This Management's Discussion and Analysis ("MD&A") provides information that
management believes is relevant to an assessment and understanding of the
consolidated financial condition and results of operations of Century Aluminum
Company and should be read in conjunction with the accompanying consolidated
financial statements and related notes thereto. This MD&A contains
"forward-looking statements" - see "Forward-Looking Statements" above.

Insight

We are a global producer of primary aluminum with aluminum reduction facilities,
or "smelters," in the United States and Iceland. The key determinants of our
results of operations and cash flow from operations are as follows:

•the price of primary aluminum, which is based on the London Metal Exchange
("LME") and other exchanges, plus any regional premiums and value-added product
premiums;

•the cost of goods sold, the main components of which are electrical energy, alumina, carbonaceous products and labour, which together represent more than 75% of our cost of goods sold; and

•our production volume and product mix.

RECENT DEVELOPMENTS

Hawesville temporary curtailment
On June 22, 2022, we announced that we would temporarily idle our Hawesville
smelter, as a direct result of historically high energy costs and declining LME
prices. As part of this action, we issued a notice to most of the employees at
the facility pursuant to the Worker Adjustment and Retraining Notification
("WARN") Act regarding our intentions to temporarily curtail Hawesville plant
operations by no later than August 20, 2022. We have since fully curtailed
production at the facility and expect to continue to maintain the plant with the
intention of restarting operations when market conditions permit, including
energy prices returning to more normalized levels and aluminum prices
maintaining levels that can support the on-going costs and capital expenditures
necessary to restart and operate the plant.

As the curtailment represents a significant adverse change in the extent and
manner in which the Hawesville smelter will be used, we accordingly evaluated
the Hawesville asset group for recoverability. As the carrying value of the
Hawesville asset group was determined to not be recoverable based on the
estimated undiscounted cash flows expected to be generated over the life of the
asset group, an impairment charge of $159.4 million was recognized to write down
the asset group to its estimated fair value. We also recognized $8.2 million of
expense during the second quarter related to accrual of payouts to employees for
wages and severance, triggered by our issuance of the WARN notice.

aluminum price

The overall price of primary aluminum consists of three components: (i) the base
commodity price, which is based on quoted prices on the LME and other exchanges;
plus (ii) any regional premium (e.g., the Midwest premium for metal sold in the
United States ("MWP") and the European Duty Paid premium for metal sold into
Europe ("EDPP")); plus (iii) any value-added product premium. Each of these
price components has its own drivers and variability.
The aluminum price is influenced by a number of factors, including global
supply-demand balance, inventory levels, speculative activities by market
participants, production activities by competitors and political and economic
conditions, as well as production costs in major production regions. These
factors can be highly speculative and difficult to predict which can lead to
significant volatility in the aluminum price. Increases or decreases in primary
aluminum prices result in increases and decreases in our revenues (assuming all
other factors are unchanged). From time to time, we may seek to manage our
exposure to fluctuations in the LME price of primary aluminum and/or associated
regional premiums through financial instruments designed to protect our downside
price risk exposure. Information regarding financial contracts is included in

Note 1 4 . The derivatives and risks associated with these financial contracts are specifically disclosed in our Annual Report on Form 10-K for the year ended. December 31, 2021.

We have seen a decline in the pricing of aluminum in the second quarter of 2022,
when compared to the aluminum prices that were generally increasing throughout
2021 and during the first quarter of 2022. The average LME price for primary
aluminum was $2,882 per tonne for the second quarter of 2022, compared to $3,267
per tonne in the first quarter of 2022, $2,475 per tonne in 2021, and $1,702 per
tonne in 2020. The average MWP price was $805 per tonne for the second quarter
of 2022, compared to $794 per tonne for the first quarter of 2022, $581 per
tonne in 2021, and $267 per tonne in 2020. The
                                       31
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average EDPP price was $604 per tonne for the second quarter of 2022, compared
to $489 per tonne for the first quarter of 2022, $272 per tonne in 2021, and
$126 per tonne in 2020.


Cyber incursion

On February 16, 2022, we detected a cyber incursion affecting some of the
servers supporting our global operations. The Company took immediate action by
shutting down all impacted information systems and activating the Company's
internal response procedures and quickly restored all of our information systems
and rectified all impacts of the incursion. The total financial statement impact
of the cyber incursion, both with respect to costs incurred in response and
impacts to production, is not material.

