Century Aluminum (CENX) remains a Buy, with ~50% upside potential over 12-16 months driven by industry structural deficits and strong aluminum pricing. CENX's Q1 adjusted EBITDA surged 35% QoQ to $231 million, with Q2 guidance of $315–335 million and a run-rate potentially exceeding $400 million. Long-term catalysts include a 40% stake in a new US smelter JV with EGA and anticipated share buybacks as CAPEX needs ease from 2H 2026 onward.