8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 24, 2008

Century Aluminum Company

(Exact name of registrant as specified in its charter)

Delaware	0-27918	13-3070826
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2511 Garden Road Building A, Suite 200 Monterey, California (Address of principal executive offices)	93940 (Zip Code)
(831) 642-9300
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))  

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR   240.13e-4(c))

 Item 2.02 Results of Operations and Financial Condition

On April 24, 2008, Century Aluminum Company (the “Company”) issued an earnings release announcing its results of operations for the quarter ended March 31, 2008.  A copy of the Company’s earnings release is attached as Exhibit 99.1 and is incorporated herein by reference.

The Company will hold a follow-up conference call on Thursday, April 24, 2008, at 5:00 p.m. Eastern Time. The earnings call will be webcast live on the Company’s website, located at www.centuryaluminum.com.  Anyone interested in listening to the live webcast should plan to begin the registration process for the webcast at least 10 minutes before the live call is scheduled to begin.  A replay of the webcast will be archived and available for replay approximately two hours following the live call.

The press release attached as Exhibit 99.1 hereto contains "forward-looking statements" within the meaning of U.S. federal securities laws, including statements regarding the Company’s proposed greenfield smelter to be constructed near Helguvik, Iceland.  The Company has based its forward-looking statements on current expectations and projections about the future, however, these statements are subject to risks, uncertainties and assumptions, including the risk that the Company will not be able to complete its planned Helguvik project which is subject to various conditions and risks that may affect the Company’s ability to complete the project.  Any of these risks and uncertainties could cause the Company's actual results to differ materially from those expressed in its forward-looking statements.  More information about the Company’s risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission.  The Company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made.

Item 9.01.  Financial Statements and Exhibits

(d)  Exhibits

The following exhibit is being furnished with this report pursuant to Items 2.02:

Exhibit Number	Description
99.1	Press Release, dated April 24, 2008, announcing the Company’s results of operations for the quarter ended March 31, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			CENTURY ALUMINUM COMPANY
Date:	April 24, 2008	By:	/s/ William J. Leatherberry
			Name: William J. Leatherberry Title:   Vice President, Assistant General Counsel and Assistant Secretary

Exhibit Index

Exhibit Number	Description
99.1	Press Release, dated April 24, 2008

EX-99.1

Exhibit 99.1

Century Reports First Quarter 2008 Results

MONTEREY, CA. April 24, 2008 -- Century Aluminum Company (NASDAQ:CENX) today reported a net loss of $232.8 million ($5.67 per basic and diluted share) for the first quarter of 2008. Reported first quarter results were negatively impacted by an after-tax charge of $285.9 million ($6.97 per basic share) for mark-to-market adjustments on forward contracts that do not qualify for cash flow hedge accounting. Quarterly results were also negatively impacted by a tax charge of $2.9 million ($0.07 per basic share) relating to the decrease in the carrying amount of deferred tax assets as a result of a state tax law change. The dilutive effect of the convertible notes, options and service-based awards would reduce basic EPS by $0.09 per share. Cash used to settle forward contracts that do not qualify for cash flow hedge accounting was $52.3 million.

In the first quarter of 2007, the company reported net income of $64.2 million ($1.98 per basic share and $1.87 per diluted share). Mark-to-market adjustments on forward contracts that do not qualify for cash flow hedge accounting were not material in the first quarter of 2007. Cash used to settle forward contracts that do not qualify for cash flow hedge accounting was $27.1 million.

First-quarter 2008 highlights included:

  ●  Revenues of $471 million were at record levels.

  ●  Primary aluminum shipments of 199,721 tonnes increased eight percent from the first quarter of 2007, reflecting the fourth-quarter 2007 completion of the expansion of the Grundartangi, Iceland smelter to an annual capacity of 260,000 tonnes.

  ●  Site preparation was initiated on the first phase of a greenfield smelter to be constructed near Helguvik, Iceland.

  ●  The company entered into a joint venture agreement with Pingguo Qiangqiang Carbon (PQQ) to acquire a 40 percent stake in a newly constructed carbon anode and cathode facility located in south China.

Sales for the first quarter of 2008 were $471.1 million, an increase of five percent compared with $447.7 million for the first quarter of 2007. Shipments of primary aluminum for the 2008 first quarter were 199,721 metric tonnes, compared with 184,622 metric tonnes shipped in the year-ago quarter.