Operating results

The following discussion for the three and six months ended June 30, 2022
does not reflect any change in the production capabilities of our operating facilities.

Our net sales are impacted primarily by the LME price for aluminum, regional and
value-added premiums, and the volume and product mix of aluminum we ship during
the period. In general, our results reflect the LME and regional premium pricing
on an approximately one to three month lag basis reflecting contractual terms
with our customers.

Electrical power, alumina, carbon products and labor are the principal
components of our cost of goods sold. Power costs can be volatile as a result of
a number of factors beyond our control. See "Item 1A. Risk Factors - Increases
in energy costs adversely affect our business, financial position, results of
operations and liquidity" in our Annual Report on Form 10-K for the year ended
December 31, 2021. Power costs at our Kentucky plants are impacted by capacity
demand charges, which are determined based on available power generating
capacity in MISO, from which we purchase energy. The price of such capacity is
set by auction in April. Our expected capacity demand costs for power are
expected to be approximately $11.5 million per quarter after June 1, 2022
(notwithstanding the curtailment at Hawesville), in addition to the market price
of power used.

The recent increase in energy costs have adversely affected our business, and
are expected to continue to adversely affect our business over the near term
until power prices return to more normalized levels and/or LME prices improve.
Increased domestic energy costs have resulted in the curtailment of our
Hawesville facility as described above. In Europe, increased energy prices
affect both our Grundartangi operations (a portion of our power is linked to the
Nord Pool power market) and our Vlissengen facility in the Netherlands, which
utilizes natural gas to produce anodes used in our Grundartangi operations. The
energy market in Europe is materially dependent upon imported natural gas from
Russia, and the threat of Russia further reducing or terminating natural gas
supply to Europe creates uncertainty with respect to the price and availability
of natural gas, which could adversely affect operations at Vlissingen, and in
turn operations at Grundartangi, if we are not able to source an alternative
supply of anodes.

In general, our results reflect the market cost of alumina on an approximately
three-month lag reflecting the terms of our alumina contracts and inventory
levels.
                                                   Quarter ended                                 Six months ended
                                                    Sequential                                     Year-to-date
                                       June 30, 2022          March 31, 2022           June 30, 2022           June 30, 2021
                                                               (in millions, except per share data)
NET SALES:
Related parties                      $        483.5          $        433.1          $        916.6                   574.7
Other customers                               373.1                   320.5                   693.6                   397.3
Total net sales                               856.6                   753.6                 1,610.2                   972.0
Gross profit (loss)                            15.9                    93.2                   109.1                     0.2
Net income (loss)                              37.4                    17.7                    55.1                  (175.1)
INCOME (LOSS) PER COMMON SHARE:
Basic                                $         0.38          $         0.18          $         0.57          $        (1.94)
Diluted                              $         0.36          $         0.18          $         0.54          $        (1.94)



                                       32

————————————————– ——————————

DELIVERIES – PRIMARY ALUMINUM(1)

                                       United States                                      Iceland                                        Total
                                                       Sales $                                       Sales $                                       Sales $
                              Tonnes                (in millions)             Tonnes              (in millions)             Tonnes              (in millions)
         2022
2nd Quarter                     139,630           $        564.8               74,454           $        273.2              214,084           $        838.0
1st Quarter                     134,953           $        494.8               76,458           $        247.5              211,411           $        742.3

         2021
2nd Quarter                     112,792           $        314.0               78,102           $        180.1              190,894           $        494.1
1st Quarter                     116,437           $        275.6               79,260           $        164.2              195,697           $        439.8

(1) Excludes sales of aluminum and alumina scrap.

                                 Quarter ended                          Six months ended
                                   Sequential                             Year-to-date
    (in millions)      June 30, 2022       March 31, 2022      June 30, 2022       June 30, 2021
    Net sales         $        856.6      $        753.6      $      1,610.2      $        972.0



Net sales (excluding alumina sales) increased by $89.3 million for the three
months ended June 30, 2022, compared to the three months ended March 31, 2022,
primarily driven by favorable LME and premium price realizations of $92.9
million and favorable volume of $5.7 million, offset by unfavorable sales mix of
$9.4 million.

