Investor Meetings September 2005 Industrial Plant Flat Rolled

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Investor Meetings September 2005 Industrial Plant Flat Rolled Sheet Dross Consumer Industrial Scrap Ingots Investor Meetings September 2005 Industrial Plant Flat Rolled Sheet Dross Consumer Industrial Scrap Ingots Molten Metal Scrap Recycler Note: All company data is pro forma combined for the impact of the merger.

Aleris Safe Harbor Statements contained in this presentation that state the company’s or its Aleris 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. 2

Merger Overview Merger Overview

Aleris The Merger December 9, 2004 Commonwealth Industries, Inc. Revenue: $2. 4 Billion (1) Aleris The Merger December 9, 2004 Commonwealth Industries, Inc. Revenue: $2. 4 Billion (1) Headquarters: Beachwood, OH NYSE Symbol: ARS (1) LTM as of June 30, 2005. 4

Aleris A New Beginning December 22, 2004, “Ringing the Bell” 5 Aleris A New Beginning December 22, 2004, “Ringing the Bell” 5

Aleris Merger Rationale n Streamlines cost structure; creates value through synergies n Leverages core Aleris Merger Rationale n Streamlines cost structure; creates value through synergies n Leverages core competencies; transfers best practices n Enhances metal sourcing capabilities n Improves competitive position through scale and scope n Strengthens management; enables productivity improvement n Improves access to capital markets n Accelerates ability to pursue growth opportunities Transformational 6

Aleris Initial Strategy Relentless Productivity Improvement n n Implement Six Sigma culture to transform Aleris Initial Strategy Relentless Productivity Improvement n n 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 n n n Pursue U. S. industry acquisition opportunities Expand European recycling operations Explore Uhrichsville integrated recycling/sheet “footprint” in China Unique Opportunity 7

Aleris Acquisition Criteria n Focus on core rolled product and recycling businesses; exploit capabilities Aleris Acquisition Criteria n Focus on core rolled product and recycling businesses; exploit capabilities n Diversify end-uses within rolled products and recycling n Geographic expansion in faster growing economies of Eastern Europe, South America, Asia and China n Upgrade management talent n Target greater than 15% IRR Pursuing Several Opportunities 8

Organizational Overview Organizational Overview

Aleris Management Team Chairman & CEO Steve Demetriou General Counsel Chris Clegg Human Resources Aleris Management Team Chairman & CEO Steve Demetriou General Counsel Chris Clegg Human Resources Melissa Olmstead Asia Pacific Jimmy Chen CFO Mike Friday Controller Bob Holian Treasurer/M&A Sean Stack IT Jeff Holder Internal Audit Ed Vargo Rolled Products John Wasz Metal Sourcing Alan Dick Aluminum Recycling Audit Committee Non-Metal Purchasing Bill Lynch NA Aluminum Recycling Bill Lynch NA Spec Alloys Ed Hoag Europe Dieter Koch & R. Scharf-Bergmann Zinc Barry Hamilton Manufacturing Denis Ray EH&S Ken Willings Global Integration & Strategic Planning Bill Parr Experienced and Proven Value Creators 10

Aleris Culture and Key Values n Sense of urgency - solve today’s problems today Aleris Culture and Key Values n Sense of urgency - solve today’s problems today n Data driven; clearly defined measures n No bureaucracy n Minimum layers in organization n Relentless drive to be more productive in all we do n Unquestionable integrity n Global/international n Recognize great performance Culture Change Underway 11

Aleris Successful Aleris Leader n Tough but motivating to employees n Proactive, communicative and Aleris Successful Aleris Leader n Tough but motivating to employees n Proactive, communicative and value creating to customers n Aggressive, but fair to suppliers/vendors n Knows and uses the numbers n Hands on - able to take on wide span of control n Honest, candid and highest integrity n Complementary leadership Aleris Leaders Can and Will Make a Difference 12

