Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 167

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 167
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 direct cost of goods sold.(2)Advanced production credit related to Section 45X of the Inflation Reduction Act.(3)Includes freight costs and FIFO inventory adjustment.(4)Includes equity in losses or earnings from joint ventures and inventory revaluation to lower of cost or net realizable value.

20.  Derivatives

As of December 31, 2024, we had an open position of 32,000 tonnes related to LME forward financial sales contracts to fix the forward LME aluminum price and an open position of 32,000 tonnes related to MWP forward financial sales contracts to fix the forward MWP price. These contracts are expected to settle monthly through September 2026. We also enter into financial contracts with various counterparties to offset fixed price sales arrangements with certain of our customers ("fixed for floating swaps") to remain exposed to the LME and MWP aluminum prices. As of December 31, 2024, we had no open fixed for floating swaps.We previously entered into forward contracts to hedge the risk of fluctuations associated with the Icelandic Krona (ISK) and Euro for contracts related to the construction of the Grundartangi casthouse and the Sebree casthouse project denominated in these currencies ("casthouse currency hedges"). As of December 31, 2024, we had no open casthouse currency hedges.We previously entered into financial contracts to hedge a portion of our exposure at our operations to the NYMEX Henry Hub (“NYMEX Henry Hub natural gas price swaps”). The natural gas volume is measured per million British Thermal Units ("MMBtu"). As of December 31, 2024, we had no open NYMEX Henry Hub natural gas price swaps.We have entered into financial contracts to hedge a portion of our exposure at our operations to Heavy Fuel Oil (“HFO price swaps”). The HFO volume is measured per barrel. As of December 31, 2024, we had an open position of 295,000 barrels. The HFO price swaps are expected to settle monthly through December 2025.

99

CENTURY ALUMINUM COMPANYNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(amounts in millions, except share and per share amounts)

We have entered into financial contracts to fix a portion of our exposure to the Indiana Hub power market at our Sebree plant ("Indiana Hub power price swaps"). As of December 31, 2024, we had an open position of 591,192 MWh. The Indiana Hub