2008 Bank of America Credit Conference November 21, 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) 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 November 7, 2005: Ormet Corporation Recycling and Aluminum Rolling Mills August 1, 2006: Corus Aluminum Aluminum Rolled and Extruded Products 2006 Revenues as reported September 11, 2007: Wabash Alloys Specification Alloys February 2008: AE Inc. HT Aluminum specialties Granular Aluminum Products Global Recycling Revenues (1) (1) Strategic Combinations Creating Size, Scale and Value

4 4 Pro Forma Aleris Pro Forma Aleris (1) (1) Revenues $4,136 Pro forma LTM Adjusted EBITDA 269 Global Rolled & Extruded Products North America Europe 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 September 2008 results, pro forma for the Wabash Alloys acquisition including $40 million of synergies. Does not adjust for $110 million of intercompany revenue, $75 million of corporate overhead and $41 million negative impact from metal lag. Excludes the Zinc business. Wabash Alloys financials provided by their management at acquisition. (1) See reconciliation of Segment Income to Segment EBITDA on slide 24. 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 $2,355 Pro forma LTM Adjusted EBITDA 147 Global Recycling Recycling Specification Alloy ($ in millions)

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 Geographic Other 3% North America 58% Europe 36% Asia 3% Pro Forma Aleris 2007 Revenues (1) End-Use 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%

6 6 North American Industry Indicators North American Industry Indicators 3.4 3.2 2.9 3.0 15.5 12.5 3.7 3.7 4.0 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 Source: US Census Bureau Source: Brook Hunt, 3Q 2008 Source: Davenport Equity Research Source: ACT Research 38 41 35 28 65 65 56 45 142 230 284 257 233 0 100 200 300 400 2004 2005 2006 2007 2008E Q1 Q2 Q3 Q4 Annual Total 500 700 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 -2% -1% 0% 1% 2% 3% 2006 2007 2008E 2009F Housing Starts U.S. Industrial Production Auto Production Truck Trailer Production Strong Headwinds Negatively Impacting North American Performance

7 7 European Industry Indicators European Industry Indicators 18 19 20 21 22 23 24 2004 2005 2006 2007 2008E 2009F Source: J.D. Power, National Sources 1,129 1,210 916 998 1,066 600 750 900 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 -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2006 2007 2008E 2009F Source: Brook Hunt, 3Q 2008 European Light Vehicle Assembly Commercial Airplane Projected Deliveries Euro Zone Industrial Production European Residential Building Permits 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 3Q06 1Q07 3Q07 1Q08 3Q08 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 3Q06 1Q07 3Q07 1Q08 3Q08 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 Q3 08 $0.00 $0.58 Total Volume Material Margin

10 10 Commodity Inflation Commodity Inflation 0.7 0.9 1.1 1.3 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 Magnesium Silicon Copper Zinc $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Aleris NYMEX Hardeners (Indexed to 1Q06) Natural Gas Significant Inflationary Pressure

11 11 Positioning the Cost Base Positioning the Cost Base ($ in millions) 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 Activity Continues Across Aleris to “Right-Size” the Cost Structure

12 12 Third Quarter and September YTD Third Quarter and September YTD (1) (1) ($ in millions) (1) See reconciliation of Segment Income to Segment EBITDA on slide 24. 3QEBITDA Sept YTD 2007 2008 Var $ 2007 2008 Var $ Global Rolled & Extruded Products $ 110 $67 ($43) $299 $221 ($78) Global Recycling $27 $32 $5 $84 $107 $23 Corporate/Other (18) (31) (13) (60) (76) (16) Consolidated EBITDA $119 $68 ($5) $32 $252 ($71) Variance % (43%) (22)% Metal lag (6) 21 7 32 EBITDA Adj. for Metal Lag $113 $89 (21)% $330 $284 (14)%

13 13 EBITDA Bridge EBITDA Bridge EBITDA 3Q08 $68 Sept 08 YTD $252 3Q07 119 Sept 07 YTD 323 ($51) ($71) Volume / Mix (46) (110) Price /Spread 6 23 Metal Price Lag (27) (26) Inflation (22) (72) Productivity 30 79 Currency / Other 3 19 Acquisitions / Divestitures / Synergies 5 16 ($51) ($71) ($ in millions)

14 14 3Q08 Cash Flow vs. Prior Year 3Q08 Cash Flow vs. Prior Year (1) (1) ($ 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 26. 3Q07 3Q08 Variance Adjusted EBITDA $119 $68 ($51) Capital Expenditures (39) (25) 14 Working Capital Improvement (47) 117 164 Free Cash Flow $33 $160 $127

