|        |
|--------|
|        |
|   |

|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |  |  |  |
| x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934                |
| For the Fiscal Year Ended December 31, 2014                                                                |
| or                                                                                                         |   |   |   |   |
|  ̈  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |
| Delaware                                                       |   | 27-1539594 |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

|        |
|--------|
|        |
|   |

----

|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | This Amendment is being filed solely to include the inadvertently omitted conformed signature of Ernst & Young LLP in the Audit Reports included in Item 8. Financial Statements and Supplementary Data. |

----

|                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                              |  |
| Index                                                                                                                                                        | Page Number |
| Management’s Report on Internal Control Over Financial Reporting                                                                                       | 4 |
| Reports of Independent Registered Public Accounting Firm                                                                                                | 5 |
| Consolidated Balance Sheet as of December 31, 2014 and December 31, 2013                                                                                     | 7 |
| Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012                                                                   | 8 |
| Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2014, 2013 and 2012                                                  | 9 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012                                                                   | 10 |
| Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interest for the years ended December 31, 2014, 2013 and 2012 | 11 |
| Notes to Consolidated Financial Statements                                                                                                                   | 12 |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |
| /s/ Sean M. Stack                                               |
| Sean M. Stack                                                   |
| President and Chief Executive Officer                           |
| (Principal Executive Officer)                                   |
|                                                            |
|                                                            |
| /s/ Eric M. Rychel                                              |
| Eric M. Rychel                                                  |
| Executive Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer)                                   |

