2008 Bank of America

Credit Conference

November 21, 2008

Exhibit 99.1

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.  Forward-looking statements, which

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.

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.

3

3

Aleris

Aleris

Timeline

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)

(1)

Strategic Combinations Creating Size, Scale and Value

4

4

Pro Forma Aleris

Pro Forma Aleris

(1)

(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

of

Segment

Income

to

Segment

EBITDA

on

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

Recycling

Specification Alloy

($ in millions)

5

5

Geographic and End-Use Diversification

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

3%

North America

58%

Europe

36%

Asia

3%

Pro Forma Aleris 2007 Revenues

(1)

End-Use

Euro Automotive

10%

Packaging

10%

Distribution

12%

Other

13%

Engineering

3%

Aerospace & Other

Transportation

16%

N.A. Building &

Construction

11%

Euro Building &

Construction

5%

N.A. Automotive

20%

6

6

North American Industry Indicators

North American Industry Indicators

3.4

3.2

2.9

3.0

15.5

12.5

3.7

3.7

4.0

4.1

15.8

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

Q1

Q2

Q3

Q4

Annual Total

Source:  US Census Bureau

Source:  Brook Hunt, 3Q 2008

Source: Davenport Equity Research

Source: ACT Research

38

41

35

28

65

65

56

45

142

230

284

257

233

0

100

200

300

400

2004

2005

2006

2007

2008E

Q1

Q2

Q3

Q4

Annual Total

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

2,300

-2%

-1%

0%

1%

2%

3%

2006

2007

2008E

2009F

Housing Starts

U.S. Industrial Production

Auto Production

Truck Trailer Production

Strong Headwinds Negatively Impacting North American Performance

7

7

European Industry Indicators

European Industry Indicators

18

19

20

21

22

23

24

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

0

20

40

60

80

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

8

8

North American Rolled Products

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)

9

9

N.A. Rolled Products Volumes and Material Margins

N.A. Rolled Products Volumes and Material Margins

0

50

100

150

200

250

300

350

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

$0.00

$0.58

Total Volume

Material Margin

10

10

Commodity Inflation

Commodity Inflation

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

Magnesium

Silicon

Copper

Zinc

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

Aleris

NYMEX

Hardeners

(Indexed to 1Q06)

Natural Gas

Significant Inflationary Pressure

11

11

Positioning the Cost Base

Positioning the Cost Base

($ in millions)

Headcount

Reduction

Facilities

Shutdown

Savings

Announced:

Rolled Products Initiatives

760

5

$34-36

Europe Initiatives

130

-

16-20

Recycling / Spec / Wabash Initiatives

180

3

8-9

Other Initiatives

140

2

10-15

TOTAL

1,210

10

$68-80

Activity Continues Across Aleris

to “Right-Size”

the Cost Structure

12

12

Third Quarter and September YTD

Third Quarter and September YTD

(1)

(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

$5

$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)

21

7

32

EBITDA Adj. for Metal Lag

$113

$89

(21)%

$330

$284

(14)%

13

13

EBITDA Bridge

EBITDA Bridge

EBITDA

3Q08

$68

Sept 08 YTD

$252

3Q07

119

Sept 07 YTD

323

($51)

($71)

Volume / Mix

(46)

(110)

Price /Spread

6

23

Metal Price Lag

(27)

(26)

Inflation

(22)

(72)

Productivity

30

79

Currency / Other

3

19

Acquisitions / Divestitures / Synergies

5

16

($51)

($71)

($ in millions)

14

14

3Q08 Cash Flow vs. Prior Year

3Q08 Cash Flow vs. Prior Year

(1)

(1)

($ in millions)

(1)  See reconciliation of Free Cash Flow to Net Income (Loss) from continuing operations and cash flow from operating activities from continuing

operations on slide 26.

3Q07

3Q08

Variance

Adjusted EBITDA

$119

$68

($51)

Capital Expenditures

(39)

(25)

14

Working Capital Improvement

(47)

117

164

Free Cash

Flow

$33

$160

$127

15

15

Performance Summary

Performance Summary

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

Weakening Volumes in Europe

Strong

Global

Recycling

performance;

mitigated

by

weakness

in

NA Specification

Alloy

Focus

on

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

at

acquisition.

2006

Free

Cash

Flow

as

reported

in

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

30

2006 PF

2007 PF

2008 LTM

Adjusted EBITDA

$340

$372

$301

Acquisitions / Synergies / Cost Savings

132

55

40

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

16

16

$1,036

$943

$1,000

$1,005

$1,001

$1,026

$800

$900

$1,000

$1,100

  2Q07

  3Q07

  4Q07

  1Q08

2Q08

3Q08

15.0%

15.5%

16.0%

16.5%

17.0%

17.5%

LTM Avg WC $MM

LTM WC % of Sales

LTM Turns

5.8               5.8               5.9             

6.1              6.2               6.2

LTM Days

63                63                61             

60               59                59

LTM Working Capital Performance

LTM Working Capital Performance

17

17

(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

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)

$0

$22

Inventory

840

802

(105)

15

(10)

(20)

158

Accounts Payable

(687)

(612)

75

(10)

10

0

(150)

Working Capital

$821

$956

FCF

Impact

($98)

