Why did Century Aluminum of South Carolina (CASC) stock slide in the After-hours session?

Century Aluminum of South Carolina (CASC) shares value dropped in the after-market session on Friday night as, a fully owned subsidiary of Century Aluminum Company, revealed today that it had reached an agreement on the principal terms of a new, three-year power contract with the South Carolina Public Service Authority for its Mt. Holly aluminum smelter.

With this contract, the smelter will receive a minimum of 290MW of electric power, allowing it to increase current production by 50 percent by adding half one potline to current operations. It will also have a total production of 75 percent of Mt.

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The parties have agreed to extend the current contract (set to expire on December 31, 2020) by three months in order to include the time required to finalize the new contract and secure the requisite regulatory approvals. Once the requisite permits have been issued, the new contract is scheduled to commence on April 1, 2021, and continue through December 2023.

In addition, Century Aluminum of South Carolina (CASC) has extended the conditional WARN notice from October 20, 2020, to March 31, 2021.

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