Century Aluminum Company (NASDAQ:CENX) is one of the hottest cheap stocks to invest in right now. On January 26, Century Aluminum announced it will acquire a 40% stake in a joint venture with Emirates Global Aluminum/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 approximately $4 billion, with EGA retaining the remaining 60% ownership. Construction is scheduled to begin in late 2026 with production to begin before the end of the decade.
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 U.S. aluminum production. This expansion is designed to reduce the country’s heavy dependence on imports, which currently meet around 85% of domestic industrial demand. The project is expected to create 1,000 permanent jobs at the site while maintaining an additional 4,000 jobs during the construction phase.
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The initiative aligns with broader efforts to support domestic production of aluminum, a mineral designated as critical, after import tariffs doubled to 50% last year. These economic conditions have driven the Midwest aluminum premium to record levels, creating a favorable environment for domestic manufacturing.
Century Aluminum Company (NASDAQ:CENX), together with its subsidiaries, produces and sells primary grade and value-added aluminum products in the U.S. and Iceland.
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Disclosure: None. This article was originally published in Internal jumpsuit.