Deutsche Bank Leverage Finance Conference September 25, 2008 Exhibit 99.1

2 2 Safe Harbor Safe Harbor Statements contained in this presentation that state the Company’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements, which describe the Company’s future plans, strategies and expectations, are generally identifiable by the use of terms such as “anticipate,” “will,” “expect,” “believe,” “shall,” or similar expressions. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we anticipated or expected. For more information concerning factors that could cause actual results to differ from those expressed or forecast, see the Company’s annual report on Form 10-K and its quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

3 3 Aleris Aleris Timeline Timeline (1) (1) Pro forma 2007 revenues, including the EKCO Products and Wabash Alloys acquisitions and excluding Zinc. EKCO Products and Wabash Alloys financials provided by their management at acquisition. $2.2B $4.7B $6.6B (1) December 9, 2004: IMCO Recycling and Commonwealth Industries September 7, 2005: ALSCO metals Aluminum rolled products December 6, 2005: Alumitech Inc. December 19, 2006: Sale of Aleris to TPG May 3, 2007: EKCO Products Light gauge sheet and heavy gauge foil September 21, 2007: Alumox Holding AS Aluminum recycling January 11, 2008: Closed sale of Zinc to Votorantim Metais Ltda. August 31, 2005: Tomra Latasa Recycling operations and can collection centers August 1, 2006: Corus Aluminum Aluminum Rolled and Extruded Products 2006 Revenues as reported September 11, 2007: Wabash Alloys Specification Alloys Revenues Strategic Combinations Creating Size, Scale and Value February 2008: AE Inc. HT Aluminum specialties Granular Aluminum Products Global Recycling November 7, 2005: Ormet Corporation Recycling and Aluminum Rolling Mills

4 4 Pro Forma Aleris Pro Forma Aleris (1) (1) Revenues $4,253 Pro forma LTM Adjusted EBITDA 319 Produces rolled aluminum products Major customers: Ply Gem, Gentek, Great Dane, Ryerson Driven by building and construction, consumer durables, truck/trailer and automotive Produces aluminum rolled and extruded products Major customers: Airbus, Embraer, Boeing, Audi, Bosch Driven by aerospace, automotive and general industrial Note: Data represent estimated LTM June 2008 results, pro forma for the Wabash Alloys acquisition including $40 million of synergies. Does not adjust for $110 million of intercompany revenue and $70 million of corporate overhead. Excludes the Zinc business. Wabash Alloys financials provided by their management at acquisition. (1) See reconciliation of Segment Income to Segment EBITDA on slide 26. Recycles aluminum dross and scrap Major customers: Alcoa, Novelis, Arco, Hydro Driven by rigid container and common alloy sheet consumption Recycles and processes aluminum- based spec alloys Major customers: GM, BMW, Daimler, Chrysler, Ford, Nissan, Honda, Teksid Driven by aluminum usage in automotive sector Revenues $2,327 Pro forma LTM Adjusted EBITDA 144 ($ in millions) Global Rolled & Extruded Products North America Europe Global Recycling Recycling Specification Alloy

5 5 Geographic and End-Use Diversification Geographic and End-Use Diversification (1) Pro forma for Wabash Alloys and EKCO Products acquisitions; excludes Zinc business. Source: Company filings and management estimates Other 3% North America 58% Europe 36% Asia 3% Euro Automotive 10% Packaging 10% Distribution 12% Other 13% Engineering 3% Aerospace & Other Transportation 16% N.A. Building & Construction 11% Euro Building & Construction 5% N.A. Automotive 20% Pro Forma Aleris 2007 Revenues (1) Geographic End-Use

6 6 North American Industry Indicators North American Industry Indicators 500 700 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 0% 1% 2% 3% 4% 2006 2007 2008E 3.4 3.4 3.3 3.7 15.0 13.8 3.7 3.7 3.5 4.1 15.8 15.8 15.3 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 2004 2005 2006 2007 2008E Q1 Q2 Q3 Q4 Annual Total 38 40 41 42 65 65 56 45 161 230 284 257 233 0 100 200 300 400 2004 2005 2006 2007 2008E Q1 Q2 Q3 Q4 Annual Total Strong Headwinds Negatively Impacting North American Performance Auto Production Housing Starts U.S. Industrial Production Truck Trailer Production