“Continuing production growth from our successful 2007 capacity expansion at Grundartangi, coupled with robust metal markets, resulted in a strong first quarter for Century,” said president and chief executive officer, Logan W. Kruger. “In Iceland, we reached an important milestone with the commencement of site preparation for our new aluminum smelter near Helguvik. Finally, to support our growing primary aluminum capacity, we secured a long-term, high-quality supply of carbon anodes through our investment with a respected and experienced operator in China.”

Century Aluminum Company owns primary aluminum capacity in the United States and Iceland, as well as an interest in alumina and bauxite assets in the United States and Jamaica. Century's corporate offices are located in Monterey, California.

- ### - -

Century Aluminum’s quarterly conference call is scheduled for 5:00 p.m. Eastern time today. To listen to the conference call and to view related presentation materials, go to www.centuryaluminum.com and click on the conference call link on the homepage.

Contacts:

Mike Dildine (media)               831-642-9364

Shelly Lair (investors)             831-642-9357

Certified Advisors for the First North market of the OMX Nordic Exchange Iceland hf. for Global Depositary Receipts in Iceland:

  ●  Astridur Thordardottir, Senior Manager-Corporate Finance, Landsbanki Islands hf.

  ●  Olafur Finsen, Senior Legal Advisor-Corporate Finance, Landsbanki Islands hf.

Cautionary Statement

This press release may contain "forward-looking statements" within the meaning of U.S. federal securities laws. The company has based its forward-looking statements on current expectations and projections about the future; however, these statements are subject to risks, uncertainties and assumptions, any of which could cause the company's actual results to differ materially from those expressed in its forward-looking statements. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the company's Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. The company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made.

Century Aluminum Company

Consolidated Statements of Operations

(in Thousands, Except Per Share Amounts)

(Unaudited)

	Three months ended March 31,
	2008			2007
NET SALES:
Third-party customers	$	356,893		$	380,853
Related parties		114,249			66,804
		471,142			447,657
COST OF GOODS SOLD		375,147			337,005
GROSS PROFIT		95,995			110,652
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		18,866			12,967
OPERATING INCOME		77,129			97,685
INTEREST EXPENSE – Net		(3,720	)		(9,030	)
NET GAIN (LOSS) ON FORWARD CONTRACTS		(448,308	)		390
OTHER EXPENSE - Net		(533	)		(156	)
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES		(375,432	)		88,889
INCOME TAX (EXPENSE) BENEFIT		138,243			(28,087	)
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES		(237,189	)		60,802
EQUITY IN EARNINGS OF JOINT VENTURES		4,393			3,447
NET INCOME (LOSS)	$	(232,796	)	$	64,249
EARNINGS (LOSS) PER COMMON SHARE
Basic – Net income (loss)	$	(5.67	)	$	1.98
Diluted – Net income (loss)	$	(5.67	)	$	1.87
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		41,040			32,508
Diluted		41,040			34,426

Century Aluminum Company

Consolidated Balance Sheets

(Dollars in Thousands)

(Unaudited)

	March 31, 2008			December 31, 2007
ASSETS
Current Assets:
Cash	$	105,550		$	60,962
Restricted cash		873			873
Short-term investments		261,255			280,169
Accounts receivable – net		99,807			93,451
Due from affiliates		35,206			26,693
Inventories		187,939			175,101
Prepaid and other current assets		50,130			40,091
Deferred taxes - current portion		99,246			69,858
Total current assets		840,006			747,198
Property, plant and equipment – net		1,260,687			1,260,040
Intangible asset - net		43,834			47,603
Goodwill		94,844			94,844
Deferred taxes - less current portion		456,136			321,068
Other assets		112,670			107,518
Total	$	2,808,177		$	2,578,271
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable, trade	$	93,272		$	79,482
Due to affiliates		336,992			216,754
Accrued and other current liabilities		56,357			60,482
Accrued employee benefits costs - current portion		11,997			11,997
Convertible senior notes		175,000			175,000
Industrial revenue bonds		7,815			7,815
Total current liabilities		681,433			551,530
Senior unsecured notes payable		250,000			250,000
Accrued pension benefit costs - less current portion		14,561			14,427
Accrued postretirement benefits costs - less current portion		187,958			184,853
Due to affiliates - less current portion		1,206,756			913,683
Other liabilities		56,788			39,643
Deferred taxes		69,744			62,931
Total noncurrent liabilities		1,785,807			1,465,537
Shareholders’ Equity:
Common stock (one cent par value, 100,000,000 shares authorized; 41,131,221 shares outstanding at March 31, 2008 and 40,988,058 at December 31, 2007)		411			410
Additional paid-in capital		864,797			857,787
Accumulated other comprehensive loss		(46,013	)		(51,531	)
Accumulated deficit		(478,258	)		(245,462	)
Total shareholders’ equity		340,937			561,204
Total	$	2,808,177		$	2,578,271

