Presentation of the Company dated September 25, 2008

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

the

use

terms

such

“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.

Aleris

Timeline

(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

Pro Forma Aleris

(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

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

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

North America

58%

Europe

36%

Asia

Euro Automotive

10%

Packaging

10%

Distribution

12%

Other

13%

Engineering

Aerospace & Other

Transportation

16%

N.A. Building &

Construction

11%

Euro Building &

Construction

N.A. Automotive

20%

Pro Forma Aleris 2007 Revenues

(1)

Geographic

End-Use

North American Industry Indicators

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

2,300

2006

2007

2008E

3.4

3.3

3.7

15.0

13.8

3.7

3.5

4.1

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

Annual Total

161

230

284

257

233

100

200

300

400

2004

2005

2006

2007

2008E

Annual Total

Strong Headwinds Negatively Impacting North American Performance

Auto Production

Housing Starts

U.S. Industrial Production

Truck Trailer Production

European Industry Indicators

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

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

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)

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

Aug 08

Coated

Aug 08

General Sheet

Aug 08

All Extrusions

Recycling / Spec

Spot

$0.01/lb

Pricing Actions Completed

First Stage in Reclaiming Commodity Cost Increases

End Use

Increase

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

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

$34-36

Europe Initiatives

130

16-20

Recycling / Spec / Wabash Initiatives

180

8-9

Other Initiatives

140

10-15

TOTAL

1,210

$68-80

(1)

Second

Quarter

and

First

Half

2Q EBITDA

1H EBITDA

2007

2008

Var $

2007

2008

Var $

Global Rolled & Extruded Products

$86

$90

$189

$154

($35)

Global Recycling

$31

$44

$13

$57

$75

$18

Corporate/Other

(21)

(29)

(8)

(43)

(45)

(2)

Consolidated EBITDA

$97

$105

$203

$184

($19)

Variance %

(10)%

($ in millions)

(1) See reconciliation of Segment Income to Segment EBITDA on slide 26.

2Q08

Cash

Flow

vs.

Prior

Year

(1)

2Q07

2Q08

Variance

Adjusted EBITDA

$97

$105

Capital Expenditures

(45)

(39)

Working Capital Improvement

LME Working Capital

(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.

Total Year

June 30

2006 PF

2007 PF

2008 LTM

Adjusted EBITDA

$340

$372

$353

Acquisitions / Synergies / Cost Savings

132

Credit Agreement EBITDA

$472

$427

$393

Free Cash Flow

$211

$422

$124

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

weakness

Specification

Alloy

Focus

working

capital

productivity

generated

strong

free

cash

flow

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

acquisition.

2006

Free

Cash

Flow

reported

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

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)

$10

Inventory

840

999

(159)

(155)

(42)

(10)

(20)

Accounts Payable

(688)

(785)

110

(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

Net

Working Capital

Change

($243)

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

107

Total

$132

$156

$192

$160

% of revenue

3.0%

2.8%

3.2%

2.3%

Key Projects

2008 F

Duffel Extrusions HHT Line

North American Wide Paint Line

Plate program Duffel

New cast-house Tianjin

160”

hotline upgrade Koblenz

148”

hotmill

uffel

2007

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

Misc Other

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

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

113

Total Liquidity

$369

$409

$445

($ in millions)

Focusing on the Balance Sheet to Generate Cash

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%

Accounts Receivable Borrowing Base

$562

$696

Eligible Inventory North America

$372

$484

Advance Rate

70%

Inventory Borrowing Base

$259

$339

Total Borrowing Base

$821

$1,035

($ in millions)

Increased Facility Size Meets LME and Volume Needs

Reconciliation of Segment Income to Segment EBITDA and

Adjusted Segment EBITDA

($ in millions)

Note: Both

the

Wabash

Alloys

and

EKCO

Products

financials

were

estimates

provided

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

Segment income, excluding special items

122

146

Depreciation & amortization

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

(1)

Segment income, excluding special items

Depreciation & amortization

Segment EBITDA, excluding special

items

$31

$44

$57

$75

$144

(1)

(2)

$86

Reconciliation of Net (Loss) Income to EBITDA and Adjusted

EBITDA

($ in millions)

Note:

Both

the

Wabash

Alloys

and

EKCO

Products

financials

were

estimates

provided

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)

(96)

(63)

Interest expense (net)

220

216

225

Income taxes

(3)

(90)

(82)

Minority interests

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

Losses on debt extinguishment

Realized gains on

hedges associated with Corus Aluminum purchase price

(10)

Non-cash cost of sales impact of recording acquired assets at fair value

104

Cost savings –

Plant closures

Estimated Corus Aluminum synergies

Estimated EKCO Products synergies

Estimated Wabash synergies

Estimated AE/HT

synergies

Stock based compensation

Sponsor management fee

Adjusted EBITDA

$541

$427

$393

Less: Zinc Adjusted segment EBITDA

(69)

Adjusted EBITDA, excluding Zinc

$472

(1)

(2)

Reconciliation of Free Cash Flow to Net Income (Loss) and

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

PF Net working capital increase

(242)

(49)

(3)

PF Capital expenditures

119

192

187

EBITDA from continuing operations, excluding special items

340

372

353

104

Unrealized gains on derivative financial instruments

Gain / Loss on early extinguishment of debt

(54)

Realized hedge gain-Corus Aluminum acquisition

Gain on sale of Carson, CA property

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)

(2)

Stock-based compensation expense

(10)

(4)

(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)

(1)

Depreciation and amortization

(107)

(203)

(236)

(42)

(57)

Minority interest, net of provision for income taxes

(0)

Income (loss) from continuing operations

(93)

(47)

(1)

Depreciation and amortization

107

203

236

Provision for (benefit from) deferred income taxes

(100)

(88)

(5)

Excess income tax benefits from exercise of stock options

(4)

Restructuring and other charges:

Charges

Payments

(30)

(16)

(23)

(3)

(12)

Non-cash loss on early extinguishment of debt

Stock-based compensation expense

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

(11)

Other non-cash charges

(9)

Net change in operating assets and liabilities

224

(38)

(46)

Cash provided (used) by operating activities from continuing

operations

210

308

(12)