Presentation by Aleris International, Inc.

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

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)

Strategic Combinations Creating Size, Scale and Value

Pro Forma Aleris

(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

Segment

Income

Segment

EBITDA

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

Specification Alloy

($ in millions)

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

North America

58%

Europe

36%

Asia

Pro Forma Aleris 2007 Revenues

(1)

End-Use

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%

North American Industry Indicators

3.4

3.2

2.9

3.0

15.5

12.5

3.7

4.0

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

Source: US Census Bureau

Source: Brook Hunt, 3Q 2008

Source: Davenport Equity Research

Source: ACT Research

142

230

284

257

233

100

200

300

400

2004

2005

2006

2007

2008E

Annual Total

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

2,300

-2%

-1%

2006

2007

2008E

2009F

Housing Starts

U.S. Industrial Production

Auto Production

Truck Trailer Production

Strong Headwinds Negatively Impacting North American Performance

European Industry Indicators

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

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

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)

Third Quarter and September YTD

(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

$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)

EBITDA Adj. for Metal Lag

$113

$89

(21)%

$330

$284

(14)%

Performance Summary

Sharp volume declines in North America’s B&C and Automotive industries

Weakening Volumes in Europe

Strong

Global

Recycling

performance;

mitigated

weakness

NA Specification

Alloy

Focus

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

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 26.

(2)

See reconciliation of Adjusted EBITDA to Net Income (Loss) on slide 25.

($ in millions)

Total Year

Sept

2006 PF

2007 PF

2008 LTM

Adjusted EBITDA

$340

$372

$301

Acquisitions / Synergies / Cost Savings

132

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

(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

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)

$22

Inventory

840

802

(105)

(10)

(20)

158

Accounts Payable

(687)

(612)

(10)

(150)

Working Capital

$821

$956

FCF

Impact

($98)

($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

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

Maintenance

$77

$75

$85

$70

Discretionary

107

Total

$132

$156

$192

$130

% of revenue

3.0%

2.8%

3.2

2.0%

Key Projects

2007

2008 F

Duffel Extrusions HHT Line

North American Wide Paint Line

Plate program Duffel

160”

hotline upgrade Koblenz

148”

hotmill

Duffel

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

102

Misc Other

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

7.1

7.2

8.1x

Net Debt to LTM EBITDA

6.2

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

113

Total Liquidity

$369

$409

$445

$377

Focusing on the Balance Sheet to Generate Cash

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

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.

3Q07

(1)

3Q08

(1)

LTM

/30/08

Global rolled and extruded products

Reported Segment (Loss) Income

$45

$33

Purchase accounting adjustment

Inventory Impairment

Segment income, excluding special items

Depreciation

& amortization

164

Segment EBITDA, excluding special items

$110

$67

$245

Global recycling

Reported Segment (Loss) Income

$16

$77

Purchase accounting adjustment

(1)

(3)

Segment income, excluding special items

Depreciatio

n & amortization

Segment EBITDA, excluding special items

$27

$32

$131

Reconciliation of Net (Loss) Income to EBITDA and Adjusted

EBITDA

($ in millions)

Pro forma

2006

Pro forma

2007

LTM 9/30/08

Net (loss) income

(96)

(270)

Interest expense (net)

220

216

225

Income taxes

(3)

(90)

(120)

Minority interests

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)

Restructuring, merger related and executive separation costs

Losses on debt extinguishment

(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

104

Inventory impairment charges

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

$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

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)

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

Cash Flow from Operating Activities

($M)

2006

2007

LTM 9/30/08

3Q07

3Q08

PF Free Cash Flow

162

422

228

160

PF Net Working Capital Increase (decrease)

(242)

(100)

(117)

PF Capital Expenditures

119

192

173

EBITDA from Continuing Operations, excluding special items

340

372

301

119

Unrealized gains on derivative financial instruments

(85)

(23)

(151)

Gain/Loss on early extinguishment of debt

(54)

Realized hedge gain-Corus Aluminum acquisition

(2)

Inventory impairment charges

(13)

Gain on sale of Carson, CA property

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)

(2)

(3)

Stock-based compensation expense

(10)

(4)

(3)

(1)

EBITDA from Continuing Operations

242

226

(166)

Interest expense, net

(80)

(204)

(225)

(50)

(58)

(Provision for) benefit from income taxes

(23)

120

Depreciation and amortization

(107)

(203)

(228)

(67)

(59)

Minority interest, net of provision for income taxes

(0)

Income (loss) from continuing operations

(93)

(270)

(197)

Depreciation and amortization

107

203

228

Provision for (benefit from) deferred income taxes

(100)

(141)

(45)

(97)

Excess income tax benefits from exercise of stock options

(4)

Restructuring and other charges:

Charges

Payments

(30)

(16)

(29)

(3)

(9)

Inventory impairment charges

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)

151

Non-cash charges related to step-up in carrying value of inventory

(Gain) loss on sale of property, plant, and equipment

(1)

Other non-cash charges

(9)

Net change in operating assets and liabilities

224

Cash provided (used) by operating activities from continuing operations

210

308

(1) 2006 is on an as reported basis