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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
NET SALES:        
Related parties $ 404.9 $ 350.6 $ 1,321.5 $ 925.3
Other customers 232.3 230.8 925.9 628.1
Total net sales 637.2 581.4 2,247.4 1,553.4
Cost of goods sold 680.2 526.8 2,181.3 1,498.6
Gross profit (loss) (43.0) 54.6 66.1 54.8
Selling, general and administrative expenses 8.7 14.2 26.2 39.0
Asset impairment 0.0 0.0 159.4 0.0
Other operating (income) expense - net (0.2) 0.1 0.2 0.3
Operating income (loss) (51.5) 40.3 (119.7) 15.5
Interest expense – Hawesville term loan 0.0 (0.6) 0.0 (1.1)
Interest expense (7.9) (6.1) (20.9) (22.6)
Interest income 0.1 0.0 0.2 0.2
Net gain (loss) on forward and derivative contracts 112.6 (76.7) 287.7 (239.2)
Loss on early extinguishment of debt 0.0 0.0 0.0 (24.7)
Other income (expense) - net 11.6 (2.5) 16.7 0.6
Income (loss) before income taxes 64.9 (45.6) 164.0 (271.3)
Income tax (expense) benefit (20.6) (6.8) (64.6) 43.8
Income (loss) before equity in earnings of joint ventures 44.3 (52.4) 99.4 (227.5)
Equity in earnings (losses) of joint ventures 0.0 0.0 0.0 0.0
Net income (loss) 44.3 (52.4) 99.4 (227.5)
Less: net income allocated to participating securities 2.7 0.0 6.0 0.0
Net income (loss) allocated to common stockholders $ 41.6 $ (52.4) $ 93.4 $ (227.5)
INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.46 $ (0.58) $ 1.02 $ (2.52)
Diluted (in dollars per share) $ 0.43 $ (0.58) $ 0.97 $ (2.52)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic (in shares) 91.3 90.1 91.3 90.1
Diluted (in shares) 97.3 90.1 97.6 90.1