----

----

----

|                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                    |  |  |  |  |  |  |  |
|                                                                                                                                               | December 31, |
| ASSETS                                                                                                                                             | 2014 |   | 2013 |
| Current Assets                                                                                                                                     |   |   |   |
| Cash and cash equivalents                                                                                                                          | $ | 28.6 |  |   | $ | 51.3 |  |
| Accounts receivable (net of allowances of $6.5 and $6.2 at December 31, 2014 and 2013, respectively)                                               | 271.0 |  |   | 208.5 |  |
| Inventories                                                                                                                                        | 627.9 |  |   | 494.2 |  |
| Deferred income taxes                                                                                                                              | 28.1 |  |   | 5.9 |  |
| Prepaid expenses and other current assets                                                                                                          | 44.9 |  |   | 23.3 |  |
| Assets of discontinued operations - current                                                                                                        | 385.6 |  |   | 375.8 |  |
| Total Current Assets                                                                                                                               | 1,386.1 |  |   | 1,159.0 |  |
| Property, plant and equipment, net                                                                                                                 | 942.9 |  |   | 904.5 |  |
| Intangible assets, net                                                                                                                             | 44.0 |  |   | 43.5 |  |
| Deferred income taxes                                                                                                                              | 146.7 |  |   | 28.3 |  |
| Other long-term assets                                                                                                                             | 72.4 |  |   | 66.4 |  |
| Assets of discontinued operations - long-term                                                                                                      | 269.8 |  |   | 271.2 |  |
| Total Assets                                                                                                                                       | $ | 2,861.9 |  |   | $ | 2,472.9 |  |
|                                                                                                                                               |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                         |   |   |   |
| Current Liabilities                                                                                                                                |   |   |   |
| Accounts payable                                                                                                                                   | $ | 268.2 |  |   | $ | 165.7 |  |
| Accrued liabilities                                                                                                                                | 183.3 |  |   | 143.9 |  |
| Deferred income taxes                                                                                                                              | 6.2 |  |   | 3.2 |  |
| Current portion of long-term debt                                                                                                                  | 3.3 |  |   | 2.5 |  |
| Liabilities of discontinued operations - current                                                                                                   | 195.9 |  |   | 201.0 |  |
| Total Current Liabilities                                                                                                                          | 656.9 |  |   | 516.3 |  |
| Long-term debt                                                                                                                                     | 1,474.9 |  |   | 1,226.8 |  |
| Deferred income taxes                                                                                                                              | 0.4 |  |   | 1.7 |  |
| Accrued pension benefits                                                                                                                           | 178.7 |  |   | 131.2 |  |
| Accrued postretirement benefits                                                                                                                    | 46.4 |  |   | 40.9 |  |
| Other long-term liabilities                                                                                                                        | 49.2 |  |   | 45.3 |  |
| Liabilities of discontinued operations - long-term                                                                                                 | 156.4 |  |   | 136.3 |  |
