Century Aluminum Company reported a third consecutive quarterly loss recently as the company slashed production to combat weak demand for aluminum amid a more than 65% drop in sales.

The California based company said that the Q2 net loss was USD 33.9 million or 46 cents per share compared with a loss of USD 3.5 million or 8 per share, a year ago. Its sales fell to USD 189.2 million from USD 545.2 million per year earlier. Analysts had expected sales of USD 187 million.

Mr Logan Kruger CEO of Century Aluminum said that "The demand outlook has improved somewhat in certain regions and sectors. However, we remain convinced the industry must take additional supply side actions for a global balance to be achieved."

Since the economic downturn late 2008, metal demand and prices have plummeted and Century has cut production capacity at its Ravenswood, West Virginia and Hawesville, Kentucky aluminum smelters.

(Sourced from Reuters)