Presentation to Public Lenders

July 12, 2006

Exhibit 99.2

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.

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.

3

3

Meeting Participants

Meeting Participants

(1)

Will assume this position upon the completion of Corus Aluminum acquisition.

Aleris

Representatives:

Steve Demetriou

Chairman

, Chief Executive Officer

Mike Friday

Executive Vice President, Chief Financial Officer

John Wasz

Executive

Vice

President

&

President

of

Aleris

Rolled

Products,

N.A.

Sean Stack

(1)

Executive

Vice

President

&

President

of

Aleris,

Europe

Robert Holian

Senior

Vice

President

&

Controller

Deutsche Bank Representatives:

Mark Funk

Managing Director

–

Asset Based Lending

Martha Klessen

Managing Director

–

Senior Debt Capital Markets

Eric Rychel

Director

–

Industrials

4

4

Agenda

Agenda

Introduction

Eric Rychel, Deutsche Bank

Transaction overview

Sean Stack, EVP & President Aleris, Europe

Aleris International overview

Steve Demetriou, Chief Executive Officer

Corus Aluminum overview

Sean

Stack,

EVP

&

President

Aleris,

Europe

Key transaction considerations

Steve Demetriou, Chief Executive Officer

Historical financial review

Mike Friday, EVP & Chief Financial Officer    

Aleris financial review

Corus Aluminum financial review

Transaction Overview

Sean Stack, Executive Vice President

& President Aleris, Europe

6

6

Transaction Overview

Transaction Overview

Aleris

has

entered

into

a

definitive

agreement

to

acquire

Corus

Group

plc's

downstream

aluminum

business

(“Corus

Aluminum”)

for

€691.0

(1)

million

(the

“Corus

Acquisition”)

5.5x

LTM

3/31/2006

Adjusted

EBITDA

with

synergies

of

€126.6

million

(2)

The Corus Acquisition will continue Aleris’s transformation

Expands and diversifies product breadth into higher margin, value-added products

Enhances global scope and scale of Aleris

Introduces world class R&D and intellectual property platform

The Corus Acquisition will be completed in 3Q 2006

Acquisition

and

refinancing

of

existing

debt

to

be

financed

with

approximately

$1,558 million of funded debt (the “Transaction”)

$401

million

ABL

Revolving

Credit

Facility

(3)

$650 million PP&E Term Loan

$507 million Senior Unsecured Notes/Bridge

Pro

forma

combined

LTM

3/31/2006

revenue

and

Adjusted

EBITDA

with

synergies

(4)

was

$4,713

million

and

$436

million

(5)

,

respectively

(1)

Excludes assumption of debt and certain other liabilities.

(2)

$25/€20.6

million

of

synergies

related

to

Corus

Acquisition

translated

at

an

exchange

rate

of

$1.2121/€

(3/31/2006).

(3)

Total facility size will be $750 million.

(4)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

(5)

Includes $25 million of synergies related to the Corus Acquisition and $13 million of EBITDA related to the Ormet acquisition.

7

7

Creating a Global Rolled Products and

Creating a Global Rolled Products and

Recycling Company

Recycling Company

Pro Forma LTM Results as of March 31, 2006

Revenues: $4,713 Million

Adjusted

EBITDA

with

synergies:

$436

Million

(1),

(2)

Core

Strengths

Leading

Positions

and Expertise

Focus on leadership in core end-use industries

Focus on leadership in core end-use industries

Leading global aluminum products company

High value-added product portfolio

Significant manufacturing expertise in heat

treated products

End-uses include aerospace, automotive,

engineering and packaging

Hard alloy extrusions

End-uses with above average growth

Long-term blue chip customer relationships

State-of-the-art production facilities

World-class R&D platform

Strong management team

Leading North American manufacturer of

aluminum rolled products

Leading global recycler of aluminum and zinc

End-uses include building and construction,

transportation, packaging and consumer

durables

Track record of growth and margin

improvement

Demonstrated free cash flow generation

Low-cost producer

Proven management team

(1)

Includes $25 million of synergies related to the Corus Acquisition and $13 million of EBITDA related to the Ormet acquisition.

(2)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

8

8

Sources and Uses

Sources and Uses

Sources of Funds

Uses of Funds

(1)

New ABL Revolver

(2)

$400.7

Purchase Corus Aluminum

(3)

$837.6

PP&E Term Loan

650.0

Repay Existing Revolver

232.6

New Senior Notes

(4)

506.8

Repay Existing 9.000% Notes

(5)

129.2

Repay Existing 10.375% Notes

(5)

218.8

Repay VAW-IMCO Line of Credit

23.2

Repay Corus Aluminum debt

44.8

Tender Premium

38.2

Fees and expenses

33.1

Total Sources of Funds

$1,557.5

Total Uses of Funds

$1,557.5

(1)

All repayment amounts based on total outstanding balances as of March 31, 2006.

(2)

Total facility size of $750 million.

(3)

The payment for the Corus Acquisition is based upon a purchase price of €691 million translated into U.S. Dollars at a rate of $1.2121, which was the exchange

rate at March 31, 2006.

(4)

Represents

the

planned

Senior

Notes

issuance

of

$325

million

and

€150

million

translated

into

U.S.

Dollars

at

a

rate

of

$1.2121,

which

was

the

exchange

rate

at March 31, 2006.