| Total Long-Term Liabilities                                                                                                                        | 1,906.0 |  |   | 1,582.2 |  |
| Redeemable noncontrolling interest                                                                                                                 | 5.7 |  |   | 5.7 |  |
| Stockholders’ Equity                                                                                                                         |   |   |   |
| Common stock; par value $.01; 45,000,000 shares authorized and 31,281,513 and 31,229,064 shares issued at December 31, 2014 and 2013, respectively | 0.3 |  |   | 0.3 |  |
| Preferred stock; par value $.01; 1,000,000 shares authorized; none issued                                                                          | — |  |   | — |  |
| Additional paid-in capital                                                                                                                         | 414.1 |  |   | 401.9 |  |
| Retained earnings (deficit)                                                                                                                        | 39.1 |  |   | (47.6 | ) |
| Accumulated other comprehensive (loss) income                                                                                                      | (160.9 | ) |   | 13.8 |  |
| Total Aleris Corporation Equity                                                                                                                    | 292.6 |  |   | 368.4 |  |
| Noncontrolling interest                                                                                                                            | 0.7 |  |   | 0.3 |  |
| Total Equity                                                                                                                                       | 293.3 |  |   | 368.7 |  |
| Total Liabilities and Equity                                                                                                                       | $ | 2,861.9 |  |   | $ | 2,472.9 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            | For the years ended December 31, |
|                                                                            | 2014 |   | 2013 |   | 2012 |
| Revenues                                                                        | $ | 2,882.4 |  |   | $ | 2,520.8 |  |   | $ | 2,552.3 |  |
| Cost of sales                                                                   | 2,634.9 |  |   | 2,337.3 |  |   | 2,220.4 |  |
| Gross profit                                                                    | 247.5 |  |   | 183.5 |  |   | 331.9 |  |
| Selling, general and administrative expenses                                    | 221.9 |  |   | 184.1 |  |   | 207.5 |  |
| Restructuring charges                                                           | 2.8 |  |   | 5.0 |  |   | 8.5 |  |
| Losses (gains) on derivative financial instruments                              | 10.9 |  |   | (31.5 | ) |   | (3.6 | ) |
| Other operating expense (income), net                                           | 0.2 |  |   | (0.3 | ) |   | 0.6 |  |
| Operating income                                                                | 11.7 |  |   | 26.2 |  |   | 118.9 |  |
| Interest expense, net                                                           | 107.4 |  |   | 97.4 |  |   | 52.1 |  |
| Other (income) expense, net                                                     | (20.0 | ) |   | 6.0 |  |   | 2.1 |  |
| (Loss) income from continuing operations before income taxes                    | (75.7 | ) |   | (77.2 | ) |   | 64.7 |  |
| (Benefit from) provision for income taxes                                       | (129.5 | ) |   | (14.2 | ) |   | 5.8 |  |
| Income (loss) from continuing operations                                        | 53.8 |  |   | (63.0 | ) |   | 58.9 |  |
| Income from discontinued operations, net of tax                                 | 34.2 |  |   | 26.9 |  |   | 48.1 |  |
| Net income (loss)                                                               | 88.0 |  |   | (36.1 | ) |   | 107.0 |  |
| Net loss from continuing operations attributable to noncontrolling interest     | — |  |   | — |  |   | (1.8 | ) |
| Net income from discontinued operations attributable to noncontrolling interest | 0.9 |  |   | 1.0 |  |   | 1.3 |  |
| Net income (loss) attributable to Aleris Corporation                            | $ | 87.1 |  |   | $ | (37.1 | ) |   | $ | 107.5 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               |   | For the years ended December 31, |
|                                                                               |   | 2014 |   | 2013 |   | 2012 |
| Net income (loss)                                                                  |   | $ | 88.0 |  |   | $ | (36.1 | ) |   | $ | 107.0 |  |
| Other comprehensive (loss) income, before tax:                                     |   |   |   |   |   |   |
|     Currency translation adjustments                           |   | (93.0 | ) |   | 33.2 |  |   | 10.8 |  |
| Pension and other postretirement liability adjustments                             |   | (99.4 | ) |   | 44.2 |  |   | (56.1 | ) |
| Other comprehensive (loss) income, before tax                                      |   | (192.4 | ) |   | 77.4 |  |   | (45.3 | ) |