Aleris Transformation Pre-Merger Aleris n Revitalized businesses Upgrade management n Higher quality business mix Aleris Transformation Pre-Merger Aleris n Revitalized businesses Upgrade management n Higher quality business mix n Increase focus and accountability n Industry consolidation opportunities n Relentless focus on productivity improvement n Double digit EBITDA margins ROCE greater than cost of capital n Under-performing n Strong cash generation Distracted management n Rapid culture change n Solid customer base n n Strong Hazelett casting and rotary furnace technologies Future Goal n Untapped potential n Capital constraints n n Pre-Merger Optimize merger integration / exceed synergy targets Improve metal margins Post-Merger Significant Value Creation Opportunity 2006 & Beyond 13

Company Overview Company Overview

Aleris Business Overview Recycling Spec Alloy Zinc n Recycles aluminum dross, new and old Aleris Business Overview Recycling Spec Alloy Zinc n Recycles aluminum dross, new and old scrap n Major customers – Alcoa, Novelis, Arco, Century n Driven by use of recycled materials and the rigid container sheet and common alloy sheet sectors n Recycles, processes and sells aluminum-based spec alloy n Major customers – GM, Contech, Daimler. Chrysler, Ford, Honda, Toyota, Nissan n Driven by increasing usage of aluminum in automotive sector (particularly castings) n Recycles zincbearing secondaries and other zinc materials to produce zinc oxide, zinc dust and zinc metal n Major customers – Goodyear, Bridgestone, Dow Agri, Michelin, Carboline n Driven by castings, tire/auto industries and galvanized steel consumption Sales $547 M Note: Sales are LTM as of June 30, 2005. Sales $223 M International n Recycles aluminum dross and scrap; operates spec alloy facilities n Major customers – Alcoa, Novelis, BMW, Daimler. Chrysler, NEMAK, Alunorf n Driven by auto sector in Europe, can sector in Brazil and industrial growth in Mexico Sales $382 M Rolled Products n Produces common alloy aluminum sheet (with various thickness, width and physical properties) n Major customers. Alcoa Home Exteriors, Great Dane, Gentek, Ryerson n Driven by building and construction, consumer durables, transportation Sales $1, 272 M 15

Aleris Manufacturing Locations Spokane, WA Swansea, Wales UK Post Falls, ID Wendover, UT Coldwater, Aleris Manufacturing Locations Spokane, WA Swansea, Wales UK Post Falls, ID Wendover, UT Coldwater, MI Chicago Heights, IL Saginaw, MI Rock Creek, OH Elyria, OH Bedford, OH Uhrichsville, OH Lewisport, KY Carson, CA Clarksville, TN Goodyear, AZ Sapulpa, OK Millington, TN Morgantown, KY Rockwood, TN Loudon, TN Shelbyville, TN Grevenbroich, Germany Stuttgart, Germany * Töging, Germany Monterrey, Mexico Houston, TX Aluminum Recycling Zinc operations Joint venture Rolled Products operations Pindamonhangaba, Brazil (2) *Under construction 16

Aleris Key Highlights n Conversion company; limited commodity exposure n Favorable long-term industry trends Aleris Key Highlights n Conversion company; limited commodity exposure n Favorable long-term industry trends n Leading positions in diverse and growing industries n Superior low-cost business model n Significant synergy realization opportunity n Diverse end-use applications n Significant liquidity Strong Platform for Cash Flow and Profitability Growth 17

Aleris Limited Commodity Exposure Rolled Products Recycling n ‘Pass-through’ of metal costs n Conversion Aleris Limited Commodity Exposure Rolled Products Recycling n ‘Pass-through’ of metal costs n Conversion fee based sales model n Hedging of metal purchases n Tolling – Reduced working capital – 50% of merchant shipments n Buy / sell – Utilize hedges to minimize risk Natural Gas n Natural gas hedged with contract adjustments and forward positions n 95% hedged in 2005 at 48% below current prices; 50% of 2006 hedged at 30% below current prices Commodity Risk Passed to Customers or Hedged 18