Sales (excluding alumina sales) increased by $638.2 million for the six months ended June 30, 2022compared to the half-year ended June 30, 2021mainly thanks to favorable realizations of the LME and bonuses of $512.0 million and favorable volume of $130.2 million.

                                    Quarter ended                          Six months ended
                                     Sequential                              Year-to-date
  (in millions)          June 30, 2022       March 31, 2022       June 30, 2022       June 30, 2021
  Gross profit (loss)   $         15.9      $          93.2      $    109.1          $          0.2



Gross profit decreased by $77.4 million for the three months ended June 30,
2022, compared to the three months ended March 31, 2022, primarily driven by
unfavorable raw material price realization of $69.4 million, unfavorable power
price realization of $58.3 million, unfavorable sales mix of $8.4 million, and
increased operating costs of $39.3 million, partially offset by favorable metal
price realization of $92.9 million and favorable volume of $1.3 million.


Gross profit increased by $108.9 million for the six months ended June 30, 2022
compared to the six months ended June 30, 2021, primarily driven by favorable
metal price realization of $512.0 million, favorable sales mix of $39.1 million,
and favorable volume of $26.3 million, offset by unfavorable raw material price
realization of $225.0 million, unfavorable power price realization of $192.0
million, and increased operating costs of $56.0 million.


                                                             Quarter ended                                    Six months ended
                                                               Sequential                                       Year-to-date
(in millions)                                    June 30, 2022           March 31, 2022            June 30, 2022             June 30, 2021
Asset impairment charge                        $        159.4          $             -          $      159.4               $            -



An asset impairment charge of $159.4 million was recognized in the period ended
June 30, 2022 as a result of the temporary curtailment of the Hawesville
facility, announced during June 2022. As the curtailment represents a
significant adverse change in the extent and manner in which Hawesville will be
used, we accordingly evaluated the Hawesville asset group for recoverability
which resulted in the recognized impairment charge of $159.4 million.
                                       33
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                                                       Quarter ended                                  Six months ended
                                                         Sequential                                     Year-to-date
(in millions)                              June 30, 2022           March 31, 2022           June 30, 2022           June 30, 2021
Selling, general and administrative
expenses                                 $          5.8          $          11.7          $      17.5             $         24.8



Selling, general and administrative expenses decreased by $5.9 million for the
three months ended June 30, 2022, compared to the three months ended March 31,
2022, primarily driven by a reduction in share-based compensation costs
resulting from the reduction the Company's stock price quarter over quarter.

Selling, general and administrative expenses decreased by $7.3 million for the
six months ended June 30, 2022, compared to the six months ended June 30, 2021,
primarily driven by a reduction in share-based compensation costs during 2022
resulting from the reduction the Company's stock price quarter over quarter.

                                                    Quarter ended                                 Six months ended
                                                     Sequential                                     Year-to-date
(in millions)                           June 30, 2022          March 31, 2022           June 30, 2022           June 30, 2021
Net gain (loss) on forward and
derivative contracts                  $        231.8          $        (56.7)         $        175.1          $       (162.5)



Net gain (loss) on forward and derivative contracts increased by $288.5 million
from a loss of $56.7 million for the three months ended March 31, 2022 to a gain
of $231.8 million for the three months ended June 30, 2022, primarily driven by
decreases in LME and MWP forward prices, and increased gains on Nord Pool
derivative contracts due to Nord Pool power forward price increases.

Net gain (loss) on forward and derivative contracts increased by $337.6 million
from a loss of $162.5 million for the six months ended June 30, 2021 to a gain
of $175.1 million for the six months ended June 30, 2022, primarily driven by
decreases in LME and MWP forward prices, and increased gains on Nord Pool
derivative contracts due to Nord Pool power forward price increases.

                                                   Quarter ended                                  Six months ended
                                                     Sequential                                     Year-to-date
(in millions)                          June 30, 2022           March 31, 2022           June 30, 2022           June 30, 2021
Income tax benefit (expense)         $        (42.3)         $          (1.7)         $        (44.0)         $         50.6


For the three months ended June 30, 2022, income tax expense increased by $40.6
million compared to the three months ended March 31, 2022, primarily driven by
improved operating results at Grundartangi and favorable LME price realization.