| Income tax (benefit) expense related to items of other comprehensive (loss) income |   | (17.7 | ) |   | 1.2 |  |   | (11.9 | ) |
| Other comprehensive (loss) income, net of tax                                      |   | (174.7 | ) |   | 76.2 |  |   | (33.4 | ) |
| Comprehensive (loss) income                                                        |   | (86.7 | ) |   | 40.1 |  |   | 73.6 |  |
| Comprehensive income (loss) attributable to noncontrolling interest                |   | 0.9 |  |   | 1.0 |  |   | (0.5 | ) |
| Comprehensive (loss) income attributable to Aleris Corporation                     |   | $ | (87.6 | ) |   | $ | 39.1 |  |   | $ | 74.1 |  |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                     | For the years ended December 31, |
|                                                                                     | 2014 |   | 2013 |   | 2012 |
| Operating activities                                                                     |   |   |   |   |   |
| Net income (loss)                                                                        | $ | 88.0 |  |   | $ | (36.1 | ) |   | $ | 107.0 |  |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |   |   |   |   |   |
| Depreciation and amortization                                                            | 157.6 |  |   | 129.5 |  |   | 84.8 |  |
| (Benefit from) provision for deferred income taxes                                       | (132.0 | ) |   | (13.7 | ) |   | 10.4 |  |
| Loss recognized on classification as held for sale                                       | 11.2 |  |   | — |  |   | — |  |
| Stock-based compensation expense                                                         | 13.8 |  |   | 14.3 |  |   | 11.4 |  |
| Unrealized gains on derivative financial instruments                                     | (6.5 | ) |   | (0.7 | ) |   | (14.3 | ) |
| Currency exchange (gains) losses on debt                                                 | (11.5 | ) |   | 3.9 |  |   | (3.4 | ) |
| Amortization of debt issuance costs                                                      | 7.4 |  |   | 7.7 |  |   | 6.5 |  |
| Other                                                                                    | 2.0 |  |   | (2.4 | ) |   | 1.5 |  |
| Changes in operating assets and liabilities:                                             |   |   |   |   |   |
|     Change in accounts receivable                                    | (34.1 | ) |   | 16.0 |  |   | 21.4 |  |
|     Change in inventories                                            | (171.5 | ) |   | 15.7 |  |   | (88.4 | ) |
|     Change in other assets                                           | (14.2 | ) |   | (20.5 | ) |   | (33.1 | ) |
|     Change in accounts payable                                       | 78.6 |  |   | (31.3 | ) |   | 42.3 |  |
|     Change in accrued liabilities                                    | 11.2 |  |   | (50.5 | ) |   | 6.4 |  |
| Net cash provided by operating activities                                                | — |  |   | 31.9 |  |   | 152.5 |  |
| Investing activities                                                                     |   |   |   |   |   |
| Purchase of a business                                                                   | (107.4 | ) |   | — |  |   | (21.5 | ) |
| Payments for property, plant and equipment                                               | (164.8 | ) |   | (238.3 | ) |   | (390.2 | ) |
| Proceeds from the sale of property, plant and equipment                                  | 2.8 |  |   | 2.9 |  |   | 0.5 |  |
| Other                                                                                    | 4.1 |  |   | — |  |   | 0.1 |  |
| Net cash used by investing activities                                                    | (265.3 | ) |   | (235.4 | ) |   | (411.1 | ) |
| Financing activities                                                                     |   |   |   |   |   |
| Proceeds from ABL Facility                                                               | 434.0 |  |   | 30.3 |  |   | — |  |
| Payments on ABL Facility                                                                 | (210.0 | ) |   | (30.3 | ) |   | — |  |
| Proceeds from the issuance of 7 7/8% Senior Notes, net of discount of $8.7               | — |  |   | — |  |   | 491.3 |  |
| Proceeds from Zhenjiang Term Loans                                                       | — |  |   | 0.2 |  |   | 130.9 |  |
| Proceeds from Zhenjiang Revolver                                                         | 24.4 |  |   | 4.1 |  |   | — |  |
| Payments on Zhenjiang Revolver                                                           | — |  |   | (4.1 | ) |   | — |  |
| Net payments on other long-term debt                                                     | (0.3 | ) |   | (5.2 | ) |   | (0.2 | ) |
| Debt issuance costs                                                                      | — |  |   | — |  |   | (2.3 | ) |
| Redemption of noncontrolling interest                                                    | — |  |   | (8.9 | ) |   | — |  |
| Dividends paid                                                                           | — |  |   | (313.0 | ) |   | — |  |
| Other                                                                                    | (2.0 | ) |   | (4.7 | ) |   | (2.5 | ) |
