to have the line at full production by the end of the first quarter. Again as previously discussed, we were hoping to extend the life of the last potline to be refurbished into the latter months of this year. However, a severe and persistent alumina quality issue began to manifest over the summer and exposed these fragile cells, which were several years past their normal service life, to undue stress. We thus made the decision to disconnect the remaining cells; this last line will be rebuilt following the completion of the line presently under construction. Our other operations are performing well; conversion costs are under control and safety performance remains good and continues generally to improve."

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