1

1

3/27/08

Fourth Quarter and Full Year 2007

Fourth Quarter and Full Year 2007

Earnings Call Webcast

Earnings Call Webcast

March 27, 2008

March 27, 2008

Revised March 31, 2008

Revised March 31, 2008

9:00

9:00

am EDT

am EDT

Exhibit 99.2

2

2

3/27/08

Forward Looking Statements

Forward Looking Statements

The following information contains, or may be deemed to contain, “forward-

looking statements”

(as defined in the U.S. Private Securities Litigation

Reform Act of 1995). By their nature, forward-looking statements involve

risks

and

uncertainties

because

they

relate

to

events

and

depend

on

circumstances that may or may not occur in the future. Our future results

may vary from the results expressed in, or implied by, the following

forward-looking statements, possibly to a material degree. For a discussion

of some of the important factors that could cause our results to

differ from

those expressed in, or implied by, the following forward-looking

statements, please refer to our annual report on Form 10-K, in particular,

the “Risk Factors”

section thereof, and our quarterly reports on Form 10-Q

filed with the Securities and Exchange Commission.

3

3

3/27/08

Reported Results

Reported Results

All periods exclude global Zinc segment

2007 reported results include:

Full year of Corus Aluminum

Wabash Alloys from mid-September

Minor impact from EKCO Products and Alumox

2006 includes five months of Corus Aluminum and excludes the 2007

acquisitions of EKCO Products, Wabash Alloys, and Alumox

Commentary focused on non-GAAP measure EBITDA from continuing

operations, excluding special items:

Purchase accounting

Mark-to-market gains and losses on derivative financial instruments

Restructuring and other charges

TPG management fees

Stock-based compensation expense

4

4

3/27/08

2007 Recap

2007 Recap

Highlights

Significant cash generation of $422M

Portfolio optimization

Wabash Alloys acquisition

Zinc sold for $295M

Gross productivity of $121M*

Maintained margins

Completed 2 major expansions

Excellent performance in Recycling

*Includes full year of Corus Aluminum productivity

Challenges

North American volume

Rolled Products

Specification Alloy

Commodity cost inflation/input costs

Alloy hardeners (zinc, copper, mag)

Natural gas

Rolling ingots

Fourth quarter “one-time”

costs

Absorption

Environmental reserves

Other costs

Addressing Cost Base in Current Economic Environment

5

5

3/27/08

2007 Performance

2007 Performance

162

340

32

$ 4,196

2006

422

372

(93)

$ 5,990

2007

Free Cash Flow

EBITDA from Continuing Operations,

Excluding Special Items

Income (Loss) from Continuing

Operations

Revenues

($M)

Reported Results

Note: See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, excluding special items on slide

29.

See

reconciliation

of

cash

flow

from

operating

activities

of

continuing

operations

to

free

cash

flow

on

slide

30.

6

6

3/27/08

Full Year Comparison

Full Year Comparison

EBITDA from Continuing Operations, Excluding Special Items

* Does not reflect productivity benefits realized by acquired operations of Corus Aluminum from 1/07-7/07.

Note: Amounts represent management estimates.  Variances do not reflect the impact of the Corus Aluminum acquisition

from 01/07 –

07/07. See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations,

excluding special items on slide 29.

$372

$28

$340

($24)

($63)

($24)

($37)

($13)

($32)

$111

$86

$200

$300

$400

$500

$600

7

7

3/27/08

“One-Time”

“One-Time”

Costs

Costs

($32)

(9)

Accounting

Conformity

Changes

2007

vs

2006

(3)

Other Items

(15)

Absorption

($5)

Environmental Reserve

Non-Recurring

Costs

Disappointing;

Not

Expected

to

Repeat

in

2008

8

8

3/27/08

Pounds Shipped

Pounds Shipped

(1)

(1)

5,943

6,215

Total

3,818

3,870

Global Recycling

2,125

2,345

Global Rolled and Extruded Products

2007

2006

(1) Shipments reflect the acquisitions of Corus Aluminum, EKCO Products and Wabash Alloys as if they had occurred on January 1, 2006.