| Net cash provided (used) by financing activities                                         | 246.1 |  |   | (331.6 | ) |   | 617.2 |  |
| Effect of exchange rate differences on cash and cash equivalents                         | (4.9 | ) |   | 2.3 |  |   | 2.9 |  |
| Net (decrease) increase in cash and cash equivalents                                     | (24.1 | ) |   | (532.8 | ) |   | 361.5 |  |
| Cash and cash equivalents at beginning of period                                         | 60.1 |  |   | 592.9 |  |   | 231.4 |  |
| Cash and cash equivalents at end of period                                               | 36.0 |  |   | 60.1 |  |   | 592.9 |  |
| Cash and cash equivalents included within assets of discontinued operations - current    | (7.4 | ) |   | (8.8 | ) |   | (10.0 | ) |
| Cash and cash equivalents of continuing operations                                       | $ | 28.6 |  |   | $ | 51.3 |  |   | $ | 582.9 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Common stock |   | Additional paid-in capital |   | Retained earnings (deficit) |   | Accumulated other comprehensive (loss) income |   | Total Aleris Corporation equity |   | Noncontrolling interest |   | Total equity |   | Redeemable noncontrolling interest |
| Balance at January 1, 2012                                          | $ | 0.3 |  |   | $ | 563.4 |  |   | $ | 19.7 |  |   | $ | (29.0 | ) |   | $ | 554.4 |  |   | $ | 6.3 |  |   | $ | 560.7 |  |   | $ | 5.4 |  |
| Net income (loss)                                                   | — |  |   | — |  |   | 107.5 |  |   | — |  |   | 107.5 |  |   | — |  |   | 107.5 |  |   | (0.5 | ) |
| Other comprehensive loss                                            | — |  |   | — |  |   | — |  |   | (33.4 | ) |   | (33.4 | ) |   | — |  |   | (33.4 | ) |   | — |  |
| Distributions to noncontrolling interests                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (0.9 | ) |   | (0.9 | ) |   | — |  |
| Stock-based compensation activity                                   | — |  |   | 10.1 |  |   | — |  |   | — |  |   | 10.1 |  |   | — |  |   | 10.1 |  |   | — |  |
| Reclassifcation of noncontrolling interest                          | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (4.7 | ) |   | (4.7 | ) |   | 4.7 |  |
| Redeemable noncontrolling interest redemption value adjustments     | — |  |   | — |  |   | (4.7 | ) |   | — |  |   | (4.7 | ) |   | — |  |   | (4.7 | ) |   | 4.7 |  |
| Adjustments to noncontrolling interest for change in ownership      | — |  |   | 0.5 |  |   | — |  |   | — |  |   | 0.5 |  |   | (0.5 | ) |   | — |  |   | (8.9 | ) |
| Other                                                               | — |  |   | (0.1 | ) |   | (0.4 | ) |   | — |  |   | (0.5 | ) |   | — |  |   | (0.5 | ) |   | 0.3 |  |
| Balance at December 31, 2012                                        | $ | 0.3 |  |   | $ | 573.9 |  |   | $ | 122.1 |  |   | $ | (62.4 | ) |   | $ | 633.9 |  |   | $ | 0.2 |  |   | $ | 634.1 |  |   | $ | 5.7 |  |
| Net (loss) income                                                   | — |  |   | — |  |   | (37.1 | ) |   | — |  |   | (37.1 | ) |   | 1.0 |  |   | (36.1 | ) |   | — |  |
| Other comprehensive income                                          | — |  |   | — |  |   | — |  |   | 76.2 |  |   | 76.2 |  |   | — |  |   | 76.2 |  |   | — |  |
| Distributions to noncontrolling interests                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (0.9 | ) |   | (0.9 | ) |   | — |  |
| Stock-based compensation activity                                   | — |  |   | 10.9 |  |   | — |  |   | — |  |   | 10.9 |  |   | — |  |   | 10.9 |  |   | — |  |
| Modification of stock options resulting in liability classification | — |  |   | (2.4 | ) |   | — |  |   | — |  |   | (2.4 | ) |   | — |  |   | (2.4 | ) |   | — |  |
| Dividends paid                                                      | — |  |   | (180.9 | ) |   | (132.1 | ) |   | — |  |   | (313.0 | ) |   | — |  |   | (313.0 | ) |   | (0.4 | ) |
| Other                                                               | — |  |   | 0.4 |  |   | (0.5 | ) |   | — |  |   | (0.1 | ) |   | — |  |   | (0.1 | ) |   | 0.4 |  |
| Balance at December 31, 2013                                        | $ | 0.3 |  |   | $ | 401.9 |  |   | $ | (47.6 | ) |   | $ | 13.8 |  |   | $ | 368.4 |  |   | $ | 0.3 |  |   | $ | 368.7 |  |   | $ | 5.7 |  |
| Net income                                                          | — |  |   | — |  |   | 87.1 |  |   | — |  |   | 87.1 |  |   | 0.9 |  |   | 88.0 |  |   | — |  |
| Other comprehensive loss                                            | — |  |   | — |  |   | — |  |   | (174.7 | ) |   | (174.7 | ) |   | — |  |   | (174.7 | ) |   | — |  |
| Distributions to noncontrolling interests                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (0.6 | ) |   | (0.6 | ) |   | — |  |
| Stock-based compensation activity                                   | — |  |   | 12.3 |  |   | — |  |   | — |  |   | 12.3 |  |   | — |  |   | 12.3 |  |   | — |  |
| Other                                                               | — |  |   | (0.1) |  |   | (0.4 | ) |   | — |  |   | (0.5 | ) |   | 0.1 |  |   | (0.4 | ) |   | — |  |
| Balance at December 31, 2014                                        | $ | 0.3 |  |   | $ | 414.1 |  |   | $ | 39.1 |  |   | $ | (160.9 | ) |   | $ | 292.6 |  |   | $ | 0.7 |  |   | $ | 293.3 |  |   | $ | 5.7 |  |

