Century Aluminum Company (CENX) Covered Calls

Century Aluminum Company is a leading global producer of primary aluminum with operations in the United States and Iceland. The company focuses on standard-grade and value-added products, including high-purity aluminum, billets, and foundry alloys. In 2026, it significantly expanded its domestic strategic importance by announcing the first new U.S. primary aluminum smelter in decades to support the defense, automotive, and renewable energy sectors.

You can sell covered calls on Century Aluminum Company to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for CENX (prices last updated Fri 4:16 PM ET):

Want to make money with covered calls?  Sign Up For A Free Trial

Core Business and Products

Century Aluminum Company (CENX) is a primary metals producer headquartered in Chicago. The company operates aluminum reduction facilities, or smelters, in Sebree and Robards, Kentucky; Mt. Holly, South Carolina; and Grundartangi, Iceland. It also owns a minority interest in a carbon anode plant in the Netherlands and a majority stake in the Jamalco alumina refinery in Jamaica. Its output consists of primary aluminum in various forms, from standard sow and tee bars to specialized value-added products like extrusion billets and foundry alloys used in high-performance applications.

In early 2026, the company reached a historic milestone by entering a joint development agreement with Emirates Global Aluminium (EGA) to construct a new 750,000-tonne smelter in Inola, Oklahoma. This project marks the first greenfield primary aluminum smelter built in the United States since 1980. The facility is designed to utilize EGA’s proprietary high-efficiency smelting technology, positioning Century as a cornerstone of the American "industrial renaissance" and a critical supplier for the energy transition and national defense industries.

Competitive Landscape

CENX operates in a global commodity market where pricing is dictated by the London Metal Exchange (LME). The company differentiates itself through its geographic focus on the North American market, where it benefits from "Midwest Premiums" and trade protections. While highly sensitive to energy costs—the largest variable expense in smelting—Century has mitigated this risk through long-term power agreements and a recent pivot toward renewable energy sources for its Iceland and South Carolina operations.

1. Alcoa Corporation: The largest U.S. competitor and a vertically integrated producer with global bauxite, alumina, and aluminum operations.
2. Kaiser Aluminum Corporation: A major peer focused on semi-fabricated aluminum products for the aerospace, automotive, and general industrial markets.
3. Rio Tinto Group: A diversified global mining giant with extensive, low-carbon aluminum smelting operations in Canada and elsewhere.
4. Freeport-McMoRan Inc.: While primarily a copper producer, it competes for institutional capital within the base metals and industrial materials sector.
5. Hudbay Minerals Inc.: A peer in the diversified metals and mining space that provides an alternative for investors seeking exposure to industrial metals.

Strategic Outlook and Innovation

Century’s 2026 outlook is characterized by "Structural Scarcity." With LME aluminum prices reaching multi-year highs, the company is focused on maximizing production uptime and completing the restart of idled capacity at its Mt. Holly facility. The Oklahoma greenfield project is the centerpiece of its long-term strategy, aimed at reducing the U.S. reliance on imported primary aluminum while setting a new global standard for energy efficiency and carbon intensity in the smelting process.

Innovation at Century is driven by the adoption of EGA’s "EX" technology, which significantly lowers the kilowatt-hours required per ton of aluminum produced. The company is also exploring the use of inert anode technology to eliminate direct CO2 emissions from the smelting process. By securing its role as a key supplier for the electric vehicle (EV) supply chain and domestic infrastructure projects, Century Aluminum aims to transition from a cyclical commodity survivor into a high-growth, strategic industrial asset.

Want more examples? CENTA Covered Calls | CERS Covered Calls