Century Aluminum Stock Tumbles as Glencore Reduces Shareholding

Century Aluminum Co. shares fell the most in seven months after its biggest shareholder Glencore Plc reduced its stake in the US-based producer of the light-weight metal.

Glencore sold 9 million shares in the Chicago-based aluminum refiner in a block trade that raised $276 million in gross proceeds, according to people familiar with the matter.

The Swiss commodity producer and trader locked in a 77% gain in the shares this year through Monday after US President Donald Trump stepped up efforts to protect local metal supplies from imports. Aluminum prices are up 13% this year.

The block trade priced at ...