Century Aluminum Joins with South Carolina Governor Henry McMaster and USC Economist Dr. Von Nessen to Unveil Findings of an Economic Impact Study

CHICAGO, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Today, leaders from Century Aluminum Company (NASDAQ: CENX) (“Century”) joined with South Carolina Governor Henry McMaster and economist Dr. Joseph Von Nessen of the Darla Moore School of Business at the University of South Carolina (“USC”) to unveil the results of a study conducted by USC that examined the economic impact of Century’s Mt. Holly facility (“Mt. Holly”) on the local and state economy. In particular, the study documents the tremendous economic impact that Mt. Holly has on the state of South Carolina, where the average wage among all direct jobs supported by Century Mt. Holly is $102,302.

“We are proud of the significant role that Mt. Holly plays in the Lowcountry economy. This new study finds that the annual economic impact of Mt. Holly is over $770 million, which is a significant contribution to the state of South Carolina,” remarked Century CEO Jesse Gary. “Because of our outstanding workforce, strong federal support of this critical industry and the critical leadership of Governor McMaster, Century has continued investing in South Carolina, and is poised to grow.”

“We pride ourselves on creating an economic climate that allows businesses to provide the best economic opportunities to our citizens. Mt. Holly has been instrumental in creating hundreds of good-paying family sustaining jobs,” said South Carolina Governor Henry McMaster. “Century Aluminum’s Mt. Holly plant is clearly a unique economic driver for South Carolina.” 

“Century Mt. Holly is generating a higher return on employment for the state than many other businesses of comparable size. For every 10 jobs that are created by Mt. Holly, another 22 jobs, on average, are created elsewhere in South Carolina,” remarked Dr. Joseph Von Nessen, research economist at the University of South Carolina. “These high wage jobs also support a diverse employment base. For example, approximately 59% of the current Mt. Holly workforce is African American.”

According to the report, currently Mt. Holly:

• Contributes $772.9 million annually to the state’s economy.
• Creates and sustains 1,439 jobs for a total annual labor income of $112.9 million.
• For every 10 jobs created in Mt. Holly, another 22 are created elsewhere in South Carolina (for a total of 32 jobs).
  

In addition to its economic contributions, Mt. Holly is also known for providing high-quality employment opportunities, which is evident in the wage levels of all jobs supported by the facility, both directly and indirectly, in the surrounding area. On average, all jobs supported by Mt. Holly (directly or indirectly) pay $78,457 per year, which is 46% higher than the average wage in South Carolina. Moreover, the average wage of the Mt. Holly facility's direct employees is almost 90% higher than the state's average wage.