The world isn't doing Century Aluminum any favors. Just over one year ago, the company announced one of its top priorities for 2012 was reopening its shuttered Ravenswood plant, creating about 370 jobs in the process.
That didn't happen.
And, by all indications, it doesn't look like we should hold our breath for it to happen in 2013.
Yes, the company still says it is "committed" to reopening the Ravenswood plant. And yes, the state still has $20 million in annual tax credits on the table to help it do so.
But the global aluminum market has stacked the odds against the company's favor over the last year.
Aluminum futures were trading at about $2,300 a ton on the London Metal Exchange when Century chief executive Mike Bless announced Ravenswood restart plans last February. The price consistently fell in the months following.
Though it's made attempts at recovery, aluminum is languishing in the $1,800 price range today.
On Monday, The Wall Street Journal reported on the grim outlook for the commodity because of a glut in global aluminum supply.
"Speculators are busy shorting aluminum ... causing turmoil in the broader mining and metals sector," the Journal reported. "More than 20 mining CEOs have lost their jobs over the past 18 months. Massive mining projects are being suspended or put on hold.
"Inventories in warehouses are at record highs. Production in China, the chief source of global oversupply, is expected to increase a whopping 9 percent to 24.3 million metric tons this year," the report said.