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Following the trail…

While you have to give Century Aluminum (CENX) credit for spelling out its many related party transactions with its largest shareholder in great detail, it’s pretty difficult for the average investor to follow the millions of dollars that are being exchanged between the two related parties. Century’s Chairman and CEO, Craig Davis, is also a director of Glencore International, a privately owned company based in Switzerland that owns nearly 30% of Century’s outstanding stock. Last year, Century purchased $99 million worth of product from Glencore, and one of Century’s directors, William Strothotte, is Chairman and CEO of Glencore, and was a former CEO of Century. Still following this? Century also sold $122 million in products to Glencore, according to Century’s recent proxy. And that’s just the first few paragraphs of the disclosure — there’s another page of additional deals between Glencore and Century for those who want to continue following the trail.