----

|    |                            |
|----|----------------------------|
| 1. |  BASIS OF PRESENTATION |

|    |                                            |
|----|--------------------------------------------|
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |   | For the years ended December 31, |
|                                                                                 |   | 2014 |   | 2013 |   | 2012 |
| Balance at beginning of the period                                                   |   | $ | 7.7 |  |   | $ | 8.1 |  |   | $ | 8.7 |  |
| Expenses for uncollectible accounts, sales returns and allowances, net of recoveries |   | 43.4 |  |   | 42.7 |  |   | 39.9 |  |
| Receivables written off against the valuation reserve                                |   | (43.4 | ) |   | (43.1 | ) |   | (40.5 | ) |
| Balance at end of the period                                                         |   | 7.7 |  |   | 7.7 |  |   | 8.1 |  |
| Balance reclassified to assets of discontinued operations - current                  |   | (1.2 | ) |   | (1.5 | ) |   | (2.5 | ) |
| Balance related to continuing operations                                             |   | $ | 6.5 |  |   | $ | 6.2 |  |   | $ | 5.6 |  |

----

|                                       |
|---------------------------------------|
|                                       |  |  |
| Buildings and improvements            |   | 5 - 33 years |
| Production equipment and machinery    |   | 2 - 25 years |
| Office furniture, equipment and other |   | 3 - 10 years |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | For the years ended December 31, |
|                 |   | 2014 |   | 2013 |   | 2012 |
| Capitalized interest |   | $ | 1.1 |  |   | $ | 7.7 |  |   | $ | 14.8 |  |

|         |                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | In-use:    The highest and best use of the asset is in-use if the asset would provide maximum value to market participants principally through its use in combination with other assets as a group (as installed or otherwise configured for use). |

|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | In-exchange:    The highest and best use of the asset is in-exchange if the asset would provide maximum value to market participants principally on a stand-alone basis. |

----

----

----

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
|                                                                          | December 31, |
|                                                                          | 2014 |   | 2013 |
| Raw materials                                                                 | $ | 217.3 |  |   | $ | 164.7 |  |
| Work in process                                                               | 228.2 |  |   | 181.5 |  |
| Finished goods                                                                | 155.9 |  |   | 129.3 |  |
| Supplies                                                                      | 26.5 |  |   | 18.7 |  |
| Total inventories of continuing operations                                    | 627.9 |  |   | 494.2 |  |
| Total inventories included within assets of discontinued operations - current | 225.2 |  |   | 189.2 |  |
| Total inventories                                                             | $ | 853.1 |  |   | $ | 683.4 |  |

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
|                                                                                             | December 31, |
|                                                                                             | 2014 |   | 2013 |
| Land                                                                                             | $ | 85.2 |  |   | $ | 79.8 |  |
| Buildings and improvements                                                                       | 204.4 |  |   | 189.2 |  |
| Production equipment and machinery                                                               | 841.1 |  |   | 754.6 |  |
| Office furniture and computer equipment                                                          | 83.6 |  |   | 73.3 |  |
| Construction work-in-progress                                                                    | 71.5 |  |   | 41.3 |  |
|    Property, plant and equipment                                                  | 1,285.8 |  |   | 1,138.2 |  |
| Accumulated depreciation                                                                         | (342.9 | ) |   | (233.7 | ) |
|    Property, plant and equipment, net of continuing operations                    | 942.9 |  |   | 904.5 |  |
| Property, plant and equipment, net included within assets of discontinued operations - long-term | 251.6 |  |   | 253.3 |  |
| Total property, plant and equipment, net                                                         | $ | 1,194.5 |  |   | $ | 1,157.8 |  |

|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                       | For the years ended December 31, |
|                                                                                                       | 2014 |   | 2013 |   | 2012 |
| Depreciation expense included within selling, general and administrative (“SG&A”) expenses | $ | 18.2 |  |   | $ | 18.9 |  |   | $ | 7.4 |  |
| Depreciation expense included within cost of sales                                                         | 102.6 |  |   | 77.8 |  |   | 53.0 |  |
| Depreciation expense included within income from discontinued operations, net of tax                       | 34.4 |  |   | 30.7 |  |   | 22.3 |  |
| Repair and maintenance expense included within income from continuing operations                           | 85.5 |  |   | 71.5 |  |   | 61.2 |  |
| Repair and maintenance expense included within income from discontinued operations, net of tax             | 53.9 |  |   | 48.6 |  |   | 49.1 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | December 31, 2014 |   |   |   | December 31, 2013 |
|                   |   | Gross |   |   |   |   |   |   |   | Gross |   |   |   |   |
|                   |   | carrying |   | Accumulated |   | Net |   | Average |   | carrying |   | Accumulated |   | Net |
|                   |   | amount |   | amortization |   | amount |   | life |   | amount |   | amortization |   | amount |
| Trade names            |   | $ | 17.0 |  |   | $ | (0.2 | ) |   | $ | 16.8 |  |   |  Indefinite |   | $ | 16.8 |  |   | $ | — |  |   | $ | 16.8 |  |
| Technology             |   | 5.9 |  |   | (1.1 | ) |   | 4.8 |  |   | 25 years |   | 5.9 |  |   | (0.9 | ) |   | 5.0 |  |
| Customer relationships |   | 31.0 |  |   | (8.6 | ) |   | 22.4 |  |   | 15 years |   | 28.3 |  |   | (6.6 | ) |   | 21.7 |  |
| Total                  |   | $ | 53.9 |  |   | $ | (9.9 | ) |   | $ | 44.0 |  |   | 17 years |   | $ | 51.0 |  |   | $ | (7.5 | ) |   | $ | 43.5 |  |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | For the years ended December 31, |
|                 |   | 2014 |   | 2013 |   | 2012 |
| Amortization expense |   | $ | 2.4 |  |   | $ | 2.1 |  |   | $ | 2.1 |  |