7 7 European Industry Indicators European Industry Indicators 18 19 20 21 22 23 24 2004 2005 2006 2007 2008E Source: J.D. Power, National Sources 1,178 1,212 916 1,000 1,086 600 750 900 1,050 1,200 1,350 2007 2008E 2009E 2010E 2011E Note: Airplane deliveries reflect Airbus and Boeing only. Source: Management Estimate EU25 Germany 0 20 40 60 80 100 120 140 160 Source: Eurostat 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2006 2007 2008E Source: Brook Hunt, February 2008 European Light Vehicle Assembly Commercial Airplane Projected Deliveries European Residential Building Permits Euro Zone Industrial Production Softening European Environment

8 8 North American Rolled Products North American Rolled Products 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 Aleris LTM Shipments Housing Starts 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 Aleris LTM Shipments MSCI Inventory Source: Management estimates and U.S. Census Bureau’s seasonally adjusted annual rates Source: Management estimates and MSCI data Building & Construction Volumes (Indexed to 1Q06) Service Center Volumes (Indexed to 1Q06)

9 9 N.A. Rolled Products Volumes and Material Margins N.A. Rolled Products Volumes and Material Margins 0 50 100 150 200 250 300 350 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 $0.00 $0.58 Total Volume Material Margin

10 10 Commodity Inflation Commodity Inflation 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 Magnesium Silicon Copper Zinc $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Aleris NYMEX Natural Gas Significant Inflationary Pressure Hardeners (Indexed to 1Q06)

11 11 Rolled Products N.A. May 08 All prod. ex B&C $0.02/lb Aug 08 Across the Board $0.03/lb Rolled Products Europe Jul 08 Multi-layer Tubing €30/ton Across the Board Aug 08 2 / 7000 Series 5% Aug 08 Coated 8% Aug 08 General Sheet 6% Aug 08 All Extrusions 4% Recycling / Spec Q2 Spot $0.01/lb Pricing Actions Completed Pricing Actions Completed First Stage in Reclaiming Commodity Cost Increases First Stage in Reclaiming Commodity Cost Increases End Use Increase

12 12 2008 Key Initiatives 2008 Key Initiatives Rolled Products North America Right-size cost structure . . . drive productivity Upgrade product mix and improve service offering Drive scrap-based products; shift direct chill to continuous cast Price increases Rolled and Extruded Products Europe Maximize throughput from significant capital investments Optimize product portfolio towards high-growth, value-added end-uses Continue strategic turnaround and revitalization Drive manufacturing synergies across the enterprise Price increases Global Recycling Streamline/optimize/combine Spec Alloy and Americas Recycling Integrate and unleash potential of Wabash acquisition Drive European margins through core competencies and proprietary technology Price increases Passion for Productivity and Continuous Improvement Passion for Productivity and Continuous Improvement

13 13 Positioning the Cost Base Positioning the Cost Base ($ in millions) Activity Continues Across Aleris to “Right-Size” the Cost Structure Activity Continues Across Aleris to “Right-Size” the Cost Structure Headcount Reduction Facilities Shutdown Savings Announced: Rolled Products Initiatives 760 5 $34-36 Europe Initiatives 130 - 16-20 Recycling / Spec / Wabash Initiatives 180 3 8-9 Other Initiatives 140 2 10-15 TOTAL 1,210 10 $68-80

14 14 (1) (1) Second Second Quarter Quarter and and First First Half Half 2Q EBITDA 1H EBITDA 2007 2008 Var $ 2007 2008 Var $ Global Rolled & Extruded Products $86 $90 $4 $189 $154 ($35) Global Recycling $31 $44 $13 $57 $75 $18 Corporate/Other (21) (29) (8) (43) (45) (2) Consolidated EBITDA $97 $105 $8 $203 $184 ($19) Variance % 8% (10)% ($ in millions) (1) See reconciliation of Segment Income to Segment EBITDA on slide 26.

