Public Presentation to Lenders

March 7, 2007

Exhibit 99.1

2

2

Forward Looking Statements

Forward Looking Statements

Some of the information presented herein contains forward looking statements

that involve a number of risks and uncertainties.  Forward looking statements,

which are based on management’s assumptions and 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.

This information is confidential and is intended solely for the use of prospective

lenders.   This information should not be photocopied, distributed or disclosed

to anyone other than prospective lenders to whom it is provided.

Company

Company

Estimated

Estimated

Results

Results

(1)

(1)

Summary

Summary

Management’s

current

estimate

of

pro

forma,

Adjusted

EBITDA

is

$102

million

(1)

for

4Q06E

and

$531

million

(1)

for

the

full

year

2006E

-

$11

million

(1)

ahead

of

LTM

9/30/06

pro

forma,

Adjusted

EBITDA

of

$520

million

-

Represents

a

20%

increase

as

compared

to

pro

forma

2005

Adjusted

EBITDA

Management believes the merger-related synergies from the Commonwealth

acquisition and companywide productivity initiatives, plus synergies from the 2005

acquisitions

approached

$100

million

(1)

during

calendar

2006

We continue to integrate the Corus acquisition made in August, 2006

Continued strength in aerospace, stabilization in the building and construction and 

automotive sectors, and continued improvements in our recycling business drive

strong overall performance

(1)

2006

financial

results

are

estimated,

unaudited

and

preliminary.

Pro

forma

Adjusted

EBITDA

excludes

a

number

of

non-cash

charges

and

other

special

items,

which

are

material. 

A

reconciliation

showing

additional

details

is

included

at

the

end

of

this

presentation.

3

Recent

Recent

Financial

Financial

Performance

Performance

(1)

(1)

0

50

100

150

200

250

300

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06E

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

Volume

Material Margin

LTM Pro Forma Adjusted EBITDA

(1)(2)(3)

($ in millions)

Material Margins

(1)(4)

LTM Pro Forma Revenues

(1)(2)

(1) See Note 1 on Slide 5

(4)  For Rolled Products North America.  Excludes acquisitions.

Source: Company management; public filings

(3)  EBITDA includes $25 million in Corus Acquisition synergies.

(1)  See Note 1 on Slide 5

(2)  Pro forma for the 2005 Acquisitions, the Corus Acquisition,

and the TPG Merger

4

$6,030

$4,562

$5,573

$5,112

$4,713

$0

$1,250

$2,500

$3,750

$5,000

$6,250

2005

3/31/2006

6/30/2006

9/30/2006

12/31/06E

Aleris

Corus

$442

$531

$520

$492

$452

$0

$120

$240

$360

$480

$600

2005

3/31/2006

6/30/2006

9/30/2006

12/31/06E

Aleris

Corus

Capitalization Update

Capitalization Update

12/31/2006E

% of capitalization

Multiple of 

Est. Adj. EBITDA

(1)

Net ABL borrowings

(2)(3)

$251

7.5%

0.5x

Term loans

1,225

36.4

2.3

Other debt

34

1.0

0.1

Total net secured debt

$1,510

44.9%

2.8x

Senior PIK toggle notes

600

17.8

1.1

Total net senior debt

$2,110

62.8%

4.0x

Senior subordinated notes

400

11.9

0.8

Total net debt

$2,510

74.7%

4.7x

Equity

852

25.3

1.6

Total net capitalization

$3,362

100.0%

6.3x

($ in millions)

(1)           Based

on

2006E

EBITDA

of

$531

million.

See

Note

1

on

Slide

5

(2)

$329 million in ABL drawings net of $78 million in cash (Total estimated cash is $123 million, less $45 million of operating cash)

(3)

ABL total facility size of $750 million.

5

Reconciliation of Estimated, Unaudited

Reconciliation of Estimated, Unaudited

Adjusted EBITDA

Adjusted EBITDA

(1)

(1)

($ in millions)

For the years ended December 31,

For the twelve months ended 

Pro forma 2005

(2)

Pro forma 2006E

(1)(2)

Pro forma LTM

3/31/06

(2)

Pro forma LTM

6/30/06

(2)

Pro forma LTM

9/30/06

(2)

Net (loss)/income

($22.3)

$4.0

($3.4)

$70.6

($6.0)

Interest expense (net)

219.0

219.6

218.4

219.3

221.5

Income taxes

(74.1)

2.4

(27.1)

21.5

(15.4)

Minority interests

0.5 

0.0

0.6

0.7

0.8

Depreciation and amortization

162.6

183.8

162.6

163.7

163.4 

EBITDA

$285.7 

$409.8

$351.1

$475.8

$364.3 

Gain on Carson, CA property sale

$0.0

($13.8)

$0.0

$0.0

$0.0

Unrealized (gains) losses on derivative

financial instruments

29.4 

(35.6)

(12.5)

(77.3)

(4.0) 

Restructuring, merger related and

executive separation costs

45.1 

44.7

43.5

33.2

35.0 

Losses on debt extinguishment

0.0 

54.4

0.0

0.0

53.7 

Realized gains on hedges associated with

Corus Aluminum purchase price

0.0 

(9.8)

0.0

0.0

(9.8)

Non-cash cost of sales impact of recording

acquired assets at fair value

11.9 

43.9

7.4

6.8

36.5

Expected cost savings associated with the

closure of the Carson, California rolling mill

14.2 

3.0

12.7

8.9

5.4 

Impact of Ormet acquisition

21.7

0.0

16.2

10.7

5.3

Estimated Corus Aluminum synergies

25.0

25.0

25.0

25.0

25.0

Sponsor management fee

9.0 

9.0

9.0

9.0

9.0 

Adjusted EBITDA

$442.0 

$530.6

$452.4

$492.1

$520.4

(1)   See Note 1 on Slide 5

(2)

Pro forma for the 2005 Acquisitions, the Corus Acquisition and the TPG merger.

6