|       |
|-------|
|       |  |  |  |
| 2015  | $ | 2.3 |  |
| 2016  | 2.3 |  |
| 2017  | 2.3 |  |
| 2018  | 2.3 |  |
| 2019  | 2.3 |  |
| Total | $ | 11.5 |  |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |
|                                                                                       | December 31, |
|                                                                                       | 2014 |   | 2013 |
| Employee-related costs                                                                     | $ | 60.0 |  |   | $ | 45.4 |  |
| Accrued professional fees                                                                  | 16.8 |  |   | 5.8 |  |
| Toll liability                                                                             | 11.9 |  |   | 7.9 |  |
| Accrued taxes                                                                              | 10.7 |  |   | 8.7 |  |
| Accrued interest                                                                           | 22.1 |  |   | 21.9 |  |
| Accrued restructuring                                                                      | 3.6 |  |   | 4.0 |  |
| Accrued capital expenditures                                                               | 30.8 |  |   | 27.5 |  |
| Derivative financial instruments                                                           | 3.9 |  |   | 1.7 |  |
| Other liabilities                                                                          | 23.5 |  |   | 21.0 |  |
| Total accrued liabilities of continuing operations                                         | 183.3 |  |   | 143.9 |  |
| Total accrued liabilities included within liabilities of discontinued operations - current | 43.5 |  |   | 57.0 |  |
| Total accrued liabilities                                                                  | $ | 226.8 |  |   | $ | 200.9 |  |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                |   | For the years ended December 31, |
|                                                                                |   | 2014 |   | 2013 |   | 2012 |
| Balance at the beginning of the period                                              |   | $ | 12.4 |  |   | $ | 14.6 |  |   | $ | 13.7 |  |
| Revisions and liabilities incurred                                                  |   | 1.0 |  |   | 0.2 |  |   | 2.1 |  |
| Accretion expense                                                                   |   | 0.3 |  |   | 0.5 |  |   | 0.5 |  |
| Payments                                                                            |   | (0.6 | ) |   | (2.9 | ) |   | (1.7 | ) |
| Translation and other charges                                                       |   | (0.1 | ) |   | — |  |   | — |  |
| Balance at the end of the period                                                    |   | 13.0 |  |   | 12.4 |  |   | 14.6 |  |
| Asset retirement obligations included within liabilities of discontinued operations |   | (8.4 | ) |   | (8.3 | ) |   | (11.2 | ) |
| Balance related to continuing operations                                            |   | $ | 4.6 |  |   | $ | 4.1 |  |   | $ | 3.4 |  |

----

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                    | December 31, |
|                                                                                                                    | 2014 |   | 2013 |
| ABL facility                                                                                                            | $ | 224.0 |  |   | $ | — |  |
| 7 5/8% Senior Notes due 2018, net of discount of $4.5 and $5.9 at December 31, 2014 and December 31, 2013, respectively | 495.5 |  |   | 494.1 |  |
| 7 7/8% Senior Notes due 2020, net of discount of $6.4 and $7.5 at December 31, 2014 and December 31, 2013, respectively | 493.6 |  |   | 492.5 |  |
| Exchangeable Notes, net of discount of $0.6 and $0.7 at December 31, 2014 and December 31, 2013, respectively           | 44.2 |  |   | 44.2 |  |
| Zhenjiang Term Loans, net of discount of $0.9 and $1.0 at December 31, 2014 and December 31, 2013, respectively         | 191.5 |  |   | 192.2 |  |
| Zhenjiang Revolver, net of discount of $0.2 at December 31, 2014                                                        | 24.2 |  |   | — |  |
| Other                                                                                                                   | 5.2 |  |   | 6.3 |  |
| Total debt of continuing operations                                                                                     | 1,478.2 |  |   | 1,229.3 |  |
| Less: Current portion of long-term debt                                                                                 | 3.3 |  |   | 2.5 |  |
| Total long-term debt of continuing operations                                                                           | $ | 1,474.9 |  |   | $ | 1,226.8 |  |
|                                                                                                                    |   |   |   |
| Total debt included within liabilities of discontinued operations                                                       | $ | 13.1 |  |   | $ | 8.0 |  |