(5)

These amounts include accrued interest on the existing 9.000% and 10.375% notes of $4.2 and $9.9 million, respectively.

($ in millions)

9

9

Pro Forma Capitalization

Pro Forma Capitalization

(1)

Total facility size of $750 million.

(2)

Represents

the

planned

Senior

Notes

issuance

of

$325

million

and

€150

translated

in

U.S.

Dollars

at

a

rate

of

$1.2121which

was

the

exchange

rate

at

3/31/06.

(3)

Based on 6/30/06 closing share price of $45.85.

(4)

Includes $13.3 million related to Ormet acquisition and $25.0 million of Corus Acquisition synergies.

(5)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

($ in millions)

Pro Forma

% of

Capitalization

Mult.

LTM 3/31/2006

Pro forma Adj.

EBITDA

ABL

revolver

(1)

$

400.7

1

3.1

%

0.9x

PP&E term loan

650.0

2

1.4

1.5

Other secured debt

49.5

1.

6

0.1

Total secured debt

$

1,100.2

3

6.1

%

2.

5

x

New Senior Notes

(2)

506.8

16.6

1.2

Total

debt

$1,

607.0

52.7

%

3.7x

Market capitalization

(3)

1,

443.8

47.3

3.3

Total capitalization

$3,050.8

100.0%

7.0

x

Credit statistics:

LTM Pro forma 3/31/06

A

djusted

EBITDA

with synergies

(4),(5)

$43

6

.0

Interest

expense

1

23

.0

Capital expenditures

129

.1

Adjusted EBITDA

with synergies

/interest expense

(4),(5)

3.

5

x

(Adjusted

EBITDA

with synergies

-Capex)/interest expense

(4),(5)

2.5

x

Aleris International Overview

Steve Demetriou, Chief Executive Officer

11

11

2004 Pro Forma Merger Summary

2004 Pro Forma Merger Summary

The merger between Commonwealth and IMCO created a $2 billion company

($ in millions)

Note:

Based on public filings.

(1)

Rolled products pounds shipped.

(2)

Recycled pounds processed.

(3)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

(4)

Includes common-alloy, non-heat treat sheet and excludes can sheet.

Pro forma FYE December 31, 2004

Pounds (mm lbs.)

1,006

(1)

3,379

(2)

4,385

Revenues

$1,140

$1,105

$2,245

Gross

profit

$73

$80

$153

% margin

6%

7%

7%

Adjusted EBITDA

(3)

$72

$59

$131

% margin

6%

5%

6%

Employees

1,386

1,845

3,231

Industry

positions

Aluminum

recycling

–

#1

#1

Zinc

dust

&

oxide

–

#1

#1

Rolled

products

(4)

#2

–

#2

12

12

Aleris Transformation

Aleris Transformation

Initiated cultural change

Implemented Six Sigma

Centralized metal purchasing

Leveraged low-cost business model

Restructured/closed high-cost plants

Positioned Aleris to benefit from favorable

industry dynamics

Surpassed synergy targets

Revitalized businesses

Continued productivity and synergy

realization

Higher quality business mix

Geographic expansion

Additional accretive acquisitions

ROCE

(1)

greater than cost of capital

Strong cash generation

Operational Improvements

Operational Improvements

Future Goals

Future Goals

Post-Merger

2006 & Beyond

Superior execution transforming Aleris

Superior execution transforming Aleris

(1)

Return on capital employed.

13

13

International

International

Recycles aluminum

dross and scrap

Major customers –

Alcoa, Novelis,

BMW, NEMAK,

DaimlerChrysler

Driven by auto

sector and

packaging

Zinc

Zinc

Recycles zinc

bearing materials to

produce zinc oxide,

zinc dust and zinc

metal

Major customers –

Goodyear,

Bridgestone, Dow

Agri, Michelin,

Carboline

Driven by castings,

auto sector and

galvanized steel

consumption

Recycling

Recycling

Spec Alloy

Spec Alloy

Recycles aluminum

dross and scrap

Major customers –

Alcoa, Novelis, Arco

Driven by rigid

container and

common alloy sheet

consumption

Recycles and

processes aluminum

based spec alloys

Major customers –

GM, Contech,

DaimlerChrysler,

Ford, Nissan

Driven by aluminum

usage in automotive

sector

Rolled

Products

Rolled

Products

Produces rolled

aluminum products

Major customers –

Alcoa Home

Exteriors, Great

Dane, Gentek,

Ryerson

Driven by building

and construction,

consumer durables,

transportation

Aleris Today

Aleris Today

Revenue

$300MM

Revenue

$300MM

Revenue

$285MM

Revenue

$285MM

Revenue

$286MM

Revenue

$286MM

Revenue

$481MM

Revenue

$481MM

Revenue

$1,309MM

Revenue

$1,309MM

Note:

LTM 3/31/2006 segment revenues before corporate expenses and excluding pro forma full-year impact of 2005 acquisitions.

