11:01 AM EDT, 03/25/2024 (MT Newswires) -- Century Aluminum ( CENX ) said Monday it has been chosen by the US Department of Energy to receive up to $500 million in funding to construct a new aluminum smelter under the industrial demonstrations program.

The company said it intends to build the smelter at a site in the Ohio/Mississippi River basins.

The US Department of Energy said separately that it plans to invest up to $6 billion in 33 projects in more than 20 states to decarbonize energy-intensive industries under the Inflation Reduction Act and the Bipartisan Infrastructure Law.

The projects include seven chemicals and refining projects, six cement and concrete projects, six iron and steel projects, five aluminum and metals projects, three food and beverage projects, three glass projects, two process heat-focused projects, and one pulp and paper project, the department added

Shares of Century Aluminum ( CENX ) were up 8.5% in recent Monday trading.

Price: 14.34, Change: +1.12, Percent Change: +8.47