Aleris Favorable Industry Trends U. S. Aluminum Supply(1) Aluminum Content per Vehicle(2) (pounds) (1) Aleris Favorable Industry Trends U. S. Aluminum Supply(1) Aluminum Content per Vehicle(2) (pounds) (1) Source: Aluminum Association (2) Source: The Aluminum Association Recycled Aluminum Provides 95% Energy Savings and 90% Lower Capital Costs vs. Primary 19

Aleris Leading Industry Positions(1) Recycled Aluminum / Spec Alloys Industry Position U. S. Production Aleris Leading Industry Positions(1) Recycled Aluminum / Spec Alloys Industry Position U. S. Production Common (2) Alloy Sheet Zinc Dust & Oxide #1 #2 #1 10, 000 4, 700 530 (millions of lbs) Primary Competitors n Wabash Alloys n Alcoa n Horsehead n Scepter n Novelis n Zochem n Quanex (Nichols) n Purity Zinc (1) Management estimate (2) Non-heat treat sheet, excluding can sheet Well-Positioned in the Improving Industrial Economy 20

Aleris Superior Low Cost Business Model Scrap Spread Versus P 1020 (1) Cash Conversion Aleris Superior Low Cost Business Model Scrap Spread Versus P 1020 (1) Cash Conversion Cost Index (2) ¢/lb — Scrap spread advantage — Rotary furnace technology (1) Source: CMMC (2) Management estimate Vertical Integration of Best-in-Class Melting and Rolling Technologies 21

Aleris Merger Improves Relative Scrap Spreads n Focusing scrap acquisition on dealers rather than Aleris Merger Improves Relative Scrap Spreads n Focusing scrap acquisition on dealers rather than brokers n Moving upstream to acquire more customer/industrial scrap directly n Expanded plant network provides favorable freight dynamics n Acquiring wider basket of scrap types - Uhrichsville - “One stop” delivery provides incentive to dealers n Better management of supply chain n Productivity initiatives to improve net molten metal cost Aggressively Institutionalizing Additional Advantage 22

Aleris Key Business Drivers Key Drivers Aleris Cost Structure (1) (% of sales) n Aleris Key Business Drivers Key Drivers Aleris Cost Structure (1) (% of sales) n Volume / capacity utilization n Scrap spread and availability n Blending efficiency n Metal recovery n Natural gas costs n Product mix (1) 1 H 05 Focusing on Productivity Opportunities to Drive Higher Gross Profit 23

Aleris Core Competency “Just in Time” Molten Metal Delivery is Critical to Key Customers Aleris Core Competency “Just in Time” Molten Metal Delivery is Critical to Key Customers 24

Aleris Core Competency Continuous Casting Technology is Lowest Cost 25 Aleris Core Competency Continuous Casting Technology is Lowest Cost 25

Aleris Synergy Summary ($M) Original Target YTD Annualized Savings $ 5. 0 $ 2. Aleris Synergy Summary ($M) Original Target YTD Annualized Savings $ 5. 0 $ 2. 1 $ 6. 0 Non-Metal Purchasing 5. 0 7. 0 Manufacturing 5. 0 7. 9 10. 0 12. 0 Area Metal Sourcing Shared Services New Target Actions n Freight/scrap mix optimization n Collect more customer scrap n Staff reductions n Casualty/property insurance n Travel n Staff reductions n Lewisport improvements n Ohio improvements n Six Sigma 12. 0 n Staff reductions n IT n Interest expense n Leases Total $25. 0 $27. 0 $ 35. 0 Target Raised to $35 M 26

Aleris Estimated Synergy Capture Profile ($M) 2006 2005 1 H Current Yr Impact 2 Aleris Estimated Synergy Capture Profile ($M) 2006 2005 1 H Current Yr Impact 2 H Total Year 1 H 2 H Total Year $5 $ 15 $ 24 $ 35 Synergies will have Significant Impact on Bottom Line 27