Century Aluminum Company

Consolidated Statements of Cash Flows

(Dollars in Thousands)

(Unaudited)

	Three months ended March 31,
	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(232,796	)	$	64,249
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized net (gain) loss on forward contracts		395,930			(27,399	)
Depreciation and amortization		20,785			18,905
Deferred income taxes		(143,682	)		8,087
Pension and other post retirement benefits		4,177			5,143
Stock-based compensation		1,266			1,521
Excess tax benefits from share based compensation		(499	)		(330	)
Purchase of short-term trading securities		(108,536	)		-
Sale of short-term trading securities		127,450			-
Undistributed earnings of joint ventures		(4,393	)		(3,447	)
Change in operating assets and liabilities:
Accounts receivable - net		(6,356	)		447
Due from affiliates		(8,513	)		15,074
Inventories		(12,802	)		(18,433	)
Prepaid and other current assets		2,710			(1,217	)
Accounts payable, trade		12,797			24,429
Due to affiliates		24,542			5,381
Accrued and other current liabilities		(12,852	)		(4,611	)
Other - net		(378	)		10,319
Net cash provided by operating activities		58,850			98,118
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(8,915	)		(2,438	)
Nordural expansion		(7,389	)		(29,175	)
Restricted cash deposits		-			2,600
Net cash used in investing activities		(16,304	)		(29,013	)
CASH FLOWS FROM FINANCIING ACTIVITIES:
Borrowings of long-term debt		-			30,000
Repayment of long-term debt		-			(29,649	)
Excess tax benefits from share based compensation		499			300
Issuance of common stock - net of issuance costs		1,543			1,973
Net cash provided by financing activities		2,042			2,654
NET INCREASE IN CASH		44,588			71,759
CASH, BEGINNING OF PERIOD		60,962			96,365
CASH, END OF PERIOD	$	105,550		$	168,124

Century Aluminum Company

Selected Operating Data

(Unaudited)

SHIPMENTS - PRIMARY ALUMINUM
	Direct (1)						Toll
	Metric Tons		(000) Pounds		$/Pound		Metric Tons		(000) Pounds		(000) Revenue
2008
1st Quarter		133,004		293,223	$	1.17		66,717		147,086	$	127,177
2007
1st Quarter		131,568		290,057	$	1.15		53,054		116,964	$	114,383

(1) Does not include Toll shipments from Nordural

FORWARD PRICED SALES - As of March 31, 2007
	2008(1)(2)			2009(2)			2010(2)			2011(2)			2012-2015	(2)
Base Volume
Pounds (000)		167,888			231,485			231,485			165,347		661,386
Metric tons		76,153			105,000			105,000			75,000		300,000
Percent of capacity		12.7	%		13.0	%		12.8	%		9.1	%	9.1	%
Potential additional volume (2)
Pounds (000)		165,677			231,485			231,485			165,347		661,386
Metric tons		75,150			105,000			105,000			75,000		300,000
Percent of estimated capacity		12.5	%		13.0	%		12.8	%		9.1	%	9.1	%

(1)

The forward priced sales in 2008 exclude April 2008 shipments to customers that are priced based upon the prior month’s market price.

(2)

Certain financial sales contracts included in the forward priced sales base volume for the period 2008 through 2015 contain clauses that trigger potential additional sales volume when the market price for a contract month is above the base contract ceiling price.  These contacts will be settled monthly and, if the market price exceeds the ceiling price for all contract months through 2015, the potential additional sales volume would be equivalent to the amounts shown above.