38

($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

18

18

Capital Expenditures Overview

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

F

Maintenance

$77

$75

$85

$70

Discretionary

55

81

107

60

Total

$132

$156

$192

$130

% of revenue

3.0%

2.8%

3.2

%

2.0%

Key Projects

2007

2008 F

Duffel Extrusions HHT Line

$0

$5

North American Wide Paint Line

3

0

Plate program Duffel

13

10

160”

hotline upgrade Koblenz

36

10

148”

hotmill

Duffel

9

30

19

19

Cash, Debt and Credit Statistics

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

1,097

1,

102

Misc Other

33

33

34

33

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

x

7.1

x

7.2

x

8.1x

Net Debt to LTM EBITDA

6.2

6.9

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

89

113

84

Total Liquidity

$369

$409

$445

$377

Focusing on the Balance Sheet to Generate Cash

20

20

LME History

LME History

$1,500

$2,000

$2,500

$3,000

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08E

LME Forward

Significant Swing in a Short Time Frame

21

21

Key Initiatives

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

22

22

Summary

Summary

Global economic headwinds

Focusing on cost base and cash / liquidity

Increased volatility of LME

Timing of recovery unknown …

but will occur

Questions and Answers

24

24

Reconciliation of Segment Income to Segment EBITDA and

Reconciliation of Segment Income to Segment EBITDA and

Adjusted Segment EBITDA

Adjusted Segment EBITDA

($ in millions)

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 related income tax benefits

associated with the preliminary appraised values of acquired intangible assets. 

3Q07

(1)

3Q08

(1)

LTM

9

/30/08

Global rolled and extruded products

Reported Segment (Loss) Income

$45

$7

$33

Purchase accounting adjustment

16

6

35

Inventory Impairment

0

13

13

Segment income, excluding special items

61

26

81

Depreciation

& amortization

49

41

164

Segment EBITDA, excluding special items

$110

$67

$245

Global recycling

Reported Segment (Loss) Income

$9

$16

$77

Purchase accounting adjustment

1

(1)

(3)

Segment income, excluding special items

10

16

74

Depreciatio

n & amortization

17

16

57

Segment EBITDA, excluding special items

$27

$32

$131

25

25

Reconciliation of Net (Loss) Income to EBITDA and Adjusted

Reconciliation of Net (Loss) Income to EBITDA and Adjusted

EBITDA

EBITDA

($ in millions)

Pro forma 

2006 

Pro forma

2007 

LTM 9/30/08

Net (loss) income

9 

(96)

(270)

Interest expense (net)

220

216

225

Income taxes

(3)

(90)

(120)

Minority interests

0

0

-

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)

85

Restructuring, merger related and executive separation costs

43 

33

97

Losses on debt extinguishment

54

-

(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

46 

104

32

Inventory impairment charges

-

-

13

Cost savings – Plant closures 

3

-

23

Estimated Corus Aluminum synergies

25

18

2

Estimated EKCO Products synergies

-

2

1

Estimated Wabash synergies

-

20

12

Estimated AE/HT synergies

-

-

2

Stock based compensation

11

4

3

Sponsor management fee

9 

9 

9

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

related

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)

26

26

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

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

Cash Flow from Operating Activities

Cash Flow from Operating Activities

($M)

2006

2007

LTM 9/30/08

3Q07

3Q08

PF Free Cash Flow

162

$           

422

$           

228

$           

33

$            

160

$           

PF Net Working Capital Increase (decrease)

59

(242)

(100)

47

(117)

PF Capital Expenditures

119

192

173

39

25

EBITDA from Continuing Operations, excluding special items

340

372

301

119

68

Unrealized gains on derivative financial instruments

28

4

(85)

(23)

(151)

Gain/Loss on early extinguishment of debt

(54)

-

1

-

-

Realized hedge gain-Corus Aluminum acquisition

10

-

-

(2)

-

Inventory impairment charges

-

-

(13)

-

(13)

Gain on sale of Carson, CA property

14

-

-

-

-

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)

(9)

(2)

(3)

Stock-based compensation expense

(10)

(4)

(3)

(1)

-

EBITDA from Continuing Operations

242

226

62

74

(166)

Interest expense, net

(80)

(204)

(225)

(50)

(58)

(Provision for) benefit from income taxes

(23)

88

120

46

86

Depreciation and amortization

(107)

(203)

(228)

(67)

(59)

Minority interest, net of provision for income taxes

-

-

0

(0)

-

Income (loss) from continuing operations

32

(93)

(270)

2

(197)

Depreciation and amortization

107

203

228

67

59

Provision for (benefit from) deferred income taxes

12

(100)

(141)

(45)

(97)

Excess income tax benefits from exercise of stock options

(4)

-

-

-

-

Restructuring and other charges:

-

Charges

42

33

97

2

61

Payments

(30)

(16)

(29)

(3)

(9)

Inventory impairment charges

-

-

13

-

13

Non-cash loss on early extinguishment of debt

16

-

-

-

-

Stock-based compensation expense

10

4

3

1

-

Proceeds from settlement of currency derivative financial instruments

(10)

-

-

-

-

Unrealized gains on derivative financial instruments

(28)

(4)

85

23

151

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

5

47

1

2

-

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

-

-

(1)

-

-

Other non-cash charges

(9)

9

14

5

4

Net change in operating assets and liabilities

66

224

14

4

55

Cash provided (used) by operating activities from continuing operations

210

$           

308

$           

14

$            

59

$            

42

$            

(1)    2006 is on an as reported basis

$