Century Aluminum Joins with South Carolina Governor Henry McMaster and USC Economist Dr. Von Nessen to Unveil Findings of an Economic Impact Study
20 Fevereiro 2024 - 12:30PM
Today, leaders from Century Aluminum Company (NASDAQ: CENX)
(“Century”) joined with South Carolina Governor Henry McMaster and
economist Dr. Joseph Von Nessen of the Darla Moore School of
Business at the University of South Carolina (“USC”) to unveil the
results of a study conducted by USC that examined the economic
impact of Century’s Mt. Holly facility (“Mt. Holly”) on the local
and state economy. In particular, the study documents the
tremendous economic impact that Mt. Holly has on the state of South
Carolina, where the average wage among all direct jobs supported by
Century Mt. Holly is $102,302.
“We are proud of the significant role that Mt.
Holly plays in the Lowcountry economy. This new study finds
that the annual economic impact of Mt. Holly is over $770 million,
which is a significant contribution to the state of South
Carolina,” remarked Century CEO Jesse Gary. “Because of our
outstanding workforce, strong federal support of this critical
industry and the critical leadership of Governor McMaster, Century
has continued investing in South Carolina, and is poised to
grow.”
“We pride ourselves on creating an economic
climate that allows businesses to provide the best economic
opportunities to our citizens. Mt. Holly has been instrumental in
creating hundreds of good-paying family sustaining jobs,” said
South Carolina Governor Henry McMaster. “Century Aluminum’s Mt.
Holly plant is clearly a unique economic driver for South
Carolina.”
“Century Mt. Holly is generating a higher return
on employment for the state than many other businesses of
comparable size. For every 10 jobs that are created by Mt. Holly,
another 22 jobs, on average, are created elsewhere in South
Carolina,” remarked Dr. Joseph Von Nessen, research economist at
the University of South Carolina. “These high wage jobs also
support a diverse employment base. For example, approximately 59%
of the current Mt. Holly workforce is African American.”
According to the report, currently Mt.
Holly:
- Contributes $772.9 million annually
to the state’s economy.
- Creates and sustains 1,439 jobs for
a total annual labor income of $112.9 million.
- For every 10
jobs created in Mt. Holly, another 22 are created elsewhere in
South Carolina (for a total of 32 jobs).
In addition to its economic contributions, Mt.
Holly is also known for providing high-quality employment
opportunities, which is evident in the wage levels of all jobs
supported by the facility, both directly and indirectly, in the
surrounding area. On average, all jobs supported by Mt. Holly
(directly or indirectly) pay $78,457 per year, which is 46% higher
than the average wage in South Carolina. Moreover, the average wage
of the Mt. Holly facility's direct employees is almost 90% higher
than the state's average wage.
Despite the already sizable economic impact that
Mt. Holly maintains on both the Charleston tri-county region and
the state of South Carolina, Century is actively reviewing the
opportunity to increase its production an additional 25% to reach
full production levels. The Economic Impact study reveals that if
Century were to reach its full capacity, the total direct economic
impact of the smelter would increase from $772.9 million to
approximately $877.0 million annually.
Century Aluminum was established in 1995, with
Mt. Holly being one of its initial facilities. In the nearly 30
years since its inception, Century has significantly expanded its
operations to include both domestic and international locations. In
South Carolina, primary aluminum and metal production has been a
part of the state's manufacturing industry for a long time.
Although the industry has faced significant challenges in recent
years due to international competition, aluminum production at
Century's Mt. Holly smelter in Charleston has remained a
significant driver of economic activity in the local region.
About Century Aluminum Company
Century Aluminum Company owns primary aluminum capacity in the
United States and Iceland. Century's corporate offices are located
in Chicago, IL. Visit www.centuryaluminum.com for more
information.
Cautionary Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements are
statements about future events and are based on our current
expectations. These forward-looking statements may be identified by
the words "believe," "expect," "hope," "target," "anticipate,"
"intend," "plan," "seek," "estimate," "potential," "project,"
"scheduled," "forecast" or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could,"
"might," or "may." Our forward-looking statements include, without
limitation, statements with respect to: the ultimate effects
and expectations of the new collective bargaining agreement, global
and local financial and economic conditions; future aluminum
pricing and the costs of our major raw materials.
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our forward-looking
statements are based on current expectations and assumptions that
are subject to risks and uncertainties which may cause actual
results to differ materially from future results expressed,
projected or implied by those forward-looking statements. Important
factors that could cause actual results and events to differ from
those described in such forward-looking statements can be found in
the risk factors and forward-looking statements cautionary language
contained in our Annual Report on Form 10-K, quarterly reports on
Form 10-Q and in other filings made with the Securities and
Exchange Commission. Although we have attempted to identify those
material factors that could cause actual results or events to
differ from those described in such forward-looking statements,
there may be other factors that could cause actual results or
events to differ from those anticipated, estimated or intended.
Many of these factors are beyond our ability to control or predict.
Given these uncertainties, investors are cautioned not to place
undue reliance on our forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Contact: Ryan Crawford (investors and
media)investorrelations@centuryaluminum.com (312)
696-3132
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