1. 1st Quarter 2009
Earnings Conference Call
April 21 2009
21,

2. Cautionary Statement
The following presentation, accompanying press release and comments
include forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements relate to future
events and expectations and involve known and unknown risks and
uncertainties. Century’s actual results or actions may differ materially from
those projected in these forward-looking statements. These forward-looking
statements are based on our current expectations and we assume no
p
obligation to update these forward-looking statements. Investors are
cautioned not to place undue reliance on these forward-looking statements.
For risks related to these forward-looking statements, please review Annex
g ,p
A and our periodic SEC filings, including the “Risk Factors” and
“Management's Discussion and Analysis” sections of our latest annual report
and quarterly reports.
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1st Quarter Conference Call

3. Participants
• Logan Kruger, CEO
• Wayne Hale, COO
y
• Mike Bless, CFO
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1st Quarter Conference Call

4. Q109 Overview
• Macro environment
– End markets remain weak
– Tentative s g s o s ab a o
e a e signs of stabilization
– Early indications of improving economic conditions in China
– Full impact of announced closures not yet seen - further
curtailments required to balance aluminum market
• Operations
– Plants performed safely and well
– Full curtailment of Ravenswood
– Curtailment of one potline (~50K T) at Hawesville
– Gramercy producing at 50% of smelter grade alumina capacity
• Liquidity/restructuring
– $267MM cash balance at 3/31
– Numerous processes aimed at improving cash flow
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1st Quarter Conference Call

5. Iceland Update
• Macroeconomic / political environment
– Rising unemployment
– Banking sys e s ab a o
a g system stabilization
– Permanent government change with upcoming elections
• Grundartangi – efficiencies improving, costs falling
g p g, g
• Helguvik
– Site activity significantly reduced
yg y
– Review of capital estimate
– Investment Agreement approved by Parliament
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1st Quarter Conference Call

6. Global Days Aluminum Inventory vs. Price
$3,200 100
$3,000 90
$2,800 80
$2,600
70
ory
$2,400
Days Invento
Price ($/T)
)
60
$2,200
50
$2,000
40
D
$1,800
$1 800
30
$1,600
20
$1,400
10
$1,200
$1,000 -
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Global Days Inventory Quarter End LME Price
Note: Inventory includes TOCOM, Japanese port, NYMEX, Shanghai, LME & IAI unwrought stocks
Source: CRU Group - www.crugroup.com
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1st Quarter Conference Call

7. Supply Significantly Reduced
40,000
39,000
Annual Production (Tonn - 000s)
38,000
nes
37,000
P
36,000
36 000
35,000
34,000
33,000
2008 Other China Alcoa Chalco UC Rusal Rio Tinto Alcan Other April 2009
Source: CRU Group - www.crugroup.com and public news
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1st Quarter Conference Call

8. Announced Closures as % of 2008 Capacity
30%
28%
28%
28%
25%
21%
19%
19%
20%
city
% of 2008 capac
15%
12%
10%
7%
5%
0%
Century Norsk Hydro
y y Chalco Alcoa UC Rusal Rio Tinto Other China Others
Aluminum Alcan
Source: CRU Group - www.crugroup.com and public news
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1st Quarter Conference Call

9. LME Prices Appear to be Stabilizing
$3,500
$3,250
$3,000
$2,750
$2,500
$/Tonne
$2,250
$2,000
$1,750
50th Percentile of Global Cash Cost Curve
Cre
$1,500 $1500/T
$1,250
$1250/T
$1,000
$
Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09
Source: CRU Group - www.crugroup.com
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1st Quarter Conference Call

10. Operations
• Ravenswood
– Safe/orderly curtailment
– Sustaining s a o s e
Sus a g staff on site
– USWA negotiations upcoming
• Hawesville
– Line 5 curtailed early March
– Additional actions under consideration
– New power contract pending
• Gramercy / St. Ann
– Refinery operating efficiently at 500K mtpy smelter grade
alumina and 200K mtpy chemical grade alumina
– Third party bauxite sales
– Discussions with partner
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1st Quarter Conference Call

11. Operations (continued)
• Mt. Holly
– Ongoing discussions with power supplier
– Discussions with pa e
scuss o s partner
• Grundartangi
– Stable operations – no impact from Iceland environment
p p
– Efficiencies improving, costs reductions successful
• Market
– North American end markets weak, other than rod/cable
(transmission grid)
– Short-term support due to scrap shortage
Short term
– Signs of potential stabilization in 2009 sequential order rates
– Stimulus spending in China yielding potential impact
– Few signs of recovery in other international markets
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1st Quarter Conference Call

12. Q109 Summary Results
($MM, except per share amounts)
Q408 Q109
As Adjusted(a)
Net sales $ 402 $ 225
Operating loss (162) (107)
Net loss (694) (115)
Basic
B i EPS $ (14 14) $ (1 77)
(14.14) (1.77)
Diluted EPS $ (14.14) $ (1.77)
(a) Reflects the implementation of FASB Staff Position APB 14-1 – Accounting for Convertible Debt Instruments.
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1st Quarter Conference Call

13. Liquidity Improved in Q1
$400
43
90
$350
25
$300
$MM’s)
61 267
16
104
11
$250
Cash and ST Investments ($
$200
143
$150
$100
C
$50
$0
12/31/2008 Net equity
qy Tax Workingg Revolver Cash loss Capex
p Cash 3/31/2009
proceeds ref unds capital/ repayment f rom interest
other operations*
*Includes cash curtailment costs at Ravenswood
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1st Quarter Conference Call