14

14

Aleris’s Strategy

Aleris’s Strategy

Relentless Productivity Improvement

Implement Six Sigma culture to transform manufacturing productivity

Exploit combined melting and processing technologies to lower cost

Utilize scrap sourcing capabilities to reduce purchased metal cost

Extend low-cost continuous cast production to higher margin products

Core Business Growth

Pursue U.S. industry acquisition opportunities

Expand European recycling operations

Explore Uhrichsville integrated recycling/sheet “footprint”

in China

15

15

Area

December 2004

Original Target

December 2005

New Public Target

1Q 2006

Run Rate

Actions

Metal sourcing

$5.0

$10.0

$5.0

Freight/scrap mix optimization

Collect more customer scrap 

Staff reductions

Base loading concept

Non-metal purchasing

5.0

7.0

4.0

Casualty/property insurance

Freight

Vendor consolidation

Manufacturing

5.0

15.0

15.0

Staff reductions

Lewisport initiatives

Ohio improvements

Six Sigma

Rapid transformation

Shared services

10.0

18.0

20.0

Staff reductions

IT

Leases

Total

$25.0

$50.0

$44.0

Merger Productivity & Synergy Realization

Merger Productivity & Synergy Realization

($ in millions)

Management has substantially exceeded its original synergy targets

Management has substantially exceeded its original synergy targets

16

16

Culture Change Driving Productivity

Culture Change Driving Productivity

Data driven decision making

Six Sigma focus

Solve today’s problems today

No bureaucracy / minimal layers in organization

Rewarding great performance

Six Sigma is a key element of culture change at Aleris

Six Sigma is a key element of culture change at Aleris

Number of Projects

Complete

Active

Pipeline

Total

Rolled Products

12

18

18

48

Recycling

4

2

8

14

Spec Alloys

6

3

5

14

Zinc

–

2

3

5

International

–

–

8

8

Total

22

25

42

89

Growth: 1Q’06 vs 4Q’05

15

16

25

56

# of Projects

# of Projects

Six Sigma Status

Six Sigma Status

17

17

(1)

Pro forma for Commonwealth/IMCO transaction based on public filings.

(2)

Pro

forma

for

a

full

year

impact

of

the

2005

acquisitions,

only

includes

Ormet

since

the

date

of

acquisition.

Excludes

pro

forma

impact

of

Corus

Acquisition.

(3)

Adjusted items include purchase accounting, FAS 133, restructuring, and executive severance costs.

(4)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

(5)

Free cash flow defined as Adjusted EBITDA less Capex.

(6)

Share price as of 6/30/06 close.

FY2004

FY2005

LTM 3/31/06

Pro forma

(1)

Actual

Actual

Pro forma

(2)

Rolled Products pounds shipped

1,006

922

938

1,036

Recycled pounds processed

3,379

3,366

3,408

3,546

Revenue

$2,244.7

$2,429.0

$2,631.5

$2,832.6

% growth

NA

8.2%

NM

NM

Adjusted EBITDA

(3), (4)

$131.2

$230.8

$239.1

$268.8

% margin

5.8%

9.5%

9.1%

9.5%

Capex

$56.4

$62.1

$64.2

$66.0

% of revenue

2.5%

2.6%

2.4%

2.3%

Free cash flow

(5)

$74.8

$168.7

$174.9

$202.8

Share price

$16.92

$32.24

$48.07

$45.85

(6)

Market capitalization

$502.5

$1,005.9

$1,513.7

$1,443.8

Total debt

412.4

651.8

628.2

628.2

Less cash 

17.8

6.8

8.3

8.3

Total enterprise value (TEV)

$897.1

$1,650.9

$2,133.6

$2,080.3

Total debt/Adjusted EBITDA

3.1x

2.8x

2.6x

2.3x

Improved Financial Results

Improved Financial Results

($ in millions)

Significant across the board financial improvement

Significant across the board financial improvement

18

18

Tomra

ALSCO

Ormet

Alumitech

Pro Forma

Combined

Transaction

Rationale

Purchase Price

$19

$145

$100

$28

$292

Base EBITDA

(1)

5

23

0

5

33

Realized/On

Track Synergies

2

14

30

3

49

Adjusted EBITDA

$7

$37

$30

$8

$82

Net Purchase

Price Multiple

2.7x

3.9x

3.3x

3.5x

3.6x

2005 Acquisition Overview

2005 Acquisition Overview

Brazil growth

Access to UBC

metal units

Strengthens

manufacturing

capabilities

Optimize

operations

Metal sourcing and

processing

opportunities

Product

diversification

Improved Lewisport

utilization

Complementary

recycling assets

Asset deal; no

legacy costs

Experienced

management team

Expertise in salt-

cake recovery

Broadens

processing

capabilities and

customer base

(1)

Reflects management’s current estimate of the annual impact of these acquisitions.