15 15 Performance Summary Performance Summary Sharp volume declines in North America’s B&C and Automotive industries Weakening Volumes in Europe Strong Global Recycling performance; mitigated by weakness in NA Specification Alloy Focus on working capital productivity generated strong free cash flow LME increase impacts 1H08 cash flow; mitigating in 2H08 (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 $162 million. See reconciliation of Free Cash Flow to Cash Flow from operating activities from continuing operations on slide 26. (2) See reconciliation of Adjusted EBITDA to Net Income (Loss) on slide 25. ($ in millions) Total Year Sept 30 2006 PF 2007 PF 2008 LTM Adjusted EBITDA $340 $372 $301 Acquisitions / Synergies / Cost Savings 132 55 40 Credit Agreement EBITDA (2) $472 $427 $341 Credit Agreement EBITDA Adj. for Metal Lag $436 $443 $382 Free Cash Flow (1) $21 $422 $228 Comments

16 16 $1,036 $943 $1,000 $1,005 $1,001 $1,026 $800 $900 $1,000 $1,100 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 15.0% 15.5% 16.0% 16.5% 17.0% 17.5% LTM Avg WC $MM LTM WC % of Sales LTM Turns 5.8 5.8 5.9 6.1 6.2 6.2 LTM Days 63 63 61 60 59 59 LTM Working Capital Performance LTM Working Capital Performance

17 17 (75) ($in millions) Factors Impacting YTD Working Capital: $339/ton LME increase ~ ($95M) US Dollar ~ $15M Seasonality ~ ($65M) Koblenz WIP Build ~ ($20M) Productivity* ~ $30M *Strong Inv Productivity Offset by Payable Cash Turn Delay Accounts Receivable ($98) Inventory $38 Accounts Payable ($75) Net Working Capital Change ($135) Sept YTD 2008 Working Capital Details Sept YTD 2008 Working Capital Details WIP $339/Ton Build for Avg LME Normal Koblenz Other 12/31/07 9/30/08 Increase Currency Seasonality Hotmill Productivity Accounts Receivable $668 $766 ($65) $10 ($65) $0 $22 Inventory 840 802 (105) 15 (10) (20) 158 Accounts Payable (687) (612) 75 (10) 10 0 (150) Working Capital $821 $956 FCF Impact ($98) 38 ($135) ($95) $15 ($65) ($20) $30 Avg 4Q LME was $2448 and avg 3Q LME was $2787 EURO moved from $1.46 @ 12/31 to $1.41 @ 9/30

18 18 Capital Expenditures Overview Capital Expenditures Overview Total Capital Expenditures Significant Discretionary Capital Expenditures ($ in millions) (1) Pro forma for the 2005 Acquisitions and the Corus Aluminum acquisition. All periods exclude Zinc. 2005 (1) 2006 (1) 2007 (1) 2008 F Maintenance $77 $75 $85 $70 Discretionary 55 81 107 60 Total $132 $156 $192 $130 % of revenue 3.0% 2.8% 3.2 % 2.0% Key Projects 2007 2008 F Duffel Extrusions HHT Line $0 $5 North American Wide Paint Line 3 0 Plate program Duffel 13 10 160” hotline upgrade Koblenz 36 10 148” hotmill Duffel 9 30

19 19 Cash, Debt and Credit Statistics Cash, Debt and Credit Statistics ($ in millions) Actual 12/31/2007 3/31/2008 6/30/2008 9/30/2008 Cash $110 $89 $113 $84 Memo: $ per Euro $1.46 $1.58 $1.57 $1.41 $ per CADS $1.01 $0.97 $0.98 $0.94 Revolver 376 364 426 387 Term Loans 1,255 1,288 1,283 1,230 Notes 1,100 1,097 1,097 1, 102 Misc Other 33 33 34 33 Total Debt $2,764 $2,782 $2,840 $2,752 Net Debt $2,654 $2,693 $2,727 $2,668 Credit Agreement Statistics LTM EBITDA $427 $392 $393 $341 Total Debt to LTM EBITDA 6.5 x 7.1 x 7.2 x 8.1x Net Debt to LTM EBITDA 6.2 6.9 6.9 7.8 LTM Fixed Charge Coverage Ratio 1.00 to 1.00 0.85 to 1.00 0.83 to 1.00 0.68 to 1.00 Liquidity Per Borrowing Base $259 $320 $332 $293 Plus Cash From Above 110 89 113 84 Total Liquidity $369 $409 $445 $377 Focusing on the Balance Sheet to Generate Cash

20 20 LME History LME History $1,500 $2,000 $2,500 $3,000 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08E LME Forward Significant Swing in a Short Time Frame