For the six months ended June 30, 2022the tax charge increased by $94.6 million compared to the half-year ended June 30, 2021, mainly thanks to the favorable realization of LME prices. Refer to Note 8. Income taxes of the consolidated financial statements included herein for more information.

Cash and capital resources

Liquidity

Our principal sources of liquidity are available cash and cash flow from
operations. We also have access to our existing U.S. and Iceland revolving
credit facilities (collectively, the "revolving credit facilities") and have
raised capital in the past through public equity and debt markets. We regularly
explore various other financing alternatives. Our principal uses of cash include
the funding of operating costs (including post-retirement benefits), debt
service requirements, capital expenditures, investments in our growth activities
and in related businesses, working capital and other general corporate
requirements.
                                       34
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We believe that cash provided from operations and financing activities will be
adequate to cover our operations and business needs over the next twelve months.
As of June 30, 2022, we had cash and cash equivalents of approximately $30.0
million and unused availability under our revolving credit facilities of $195.6
million, resulting in a total liquidity position of approximately $225.6
million.

Cash available

Our available balance of cash and cash equivalents at June 30, 2022 has been $30.0 million compared to $29.0 million at December 31, 2021.

Sources and uses of species

Our cash flow statements are summarized below:

                                                              Six months ended June 30,
                                                            2022                      2021
                                                                    (in millions)
Net cash provided by (used in) operating activities $            68.6          $          (87.9)
Net cash used in investing activities                           (51.7)                    (25.9)
Net cash provided by (used in) financing activities             (25.1)                     39.7
Change in cash, cash equivalents and restricted
cash                                                $            (8.2)         $          (74.1)




The change from net cash used in operating activities during the six months
ended June 30, 2021 to net cash provided by operating activities during the six
months ended June 30, 2022 was primarily driven by net income during the first
half of 2022, partially offset by changes in working capital. The changes in
working capital are primarily attributable to timing of receivable collections,
timing of raw material receipts, and pricing increases.

The increase in net cash used in investing activities is mainly due to higher spending on capital projects during the six months ended June 30, 2022driven by capital investments in the Mt. Holly Restart Project and the Grundartangi Smelter Project.

The change from net cash provided by financing activities to net cash used in
financing activities was primarily due to increased repayments on the revolving
credit facilities.

Availability under our credit facilities

The U.S. revolving credit facility, dated May 2018 (as amended, the "U.S.
revolving credit facility"), previously provided for borrowings of up to $220.0
million, including up to $110.0 million under a letter of credit sub-facility.
In June 2022, we entered into a Fourth Amendment to our existing $220.0 million
U.S. revolving credit facility, increasing the maximum capacity from $220.0
million to $250.0 million, including up to $150.0 million under a letter of
credit sub-facility. The U.S. revolving credit facility matures in June 2027.
Any letters of credit issued and outstanding under the U.S. revolving credit
facility reduce our borrowing availability on a dollar-for-dollar basis.

We have also entered into, through our wholly-owned subsidiary Nordural
Grundartangi ehf ("Grundartangi"), a $50.0 million revolving credit facility,
dated November 2013, as amended (the "Iceland revolving credit facility"). On
February 4, 2022, we further amended this Iceland revolving credit facility and
increased the facility amount to $80.0 million in the aggregate. The Iceland
revolving credit facility matures in November 2024.

The availability of funds under our credit facilities is limited by a specified
borrowing base consisting of certain accounts receivable, inventory and
qualified cash deposits which meet the lenders' eligibility criteria. Increases
in the price of aluminum and/or restarts of previously curtailed operations, for
example, increase our borrowing base by increasing our accounts receivable and
inventory balances; decreases in the price of aluminum and/or curtailments of
production capacity would decrease our borrowing base by reducing our accounts
receivable and inventory balances. We are still evaluating the impact of the
Hawesville curtailment on the borrowing base. As of June 30, 2022, our U.S.
revolving credit facility had a borrowing base of $250.0 million, $15.0
million in borrowings and $84.4 million in letters of credit outstanding. Of the
outstanding letters of credit, $49.1 million are related to our power
commitments, $15.4 million are related to hedging collateral, and the remainder
                                       35
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are primarily for the purpose of securing certain debt and workers' compensation
commitments. As of June 30, 2022, our Iceland revolving credit facility had a
borrowing base of $80.0 million and $35.0 million in outstanding borrowings.