Recent Developments Recent Developments

Aleris Announced Acquisitions Tomra Latasa Reciclagem ALSCO Metals Corporation Products n Collects and recycles Aleris Announced Acquisitions Tomra Latasa Reciclagem ALSCO Metals Corporation Products n Collects and recycles UBC’s, aluminum dross and class scrap n Manufactures sheet, specialty coil and fabricated products Capacity n 88. 2 million lbs. n 190 million lbs. of sheet Locations n Rio de Janeiro, Sao Paulo and Pinda, Brazil n Richmond, VA, Ashville, OH, Roxboro, NC, and Beloit, WI Major Customers n Novelis and Rexam n Norandex, Lansing Building Products, Senox Corporation Sales n $ 59 M n $ 292 M EBITDA n $5 M n $ 25 M Purchase Price n $19 M n $ 150 M Expected Synergies n $1 M n $ 12 M Note: Sales & EBITDA are LTM as of June 30, 2005. 29

Aleris Strategic Rationale Behind Acquisitions Tomra Latasa Reciclagem ALSCO Metals Corporation § Secures position Aleris Strategic Rationale Behind Acquisitions Tomra Latasa Reciclagem ALSCO Metals Corporation § Secures position in Brazil § Opportunity to optimize operations § Access to UBC metal units § Metal sourcing and processing opportunities § Strengthens core business § Eliminates redundant SG&A § Additional manufacturing capabilities Accretive Strategic Acquisitions 30

Aleris Pro Forma including Acquisitions ($M) Tomra Latasa Reciclagem Aleris ALSCO Metals Corporation Aleris Aleris Pro Forma including Acquisitions ($M) Tomra Latasa Reciclagem Aleris ALSCO Metals Corporation Aleris Pro Forma $ 2, 424 $ 59 $ 292 $ 2, 775 EBITDA 192 5 25 222 CAPEX 58 1 4 63 Sales Note: Sales & EBITDA are LTM as of June 30, 2005. CAPEX represents expected 2005 annual spending. Acquisition Strategy Unfolding 31

Rolled Products Rolled Products

Aleris Non-Heat Treat Sheet (NHTS) Products N. A. Flat-Rolled Products n Common alloy — Aleris Non-Heat Treat Sheet (NHTS) Products N. A. Flat-Rolled Products n Common alloy — — — — n Rigid container stock — — — n Beverage containers Packaging Caps & closures 2004 = 10. 7 B lbs N. A. Common Alloy End-Uses Foil & fin — — n Gutters & downspouts Residential siding & fascia Truck trailer siding Automotive panels Boats & marine applications Appliances Conduit Household foil Packaging foil Heat exchangers Insulation Plate — — — Rail cars Naval & commercial marine Armor protection 2004 = 4. 7 B lbs Source: Management estimate 33

Aleris NHTS Shipments U. S. Aluminum NHTS Market (billions of pounds) n Highly correlated Aleris NHTS Shipments U. S. Aluminum NHTS Market (billions of pounds) n Highly correlated with economic growth - Industrial production - n 2006 F 2007 F 11. 7 Interest rates - 11. 2 10. 4 10. 1 Housing starts - 10. 8 10. 4 11. 0 Auto & truck build rates Material of choice in increasing number of applications — Architectural roofing — Truck and trailer — Automotive 9. 7 9. 5 2002 2003 8. 8 1999 2000 2001 2004 E 2005 F 2008 F Source: Management estimate Improving Economy & Product Substitution Drive Growth 34

Aleris Sources of Scrap Aluminum Scrap Supply by Sector n n n 60% of Aleris Sources of Scrap Aluminum Scrap Supply by Sector n n n 60% of scrap supply generated from the manufacturing process — Turnings from production of auto wheels, engine blocks and heads — Scrap from production of can stock, extrusions and building products — Gates and risers from the casting process — Dross 40% of scrap supply is post-consumer scrap — Used beverage cans — Vehicle components — Building materials — Other consumer durables 100% of all collected aluminum scrap is recycled into recovered metal units Consumer durables 20% Building and construction 16% Wide Diversity of Supply Misc. 6% Transportation 36% Packaging and containers 22% 35

