Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 77

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 77
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in millions)202420232022Net cash (used in) provided by operating activities$(24.6)$105.6 $25.9 Net cash used in investing activities(67.3)(57.8)(85.5)Net cash provided by (used in) financing activities37.3 (13.0)74.4 Change in cash, cash equivalents and restricted cash$(54.6)$34.8 $14.8 

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

The change in net cash used in operating activities for the year ended December 31, 2024 compared to cash provided by operating activities for the year ended December 31, 2023 was driven by a increase in net working capital of $195.2 million primarily associated with increased inventory levels attributable to timing of shipments of fourth quarter production and higher uncollected receivables, including amounts related to the Manufacturing Credit Receivable, include $21.3 million related to 2023 costs recognized upon the issuance of final regulations published in the third quarter of 2024. These increases were partially offset by a decrease in accounts payable due to timing of payments. Additionally, this variance was partially offset by a $373.0 million increase in net income between periods, primarily attributable to the recognition of the bargain purchase gain of $245.9 million related to the Jamalco acquisition and reduction in unrealized losses on derivative contracts in the current year.

The increase in net cash used in investing activities during 2024 was primarily due to lower cash inflows from proceeds of sales of property, plant and equipment during 2024 compared to 2023. The Company received cash inflows of $25.7 million from the Mt. Holly land sale in 2023. Additionally, cash outflows related to capital expenditures decreased by $12.7 million due to lower expenditures related to the Grundartangi casthouse project completed in the second quarter of 2024.

The change in net cash used in financing activities in 2024 compared to net cash provided by financing activities in 2023 was primarily due to net borrowings on our revolving credit facilities and reduced repayments of the Iceland Term Facility in 2024. These changes were partially offset by the repayment of carbon credits and reduced borrowings under the Grundartangi Casthouse Facility.

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Availability under Our Credit Facilities

Our U.S. revolving credit facility, dated May 2018 (as amended,