As of June 30, 2022, our credit facilities had $195.6 million of net
availability after consideration of our outstanding borrowings and letters of
credit. We may borrow and make repayments under our credit facilities in the
ordinary course based on a number of factors, including the timing of payments
from our customers and payments to our suppliers.

Our credit facilities contain customary covenants, including restrictions on
mergers and acquisitions, indebtedness, affiliate transactions, liens, dividends
and distributions, dispositions of collateral, investments and prepayments of
indebtedness, including in the U.S. revolving credit facility, a springing
financial covenant that requires us to maintain a fixed charge coverage ratio of
at least 1.0 to 1.0 as of any date of determination on which availability under
the U.S. revolving credit facility is less than or equal to $25.0 million, or
10% of the borrowing base, but not less than $17.85 million. We intend to
maintain availability to comply with these levels any time we would not meet the
ratio, which could limit our ability to access the full amount of our
availability under our U.S revolving credit facility. Our Iceland revolving
credit facility contains a covenant that requires Grundartangi to maintain a
minimum equity ratio. As of June 30, 2022, we were in compliance with all such
covenants or maintained availability above such covenant triggers.

Grundartangi foundry factory

On November 2, 2021, Grundartangi entered into an eight-year Term Facility
Agreement with Arion Bank hf, to provide for borrowings up to $130 million in
connection with the casthouse project at Grundartangi (the "Casthouse
Facility"). Under the Casthouse Facility, repayments of principal amounts will
be made in equal quarterly installments equal to 1.739% of the principal amount,
the first payment occurring in July 2024, with the remaining 60% of the
principal amount to be paid no later than the termination date. The Casthouse
Facility will mature in December 2029. The Casthouse Facility bears interest at
a rate equal to USD LIBOR 3 month plus an applicable margin. As of June 30, 2022
there were $40.0 million in borrowings outstanding under the Casthouse Facility.

The Casthouse Facility also contains customary covenants, including restrictions
on mergers and acquisitions, indebtedness, preservation of assets, and
dispositions of assets and contains a covenant that requires Grundartangi to
maintain a minimum equity ratio. As of June 30, 2022, we were in compliance with
all such covenants.

Senior Notes and Senior Convertible Notes

In April 2021, we issued $250.0 million principal of senior secured notes that
will mature on April 1, 2028 (the "2028 Notes"), unless earlier refinanced in
accordance with their terms. Interest on the 2028 Notes is payable semi-annually
on April 1 and October 1 of each year, at a rate of 7.5% per year. The indenture
governing the 2028 Notes contains customary covenants which may limit our
ability, and the ability of certain of our subsidiaries, to: (i) incur
additional debt; (ii) incur additional liens; (iii) pay dividends or make
distributions in respect of capital stock; (iv) purchase or redeem capital
stock; (v) make investments or certain other restricted payments; (vi) sell
assets; (vii) issue or sell stock of certain subsidiaries; (viii) enter into
transactions with shareholders or affiliates; and (ix) effect a consolidation or
merger.

In April 2021, we issued $86.3 million in aggregate principal amount of
Convertible Notes (the "Convertible Notes"), that will mature on May 1, 2028,
unless earlier converted, repurchased or redeemed. The principal included the
full exercise of the option by the initial purchasers of the Convertible Notes
to purchase $11.3 million of additional principal amount. The Convertible Notes
bear interest semi-annually in arrears on May 1 and November 1 of each year, at
a rate of 2.75% per annum in cash.

Additional financial information about the guarantor

The Company has filed a Registration Statement on Form S-3 (the "Universal Shelf
Registration Statement") with the SEC pursuant to which the Company may, from
time to time, offer an indeterminate amount of securities, which may include
securities that are guaranteed by certain of the Company's subsidiaries. As of
June 30, 2022, we have not issued any debt securities pursuant to the Universal
Shelf Registration Statement. However, any securities that we may issue in the
future may limit our ability, and the ability of certain of our subsidiaries, to
pay dividends or make distributions in respect of capital stock.