Aleris Margin Definitions Molten Metal Cost $0. 82 Scrap Cost $. 78 LME Cost Aleris Margin Definitions Molten Metal Cost $0. 82 Scrap Cost $. 78 LME Cost $. 80 P 1020 Cost $. 86 Midwest Premium $0. 06 Scrap Spread $0. 08 Net Selling Price $1. 31 Metal Margin = $. 49 Rolling Margin = $. 45 n Scrap Spread = P 1020 – scrap cost n Rolling Margin = Net Selling price – P 1020 n Metal Margin = Net selling price – molten metal cost 36

Aleris 2003 2004 2005 Rolled Products Metal Margin Performance n Priced product at premium Aleris 2003 2004 2005 Rolled Products Metal Margin Performance n Priced product at premium to market n Lost significant sales volume n Re-priced product to re-gain share lost n Committed significant volume n Missed opportunity to realize price increases n Obtained 2 H 04 price increase support n New 2005 market based contracts in place n 1 H margins at historical highs (1) Volumes annualized Shrinking Supply and Expanding Demand Drives Improved Margins 37

Aleris Favorable Industry Trends Sheet and Plate “Nameplate” Industry Utilization(1) Industry Structural Change 1998 Aleris Favorable Industry Trends Sheet and Plate “Nameplate” Industry Utilization(1) Industry Structural Change 1998 – 2000 Industry Consolidation n Alcoa acquired Alumax, Golden Aluminum and Reynolds n Pechiney acquired Ravenswood (Century) n Wise Metals acquired Listerhill (Reynolds) n Michigan Avenue Partners acquired Mc. Cook (Reynolds) n MAP acquired Scottsboro (Norandal) 2001 – 2004 Capacity Restructuring n ‘ 01 MAP shuttered Mc. Cook and Scottsboro n ‘ 02 Kaiser declared bankruptcy n ‘ 03 Alcan acquired Pechiney n ‘ 04 Alcoa shuttered San Antonio n ‘ 04 Alcan rolling asset spin off “Novelis” n ’ 04/05 Ormet on strike (1) Source: Management estimates n ’ 05 Aleris announces proposed acquisition of ALSCO Structural North American Industry Capacity Utilization Shift 38

Aleris Recent Capacity Reductions (Millions of Pounds) 2002 Curtailments and Shutdowns Ravenswood San Antonio Aleris Recent Capacity Reductions (Millions of Pounds) 2002 Curtailments and Shutdowns Ravenswood San Antonio Mc. Cook Scottsboro Total Curtailments and Shutdowns (99) (300) (399) 2004 2005 2006 (399) (88) (22) (99) (209) (67) (198) 7 74 62 165 (187) (60) (124) 62 (708) Significant Capacity Reduction - Cumulative 22 Total Additions Net Change 2003 (88) (265) (121) (399) (873) 39

Aleris Financial Summary Aleris Financial Summary

Aleris Recent Performance 1 H ($M) 2005 2004 2003 Reported Revenue $1, 248. 6 Aleris Recent Performance 1 H ($M) 2005 2004 2003 Reported Revenue $1, 248. 6 $892. 0 32. 7 47. 3 48. 2 1. 54 0. 20 (1. 51) (0. 06) $1, 248. 6 $1, 082. 6 $2, 244. 7 $1, 689. 8 123. 8 64. 1 132. 0 78. 5 2. 29 EPS ($/share) $1, 226. 6 100. 2 EBITDA $570. 9 0. 43 0. 83 (0. 14) Proforma excluding special items (1) Revenue EBITDA EPS ($/share) (1) Includes results for both companies as if the merger had occurred on January 1, 2003 and certain purchase accounting adjustments and excludes results of Commonwealth Alflex division sold in July 2004 as well as special items of restructuring and impairment charges, mark-to-market FAS 133 derivative and hedge activity gains and losses and a gain from a foreign currency transaction. The above proforma information is shown for informational purposes and does not conform to Generally Accepted Accounting Principles (GAAP). Please refer to our press releases which presented our second quarter 2005 results and our full year 2004 results dated August 9 and March 15 respectively. These releases present a reconciliation of the above data to the comparable GAAP information. Rolled Products Key Driver of Results 41

