Century Aluminum Company announced its approval of the Biden Administration's final guidance for the Advanced Manufacturing Production Credit, Section 45X of the Inflation Reduction Act. These rules promote U.S. production of critical minerals, including primary aluminum. The company highlighted that the final rules now include certain raw materials as part of production costs in calculating the tax credit.
CEO Jesse Gary stated that this inclusion reinforces the administration's support of domestic manufacturing. This clarification is expected to enhance the economic viability of Century's U.S. operations. The company is positioned to lead domestic primary aluminum production and contribute to the nation's green energy transition.
Century Aluminum anticipates providing additional information regarding the impact of these final rules during its upcoming third-quarter earnings call. The inclusion of raw materials in the tax credit calculation is a significant development for the company's financial outlook.
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