Century Aluminum Company announced that its shipments for the Q2 were 82,174 tonnes in the US and 69,309 tonnes in Iceland. These results are consistent with the estimates the Company provided during its April 2011 earnings call with investors.

However, US production for the quarter was below expectations, driven by Hawesville's slower than anticipated return to full stable operations following the restart of its curtailed potline earlier this year. The Company estimates it incurred approximately USD 12 million of unabsorbed costs and restart expenditures during the Q2 related to these production inefficiencies at Hawesville. Management will provide a full update on the Hawesville plant, including a shipment forecast for the remainder of 2011 during the call scheduled for August 4th 2011 to discuss Q2 results.

The Company estimates it will report Q2 net income of USD 23 million to USD 25 million which result will include the impact of the unabsorbed costs and restart expenditures at Hawesville. Financial results were also negatively impacted by the following items:
(i). charges related to the contractual impact of the recent changes in the Company's Board of Directors and the executive management team;
(ii). A non cash charge relating to an insurance receivable reflecting the fact that the matter is now in litigation, despite the Company's continuing view that it will ultimately receive such proceeds and
(iii). Non cash charges relating to a loss on forward contracts and the early retirement of debt.

Changes to the Century of West Virginia retiree medical benefits program increased quarterly results by USD 8.9 million with an associated discrete tax benefit of USD 2.1 million. The following table provides a summary of these items and a calculation of estimated adjusted net income and EPS, which are non GAAP measures.