Century Expands Share Repurchase Program by $50 Million

Century Aluminum Company (NASDAQ:CENX) announced it has increased its share repurchase program by $50 million. This increase brings the total amount authorized for repurchases to $130 million since the program began, with $61 million available for future share repurchases as of March 25. Through the date of this announcement, the company has repurchased approximately 1.2 million shares for an aggregated purchase price of $19.4 million in the first quarter of 2015.

As quoted in the press release:

Purchases made pursuant to the share repurchase program will be made in either the open market or in privately negotiated transactions periodically as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time and has no expiration date.

Michael Bless, president and CEO of Century Aluminum, commented:

We believe our current cash position and the competitive position of our businesses make this an optimal time to return value to our shareholders.

Click here to read the full Century Aluminum Company (NASDAQ:CENX) press release.