15 15 EBITDA Bridge EBITDA Bridge EBITDA 2Q08 $105 1H08 $184 2Q07 97 1H07 203 $8 ($19) Volume / Mix (37) (66) Price /Spread 7 15 Metal Price Lag 10 (6) Inflation (27) (49) Productivity 29 50 Currency 16 19 Acquisitions / Divestitures / Synergies 12 18 SG&A / Other (2) - $8 ($19) ($ in millions)

16 16 2Q08 2Q08 Cash Cash Flow Flow vs. vs. Prior Prior Year Year (1) (1) 2Q07 2Q08 Variance Adjusted EBITDA $97 $105 $8 Capital Expenditures (45) (39) 6 Working Capital Improvement 39 67 28 LME Working Capital 10 (65) (75) Free Cash Flow $101 $68 ($33) ($ in millions) (1) See reconciliation of Free Cash Flow to Net Income (Loss) from continuing operations and cash flow from operating activities from continuing operations on slide 28.

17 17 Total Year June 30 2006 PF 2007 PF 2008 LTM Adjusted EBITDA $340 $372 $353 Acquisitions / Synergies / Cost Savings 132 55 40 Credit Agreement EBITDA $472 $427 $393 Free Cash Flow $211 $422 $124 Performance Summary Performance Summary Sharp volume declines in North America’s B&C and Automotive industries Solid underlying performance in Rolled Products Europe Strong Global Recycling performance; mitigated by weakness in NA Specification Alloy Focus on working capital productivity generated strong free cash flow in 2007 LME increase impacts 2008 cash Flow (1) Free cash flow is defined as Adjusted EBITDA less capital expenditures plus or minus change in working capital. Pro forma LTM EBITDA, including the EKCO Products and Wabash Alloys acquisitions and excluding Zinc. EKCO Products and Wabash Alloys financials provided by their management at acquisition. 2006 Free Cash Flow as reported in the company press release dated March 27, 2008 was $162 million. See reconciliation of Free Cash Flow to Cash Flow from operating activities from continuing operations on slide 28. (2) See reconciliation of Adjusted EBITDA to Net Income (Loss) on slide 27. ($ in millions) (2) (1) Comments

18 18 $943 $1,000 $1,005 $1,001 $1,026 $800 $900 $1,000 $1,100 2Q07 3Q07 4Q07 1Q08 2Q08 15.0% 15.5% 16.0% 16.5% 17.0% 17.5% 18.0% LTM Avg WC $MM LTM WC % of Sales LTM Turns 5.82 5.78 5.95 6.07 6.15 LTM Days 62.7 63.2 61.4 60.1 59.3 LTM Working Capital Performance LTM Working Capital Performance

19 19 1 st Half 2008 Working Capital Details Factors Impacting 1H Working Capital: $500/ton LME increase ~ ($145M) US Dollar (non-cash) ~ ($40M) Seasonality ~ ($65M) Koblenz WIP Build ~ ($20M) Productivity ~ $30M 12/31/07 6/30/08 Increase $500/Ton Avg LME Increase Currency Normal Seasonality WIP Build for Koblenz Hotmill Other Productivity Accounts Receivable $668 $849 ($181) ($100) ($26) ($65) $0 $10 Inventory 840 999 (159) (155) (42) (10) (20) 68 Accounts Payable (688) (785) 97 110 25 10 0 (48) Working Capital $820 $1,063 ($243) ($145) ($43) ($65) ($20) $30 Avg 4Q LME was $2,448 and avg 2Q LME was $2,940 EURO moved from $1.46 @ 12/31/07 to $1.57 @ 6/30/08 ($ in millions) Accounts Receivable ($181) Inventory (159) Accounts Payable 97 Net Working Capital Change ($243)