Aleris 1 H EBITDA Variance Analysis vs. Last Year (1) ($M - Pro Forma) Aleris 1 H EBITDA Variance Analysis vs. Last Year (1) ($M - Pro Forma) (1) Excludes special items Price/Inflation, Volume/Mix and Productivity/Synergies All Positive 42

Aleris Financial Summary ($M) Adjusted EBITDA(1), (2) Sales (1) LTM (1) Pro forma (2) Aleris Financial Summary ($M) Adjusted EBITDA(1), (2) Sales (1) LTM (1) Pro forma (2) LTM Adjusted for merger and one-time items Adjusted EBITDA Improvements Expected to Continue 43

Aleris Capex ($M) Historical and Forecast Capital Expenditures 2000 Capital Expenditures 2001 2002 2003 Aleris Capex ($M) Historical and Forecast Capital Expenditures 2000 Capital Expenditures 2001 2002 2003 2004 $56. 0 $18. 7 $35. 3 $36. 9 $44. 8 ) 2005 F(1) 2006 F(1) $58. 0 $40 - $45 Key projects n n 2005 P - Stuttgart completion $17. 4 M n (1) 2004 - Stuttgart recycling plant $7. 2 M Ongoing maintenance spending approximately $35 - $40 M Excludes acquisitions Opportunity to Lower “Base” Maintenance Capital via Sinclair Initiative 44

Aleris Cash & Debt Summary ($M - Pro Forma) Dec 31, 2004 $ 18 Aleris Cash & Debt Summary ($M - Pro Forma) Dec 31, 2004 $ 18 March 31, 2005 $ 18 June 30, 2005 $ 45 Revolver 9% Sr Unsecured Notes 10 3/8% Sr Secured Notes IRB Bonds VAW-IMCO Total Debt 51 125 209 19 8 $ 412 25 125 209 19 13 $ 391 0 125 208 19 20 $372 Total Net Debt $ 394 $ 373 $ 327 Credit Statistics LTM EBITDA Debt to EBITDA Net Debt to EBITDA $ 132 3. 1 3. 0 $167 2. 3 2. 2 $ 192 1. 9 1. 7 Liquidity $ 193 $ 254 $ 309 Cash Improved Operating Performance Drives De-Leveraging 45

Aleris Financial Goals n Consistent financial performance with cyclicality muted by ongoing productivity improvements Aleris Financial Goals n Consistent financial performance with cyclicality muted by ongoing productivity improvements n Double-digit EBITDA (1) margins n ROCE levels in excess of WACC n Deleverage n Value creating acquisitions to bolster bottom line n Strong cash flow (1) Excludes special items Consistent Step-Change Earnings Performance Versus Previous Companies 46

Aleris 2 H 05 and Full-Year Outlook § Near-term Hurricane Katrina impact uncertain; long-term Aleris 2 H 05 and Full-Year Outlook § Near-term Hurricane Katrina impact uncertain; long-term should favorably impact volume and scrap spreads n Continued moderate level of GDP growth, auto incentives boost second half production n Continued strong rolled products profitability; however, slight margin pressure n Volume down from 1 H 05 n Synergy capture accelerates n Strong cash flow generation n Total year tax rate at 10. 8% 47

Aleris 2006 Highlights § Hurricane Katrina favorably impacts volume and scrap spreads in Rolled Aleris 2006 Highlights § Hurricane Katrina favorably impacts volume and scrap spreads in Rolled Products n US GDP continues at moderate, approximately 3% n German recycling plant starts up in 1 Q n Commercial/operational improvements take hold in aluminum recycling n Synergies/productivity provides further savings n Acquisitions add to bottom line n Total year tax rate estimated at 26% Forecasting Another Strong Year for Aleris 48




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