London, March 5, 2026, 08:39 (GMT)
- Glencore’s unit unloaded 6.3 million shares of Century Aluminum, fetching $51.75 apiece in a block trade
- SEC filings reveal the stake in the U.S. aluminium producer has dropped to 29.99%.
- Century has flagged that it will restate results due to accounting related to its Jamalco joint venture.
Glencore plc has trimmed its holding in Century Aluminum, dropping to just under 30% after offloading 6.3 million shares through a block trade, according to a regulatory filing. The unit sold the shares at $51.75 apiece under Rule 144, which governs the resale of sizable holdings in the U.S. 1
Century remains Glencore’s top shareholder after the cut, but the move comes as investors wait for more direction on Glencore’s portfolio following the miner’s short-lived, unsuccessful merger talks with larger rival Rio Tinto earlier this year. “The next step may be to sell off assets individually … to create a more concentrated copper and trading business,” said Iain Pyle, investment manager at Aberdeen. 2
Still, Century has just flagged that multiple years of its financials are now in question and set for restatement, after the company changed its accounting for the Jamalco joint venture’s assets and liabilities. Rather than proportionate consolidation—recognizing only Century’s slice—the company is switching to full consolidation, pushing up the noncontrolling interest line. Century maintains net income attributable to shareholders won’t change, but it’s bracing for a material weakness in its internal controls. 3
Glencore, following Wednesday’s sale, retains beneficial ownership of around 29.7 million Century shares—largely via its subsidiaries Glencore International AG and Glencore AG.
The SEC uses the term “beneficial ownership” to count shares an investor is able to vote or sell—including those sitting with an affiliate.
Glencore called the deal “monetizing a portion” of its investment, adding it’s still “confident in the management team and outlook” at Century. The company said it could adjust its stake again—buy or sell—based on price or other considerations.
At that price, the block’s value comes out to around $327 million. Glencore based its stake estimate on an outstanding share count for Century of about 99.0 million at the end of 2025.
Century shares finished the session at $53.43, notching a roughly 1% gain from the previous close.
Glencore has been reducing its stake in Century bit by bit. In November, the company brought its holding down to 33%, according to Reuters, following a sharp jump in U.S. aluminium shares sparked by a tariff hike. U.S. President Donald Trump had doubled aluminium import tariffs to 50% on June 4. 4
Glencore’s long-standing governance deal gives it the ability to name a director, provided it holds at least 10% of Century shares for three straight months. Even post sell-down, the company’s stake remains comfortably above that threshold.
