Updated from 9:09 a.m. EST

Century Aluminum

(CENX) - Get Report

, which trades with a forward P/E of 7.5 and EV/EBITDA of 1.6, is now offering a compelling risk/reward scenario to willing investors.

Fewer companies in the commodity space have been hit as hard as Century Aluminum, which is down about 85% since its mid-May high of around $80 or so. Century, whose main business is in the production of smelted aluminum, is principally based in Helguvik, Iceland.

Six-month spot prices for aluminum are down almost 75% from $1.50 per pound in July, to 66 cents per pound currently, and low spot prices mean lower revenue and EBITDA margins.

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Wednesday, Century Aluminum closed the trading day up at $9.72 per share (up 1.89% for the day and 19.26% month-to-date).

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