Century Aluminum (CENX), EGA Partner to Build $4B Oklahoma Smelter, First New US Facility Since 1980

Century Aluminum Company (NASDAQ:CENX) is one of the cheap hot stocks to invest in right now. On January 26, Century Aluminum announced that it is set to take a 40% stake in a JV with Emirates Global Aluminium/EGA to build the first primary aluminum smelter in the US in nearly 50 years. Located in Inola, Oklahoma, the project is expected to involve an investment of ~$4 billion, with EGA retaining the remaining 60% ownership. Construction is scheduled to begin by the end of 2026, with production aimed to start before the decade concludes.

The partnership increased the smelter’s planned annual capacity from 600,000 to 750,000 metric tons, a move that would more than double total US aluminum output. This expansion is designed to reduce the country’s heavy reliance on imports, which currently fulfill about 85% of domestic industrial demand. The project is expected to create 1,000 permanent jobs at the site while supporting an additional 4,000 positions during the construction phase.

The initiative aligns with broader efforts to support domestic production of aluminum, a designated critical mineral, following the doubling of import tariffs to 50% last year. These economic conditions have pushed the Midwest aluminum premium to record highs, creating a favorable environment for domestic manufacturing.

Century Aluminum Company (NASDAQ:CENX), together with its subsidiaries, produces and sells standard-grade and value-added primary aluminum products in the US and Iceland.

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Disclosure: None. This article is originally published at Insider Monkey.