"Guarantor Subsidiaries" refers to all of our material domestic subsidiaries
except for Nordural US LLC, Century Aluminum Development LLC and Century
Aluminum of West Virginia, Inc. The Guarantor Subsidiaries are 100% owned by
Century. All guarantees will be full and unconditional; all guarantees will be
joint and several. Our foreign subsidiaries, together with Nordural US LLC,
Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc.,
are collectively referred to as the "Non-Guarantor Subsidiaries". We allocate
corporate expenses or income to our subsidiaries and charge interest on certain
intercompany balances.
                                       36
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The following summarized financial information of both the Company and the
Guarantor Subsidiaries ("Guarantors") is presented on a combined basis.
Intercompany balances and transactions between the Company and the Guarantors
have been eliminated and the summarized financial information does not reflect
investments of the Company or the Guarantors in the Non-Guarantor Subsidiaries
("Non-Guarantors"). The Company's or Guarantors' amounts due from, amounts due
to, and transactions with the Non-Guarantors are disclosed below:
                                       June 30, 2022       December 31, 2021
            Current assets            $        398.9      $            395.3
            Non-current assets                   731.5                   935.3
            Current liabilities                  326.3                   375.1
            Non-current liabilities              508.3                   556.1



                                             Six months ended June 30, 2022
        Net sales                           $                       1,089.5
        Gross profit (loss)                                            51.1
        Income (loss) before income taxes                           
(106.1)
        Net income (loss)                                              55.1



As of June 30, 2022 and December 31, 2021, an intercompany receivable due to the
Company and Guarantors from the Non-Guarantors totaled $14.2 million and $15.1
million, respectively, and an intercompany non-current loan due to the Company
from the Non-Guarantors totaled $488.6 million and $544.2 million, respectively.

Conditional commitments

We have a contingent obligation in connection with the "unwind" of a contractual
arrangement between Century Aluminum of Kentucky ("CAKY"), Big Rivers Electric
Corporation and a third party and the execution in July 2009 of a long-term
cost-based power contract with Kenergy, a member of a cooperative of Big Rivers.
This contingent obligation consists of the aggregate payments made to Big Rivers
by the third party on CAKY's behalf in excess of the agreed upon base amount
under the long-term cost-based power contract with Kenergy. As of June 30, 2022,
the principal and accrued interest for the contingent obligation was $28.8
million, which was fully offset by a derivative asset. We may be required to
make installment payments for the contingent obligation in the future. These
payments are contingent based on the LME price of primary aluminum and the level
of Hawesville's operations. As of June 30, 2022, based on the LME forward market
prices and our expected level of Hawesville operations, we believe that we will
not be required to make payments on the contingent obligation during the term of
the agreement, which expires in 2028. There can be no assurance that
circumstances will not change thus accelerating the timing of such payments.

Employee benefit plan contributions

In 2013, we entered into a settlement agreement with the Pension Benefit
Guarantee Corporation (the "PBGC") regarding an alleged "cessation of
operations" at our Ravenswood facility (the "PBGC Settlement Agreement").
Pursuant to the terms of the PBGC Settlement Agreement, we agreed to make
additional contributions (above any minimum required contributions) to our
defined benefit pension plans totaling approximately $17.4 million. Under
certain circumstances, in periods of lower primary aluminum prices relative to
our cost of operations, we were able to defer one or more of these payments,
provided that we provide the PBGC with acceptable security for such deferred
payments. We did not make any contributions for the three months ended June 30,
2022, and 2021. We historically elected to defer certain payments under the PBGC
Settlement Agreement and provided the PBGC with the appropriate security. In
October 2021, we amended the PBGC Settlement Agreement such that we removed the
deferral mechanism and agreed to contribute approximately $2.4 million per year
to our defined benefit pension plans for a total of approximately $9.6 million,
over the next four years beginning on November 30, 2022 and ending on November
30, 2025, subject to acceleration if certain terms and conditions are met in
such amendment.
                                       37
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Section 232 Aluminum Tariff

On March 23, 2018, the U.S. implemented a 10% tariff on imported primary
aluminum products into the U.S. These tariffs are intended to protect U.S.
national security and incentivize the restart of primary aluminum production in
the U.S., reducing reliance on imports and ensuring that domestic producers,
like Century, can supply all the aluminum necessary for critical industries and
national defense.  In addition to primary aluminum products, the tariffs also
cover certain other semi-finished products. All imports that directly compete
with our products are covered by the tariff, with the exception of imports from
Australia, Canada and Mexico. Additionally, primary aluminum imports from
Argentina are allowed up to an annual quota limit of 169,000 metric tonnes, the
first 18,000 metric tonnes of imports from the European Union and the first 900
metric tonnes of imports from the United Kingdom are also allowed duty free.
Imports that receive a product exclusion from the Department of Commerce may
also enter the US duty free. In July 2022, the International Trade Commission
(ITC) initiated a review of the Section 301 and 232 duties as required by law
every four years. The process will conclude no later than March 15, 2023.