20 20 Capital Expenditures Overview Capital Expenditures Overview ($ in millions) (1) Pro forma for the 2005 Acquisitions and the Corus Aluminum acquisition. All periods exclude Zinc. Total Capital Expenditures Significant Discretionary Capital Expenditures 2005 (1) 2006 (1) 2007 (1) 2008F Maintenance $77 $75 $85 $80 Discretionary 55 81 107 80 Total $132 $156 $192 $160 % of revenue 3.0% 2.8% 3.2% 2.3% Key Projects 2008 F Duffel Extrusions HHT Line $5 North American Wide Paint Line 0 Plate program Duffel 13 10 New cast-house Tianjin 0 2 160” hotline upgrade Koblenz 36 10 148” hotmill uffel 9 30 $0 3 2007

21 21 Cash, Debt and Credit Statistics Cash, Debt and Credit Statistics Actual 12/31/2007 3/31/2008 6/30/2008 Cash $110 $89 $113 Memo: $ per Euro $1.46 $1.58 $1.57 $ per CADS $1.01 $0.97 $0.98 Revolver 376 364 426 Term Loans 1,255 1,288 1,283 Notes 1,100 1,097 1,097 Misc Other 33 33 34 Total Debt $2,764 $2,782 $2,840 Net Debt $2,654 $2,693 $2,727 Credit Agreement Statistics LTM EBITDA $427 $392 $393 Total Debt to LTM EBITDA 6.5x 7.1x 7.2x Net Debt to LTM EBITDA 6.2 6.9 6.9 LTM Fixed Charge Coverage Ratio 1.00 to 1.00 0.85 to 1.00 0.83 to 1.00 Liquidity Per Borrowing Base $259 $320 $332 Plus Cash From Above 110 89 113 Total Liquidity $369 $409 $445 ($ in millions) Focusing on the Balance Sheet to Generate Cash

22 22 LME History LME History $1,500 $2,000 $2,500 $3,000 $3,500 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 LME Forward Curve as of December 2007 LME Forward Curve Q2 LME Forward Curve Q3 Significant Swing in a Short Time Frame

23 23 Borrowing Base Scenarios Borrowing Base Scenarios Current $4,000 LME Eligible Accounts Receivable North America $335 $416 Eligible Accounts Receivable Europe 327 405 Total Eligible Accounts Receivable $662 $821 Advance Rate 85% 85% Accounts Receivable Borrowing Base $562 $696 Eligible Inventory North America $372 $484 Advance Rate 70% 70% Inventory Borrowing Base $259 $339 Total Borrowing Base $821 $1,035 ($ in millions) Increased Facility Size Meets LME and Volume Needs

24 24 Summary Summary Headwinds and increased volatility on the LME Focusing on cost base Timing of recovery unknown … but will occur Secured appropriate revolver capacity … protect current liquidity cushion

Questions and Answers

26 26 Reconciliation of Segment Income to Segment EBITDA and Reconciliation of Segment Income to Segment EBITDA and Adjusted Segment EBITDA Adjusted Segment EBITDA ($ in millions) Note: Both the Wabash Alloys and EKCO Products financials were estimates provided by their respective managements. (1) Pro forma for the 2005 acquisitions, the Corus Aluminum acquisition and the TPG merger, except for the additional amortization expense and related income tax benefits associated with the preliminary appraised values of acquired intangible assets. (2) Pro forma for the Wabash Alloys and EKCO Products acquisitions and the TPG merger. 2Q07 2Q08 1H07 1H08 LTM 6/30/08 Global rolled and extruded products Reported Segment (Loss) Income $32 $41 $50 $55 $101 Purchase accounting adjustment 20 7 72 14 45 Segment income, excluding special items 52 48 122 68 146 Depreciation & amortization 34 42 67 85 173 Segment EBITDA, excluding special items $86 $90 $189 $154 $319 Global recycling Reported Segment (Loss) Income $25 $32 $41 $51 $86 Purchase accounting adjustment 0 (1) 3 (1) (1) Segment income, excluding special items 25 31 44 49 85 Depreciation & amortization 7 13 13 26 59 Segment EBITDA, excluding special items $31 $44 $57 $75 $144 (1) (1) (1) (1) (2) $86

