A Historic Expansion: Century Aluminum’s Landmark U.S. Smelter Project

In a move set to reshape the American industrial landscape, Century Aluminum has announced a joint venture with Emirates Global Aluminium (EGA) to construct the first new primary aluminum smelter in the United States in over four decades. This multi-billion dollar initiative, slated for Oklahoma, represents a strategic effort to bolster domestic supply amid a tightening global market. The critical question for investors is whether the company can execute this ambitious plan to alleviate projected shortages.

Addressing a Global Supply Deficit

The aluminum market remains under significant strain. Industry forecasts indicate that the primary aluminum sector will continue to face a supply deficit well into 2026. Constraints on production capacity in key regions, coupled with persistent energy supply issues, are tightening global availability. This environment is driving renewed capital investment into raw material production. Century Aluminum’s expansion is a direct strategic response to this scarcity, aiming to reduce import dependency and secure a larger foothold in a supply-constrained market.

Project Specifications and Timeline

The planned facility in Inola, Oklahoma, is a monumental undertaking. Key details of the joint venture are as follows:

• Annual Production Capacity: 750,000 tons
• Ownership Structure: A 60% stake will be held by EGA, with Century Aluminum controlling the remaining 40%
• Construction Schedule: Groundbreaking is targeted for late 2026, with full production expected by the end of the decade
• Employment Impact: The project will create approximately 4,000 construction jobs and 1,000 permanent operational positions

Upon completion, the smelter’s output would more than double the United States’ current production of primary aluminum. Century Aluminum will contribute its operational expertise to the partnership, while EGA provides the technological know-how for the smelting facilities.

Should investors sell immediately? Or is it worth buying Century Aluminum?

Financial Backdrop and Institutional Confidence

This strategic announcement is supported by stable institutional investment. Recent regulatory filings revealed that The Vanguard Group maintained a 7.43% ownership stake in Century Aluminum at the turn of the year. With nearly 6.94 million shares, the asset manager remains one of the company’s most significant shareholders.

All eyes are now on February 19, 2026. On this date, Century Aluminum is scheduled to release its financial results for the fourth quarter of 2025. These figures will be crucial for analysts to assess the company’s current financial stability and its preparedness to undertake such a capital-intensive project while navigating volatile energy costs and global commodity prices.

The Path Forward

The construction timeline, aiming for a late-2026 start, means the project’s realization hinges on several external factors. The company’s progress remains susceptible to fluctuations in global aluminum prices and energy costs, which have long pressured the sector’s profitability. The forthcoming quarterly report will provide a clearer picture of how well-positioned Century Aluminum is to embark on this long-term growth trajectory and capitalize on the persistent market deficit.