9

9

3/27/08

2007 North American Rolled Products

2007 North American Rolled Products

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

Aleris Shipments

Housting Starts

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

Aleris Shipments

MSCI Inventory

Building & Construction Volumes

(Indexed to 1Q06)

Distribution Volumes

(Indexed to 1Q06)

Source: Management estimates and U.S. Census

Bureau’s seasonally adjusted annual rates.

Source: Management estimates and MSCI data.

10

10

3/27/08

Margin

Margin

Performance

Performance

Global Rolled Products

Global Aluminum Recycling

Maintained Margin Despite Demand Erosion

Improved Pricing During 2007

$0.05

$0.06

$0.07

$0.08

$0.09

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

1Q07

2Q07

3Q07

4Q07

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

1Q07

2Q07

3Q07

4Q07

11

11

3/27/08

0.50

0.60

0.70

0.80

0.90

1.00

1.10

4Q06

1Q07

2Q07

3Q07

4Q07

High Value Products

Lower Margin Products

European Rolled Products Shipments

European Rolled Products Shipments

LTM Shipments

Good Volume Growth in Value Added Product Lines

12

12

3/27/08

2007 Gross Productivity Recap

2007 Gross Productivity Recap

2007

Manufacturing

$    92

Metals

20

Non-metals/Other

9

Total

$  121

2007

Six Sigma

$    36

Energy / Recovery     

14

Headcount

13

Other Cost Reductions

18

Throughput

11

Total

$    92

Continued Relentless Focus on Productivity

($M)

13

13

3/27/08

Commodity Cost Inflation

Commodity Cost Inflation

Hardeners

(Indexed to 1Q06)

Natural Gas

(Indexed to 2006)

Source: Management data.

Source: Management data.

Driving to Recover Through Productivity and Announced Price Increases

14

14

3/27/08

Aluminum LME and Currency

Aluminum LME and Currency

Currency

(USD/Foreign Currencies

Indexed to 1Q 06)

Aluminum LME

Source: Management data.

Sources: Management data.

Better Hedging Programs Expected to Reduce Volatility

15

15

3/27/08

2007 Free Cash Flow Summary

2007 Free Cash Flow Summary

2007

Sources

Adjusted EBITDA

$372

Inventory

$123

Working Capital

242

Receivables

54

Capital Expenditures

(192)

Payables

65

Free Cash Flow

(1)

$422

Total

$242

(1)

These totals all exclude Zinc for 2007

($Millions)

Inventory

Improved 8 days DIO; inventory turns increased from 6 to 7

Receivables

2 day improvement in DSO

Payables

Selectively extended payment terms

Total

Improved 14 days down to 56; WC turns increased from 5.2 to 6.6

Note:  See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, excluding special items

Working Capital Drove Cash Generation

16

16

3/27/08

Financial Statistics

Financial Statistics

($M)

5.7x

-

Net Debt Adjusted for Zinc to Term

Loan Agreement EBITDA

427

-

Term Loan Agreement EBITDA**

369

N/A

Liquidity*

2,434

N/A

Net Debt Adjusted for Zinc Proceeds

2,654

2,462

Net Debt

$     192

$     119

Capital Expenditures

2007

2006

*Liquidity computed as revolver availability plus cash on hand.

**Term

loan

agreement

EBITDA

includes

the

acquisitions

of

Wabash

Alloys

and

EKCO

Products

as

if

they

had

occurred

on

January

1, 2007 and also includes synergies as permitted by our Term Loan Agreement. See slide 32 for a reconciliation of pro forma net

loss to term loan agreement EBITDA.

17

17

3/27/08

Global

Global

Rolled

Rolled

and

and

Extruded

Extruded

Products

Products

–

–

Full

Full

Year

Year

$ 0.36

$ 0.62

288

181

$ 2,726

1,641

2006

$ 0.40

Conversion Cost, $/Lb.

$ 0.67

Material Margin, $/Lb.