Successfully delivering accretive acquisitions

Successfully delivering accretive acquisitions

($ in millions)

19

19

2005 Acquisitions Synergies

2005 Acquisitions Synergies

Key Value Drivers

Total

Status

Tomra

Optimize Furnace Capacity Utilization

$0.5

Complete

Recovery Improvement

0.4

Complete

Operating Cost Reduction

0.4

Complete

SG&A

0.7

Complete

$2.0

ALSCO

Close Carson; expand Newport

$12.7

Carson closure complete

SG&A

3.0

Partly complete; fab prod decision

Eliminate sheet purchase, optimize dross

2.1

Complete

Volume

(3.4)

$14.4

Ormet

Transfer 125Mlbs production to Lewisport ;

Optimize sales/rolling margins

$30.4

Lewisport expansion on track

Alumitech

Optimize salt cake disposition

$1.5

Completing evaluation phase

SG&A

0.7

Organization structure rationalizing in progress

$2.2

Total Indentified

$49.0

On track to deliver synergies

($ in millions)

20

20

Key Accomplishments

Key Accomplishments

Initiated cultural change

Established credibility; refocused/

upgraded business management

Exceeded merger synergy targets

Restructured and announced closing of

high cost plants

Stabilized rolled products commercial

strategy

Completed or announced five acquisitions

at very attractive multiples

S&P corporate credit rating upgraded

Improved liquidity position

Surpassed $1 billion in market cap

No material weaknesses

Post-

Merger

$0

$10

$20

$30

$40

$50

$60

Jun-

01

Sep-

01

Jan-

02

M

ay-

02

Aug-

02

Dec-

02

Mar-

03

Jul-

03

Oct-

03

Feb-

04

Jun-

04

Sep-

04

Jan-

05

Apr-

05

Aug-

05

N

ov-

05

Feb-

06

Jun-

06

Pre-Merger

Merger

Announced

Aleris Stock Price

Aleris Stock Price

Corus

Aluminum Overview

Sean Stack, Executive Vice President

& President of Aleris, Europe

22

22

Corus Aluminum Acquisition Rationale

Corus Aluminum Acquisition Rationale

High margin, value-added product lines

Aerospace plate, heat treated commercial plate, heat exchanger sheet

Hard alloy extrusions

Best-in-class production capabilities

Koblenz

is one of the largest global specialized rolling mills

Bonn recently installed one of the largest extrusion presses in Europe

Significant research and development organization and intellectual property portfolio

Strong relationships with OEMs (Airbus, Boeing, Bosch, etc.)

Expands Aleris’s end-uses and diversifies industry exposure

Increases exposure to high growth aerospace, shipbuilding and engineering

Significantly increases presence in Europe and provides access to Asia

Diversification provides greater stability

Significant synergy opportunities

Experienced and well-regarded European management team

Transformational opportunity

Transformational opportunity

23

23

Corus Aluminum Overview

Corus Aluminum Overview

Corus Aluminum Rolled and Extruded Products platform ranks as one of the top five

standalone global aluminum products manufacturers

Nine manufacturing operations in Europe, Canada and China with approximately

4,600 employees

Focus on high value-added products such as aircraft plate, brazing sheet and

specialty extrusions

Supplies sectors with superior growth characteristics, such as aerospace,

automotive, engineering, and heavy transportation

Top three supplier in all major end-uses served

Extrusions

21%

Rolled

Products

79%

Other

12%

Distribution

8%

Other transport

5%

Automotive

31%

Aerospace

7%

Packaging

9%

Building

17%

Engineering

11%

Note:

Charts are based upon FYE 2005 performance.

(1)

From 2005 Corus audited financial statements, based on revenue.

(2)

From Corus management accounts, based on volume shipped.

(3)

Includes 2.0% of European production not denominated in €.

Geography

(1)

Geography

(1)

Products

(1)

Products

(1)

End-uses

(2)

End-uses

(2)

(3)

Other International

31%

Europe

69%

24

24

Corus Aluminum Geographic Footprint

Corus Aluminum Geographic Footprint

Corus Aluminum Extrusions

Corus Aluminum Rolled Products

Key:

Country:

Belgium

Volume (Kt):

239 (Rolling)

30 (Extrusions)

Duffel

Country:

Canada

Volume (Kt):

60

Source: Corus website, annual report

Country:

Germany

Volume (Kt):

152

Koblenz

Cap-de-la-Madeleine

Toronto

Country:

Germany

Volume (Kt):

21

Vogt

Country:

China

Volume (Kt):

4

Tianjin

Country:

Germany

Volume (Kt):

20

Bitterfeld

Country:

Germany

Volume (Kt):

17

Bonn

Extends Aleris’s global presence

Extends Aleris’s global presence

25

25

Corus Aluminum Business Mix

Corus Aluminum Business Mix

Revenues

Revenues

Adjusted EBITDA

(1)

Adjusted EBITDA

(1)

Rolled Products Adjusted EBITDA

Rolled Products Adjusted EBITDA

Extrusions

21%

Rolled Products

79%

Total:  €1,487 million

Extrusions

1%

Rolled Products

99%

Cap-de-la-Madeleine

15%

Duffel

35%

Koblenz

50%

Duffel, 18%

Cap-de-la-Madeleine,

3%

Koblenz, 79%

Total:  €101 million

Rolled Products Revenues

Rolled Products Revenues

Koblenz

drives profitability

Koblenz

drives profitability

Note:

Charts are based on FYE 2005 performance.

