Century Aluminum posts third qtly loss in row

* Q2 net loss 46 cents per share * Sales drop by 65 pct but beat Street * Shares rise 7 pct in post-market trade HOUSTON, July 23 (Reuters) - Century Aluminum Co reported a third consecutive quarterly loss on Thursday as the company slashed production to combat weak demand for aluminum amid a more than 65 percent drop in sales. The second-quarter net loss was $33.9 million, or 46 cents per share, compared with a loss of $3.5 million, or 8 per share, a year ago, the Monterey, California-based company said. Sales fell to $189.2 million from $545.2 million a year earlier. Analysts had expected sales of $187 million. Century shares climbed 7 percent to $7.20 in after hours trading. They closed at $6.71 on the New York Stock Exchange. "The demand outlook has improved somewhat in certain regions and sectors," Logan Kruger, the company's chief executive officer said in a statement. "However, we remain convinced the industry must take additional supply side actions for a global balance to be achieved." Since the economic downturn late last year, metal demand and prices have plummeted and Century has cut production capacity at its Ravenswood, West Virginia and Hawesville, Kentucky aluminum smelters.