Century Aluminum Forges Ahead with Major U.S. Expansion in Oklahoma

Century Aluminum is embarking on a significant expansion of domestic production capacity. A newly formed partnership aims to eventually double primary aluminum output in the United States, with a strategic project in Oklahoma designed to secure critical supply chains for defense and aerospace applications while establishing the region as a national hub for the metal’s production.

Strategic Partnership to Bolster Domestic Supply

The company is advancing plans for a new processing facility in Inola, Oklahoma, through a collaboration with Emirates Global Aluminium (EGA) and the U.S. Aluminum Company. This facility will be situated adjacent to a previously announced primary aluminum smelter. EGA will hold a 60 percent majority stake in the smelter project, with Century Aluminum retaining a 40 percent interest.

This move carries substantial strategic weight for U.S. industry, which faces processing bottlenecks increasingly viewed as a national security concern. The planned facility is intended to manufacture specialized products for key sectors including automotive, machinery, and defense. Construction of the smelter is currently scheduled to commence by the end of 2026, with initial production expected to come online before the close of the decade.

Operational Milestones and Project Timeline

Alongside these new construction plans, Century Aluminum’s management is focused on restoring existing operations to full capacity. At its Mt. Holly plant, full production capacity is anticipated by the second quarter of 2026. Expansion efforts are also underway in Iceland, where the Grundartangi Line 2 is expected to restart following repairs by the end of April, reaching near-full utilization by July.

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

Key upcoming dates for the company include:
– End of April 2026: Scheduled restart of Grundartangi Line 2
– May 6, 2026: Q1 2026 quarterly earnings release
– Q2 2026: Expected full capacity at the Mt. Holly facility
– End of 2026: Targeted start of construction for the Oklahoma mega-project

Market Context and Share Price Movement

Long-term demand fundamentals for aluminum remain solid, supported by high needs from green-tech sectors, particularly electric vehicles. However, market conditions continue to exhibit volatility. Despite the ambitious growth strategy, investor reaction was muted in the latest trading session. The equity shed significant ground, closing the day down 11.21 percent at €42.79.

This pullback partially retraces the stock’s strong performance since the start of the year, which despite the recent decline remains above 22 percent. Market participants are now likely looking ahead to May 6, when the company’s first-quarter 2026 results are set to provide further details on the financial execution of its expansion strategy.