Derivative Financial Instruments and Related Hedging Programs (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Financial Instruments and Related Hedging Programs [Abstract]

Summary of material derivative positions

		Notional
		Amount of
		Contracts
Commodity	Maturity Period	(mmlbs)
Aluminum —
Call option purchase contracts	7/11 through 12/11		24.5
Call option sales contracts	7/11 through 12/11		24.5
Put option purchase contracts	7/11 through 12/11		50.8
Put option sales contracts	7/11 through 12/11		24.5
Fixed priced purchase contracts	7/11 through 11/13		93.1
Fixed priced sales contracts	7/11 through 1/12		11.2
Midwest premium swap contracts1	7/11 through 12/12		49.6

		Notional
		Amount
		of Contracts
Energy	Maturity Period	(mmbtu)
Natural gas —2
Call option purchase contracts	7/11 through 12/13		5,430,000
Call option sales contracts	7/11 through 12/11		1,380,000
Put option purchase contracts	7/11 through 12/11		1,380,000
Put option sales contracts	7/11 through 12/13		5,430,000
Fixed priced purchase contracts	7/11 through 12/13		2,110,000

		Notional
		Amount
		of Contracts
Electricity	Maturity Period	(Mwh)
Fixed priced purchase contracts	1/12 through 12/12		175,680

			Notional
			Amount
			of Contracts
Foreign Currency	Maturity Period		(mm)
Euro-
Fixed priced purchase contracts		7/11	€	0.2

		Notional
		Amount
		of Contracts
Hedges Relating to the Notes	Contract Period	(Common Shares)
Bifurcated Conversion Feature3	3/10 through 3/15		3,621,608
Call Options3	3/10 through 3/15		3,621,608

1	Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on the Company’s purchases of primary aluminum.
2	As of June 30, 2011, the Company’s exposure to fluctuations in natural gas prices had been substantially reduced for approximately 93%, 74% and 32% of the expected natural gas purchases for the remainder of 2011, 2012 and 2013, respectively.
3	The Bifurcated Conversion Feature represents the cash conversion feature of the Notes. To hedge against the potential cash outflows associated with the Bifurcated Conversion Feature, the Company purchased cash-settled Call Options. The Call Options have an exercise price equal to the conversion price of the Notes, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Notes. The Call Options will expire upon the maturity of the Notes. Although the fair value of the Call Options is derived from a notional number of shares of the Company’s common stock, the Call Options may only be settled in cash.

Summary of realized and unrealized gains (losses)

	Quarter Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Realized gains (losses):
Aluminum	$	5.8		$	(1.0	)	$	10.3		$	(1.7	)
Natural Gas		(1.0	)		(0.2	)		(2.4	)		(0.3	)
Total realized gains (losses):	$	4.8		$	(1.2	)	$	7.9		$	(2.0	)
Unrealized (losses) gains:
Aluminum	$	(9.7	)	$	(19.4	)	$	(6.6	)	$	(16.0	)
Natural Gas		0.3			0.4			1.5			(2.8	)
Electricity		(0.1	)		—			(0.1	)		—
Call Options relating to the Notes		8.4			(5.6	)		6.4			(5.6	)
Cash conversion feature of the Notes		(12.0	)		6.5			(8.3	)		6.5
Total unrealized losses	$	(13.1	)	$	(18.1	)	$	(7.1	)	$	(17.9	)