The company has issued a 12 month notice to terminate its power contract with Big Rivers, which is in the midst of a rate hike.
Century and Big Rivers have been unable to come to terms on a deal to keep the plant's power on. And Century says the Hawesville Smelter is not economically viable under their current power rate and market conditions. Century President and CEO, Michael Bless, says "We need a power price that is reflective of the market, helps the plant weather these turbulent economic conditions and allows the plant to be competitive over the long term".
Century Aluminum says they will continue to work with Big Rivers to try and prevent a shut down. However, if no deal is reached, the plant could be shut down, leaving 700 people out of a job.
"We fully understand the devastating impact that the plant's closure would have on our employees, customers and suppliers, as well as on Kentucky's economy. We are committed to exploring all available options to keep the smelter open both in the short term and long term. We sincerely hope that an agreement can be reached to save the smelter and protect the nearly 700 critical jobs, and all those who depend on them", Bless said.