By Katherine Hamilton
Century Aluminum said it would restate some financial results due to changes in how it accounts for certain assets and liabilities related to its Jamalco joint venture.
The aluminum producer said Tuesday it will restate financial statements that will be included in its 2025 annual report.
Century acquired a 55% interest in Jamalco in May 2023 and has been accounting for certain assets and liabilities related to the stake on a proportionate consolidation basis, rather than fully consolidating the assets.
The accounting change was made in connection with a comment Century received from the staff of the Securities and Exchange Commission, the company said.
It plans to fully consolidate such assets going forward.
Century reflected the accounting change in its unaudited financial statements for the fiscal year and quarter ended Dec. 31, 2025.
The accounting change will increase total assets, noncontrolling interests and total equity for each period, and will decrease gross profit by less than 10% due to increased depreciation and amortization expense in connection with consolidation.
The change doesn't have any impact on net income attributable to shareholders, nor to total stockholders' equity. It also doesn't impact adjusted financial measures.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 03, 2026 17:33 ET (22:33 GMT)
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