(1)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

26

26

Focus on High Value-Added Products

Focus on High Value-Added Products

Other Customized

Applications

(3)

Specialty Coil

& Sheet

Automotive

Body Sheet

Heat Exchanger

Materials

(2)

Commercial

Plate & Sheet

(1)

Aircraft Plate

& Sheet

Products

Foil, coil coating, B&C,

foil conversion, transport

Broad range of

customer applications;

cookware, heat shields,

fuel tanks

Autos

Radiators, evaporators,

condensers for

automotive and

industrial

Tooling, molding,

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

All automotive body

applications

Brazing coil & sheet,

clad and non-clad fins

NHT

(4)

–

plate, HT plate,

wide transport shate

Aircraft plate and

wide skin sheet

End-Use

Applications

Products

Railway carriages, ship

superstructures and defense

Window sills, water bars, roofing,

window and wall systems

Gearbox, brakes, steering,

pneumatics, aircraft

Building, transport,

Engineering

Large and heavy sections

Complete systems including all profiles

and accessories

Rods, bars, solid & hollow sections

Soft alloy sections to customers

specifications

End-Use

Applications

Projects

Hard Alloys

BUG –

Building Systems

Industrial Extrusions

(1)

Heavy gauge sheet.

(2)

Heat Exchanger at Cap-de-la-Madeleine.

(3)

Other customized applications at Koblenz, painted coil and foil at Cap-de-la-Madeleine.

(4)

Non-heat treated.

27

27

Attractive Industry Positions

Attractive Industry Positions

Corus Rolled Products

Corus

Competitors

Construction

Corus Extrusions

Corus

Competitors

Engineering

Corus

Competitors

Transportation

Corus

Competitors

Packaging

Corus

Competitors

Corus

Competitors

Construction

Transportation

Competitors

Alcan

Alcoa

Elval

Gutmann

Hydro

Kaiser

Norandal

Norsk

Novelis

Competitors

Alcan

Alcoa

Gutmann

Hydro

Kaiser

Norsk

28

28

Leader in technically demanding aerospace applications

Leader in technically demanding aerospace applications

Strong Fundamentals in Aerospace Segment

Strong Fundamentals in Aerospace Segment

Airbus & Boeing Deliveries

Airbus & Boeing Backlog

Business & Regional Jet Deliveries

Koblenz

EBITDA Analysis

Source:  Boeing and airbus corporate website, Wall street research, Company estimates

789

600

650

840

920

575

669

833

985

0

200

400

600

800

1,000

Airbus

Boeing

740

765

659

483

578

733

863

1,007

178

205

241

320

308

320

351

295

150

360

570

780

990

1,200

Business Jet Deliveries

Regional Jet Deliveries

71

166

17

100

159

1,601

31

350

266

59

2

1,300

0

400

800

1,200

1,600

2,000

Airbus

Boeing

575

600

789

833

669

650

300

420

540

660

780

900

Total Airplane Deliveries

Koblenz

EBITDA

29

29

Significant opportunities to leverage technology platform globally

Significant opportunities to leverage technology platform globally

Industry Leading Technology

Industry Leading Technology

Well established research and development and intellectual property portfolio

Access to 150 R&D employees (50 fully dedicated to aluminum)

Significant process and alloy development capability and industry expertise

Approximately 130 patent families

Significant processing technology

Continuous annealing line

Customer focused high quality production capabilities

Industry leading casting technology (alloys and width)

Leading aircraft plate manufacturer

State-of-the-art

manufacturing

facilities

-

Koblenz

rolling

mill

Unmatched

product

quality

and

design

-

participate

in

Airbus,

Boeing

and

Embraer

design

teams

Aluminum continues to make inroads in the automotive industry

Aluminum auto body sheet; hard alloy extrusions, brazing sheet

Supplier to several non-automotive transport sectors

Infrastructure components

•

Rails and steel sleepers, giant extruded aluminum profiles, tankers

Body components

•

High speed railway stock

30

30

Area

Synergy

Targets

Actions

Metal sourcing

$5

Scrap supply

Primary aluminum supply 

Global hedging position

Coil supply to Cap

Non-metal purchasing

5

Global spend

Manufacturing

10

Predictive maintenance

Six Sigma

Best practice translation

Ormet equipment to Cap

Shared services

5

Consolidate back office functions

Integration of North American operations

IT platform consolidation

Total

$25

Corus Aluminum Synergy Opportunities

Corus Aluminum Synergy Opportunities

Conservative synergy target; should be achieved in next two years

Conservative synergy target; should be achieved in next two years

($ in millions)

31

31

Focused Integration and Synergy Realization

Focused Integration and Synergy Realization

Dedicating significant management attention to integration

Integration process underway; teams up and running

Key areas of focus:

Consolidate back office and corporate functions

•

Establishing

regional

HQ

in

Switzerland

-

favorable

tax

benefits

•

Eliminate overlapping functions at stand-alone plants

Operating synergy realization

•

Leverage data driven corporate culture successes at Aleris/Noveon

•

Implement manufacturing best practices

•

Implement Six Sigma and predictive maintenance

•

$25 million of synergies realizable within first two years

•

Extend Aleris’s centralized metal purchasing

•

Capitalize on scrap processing capabilities

Build on success from Commonwealth/IMCO synergy capture

Build on success from Commonwealth/IMCO synergy capture

Key Transaction Considerations

Steve Demetriou, Chief Executive Officer

33

33

Key Transaction Considerations

Key Transaction Considerations

Significant geographic and end-use diversification

Leading global footprint

Long-term customer relationships

Leading industry positions

Favorable long-term industry trends

Restructured North American industry

Reduced commodity exposure

Credible senior management with experienced business unit leaders

34

34

Significant Geographic and End-Use Diversification

Significant Geographic and End-Use Diversification

Euro-

Denominated

15%

Other

International

2%

North America

83%

Automotive

18%

Other

transportation

6%

Building &

construction

33%

Others

14%

Distribution

16%

Packaging

13%

Note:

Geographic and end-use data excludes corporate revenue.