21 21 Key Initiatives Key Initiatives North America Right-size cost structure . . . drive productivity Drive working capital and manufacturing costs out with lean initiatives Upgrade product mix and improve service offering Drive scrap-based products; shift direct chill to continuous cast Streamline/optimize/combine Spec Alloy and Americas Recycling Integrate and unleash potential of Wabash acquisition Manage price volume relationship Europe Maximize benefits from significant capital investments Drive working capital and manufacturing costs out with lean initiatives Optimize product portfolio towards high-growth, value-added end-uses Right-size cost structure….drive productivity Drive manufacturing synergies across the enterprise Manage price volume relationship Other Attack global procurement initiative Maintain adequate liquidity Passion for Productivity and Continuous Improvement

22 22 Summary Summary Global economic headwinds Focusing on cost base and cash / liquidity Increased volatility of LME Timing of recovery unknown … but will occur

Questions and Answers

24 24 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. 3Q07 (1) 3Q08 (1) LTM 9 /30/08 Global rolled and extruded products Reported Segment (Loss) Income $45 $7 $33 Purchase accounting adjustment 16 6 35 Inventory Impairment 0 13 13 Segment income, excluding special items 61 26 81 Depreciation & amortization 49 41 164 Segment EBITDA, excluding special items $110 $67 $245 Global recycling Reported Segment (Loss) Income $9 $16 $77 Purchase accounting adjustment 1 (1) (3) Segment income, excluding special items 10 16 74 Depreciatio n & amortization 17 16 57 Segment EBITDA, excluding special items $27 $32 $131

25 25 Reconciliation of Net (Loss) Income to EBITDA and Adjusted Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA EBITDA ($ in millions) Pro forma 2006 Pro forma 2007 LTM 9/30/08 Net (loss) income 9 (96) (270) Interest expense (net) 220 216 225 Income taxes (3) (90) (120) Minority interests 0 0 - Depreciation and amortization 184 211 228 EBITDA $410 $241 $62 Gain on Carson, CA property sale (14) - - Unrealized (gains) losses on derivative financial instruments (36) (4) 85 Restructuring, merger related and executive separation costs 43 33 97 Losses on debt extinguishment 54 - (1) 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 32 Inventory impairment charges - - 13 Cost savings – Plant closures 3 - 23 Estimated Corus Aluminum synergies 25 18 2 Estimated EKCO Products synergies - 2 1 Estimated Wabash synergies - 20 12 Estimated AE/HT synergies - - 2 Stock based compensation 11 4 3 Sponsor management fee 9 9 9 Adjusted EBITDA $541 $427 $341 Less: Zinc Adjusted segment EBITDA (69) Adjusted EBITDA, excluding Zinc $472 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 (1) (2)

26 26 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 ($M) 2006 2007 LTM 9/30/08 3Q07 3Q08 PF Free Cash Flow 162 $ 422 $ 228 $ 33 $ 160 $ PF Net Working Capital Increase (decrease) 59 (242) (100) 47 (117) PF Capital Expenditures 119 192 173 39 25 EBITDA from Continuing Operations, excluding special items 340 372 301 119 68 Unrealized gains on derivative financial instruments 28 4 (85) (23) (151) Gain/Loss on early extinguishment of debt (54) - 1 - - Realized hedge gain-Corus Aluminum acquisition 10 - - (2) - Inventory impairment charges - - (13) - (13) Gain on sale of Carson, CA property 14 - - - - Restructuring and other charges (42) (33) (97) - (61) Impact of recording acquired assets at fair value (44) (104) (32) (17) (5) Sponsor management fee - (9) (9) (2) (3) Stock-based compensation expense (10) (4) (3) (1) - EBITDA from Continuing Operations 242 226 62 74 (166) Interest expense, net (80) (204) (225) (50) (58) (Provision for) benefit from income taxes (23) 88 120 46 86 Depreciation and amortization (107) (203) (228) (67) (59) Minority interest, net of provision for income taxes - - 0 (0) - Income (loss) from continuing operations 32 (93) (270) 2 (197) Depreciation and amortization 107 203 228 67 59 Provision for (benefit from) deferred income taxes 12 (100) (141) (45) (97) Excess income tax benefits from exercise of stock options (4) - - - - Restructuring and other charges: - Charges 42 33 97 2 61 Payments (30) (16) (29) (3) (9) Inventory impairment charges - - 13 - 13 Non-cash loss on early extinguishment of debt 16 - - - - Stock-based compensation expense 10 4 3 1 - Proceeds from settlement of currency derivative financial instruments (10) - - - - Unrealized gains on derivative financial instruments (28) (4) 85 23 151 Non-cash charges related to step-up in carrying value of inventory 5 47 1 2 - (Gain) loss on sale of property, plant, and equipment - - (1) - - Other non-cash charges (9) 9 14 5 4 Net change in operating assets and liabilities 66 224 14 4 55 Cash provided (used) by operating activities from continuing operations 210 $ 308 $ 14 $ 59 $ 42 $ (1) 2006 is on an as reported basis $