MX Holdings and Century Aluminum Announce Their Intent to form a New Joint Venture, Focusing on the Casting of Low Carbon Secondary Billet

ST. LOUIS and CHICAGO, March 13, 2024 (GLOBE NEWSWIRE) -- MX Holdings, a global leader in the purchasing, processing, and manufacturing of non-ferrous metals, together with Century Aluminum Company (NASDAQ: CENX) (“Century”), a global producer of primary aluminum, have entered a Memorandum of Understanding to establish a new joint venture focusing on the manufacture and marketing of low-carbon secondary billet. This new organization will deliver expertly engineered and technically advanced alloys, composed of increasingly high levels of recycled content produced with low-carbon processes.

“We are excited to embark on this endeavor with Century – a partner whose business strategy and expertise complement our own and whose team shares our values and people-centric culture. By pairing our collective focus on customer service with a state-of-the-art facility, cutting edge processes, and advanced technical expertise, billet produced by the joint venture will not only deliver exceptional quality and performance, but will enable our customers to achieve their sustainability objectives more effectively” says Matt Rohm, CEO of MX Holdings, parent company to Metal Exchange and Pennex.

“In addition to the joint venture’s offering, we plan to continue to produce billet at our existing, wholly owned Pennex facilities. Each company will produce various alloys to meet specific customer needs.”

Mr. Rohm added, “Most importantly, we're excited about the opportunities this venture brings to make a positive impact for our industry and our customers.”

Leadership teams at MX Holdings and Century are well-aligned, “Century is pleased to be partnering with another American company - MX Holdings - to establish a new entity serving the automotive and general extrusion industries," said Matt Aboud, Century’s Senior Vice President of Strategy and Business Development. 

"Expansion into scrap recycling has been a long-term strategic focus for Century but finding the right partners and opportunities are critical to the success of that strategy," continued Mr. Aboud. "We believe MX Holding’s scrap knowledge and extrusion expertise coupled with Century’s value-added-production capabilities are a compelling combination. By leveraging the strengths of Century and MX Holdings, we believe this joint venture can deliver a differentiated value proposition to customers looking for next generation extrusion products and offer an alternative source in this fast-growing segment.