(1)

Reported 2005 figures.

Source:    Company filings and management estimates

Other

International

6%

Euro-

Denominated

38%

North America

56%

Aerospace

15%

Automotive

29%

Packaging

8%

Building &

construction

15%

Engineering

10%

Distribution

8%

Others

11%

Other

transportation

4%

Aleris

2005 Revenues $2,429

(1)

Corus Aluminum

2005 Revenues $1,835

(1)

Pro Forma Aleris

2005 Revenues $4,264

($ in millions)

Aerospace

6%

Distribution

12%

Engineering

5%

Automotive

22%

Others

13%

Packaging

11%

Building &

construction

26%

Other transportion

5%

North America

21%

Other

International

10%

Euro-

Denominated

69%

35

35

Leading Global Footprint

Leading Global Footprint

Monterrey, Mexico

Pindamonhangaba,

Brazil(2)

Rolled Products

Extrusions

Aluminum Operations

Zinc Operations

Rolling Mills

Coil Coating Operation

Magnesium

Swansea

Wales, UK

Grevenbroich,

Germany

Töging,

Germany

Bonn

Bitterfeld

Vogt

Koblenz

Sapulpa, OK

Houston, TX

Millington, TN

Coldwater, MI

Chicago Heights, IL

Saginaw, MI

Rock Creek, OH

Elyrta, OH

Uhrichsville, OH

Hillsboro, IL

Clarksville, TN

Morgantown, KY

Loudon, TN

Shelbyville, TN

Lewisport, KY

Bedford, OH

Spokane, WA

Post Falls, ID

Goodyear, AZ

Toronto

Cap-de-la-Madeleine

Duffel

Tianjin

Shanghai

(1)

Beloit, WI

Terre Haute, IN

Ashville, OH

Cleveland, OH

Friendly, WV

Macedonia, OH

Roxboro, NC

Wabash, IN

Stuttgart

Delfjil

(1)

Zinc operations in Shanghai are currently under construction.

36

36

Leading Industry Positions

Leading Industry Positions

#3 manufacturer of aerospace plate globally

#1 producer of recycled aluminum, specification alloys and zinc products in the U.S.

#1 manufacturer of zinc dust and zinc oxide

#2 manufacturer of extruded products in Europe

2005 Global Rolled Product Shipments

0

1,000

2,000

3,000

Novelis (1)

Alcoa

Norsk Hydro

Pro Forma

Aleris

Alcan

Unifus

Sumitomo

Kobe (2)

Wise

Orkla

(1)

Novelis

data based on 2004 results.

(2)

Includes

aluminum

rolled

products,

copper

rolled

products,

aluminum

alloy

and

magnesium

alloy

cast

products,

forged

product,

and

aluminum

processed

products.

Aleris is the #4 manufacturer of aluminum rolled products globally

37

37

Favorable Long-Term Industry Trends

Favorable Long-Term Industry Trends

Sheet and Plate “Nameplate”

Industry Utilization

(1)

1983 U.S. Aluminum Supply

Primary

57%

Imports

14%

Recycled

29%

Aluminum Content Per Vehicle

2005 U.S. Aluminum Supply

258

319

112

196

259

165

0

100

200

300

400

1990

2000

2006E

Europe

North America

Primary

27%

Imports

42%

Recycled

31%

(1)

North American common alloy products only.

Source:    Aluminum

Association,

CRU,

Brook

Hunt,

Alcoa

investor

presentations

and

management

estimates

85.5%

82.0%

77.0%

76.0%

68.0%

76.0%

58.0%

68.0%

78.0%

88.0%

98.0%

2000

2001

2002

2003

2004

2005

Operating Rate

Historical Average

1983

13.6 billion pounds

2005E

20.4 billion pounds

38

38

North American Industry Landscape

North American Industry Landscape

Significant industry rationalization: 25% capacity reduction

2002 -

2003 –

Michigan Avenue Partners closes McCook, IL and Scottsboro, AL

2004 –

Alcoa closes its San Antonio, TX plant

2005 –

Aleris acquires ALSCO and shutters Carson, CA mill

2005 –

Ormet shutters Hannibal, OH mill, Aleris acquires assets

(lbs. in millions)

Curtailments and shutdowns

2002

2003

2004

2005

2006E

Cumulative

Ravenswood

–

(88)

–

–

–

(88)

San Antonio

–

–

(67)

(198)

–

(265)

McCook

(99)

(22)

–

–

–

(121)

Scottsboro

(300)

(99)

–

–

–

(399)

Carson

–

–

–

–

(110)

(110)

Hannibal/Ormet

–

–

–

–

(397)

(397)

Total curtailments and shutdowns

(399)

(209)

(67)

(198)

(507)

(1,380)

Total additions

22

7

74

62

165

Net change

(399)

(187)

(60)

(124)

(445)

(1,215)

Source:  CRU, Wall Street research and public information

39

39

Reduced Commodity Exposure

Reduced Commodity Exposure

“Pass-through”

of metal costs

Conversion fee based revenue model

Hedging of metal purchases

P&L impact of FIFO inventory

Tolling

Reduced working capital

50% of merchant shipments

Buy / sell

Utilize hedges to minimize risk

Recycling

Rolled Products

Energy / Currency

Extrusions

Natural gas hedged with contract

adjustments and forward positions

~62% hedged remainder of 2006

~11% hedged in 2007 at 33% below

current market price

LME price hedging

Annual premium pricing

P&L impact of FIFO inventory

Consistent approach to commodity exposure management

Consistent approach to commodity exposure management

40

40

Credible Senior Management Aligned with

Credible Senior Management Aligned with

Experienced Business Unit Leaders

Experienced Business Unit Leaders

Acquiring strong management team with significant industry experience

Acquiring strong management team with significant industry experience

(1)

Will assume this position upon completion of Corus Aluminum Acquisition.

