March 16, 2006

March 16, 2006

Exhibit 99.3

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.  The words “believe,”

“expect,”

“should,”

“estimates,”

and other similar expressions identify forward-

looking statements.  It is important to note that the company’s actual results could

differ materially from those projected in its forward-looking statements.  For more

information concerning factors that could cause actual results to differ from those

expressed or forecast, see its annual report on Form 10-K and its quarterly

reports on Form 10-Q filed with the Securities and Exchange Commission. 

Summary of Key Terms and Conditions

Summary of Key Terms and Conditions

Non-binding

letter

of

Intent

to

acquire

Corus’

Aluminum

Rolled

Products

and

Extrusions businesses

Target businesses had 2005 revenues of approximately US $1.8 billion

Corus

consultation with appropriate European employee works councils

After consultation, definitive agreement negotiated and executed

Corus retaining smelters and metal trading operation

—

Aleris and Corus will enter into a multi-year metal supply contract

Net cash purchase price of €700 million, excluding the assumption of debt and

certain other liabilities

Committed financing from Citigroup and Deutsche Bank

Intended closing in 3

rd

quarter 2006 subject to

—

Customary regulatory approvals

—

Completion of Corus

financial audit

—

Debt and equity offerings

Strategic Rationale

Strategic Rationale

Expands product breadth into high margin, value-added product lines

Significant research and development organization and intellectual property

Increases Aleris’

end-use diversity

—

Adds aerospace, shipbuilding and hard alloy extrusions applications

—

Extends global reach

Unique production capabilities

Increases scope and scale of Aleris

Well regarded management team

Strong relationships with blue chip OEMs

Initial synergy opportunities estimated at $25 million

Expected to be accretive to EPS and cash flow in first full year

Aleris’s

Transformation Continues

Research, Development and Technology

Research, Development and Technology

Well developed patent and Intellectual Property holdings

150 R&D full-time equivalent employees

Koblenz rolling mill is best in class

Unique production capabilities

State-of-the-art casting facilities

Significant process development capability

Strong business and customer alignment

World Class Technical Capabilities

Rolled

Products

Zinc

Extrusions

Aluminum

Recycling

Estimated Sales Mix

Estimated Sales Mix

Rolled

Products

Zinc

Aluminum

Recycling

Aleris

Aleris With Corus

Aluminum and 2005

Acquisitions

North America

Rest of World

Europe

North America

Rest of World

Europe

Extends Global Reach, Expands Product Breadth

Corus Geographic Footprint

Corus Geographic Footprint

Extrusions

Rolled Products

Key:

Country:

Germany

Aircraft Plate

Commercial Plate

Heat Exchanger Sheet

Other Clad Coil

Country:

Belgium

Automotive

Body Sheet

Specialty Coil

and Sheet

Customized

Products

Duffel

Country:

Canada

Heat Exchanger Sheet

Fins and Foil

Coated Coil and Sheet

Koblenz

Cap-de-la-Madeleine

Toronto

Country:

Germany

Industrial

BUG Systems

Vogt

Country:

China

Industrial

Project Business

Tianjin

(61%)

Country:

Germany

Industrial

Bitterfeld

Country:

Germany

Industrial

Project Business (large)

Bonn

Industrial

Hard Alloy

Other Customised

Applications

Speciality Coil

and Sheet

Automotive

Body Sheet

Heat Exchanger

Materials

Commercial

Plate & Shate

(1)

Aircraft Plate

& Sheet

(1)

Heavy gauge sheet. (2) Non heat treated.

Products:

Foil, coil coating,

B&C, foil

conversion,

transport

Broad range of

customers

applications;

cookware, heat

shields, fuel tanks

All automotive body

applications

Radiators,

evaporators,

condensers for

automotive and

industrial

Tooling, moulding,

transport,

shipbuilding, silos,

LNG transport

Commercial &

Military aircraft,

aerospace

Hot & Cold reroll

coil, foil and coated

products

Coil, sheet and

circles in a wide

variety of alloys

HT and NHT sheet

Brazing Coil &

Sheet Clad and

non-clad fins

NHT

(2)

–

plate, HT

plate, wide transport

shate

Aircraft plate and

wide skin sheet

End-Use

Applications:

Products:

Railway carriages, ship

superstructures and defense

Gearbox, brakes, steering,

pneumatics, aircraft

Window sills, water bars,

roofing, window and wall

systems

Building, transport,

engineering

Large and heavy sections

Rods, bars, solid & hollow

sections

Complete systems including

all profiles and accessories

Soft alloy sections to

customers specifications

End-Use

Applications:

Projects

Hard Alloys

BUG –

Building Systems

Industrial Extrusions

Corus

Corus

Product Portfolio Overview

Product Portfolio Overview

Focus on High Value-Added Specialties

Corus Blue Chip Customer Base

Corus Blue Chip Customer Base

High Quality, Diverse Global Customer Base

Electrolux

Embraer

Euramax

Gillette

Kronprinz

Modine

Renault

Siemens

Thermo King

Valeo

Visteon

Volkswagen

Volvo

Airbus

Alstom

Audi

Behr

Boeing

Bombardier

Bosch

Daimler Chrysler

Potential Synergies

Potential Synergies

$25

Total

Global scale

Integration of North America

operations

IT platform consolidation

5

Shared Services

Predictive maintenance

Six Sigma

Best practice translation

Ormet equipment to Cap

10

Manufacturing

Global capability

5

Non-Metal Purchasing

Scrap supply

Primary Aluminum Supply

Global hedging position

Coil supply to Cap-de-la-

Madeleine (Cap)

$5

Metal Sourcing

Actions

Targeted Synergies

Area

Two Year Time Frame To Realize Synergies

(Dollars in millions)

Preliminary Transaction Timeline

Preliminary Transaction Timeline

Targeting Third Quarter Closing

Closing

July –

August:

Regulatory approvals obtained

Receipt of audited financials

May –

June:

Complete negotiations for definitive

agreement

Early May:

Works Council consultation process

March 16-Mid April:

Non-binding Letter of Intent

March 16: