JACKSON COUNTY - On February 9, 2017, Century Aluminum of West Virginia, Inc., a wholly-owned subsidiary of Century Aluminum Company, announced that it had entered into a Settlement Agreement (subject to court and other approvals) regarding the previously disclosed retiree medical class action lawsuit pending before the District Court for the Southern District of West Virginia.
“We are pleased to have reached this milestone,” commented Century’s President and Chief Executive Officer, Michael Bless. “By settling this litigation, we are eliminating a risk for our shareholders while providing a benefit for a group of extraordinary people, many of whom dedicated their professional lives to the safe and efficient operation of the plant. It has been an honor and a privilege to get to know many of them personally. We are also appreciative of the union’s leadership and commitment to reach a rational solution.
“We are fortunate to have received tremendous support from West Virginia’s elected leaders in this process, including the direct participation of Senators Manchin and Capito and former Governor Tomblin,” Bless concluded. “I can say without doubt that, without Senator Manchin’s personal commitment and leadership over many years, this agreement would not have been reached. The citizens of West Virginia are fortunate to have such dedicated public servants.”
As previously disclosed, under the terms of the Settlement Agreement, Century Aluminum of West Virginia has agreed to make payments into a trust for the benefit of certain former employees of the now closed Ravenswood, W.V. aluminum smelter in the aggregate amount of $23 million over the course of ten years (the “Settlement Amount”).
The Settlement Amount is payable in installments with $5 million payable upon final approval by the court of the Settlement Agreement and $2 million payable annually thereafter for nine years.
The Settlement Agreement is subject to final court approval following a notice period during which persons within the class have the opportunity to object to the settlement or thereafter appeal such approval. Final court approval is not expected before the third quarter of 2017.
Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century’s corporate offices are located in Chicago, IL.
Visit www.centuryaluminum.com for more information.