Name

Title

Steven Demetriou

Chairman & Chief Executive Officer

Michael Friday

Executive VP & Chief Financial Officer

John Wasz

Executive VP & President of Aleris Rolled Products, N.A.

Sean Stack

(1)

Executive VP & President of Aleris, Europe

Robert Holian

Senior VP & Controller

Christopher Clegg

Senior VP, Secretary & General Counsel

Alfred Haszler

(1)

Senior VP & President of Aleris Rolled Products, Europe

Werner Graf

(1)

VP, Managing Director of Aleris Extrusions, Europe

Alfred Heinz

(1)

Director of Technology

Aleris

Historical Financial Review

Mike Friday, Chief Financial Officer

42

42

Financial Summary

Financial Summary

Revenue

$1,690

$2,245

$2,726

$2,833

$0

$600

$1,200

$1,800

$2,400

$3,000

$3,600

2003

2004

2005

LTM 3/31/06

$78

$131

$270

$269

5%

6%

10%

10%

$0

$50

$100

$150

$200

$250

$300

2003

2004

2005

LTM 3/31/06

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

% Margin

($ in millions)

Adjusted EBITDA

(1)

(1)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

(2)

Pro forma for the Commonwealth/IMCO merger.

(3)

Pro forma for 2005 acquisitions excluding Ormet.

(2)

(3)

(2)

(2)

(3)

(3)

(2)

(3)

43

43

Rolled Products Margin Performance

Rolled Products Margin Performance

Margins reflect industry change

Margins reflect industry change

Note:

2005 data, excludes acquisitions.

0

50

100

150

200

250

300

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

$0.55

$0.60

Shipments

Material Margin

(MM lbs)

($/lbs)

44

44

Capital Expenditures Overview

Capital Expenditures Overview

Total Capital Expenditures

2000

(1)

2001

(1)

2002

(1)

2003

(1)

2004

(1)

2005

(2)

Capital expenditures

$56.0

$18.7

$35.3

$36.9

$56.4

$62.1

% of revenue

3.0%

1.3%

2.3%

2.2%

2.5%

2.4%

Significant Discretionary Capital Expenditures

(1)

Pro forma for the Commonwealth/IMCO merger.

(2)

As reported.

Key Project

2000

2001

2002

2003

2004

2005

Saginaw spec alloy facility

$17.0

Mexico facility

$5.5

$6.8

German expansion

$4.0

RP JDE enterprise system

7.7

Morgantown landfill

$4.0

Saginaw expansion

8.0

Stuttgart recycling plant

7.2

$17.4

Total

$17.0

$5.5

$6.8

$11.7

$19.2

$17.4

($ in millions)

Annual maintenance spending approximately $35 million

45

45

FY2004

FY2005

LTM 3/31/06

Cash

$18

$7

$8

Revolver

(1)

$51

$263

$233

10 3/8% Sr Secured Notes

209

208

208

9% Sr Unsecured Notes

125

125

125

Other Debt

27

56

62

Total Debt

$412

$652

$628

Credit Statistics

Adjusted EBITDA

(2)

$131

$231

$269

(3)

Interest expense

44

42

51

Capex

56

62

64

Total Debt/Adjusted EBITDA

3.1x

2.8x

2.3x

Adjusted EBITDA/interest expense

3.0

5.5

5.3

(Adjusted EBITDA-Capex)/interest expense

1.7

4.0

4.0

Cash & Debt Summary

Cash & Debt Summary

(1)

Total availability of $325 million pro forma for Commonwealth/IMCO merger, increased to $425 million in 2005.

(2)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

(3)

Pro forma for 2005 acquisitions, excluding Ormet.

($ in millions)

Deleveraging

despite acquisition spending of approximately $300 million

Corus Aluminum Financial Review

Mike Friday,

Chief Financial Officer

47

47

Historical Financial Performance

Historical Financial Performance

Adjusted EBITDA

(1)

Revenue

€1,487

€1,462

€1,326

€1,411

€1,488

€1,473

€1,000

€1,100

€1,200

€1,300

€1,400

€1,500

€1,600

2000

2001

2002

2003

2004

2005

€101

€111

€100

€88

€108

€147

€

€20

€40

€60

€80

€100

€120

€140

€160

2000

2001

2002

2003

2004

2005

(€

in millions)

Inconsistent financial performance

Inconsistent financial performance

(1)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

Source: 2000-2003, based on management accounts; 2004-2005, based on audited financials.