305

EBITDA, Excluding Special

Items

51

Segment Income

$ 4,305

Revenues

2,113

Volume, Lbs. Shipped

2007

($ & Lbs. in Millions)

2006 vs. 2007

Note: Amounts represent management’s estimates.

Note: See reconciliation of segment income to segment  EBITDA, Excluding

Special Items on slide 31.

($36)

$52

$111

($18)

($37)

($14)

($66)

($14)

$288

$39

$305

$200

$250

$300

$350

$400

$450

$500

18

18

3/27/08

Global Recycling –

Global Recycling –

Full Year

Full Year

108

115

EBITDA, Excluding Special Items

60

85

Segment Income

$ 1,809

$ 1,489

Revenues

3,244

2,890

Volume, Lbs. Shipped

2007

2006

2006 vs. 2007

Note: Amounts represent management’s estimates.

($ & Lbs. in Millions)

Note: See reconciliation of segment income to segment  EBITDA, Excluding

Special Items on slide 31.

($8)

$2

$33

($9)

($12)

$108

$115

($13)

$40

$60

$80

$100

$120

$140

$160

19

19

3/27/08

Fourth Quarter Performance

Fourth Quarter Performance

Strong Cash Generation in Challenging Quarter

11

87

7

$1,338

4Q 2006

(1)

212

Free Cash Flow

49

EBITDA from Continuing Operations,

Excluding Special Items

(69)

Income (Loss) from Continuing Operations

$1,534

Revenues

4Q 2007

($ & Lbs. in Millions)

(1)

Excludes Wabash Alloys & EKCO Products acquisitions.

Note: See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, excluding special items on slide

29.

See

reconciliation

of

cash

flow

from

operating

activities

of

continuing

operations

to

free

cash

flow

on

slide

30.

20

20

3/27/08

$49

($9)

($16)

($10)

$87

($19)

($12)

($11)

$19

$20

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

$140

Fourth Quarter Comparison

Fourth Quarter Comparison

EBITDA from Continuing Operations, Excluding Special Items

Note: Amounts represent management’s estimates. See reconciliation of income (loss) from

continuing operations to EBITDA from continuing operations, excluding special items on slide 29.

21

21

3/27/08

Global

Global

Rolled

Rolled

and

and

Extruded

Extruded

Products

Products

–

–

4Q

4Q

Weak

U.S.

Demand

&

4Q

Non-Recurring

Costs

Impacted

Profitability

($ & Lbs. in Millions)

0.40

$ 0.63

80

45

$ 979

534

Q406

0.50

Conversion Cost, $/Lb.

$ 0.69

Material Margin, $/Lb.

24

EBITDA, Excluding Special Items

(29)

Segment Income (Loss)

$1,005

Revenues

498

Volume, Lbs. Shipped

Q407

Note: See reconciliation of segment income (loss)  to segment  EBITDA, excluding special items on slide 31.

22

22

3/27/08

Global Recycling –

Global Recycling –

Q4

Q4

($M)

24

22

EBITDA, Excluding Special Items

10

14

Segment Income

$ 541

$ 373

Revenues

810

569

Volume, Lbs. Shipped

4Q07

4Q06

Europe

and

Americas

Recycling

Productivity

Drives

Improvement

Note: See reconciliation of segment income (loss)  to segment  EBITDA, excluding special items on slide 31.

23

23

3/27/08

N. A. Rolled Products

Consolidated Beloit / Roxboro into Ashville (3Q07)

Shutdown Toronto (1Q08)

Shutdown Bedford (2Q08)

Idled 3

rd

party Richmond production (1Q08)

Recycling Americas

Shutdown Dickson, Guelph and Monterrey (4Q07)

Idled Tipton (1Q08)

Other / SG&A

Restructured Europe Recycling / Extrusions

Combined N. A. Spec Alloy and Recycling management team

Other Back office consolidations

Attacking the Costs

Attacking the Costs

Evaluating Other Initiatives

24

24

3/27/08

Positioning the Cost Base

Positioning the Cost Base

$   60-72

9

700

TOTAL

10-15

2

Other Initiatives

8-9

3

Recycling / Spec / Wabash Initiatives

16-20

-

Europe Initiatives

$    26-28

4

Rolled Products Initiatives

Announced:

2008 –

09

Savings

Facilities

Headcount

($M)

25

25

3/27/08

Started up new heat treat plate facility in Duffel (4Q07)

Started up  160”

hot mill in Koblenz for growing aerospace business (1Q08)

Finalizing new wide heat treat capabilities for Duffel hard alloy extrusions (2Q08)

Progressing 148”

hot mill project start-up in Duffel (1Q09)

Strategic Europe Investments

Strategic Europe Investments

Strategically Position Europe in High Value / Growth Products

26

26

3/27/08

13.00

13.50

14.00

14.50

15.00

15.50

16.00

2004

2005

2006

2007

2008

350

400

450

500

550

600

75

95

115

135

155

175

195

MSCI Inventory

MSCI Shipments

2008 Outlook –

2008 Outlook –

U. S. Outlook

U. S. Outlook

0

1

2

3

4

2006

2007

2008

Housing Starts

Distributor Inventories and Shipments

Expect Continued Challenges/Headwinds in U.S.

U.S. Industrial Production

Source: JD Power, National Sources

0

500

1000

1500

2000

2500

% of Change from Previous Yr

Source: Davenport Equity Research.

Source: MCSI data.

Source: Brook Hunt report, February 2008.

North America Vehicle Production

27

27

3/27/08

2008 Outlook -

2008 Outlook -

Europe

Europe

European Light Vehicle Assembly

Euro Zone Industrial Production

Europe Expected to Remain Stable

Commercial Airplane Projected Deliveries

0

1

2

3

4

2006

2007

2008

% of Change from Previous Yr

18

19

20

21

22

23

24

2004

2005

2006

2007

2008

Source:  J.D. Power, National Sources.

Source  Brook Hunt, February 2008

European Residential Building Permits

Source:  Eurostat

28

28

3/27/08

Reconciliations of Non-GAAP Measures

and Appendix

This presentation refers to various non-GAAP (generally accepted accounting principles) financial measures including

EBITDA from continuing operations, EBITDA from continuing operations, excluding special items, and free cash flow

from continuing operations.  The methods used to compute these measures are likely to differ from the methods used

by

other

companies.

These

non-GAAP

measures

have

limitations

as

analytical

tools

and

should

be

considered

in

addition to, not in isolation or as a substitute for, or superior to, Aleris’s measures of financial performance prepared in

accordance with GAAP.  You are encouraged to review the accompanying tables reconciling the non-GAAP financial

measures to comparable GAAP amounts.

29

29

3/27/08

Reconciliation of (Loss) Income from Continuing Operations to EBITDA

and EBITDA from Continuing Operations, Excluding Special Items

For the three

months ended

December 31

For the 

year ended

December 31

2007

2006

2007

2006

(Successor)

(Combined)

(Successor)

(Combined)

(Loss)

income from continuing operations

$ (68.7)

$

7.3

$

(92.9)

$32.2

Interest expe

nse, net

51.5

24.3

203.9

79.9

Income taxes

(38.3)

5.4

(88.4)

22.7

Minority interests

(0.9)

(1.0)

0.1

0.1

Depreciation and amortization     

54.6

45.2

202.9

106.8

EBITDA

from continuing operati

ons

(1.8)

81.2

225.6

241.7

Unrealized losses (gains)  on derivative financial

instruments

11.2

(35.3)

(3.9)

(28.3)

Restructuring and other charges

21.6

39.7

32.8

41.9

Impact of recording acquired assets at fair value

15.1

11.2

104.3

43.9

Sponsor management fee

2.3

--

9.1

--

Stock-based compensation expens

e

1.0

3.5

3.9

10.2

Loss on early extinguishment of debt

--

0.7

--

54.4

Gain on sale of Carso

n, CA property

--

(13.8)

--

(13.8)

