Century Aluminum

2 serious warning signs in Century Aluminum’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.

  “Based upon that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were ineffective as of December 31, 2025, because of a material weakness in internal controls over financial reporting described in Management’s Report on Internal Control Over Financial Reporting below.”

  Show the full paragraph

  As of December 31, 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were ineffective as of December 31, 2025, because of a material weakness in internal controls over financial reporting described in Management’s Report on Internal Control Over Financial Reporting below.

  From the 10-K filed 3 March 2026, Item 9A. Controls and Procedures. Read it in the filing

• Its past accounts can't be relied on

  Serious

  It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

  8-K Item 4.02 filed 3 Mar 2026: the company said its earlier financial statements should no longer be relied on.

  From an 8-K filed 3 March 2026: Previously issued accounts should no longer be relied on. Open the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 54% last year. Losing that customer would hurt.

  “For the year ended December 31, 2025, we derived approximately 54.0% of our consolidated net sales from Glencore and we currently have agreements in place to sell a substantial portion of our 2026 production to Glencore.”

  From the 10-K filed 3 March 2026, Item 1A. Risk Factors. Read it in the filing

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.