14. Cash Flow
•Smelter cash costs* U.S. ~$1,800/T (assumes current power
contract at Hawesville) Iceland ~$1,350/T
•Ravenswood curtailment Q2-Q4 2009 – $30-35MM
2010 – $25-30MM
•SG&A $6MM/quarter average
•Capex Q2-Q4 2009 – <$10MM
2010 – ~$15MM
•Helguvik Q2-Q4 2009 – ~$15MM
2010 – ~$5MM (supplier payments)
•Cash i t
C h interest expense
t $22MM/year ($11MM remaining i 2009)
$22MM/ i i in
*At
* recent LME prices; assumes a market based alumina cost f G
for Grundartangi; net of premiums to LME for U.S. plants
f f S
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1st Quarter Conference Call

15. Summary
• Macro environment
– Early signs of potential stabilization
– Further capac y cu a e required
u e capacity curtailment equ ed
• Aggressive actions completed
– Capacity curtailed at Ravenswood and Hawesville
p y
– Costs reduced at all operating facilities
– Liquidity increased with equity offering and tax refunds
• Next steps
– Additional capacity curtailment
– Discussions with suppliers, customers, partners
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1st Quarter Conference Call

16. Appendix
16

17. For Additional Information
Shelly Lair
y
VP and Treasurer
slair@centuryca.com
Century Aluminum Company
2511 Garden Road, Building A, Suite 200
Monterey, CA 93940
831-642-9300 (Office)
831-642-9328 (F )
831 642 9328 (Fax)
www.centuryca.com
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1st Quarter Conference Call

18. Annex A: Forward Looking Statements
Statements in this presentation that relate to future results and events (including statements about Century’s anticipated financial and operating performance) are forward-
looking statements based on current expectations and projections about future events. Many of these statements may be identified by the use of forward-looking words
such as “expects,” “anticipates,” “plans,” “believes,” “projects,” “estimates,” “intends,” “should,” “could,” “would,” “will,” and “potential” and similar words. These forward-
looking statements are subject to risks, uncertainties and assumptions including, among other things, those discussed in Century’s periodic filings with the Securities and
Exchange Commission (SEC), including the “Risk Factors” and “Management’s Discussion and Analysis” section of our latest annual report and quarterly reports. Such
factors include:
•RRecent declines i aluminum prices h
t d li in l i i have adversely affected our fi
d l ff t d financial position and results of operations and could result i curtailment of operations at one or more of
il iti d lt f ti d ld lt in t il tf ti t f
our facilities if alternate sources of liquidity are not available or prices do not increase.
• A continuation or worsening of global financial and economic conditions could adversely impact our financial position and results of operations and limit our ability to
access the credit and capital markets on acceptable terms to obtain funding for our operations and capital projects.
• The recent turmoil in the financial markets could have adverse effects on our pension funding obligations.
• If economic and political conditions in Iceland continue to deteriorate, our financial position and results of operations could be adversely impacted.
• The market price of our common stock has declined significantly, may continue to be volatile, and may decline further.
• Our planned construction and development activities require substantial capital We may be unable to obtain needed capital or financing on satisfactory terms or at all
capital. all,
which could delay or curtail our planned construction projects.
• We may be required to write down the value of certain assets.
• Our credit ratings have been recently changed by two major credit rating agencies.
• The cyclical nature of the aluminum industry causes variability in our earnings and cash flows.
• Our molten aluminum sales at Hawesville are subject to long-term sales contracts which limit our ability to cut costs and create dependence on two major customers.
• We would be required to incur substantial costs in order to curtail unprofitable aluminum production.
• The cost of alumina used at Hawesville may be higher than under our LME-based alumina contracts. contracts
• Changes or disruptions to our raw material supply arrangements and power supply could increase our production costs and reduce the profitability of our operations.
• Changes in the relative cost and availability of certain raw materials and energy compared to the price of primary aluminum could affect our operating results.
• Unexpected events, including natural disasters, may increase our cost of doing business or disrupt our operations.
• We are subject to the risk of union disputes.
• We are subject to a variety of environmental laws and regulations that could result in costs or liabilities.
• International operations expose us to political, regulatory, currency and other related risks.
• Our historical financial information may not be comparable to our results for future periods.
• Our level of indebtedness requires significant cash flow to meet our debt service requirements, which reduces cash available for other purposes, such as the payment of
dividends, and limits our ability to pursue our growth opportunities.
• Restrictive covenants in our credit facility and the indenture governing our senior notes limit our ability to incur additional debt and pursue our growth strategy.
• Further consolidation within the metals industry could provide competitive advantages to our competitors.
• Reductions in the duty on primary aluminum imports into the European Union decrease our revenues at Grundartangi.
• We depend upon intercompany transfers from our subsidiaries to meet our debt service obligations.
• Provisions in our charter documents and state law may make it difficult for others to obtain control of Century, even though some stockholders may consider them to be
y y, g y
beneficial.
We believe the expectations reflected in these forward-looking statements are reasonable, based on information available to us on the date of this presentation. However,
given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on these forward-
looking statements. Century undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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1st Quarter Conference Call