Other items

During 2021, we initiated efforts to restart the curtailed capacity at our Mt.
Holly facility. The project was completed during the second quarter of 2022,
resulting in total production of 75% of Mt. Holly's full capacity.

During 2021, we announced plans for construction of a new billet casthouse at
Grundartangi. The Grundartangi casthouse project began in late 2021 and is
expected to continue through the second half of 2023. The Grundartangi casthouse
project will be fully funded through the Casthouse Facility. The project is
progressing and is expected to be completed on-time, subject to market
conditions.

In 2011, our Board of Directors approved a $60.0 million common stock repurchase
program and subsequently increased this program by $70.0 million in the first
quarter of 2015. Under the program, Century is authorized to repurchase up to
$130.0 million of our outstanding shares of common stock, from time to time, on
the open market at prevailing market prices, in block trades or otherwise. The
timing and amount of any shares repurchased will be determined by our management
based on its evaluation of market conditions, the trading price of our common
stock and other factors. We made no repurchases during the years ended 2019,
2020, and 2021. As of June 30, 2022, we had $43.7 million remaining under the
repurchase program authorization. The repurchase program may be expanded,
suspended or discontinued by our Board, in its sole discretion, at any time.

In November 2009, Century Aluminum of West Virginia, Inc. ("CAWV") filed a class
action complaint for declaratory judgment against the United Steel, Paper and
Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers
International Union ("USW"), the USW's local and certain CAWV retirees,
individually and as class representatives ("CAWV Retirees"), seeking a
declaration of CAWV's rights to modify/terminate retiree medical benefits.
Later in November 2009, the USW and representatives of a retiree class filed a
separate suit against CAWV, Century Aluminum Company, Century Aluminum Master
Welfare Benefit Plan, and various John Does with respect to the foregoing. On
August 18, 2017, the District Court for the Southern District of West Virginia
approved a settlement agreement in respect of these actions, pursuant to which,
CAWV agreed to make payments into a trust for the benefit of the CAWV Retirees
in the aggregate amount of $23.0 million over the course of ten years. Upon
approval of the settlement, we paid $5.0 million to the aforementioned trust in
September 2017 and agreed to pay the remaining amounts under the settlement
agreement in annual increments of $2.0 million for nine years. At June 30, 2022,
we had $2.0 million in other current liabilities and $6.5 million in other
liabilities related to this agreement.

We are a defendant in several actions relating to various aspects of our business. Although it is impossible to predict the ultimate resolution of any litigation, we do not believe that any of these lawsuits, individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or our cash. See Note 1 1 . Commitments and contingencies in the consolidated financial statements included herein for more information.

Capital resources

We intend to finance our future capital expenditures from available cash, cash
flow from operations and if necessary, borrowing under our existing revolving
credit facilities. For major investment projects we would likely seek financing
from various capital and loan markets and may potentially pursue the formation
of strategic alliances. We may be unable, however, to issue additional debt or
equity securities, or enter into other financing arrangements on attractive
terms, or at all, due to a number of factors including a lack of demand,
unfavorable pricing, poor economic conditions, unfavorable interest rates, or
our
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financial situation or credit rating at that time. Future uncertainty in the
WE and international markets and economies may adversely affect our liquidity, our ability to access debt or capital markets and our financial condition.

Capital expenditures incurred for the six months ended June 30, 2022 were $11.5
million, excluding expenditures of $15.8 million associated with the restart
project at Mt. Holly and $15.2 million associated with the Grundartangi
casthouse project. We estimate our total capital spending in 2022, excluding the
Mt. Holly restart project and the Grundartangi casthouse project, will be
approximately $30.0 million related to our ongoing investment and sustainability
projects at our plants.
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