Realized hedge gain

-Corus Aluminum acquisition

--

--

--

(9.8)

EBITDA

from continuing operations, excluding

special items  

$49.4

$87.2

$  371.8

$  340.2

(unaudited)

(in millions)

30

30

3/27/08

Reconciliation of Cash Flow from Operating Activities

Reconciliation of Cash Flow from Operating Activities

of Continuing Operations to Free Cash Flow

of Continuing Operations to Free Cash Flow

(unaudited)

(in millions)

For the three

months

ended

December 31

For the

year

ended

December 31

2007

2006

2007

2006

(Successor)

(Combined)

(Successor)

(Combined)

Free cash flow

$212.3

$11.0

$421.7

$161.7

Net working capital (decrease) increase

(228.2)

7.7

(241.7)

59.1

Capital expenditures

65.3

68.5

191.8

119.4

EBITDA, excluding  special items

49.4

87.2

371.8

340.2

Unrealized (losses) gains on derivative financial instruments

(11.2)

35.3

3.9

28.3

Loss on early extinguishment

of debt

-

(0.7)

-

(54.4)

Realized hedge gain-Corus Aluminum acquisition

-

-

-

9.8

Gain on sale of  Carson, CA property

-

13.8

-

13.8

Restructuring  and other  charges

(21.6)

(39.7)

(32.8)

(41.9)

Impact of recording  acquired assets at  fair  value

(15.1)

(11.2)

(104.3)

(43.9)

Sponsor  management fee

(2.3)

-

(9.1)

-

Stock-based compensation expense

(1.0)

(3.5)

(3.9)

(10.2)

EBITDA from continuing  operations

(1.8)

81.2

225.6

241.7

Interest expense, net

(

51.5)

(24.3)

(203.9)

(79.9)

Benefit from (provision for)  income taxes

38.3

(5.4)

88.4

(22.7)

Depreciation and amortization

(54.6)

(45.2)

(202.9)

(106.8)

Minority interest, net of provision for  income taxes

0.9

1.0

(0.1)

(0.1)

Net income (loss) from continuing  operations

(68.7)

7.3

(92.9)

32.2

Depreciation and amortization

54.6

45.2

202.9

106.8

Benefit from deferred income taxes

(49.4)

14.7

(99.7)

11.5

Excess income tax benefits f

rom

exercise of  stock options

-

-

(3.6)

Restructuring  and  other  charges:

Charges

21.6

39.7

32.8

41.9

Payments

(3.8)

(24.1)

(15.7)

(30.0)

Non-cash loss on early extinguishment  of  debt

-

-

-

16.4

Stock-based compensation expense

1.0

3.5

3.9

10.2

Proceeds from settlement of currency derivative financial instruments

-

-

-

(9.8)

Unrealized losses (gains) on derivative financial instruments

11.2

(35.3)

(3.9)

(28.3)

Non-

cash charges related to step

-up in carrying  value  of  inventory

1.1

(3.7)

47.3

5.4

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

(0.6)

(14.7)

(0.6)

(14.7)

Other  non-cash charges

1.9

2.4

10.0

6.1

Net change in operating  assets and liabilities

195.6

30.7

223.8

65.9

Cash provided by operating  activities

from continuing  operations

$164.5

$65.7

$307.9

$210.0

31

31

3/27/08

Reconciliation of Segment (Loss) Income to

Reconciliation of Segment (Loss) Income to

Segment EBITDA, Excluding Special Items

Segment EBITDA, Excluding Special Items

(unaudited)

(in millions)

For the three months

ended  December 31

For the year ended

December 31

2007

2006

2007

2006

Global Rolled and Extruded Products

Segment (loss) income

$(29.2)

$45.4

$50.8

$180.7

Purchase accounting adjustments

15.4

11.4

100.8

43.9

Gain on sale of Carson, CA property

--

(13.8)

--

(13.8)

Stock-based compensation expense

--

0.8

--

1.8

Segment income, excluding special items

(13.8)