48

48

Financial Summary

Financial Summary

FY2004A

FY2005A

LTM 3/31/06

Revenue

€1,462

€1,487

€1,556

Gross Profit

€171

€151

€159

% margin

12%

10%

10%

EBITDA

€131

€80

€128

Adjusted EBITDA

(1)

€111

€101

€106

% margin

8%

7%

7%

Capex

€55

€54

€54

% of revenue

4%

4%

4%

(€

in millions)

Note:

Results presented on a US GAAP basis.

(1)

See slides 51 and 52 for reconciliation of Adjusted EBITDA to GAAP Net Income.

1Q results exceed Corus Aluminum’s plan and Aleris’s expectations

1Q results exceed Corus Aluminum’s plan and Aleris’s expectations

49

49

Rolled products performance in 2005 negatively affected by unexpected operational

upsets throughout the year

Duffel

transformer

fire

(January

-

March)

Duffel

casthouse

shutdown

(May

-

July)

Koblenz

gearbox

failure

(June

-

December)

Rolled products operational problems offset by other factors

Price increases expanded material margins

Revamp of Duffel plant positively impacted 2005 shipment volumes

Extruded products negatively affected by margin compression due to rapidly rising metal

prices and loss of volume in project business

2005 Financial Performance

2005 Financial Performance

Plant upsets drove negative profitability

Plant upsets drove negative profitability

50

50

Aleris has been transformed

Aleris has been transformed

Conclusion

Conclusion

Aleris has exceeded expectations since Commonwealth/IMCO merger

Management continues to execute its strategy

Acquisitions executed at attractive multiples and being successfully

integrated

Corus Acquisition provides diversification and additional synergies and

business opportunities

Asia-Pacific strategy unfolding

Moderate leverage and significant cash flow generation

Global platform well positioned for continued growth and profitability

51

51

EBITDA to Net Income Reconciliation

EBITDA to Net Income Reconciliation

For the Years Ended Dec. 31,

For the Twelve Months Ended

March 31, 2006

Pro

Forma

2003

(1)

Pro

Forma

2004

(1)

Actual

2005

Pro

Forma

2005

(2)

Pro

Forma

2005

(3)

Actual

Pro

Forma

(2)

Pro

Forma

(3)

Net (loss) income

$(3.1)

$(22.7)

$74.3

$79.8

$57.8

$73.5

$57.9

$72.6

Interest expense (net)

32.3

43.8

40.2

49.3

120.6

43.8

50.0

120.1

Income taxes

(1.1)

7.5

0.4

3.6

(11.5)

13.5

34.6

39.8

Minority interests

0.6

0.2

0.5

0.5

0.5

0.6

0.6

0.6

Depreciation and amortization

58.7

55.6

55.0

62.6

127.3

57.3

62.6

127.1

EBITDA

$87.4

$84.4

$170.4

$195.8

$294.7

$188.7

$205.7

$360.2

Unrealized (gains) losses on derivative financial instruments

(9.0)

(5.0)

18.6

18.6

29.5

15.9

15.9

(26.1)

Restructuring, merger related and executive separation charges

-

45.3

29.9

29.9

45.1

27.1

27.1

43.5

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

fair value

-

6.5

11.9

11.9

11.9

7.4

7.4

7.4

Expected cost savings associated with the closure of the

Carson, California rolling mill

-

-

-

14.2

14.2

-

12.7

12.7

Adjusted EBITDA

$78.4

$131.2

$230.8

$270.4

$395.4

$239.1

$268.8

$397.7

Reconciliation of Aleris’s Actual and Pro Forma Net Income (Loss) to

Earnings Before Interest, Taxes, Depreciation and

Amortization (EBITDA) and Adjusted EBITDA

($ in millions)

(1)

Pro forma for Commonwealth/IMCO transaction.

(2)

Pro Forma for a full year impact of the 2005 Acquisitions, only includes Ormet since the date of acquisition.  Excludes pro forma impact of Corus Acquisition.

(3)

Pro Forma for the Financing Transactions, the 2005 Acquisitions (excluding the acquisitions of certain assets of Ormet) and the Corus Acquisition.  For the

Pro

Forma

twelve

months

ended

3/31/2006,

Adjusted

EBITDA

as

presented

does

not

include

$25.0

million

of

synergies

related

to

the

Corus

Acquisition

and

$13.3 million of EBITDA related to the Ormet acquisition.  Were these items included, Pro Forma Adjusted EBITDA for the twelve months ended 3/31/06

would total $436.0 million.

52

52

EBITDA to Net Income Reconciliation

EBITDA to Net Income Reconciliation

Reconciliation of Corus Aluminum’s Net Income (Loss) to

EBITDA and Adjusted EBITDA

Reconciliation of Corus Aluminum’s Net Income (Loss) to

EBITDA and Adjusted EBITDA

(€

in millions)

For the Years Ended Dec. 31,

For the Twelve

Months Ended 

2004

2005

March 31, 2006

Net (Loss) income

€54

€23

€55

Interest expense (net)

3

6 

6

Income taxes

29

2

18

Minority interest

(1)

(3)

(4)

Depreciation and amortization

46

52

53

EBITDA

€131

€80

€128

Unrealized (gains) losses on derivative financial instruments

(21)

9

(35)

Restructuring charges

1

12

13

Adjusted EBITDA

€111

€101

€106