8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): January 14, 2003

                            Century Aluminum Company
             (Exact name of registrant as specified in its charter)

           Delaware                      0-27918                 13-3070826
(State or other jurisdiction          (Commission              (IRS Employer
       of Incorporation)               File Number)         Identification  No.)

          2511 Garden Road
        Building A, Suite 200
         Monterey, California                                       93940
(Address of principal executive offices)                          (Zip Code)

                                 (831) 642-9300
              (Registrant's telephone number, including area code)




Item 5. Other Events

On January 14, 2003, Moody's Investor Service (Moody's) issued an announcement
revising its long-term debt ratings and outlook for Century Aluminum Company
(the Company). Moody's lowered the rating on the Company's 11 3/4% senior
secured first mortgage notes due 2008 from Ba3 to B1 and the rating on its
senior secured revolving credit facility from Ba2 to Ba3. Concurrently, Moody's
changed the Company's outlook from negative to stable.

A copy of the Moody's announcement is attached hereto as Exhibit 99.1.

Item 7. Financial Statements and Exhibits.

      (c) Exhibits.

      The following exhibits are filed with this report on Form 8-K:

Exhibit Number          Description
- --------------          -----------
    99.1                Moody's Investors Service Announcement, dated
                        January 14, 2003


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                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                  CENTURY ALUMINUM COMPANY

Date:  January 16, 2003                     By:  /s/ Gerald J. Kitchen
                                               ---------------------------------
                                               Name:  Gerald J. Kitchen
                                               Title: Executive Vice President,
                                                      General Counsel and
                                                      Secretary


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                                  EXHIBIT INDEX

Exhibit Number          Description
- --------------          -----------
    99.1                Moody's Investors Service Announcement, dated
                        January 14, 2003


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EX-99.1

                                                                    EXHIBIT 99.1

New York, January 14, 2003 -- Moody's Investors Service today took the following
rating actions for Century Aluminum Company (Century):

Ratings lowered:

$100 million guaranteed senior secured revolving credit facility, due March 31,
2006, lowered to Ba3 from Ba2

$325 million, 11.75% first mortgage notes, due April 15, 2008, lowered to B1
from Ba3

Senior implied lowered to B1 from Ba3

Senior unsecured issuer rating lowered to B3 from B2

The outlook was changed to stable from negative

The ratings downgrade was prompted by Century's weak operating performance that
has fallen short of Moody's previous expectations and our view that low aluminum
prices will persist over the intermediate term. The company's financial
performance has been negatively impacted by soft aluminum demand and the
resulting weakness in aluminum prices, its focus on a single commodity-priced
product, primary aluminum, and the company's difficulty in reducing operating
costs below current levels.

The revised ratings are supported by Century's off-take agreements that utilize
the majority of its current production, its purchase agreements that provide
access to stable sources of raw materials, such as alumina and electrical power,
through long-term contracts, as well as its forward sales contracts that over
the next year fix a large percentage of its output at prices above the current
market price. The ratings also reflect Century's efforts in improving various
operations to lower costs and focus on its core strength, primary aluminum.

Despite current difficulties, the stable outlook reflects Moody's view that the
company's current operations, liquidity position, and cost structure, as well as
the absence of any material debt service requirements in the near term, will
enable the company to operate in the current low price environment as it has in
the recent past, absent any significant events.

Century's off-take agreements with Pechiney Rolled Products LLC (Pechiney),
Glencore, and Southwire, utilize between 60% to 65% of Century's current
capacity (approximately 1 billion pounds per year), with Pechiney's monthly
commitment for its Ravenswood rolling mill ranging between 23 and 27 million
pounds per month. However, after July 31, 2003, Pechiney has the right to reduce
this amount by 50% with a twelve month notice. Pechiney has experienced
recurring losses at the Ravenswood mill, due in part to the high costs
associated with its premium plate products, for which demand and pricing has
been constrained by the aerospace recession. Pechiney must decide how to
re-engineer the Ravenswood rolling mill, and a reduction of all or part of its
output is possible. The immediate impact on Century of reduced sales to Pechiney
would likely be a reduced profit margin on those tons sold on the open market
rather than to Pechiney.

The company's alumina supply agreements cover 100% of its current requirements,
with pricing tied to the LME aluminum price, providing a natural hedge. Glencore
provides alumina for Ravenswood and Mt. Holly, 59% of total company
requirements, while Kaiser Aluminum provides alumina to Hawesville, 41% of total
company requirements. Although Kaiser is currently in bankruptcy, the courts
have approved Kaiser's continued servicing of its sales agreement with
Hawesville, although some uncertainty remains.

While the various sales agreements and hedging contracts Century currently has
in place has enabled it to realize prices slightly above appropriate benchmarks,
such as the Mid-West Premium, realized prices remain at very low levels when
compared to the company's overall current cost structure. Moreover, Moody's
expects aluminum prices to remain under pressure for the remainder of the year.
In addition, the benefit currently being derived from forward




sales contracts will diminish going forward as current contracts run off and are
not likely to be replaced given the weak price environment.

The ratings also assume that the company's environmental liabilities will remain
manageable and that the contractual obligations of third parties in this regard
will be fulfilled.

At the present time, Moody's believes the company's liquidity position is
relatively stable given current cash balances and availability under its
existing bank facility. As of September 30, 2002, Century's reported
approximately $31 million in cash on its balance sheet (after incorporating its
October interest payment of $18.5 million) and about $55 million of bank
availability. Under its $100 million bank credit facility, availability is
limited by a $30 million reserve account and a borrowing base limitation based
on eligible receivables and inventory.

For the nine months ended September 2002, the cash LME price per pound for
primary aluminum averaged $0.612 while Century's average realized selling price
was $0.68 per pound. Despite the realization of above-market prices, Century's
leverage remained high at about 5.5x on a Debt/EBITDA basis and coverage was
weak at approximately 1.5x on an EBITDA/interest basis.

Factors that could favorably impact the ratings and/or outlook would be a
sustained improvement in operating performance that would most likely be driven
by higher aluminum prices or a marked improvement in the company's overall cost
structure. However, a protracted period of weak aluminum pricing, an increase in
environmental liabilities, an increase in fixed costs, or a debt-financed
acquisition, that resulted in further deterioration in credit metrics or
liquidity position could negatively impact Century's ratings and/or outlook
going forward.

Century Aluminum is a North American primary aluminum producer with ownership
interests in three US aluminum reduction plants, representing 465,000 tonnes of
annual capacity. Its headquarters are in Monterey, California.

New York
Steven Oman
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
William V. Fahy
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Copyright 2003, Moody's Investors Service, Inc. and/or its licensors including
Moody's Assurance Company, Inc. (together, MOODY'S). All rights reserved.

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mechanical error as well as other factors, however, such information is provided
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representation or warranty, express or implied, as to the accuracy, timeliness,
completeness, merchantability or fitness for any particular purpose of any such
information. Under no circumstances shall MOODY'S have any liability to any


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person or entity for (a) any loss or damage in whole or in part caused by,
resulting from, or relating to, any error (negligent or otherwise) or other
circumstance or contingency within or outside the control of MOODY'S or any of
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information contained herein are, and must be construed solely as, statements of
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of 1933, MOODY'S hereby discloses that most issuers of debt securities
(including corporate and municipal bonds, debentures, notes and commercial
paper) and preferred stock rated by MOODY'S have, prior to assignment of any
rating, agreed to pay to MOODY'S for appraisal and rating services rendered by
it fees ranging from $1,500 to $1,500,000.


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