43.8

151.6

212.6

Depreciation

and amortization

37.6

36.4

153.6

75.5

Segment EBITDA, excluding special items

$23.8

$80.2

$305.2

$288.1

Global Recycling

Segment income

$9.9

$14.0

$59.8

$84.8

Purchase accounting adjustments

(0.5)

--

3.4

--

Stock-based compensation expense

--

0.2

--

0.4

Segment income, excluding special items

9.4

14.2

63.2

85.2

Depreciation and amortization

14.8

7.8

45.0

29.5

Segment EBITDA, excluding

special items

$24.2

$22.0

$108.2

$114.7

32

32

3/27/08

Reconciliation

Reconciliation

of

of

Pro

Pro

Forma

Forma

Loss

Loss

from

from

Continuing

Continuing

Operations

Operations

to

to

Pro

Pro

Forma

Forma

EBITDA

EBITDA

from

from

Continuing

Continuing

Operations

Operations

and

and

Term

Term

Loan

Loan

Agreement

Agreement

EBITDA

EBITDA

(1)

(1)

(1)

Represents

unaudited

pro

forma

financial

information

for

the

year

ended

December

31,

2007

and

presents

the

Company’s

combined

results

of

operations

as

if

the

acquisitions

of

Wabash

Alloys

and

EKCO

Products

had

occurred

on

January

1,

2007.

Pro

forma

adjusted

EBITDA

from

continuing

operations

includes

the

expected

synergy

savings

from

the

Corus

Aluminum,

Wabash

Alloys,

and

EKCO

Products

acquisitions

as

permitted

by

the

Company’s

Term

Loan

Agreement.

The

unaudited

pro

forma

information

is

not

necessarily

indicative

of

the

consolidated

results

of

operations that would have occurred had the acquisitions of Wabash Alloys and EKCO Products been made at the beginning of the period presented

or the future results of combined operations.

(2) Pro

forma

loss

from

continuing

operations

of

$98.8

consists

of

Aleris’s

historical

loss

from

continuing

operations

of

$92.9,

Wabash

Alloys’

historical

net

income

of

$6.7,

EKCO

Products’

historical

net

income

of

$0.6,

and

pro

forma

adjustments

of

($10.2).

The

net

income

of

Wabash

Alloys

and

EKCO

Products are estimates based on financial information provided by the management of those entities.

(unaudited)

(in millions)

For the year

ended

December 31, 2007

Pro forma loss

from continuing operations

(2)

$ (95.8)

Interest expense, net

216.3

Income taxes

(90.3)

Minority interests

0.1

Depreciation and amortization

210.8

Pro forma EBITDA from continuing operations

241.1

Unrealized losses on derivative financial instruments

(3.8)

Restructuring and other charges

32.8

Impact of recording acquired assets at fair value

104.3

Sponsor management fee

9.1

Stock-based compensation expense

3.9

Estimated synergies -

Corus Aluminum

18.0

Estimated synergies –

Wabash Alloys

20.0

Estimated synergies -

EKCO Products

2.0

Pro forma adjusted EBITDAfrom continuing operations

$427.4

33

33

3/27/08

Appendix –

Appendix –

Special Items

Special Items

-

$ 104

-

$ 15

-

13

-

13

Asset Impairments

$29

$ 150

$ 11

$  51

Total Special Items

-

$   4

-

$ 1

Stock Based Compensation

$9

$  9

$   2

$  2

TPG Management Fees

-

-

-

$ 11

Mark-to-market timing differences

Loss on FAS 133

-

57

-

14

Derivative financial instruments

-

$    47

-

$ 1

Non-cash cost of sales increase with inventory step up

12

$ 20

12

$ 33

1

$ 9

-

$ 22

Other

Purchasing Accounting

3

3

3

3

Exit Costs

$ 5

$ 5

$  5

$  5

Headcount reductions/severance

Restructuring and Other Charges

(1)

Cash

Reported

Cash

Reported

($M)

4Q 2007

Full Year 2007

(1) Excludes $ 20.3 of cash restructuring charges recorded through the purchase price allocations of TPG and Wabash.