27 27 Reconciliation of Net (Loss) Income to EBITDA and Adjusted Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA EBITDA ($ in millions) Note: Both the Wabash Alloys and EKCO Products financials were estimates provided by their respective managements. (1) Pro forma for the 2005 acquisitions, the Corus Aluminum acquisition and the TPG merger, except for the additional amortization expense and related income tax benefits associated with the preliminary appraised values of acquired intangible assets. (2) Pro forma for the Wabash Alloys and EKCO Products acquisitions and the TPG merger. Pro forma 2006 Pro forma 2007 Pro forma LTM 6/30/08 Net (loss) income(3) 9 (96) (63) Interest expense (net) 220 216 225 Income taxes (3) (90) (82) Minority interests 0 0 - Depreciation and amortization 184 211 222 EBITDA $410 $241 $302 Gain on Carson, CA property sale (14) - - Unrealized (gains) losses on derivative financial instruments (36) (4) (41) Restructuring, merger related and executive separation costs 43 33 38 Losses on debt extinguishment 54 - - Realized gains on hedges associated with Corus Aluminum purchase price (10) - - Non-cash cost of sales impact of recording acquired assets at fair value 46 104 41 Cost savings – Plant closures 3 - 14 Estimated Corus Aluminum synergies 25 18 7 Estimated EKCO Products synergies - 2 1 Estimated Wabash synergies - 20 15 Estimated AE/HT synergies - - 3 Stock based compensation 11 4 4 Sponsor management fee 9 9 9 Adjusted EBITDA $541 $427 $393 Less: Zinc Adjusted segment EBITDA (69) Adjusted EBITDA, excluding Zinc $472 (1) (2) (2)

28 28 Reconciliation of Free Cash Flow to Net Income (Loss) and Reconciliation of Free Cash Flow to Net Income (Loss) and Cash Flow from Operating Activities Cash Flow from Operating Activities ($ in millions) (1) 2006 is on an as reported basis. 2006 2007 LTM 6/30/08 2Q07 2Q08 PF Free cash flow 162 $ 422 $ 124 $ 101 $ 68 $ PF Net working capital increase 59 (242) 42 (49) (3) PF Capital expenditures 119 192 187 45 39 EBITDA from continuing operations, excluding special items 340 372 353 97 104 Unrealized gains on derivative financial instruments 28 4 41 38 22 Gain / Loss on early extinguishment of debt (54) - 1 - - Realized hedge gain-Corus Aluminum acquisition 10 - 10 - - Gain on sale of Carson, CA property 14 - 14 - - Restructuring and other charges (42) (33) (38) -1.6 -4.2 Impact of recording acquired assets at fair value (44) (104) (41) (20) (6) Sponsor management fee - (9) (9) (2) (2) Stock-based compensation expense (10) (4) (4) (1) (1) EBITDA from continuing operations 242 226 327 111 113 Interest expense, net (80) (204) (217) (49) (56) (Provision for) benefit from income taxes (23) 88 80 3 (1) Depreciation and amortization (107) (203) (236) (42) (57) Minority interest, net of provision for income taxes (0) (0) (0) (0) (0) Income (loss) from continuing operations 32 (93) (47) 23 (1) Depreciation and amortization 107 203 236 42 57 Provision for (benefit from) deferred income taxes 12 (100) (88) (5) 2 Excess income tax benefits from exercise of stock options (4) - - - - Restructuring and other charges: - - - - - Charges 42 33 38 2 4 Payments (30) (16) (23) (3) (12) Non-cash loss on early extinguishment of debt 16 - - - - Stock-based compensation expense 10 4 4 1 1 Proceeds from settlement of currency derivative financial instruments (10) - - - - Unrealized gains on derivative financial instruments (28) (4) (41) (38) (22) Non-cash charges related to step-up in carrying value of inventory 5 47 3 (11) - Other non-cash charges (9) 9 11 3 4 Net change in operating assets and liabilities 66 224 (38) 78 (46) Cash provided (used) by operating activities from continuing operations 210 $ 308 $ 54 $ 91 $ (12) $