CENX - Why Century Aluminum Shares Jumped This Week
2024-03-28 14:22:45 ET
Century Aluminum (NASDAQ: CENX) stock has been on fire. Shares of the largest producer of primary aluminum in the U.S. have soared by about 50% in the past month. That includes a gain of about 16% this week, according to data provided by S&P Global Market Intelligence .
The stock has moved higher as the company implements plans to grow with the help of manufacturing credits from the Inflation Reduction Act. This week's jump came after the company announced it was selected by the U.S. Department of Energy for up to $500 million to support a project to build a new low-emission aluminum smelter.
The funding would support the building of the first new primary aluminum smelter built in the U.S. in 45 years. It aims to help decarbonize a critical, but energy-intensive, industry. The company said that upon completion, it would double the current capacity of the domestic primary aluminum industry.
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Why Century Aluminum Shares Jumped This Week