Century inks 1.7 billion dollars deal with Glencore to unwind hedge

摘要

Century Aluminum has reached a deal with Glencore to unwind all of its forward sales contracts to benefit from high aluminium prices. The move is a turnaround for Century, which had practiced a hedging strategy of selling primary aluminium to Glencore, its largest shareholder with 28.5 percent, at a fixed price in order to provide protection against a market downturn.