Related Party Transactions

The significant related party transactions occurring during the three months ended March 31, 2019 and 2018 are described below. We believe all of our transactions with Glencore and BHH are at prices that approximate market.

Glencore ownership

As of March 31, 2019, Glencore plc and its affiliates (together "Glencore") beneficially owned 42.9% of Century’s outstanding common stock (47.0% on a fully-diluted basis assuming the conversion of all of the Series A Convertible Preferred Stock) and all of our outstanding Series A Convertible Preferred Stock. See Note 7. Shareholders' Equity for a description of our outstanding Series A Convertible Preferred Stock. From time to time Century and Glencore enter into various transactions for the purchase and sale of primary aluminum, purchase and sale of alumina, and certain forward financial contracts.

Sales to Glencore

For the three months ended March 31, 2019 and 2018 we derived approximately 64% and 65%, respectively, of our consolidated sales from Glencore. Glencore purchases the aluminum we produce for resale.

Glencore purchases aluminum produced at our North American smelters at prices based on the London Metal Exchange (the "LME") plus the Midwest regional delivery premium and any product premiums. Glencore purchases aluminum produced at our Grundartangi, Iceland smelter at prices based on the LME plus the European Duty Paid premium and any applicable product premiums.

We have entered into agreements with Glencore pursuant to which we sell certain amounts of alumina at prices that approximate market. For the three months ended March 31, 2019, we recorded $8.2 million of revenue related to 21,865 metric tonnes.

Purchases from Glencore

We purchase a portion of our alumina requirements from Glencore. Alumina purchases from Glencore during the three months ended March 31, 2019, were priced based on a published alumina index.

Financial contracts with Glencore

We have certain financial contracts with Glencore. See Note 14. Derivatives regarding these forward financial sales contracts.

Glencore Loan

On April 29, 2019, we entered into a Loan Agreement dated as of April 29, 2019 (the “Loan Agreement”) with Glencore pursuant to which we borrowed $40.0 million (the “Loan”) on that date. See Note 10. Debt for additional information.

Transactions with Baise Haohai Carbon Co., Ltd. ("BHH")

We own a 40% stake in BHH and have an agreement to purchase carbon anodes from them for use in our manufacturing operations.

Summary

A summary of the aforementioned significant related party transactions is as follows:



	Three months ended March 31,
	2019		2018
Net sales to Glencore	$	311.3	$	296.2
Purchases from Glencore	90.7		48.4
Purchases from BHH	6.1		7.4