|            |
|------------|
|            |  |  |  |  |  |  |  |
|       | Debt |   | Capital leases |
| 2015       | $ | 10.0 |  |   | $ | 3.4 |  |
| 2016       | 234.0 |  |   | 3.4 |  |
| 2017       | 19.5 |  |   | 1.4 |  |
| 2018       | 529.2 |  |   | 0.5 |  |
| 2019       | 39.0 |  |   | 0.1 |  |
| After 2019 | 663.2 |  |   | 0.1 |  |
| Total      | $ | 1,494.9 |  |   | $ | 8.9 |  |

----

|         |                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | in the case of borrowings in U.S. dollars, a LIBOR rate or a base rate determined by reference to the higher of (1) Bank of America’s prime lending rate, (2) the overnight federal funds rate plus 0.5% or (3) a eurodollar rate determined by Bank of America plus 1.0%; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| ▪ | in the case of borrowings in euros, a euro LIBOR rate determined by Bank of America; and |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| ▪ | in the case of borrowings in Canadian dollars, a Canadian prime rate. |

|         |                                |
|---------|--------------------------------|
| ▪ | incur additional indebtedness; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| ▪ | pay dividends on capital stock and make other restricted payments; |

|         |                                    |
|---------|------------------------------------|
| ▪ | make investments and acquisitions; |

|         |                                             |
|---------|---------------------------------------------|
| ▪ | engage in transactions with our affiliates; |

|         |              |
|---------|--------------|
| ▪ | sell assets; |

|         |            |
|---------|------------|
| ▪ | merge; and |

|         |               |
|---------|---------------|
| ▪ | create liens. |

----

|         |                        |
|---------|------------------------|
| ▪ | incur additional debt; |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| ▪ | pay dividends or distributions on capital stock or redeem, repurchase or retire capital stock or subordinated debt; |

|         |                                                   |
|---------|---------------------------------------------------|
| ▪ | issue preferred stock of restricted subsidiaries; |

|         |                           |
|---------|---------------------------|
| ▪ | make certain investments; |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| ▪ | create liens on our or our subsidiary guarantors’ assets to secure debt; |

----

|         |                                             |
|---------|---------------------------------------------|
| ▪ | enter into sale and leaseback transactions; |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | create restrictions on the payments of dividends or other amounts to Aleris International from the restricted subsidiaries that are not guarantors of the 7 5/8% Senior Notes; |

|         |                                          |
|---------|------------------------------------------|
| ▪ | enter into transactions with affiliates; |

|         |                                                |
|---------|------------------------------------------------|
| ▪ | merge or consolidate with another company; and |

|         |                                                           |
|---------|-----------------------------------------------------------|
| ▪ | sell assets, including capital stock of our subsidiaries. |

----

|         |                        |
|---------|------------------------|
| ▪ | incur additional debt; |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| ▪ | pay dividends or distributions on capital stock or redeem, repurchase or retire capital stock or subordinated debt; |

|         |                                                   |
|---------|---------------------------------------------------|
| ▪ | issue preferred stock of restricted subsidiaries; |

|         |                           |
|---------|---------------------------|
| ▪ | make certain investments; |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| ▪ | create liens on its or its subsidiary guarantors’ assets to secure debt; |

|         |                                             |
|---------|---------------------------------------------|
| ▪ | enter into sale and leaseback transactions; |

|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | create restrictions on the payments of dividends or other amounts to Aleris International from the restricted subsidiaries that are not guarantors of the 7 7/8% Senior Notes; |

|         |                                          |
|---------|------------------------------------------|
| ▪ | enter into transactions with affiliates; |

|         |                                                |
|---------|------------------------------------------------|
| ▪ | merge or consolidate with another company; and |

|         |                                                           |
|---------|-----------------------------------------------------------|
| ▪ | sell assets, including capital stock of its subsidiaries. |

----

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | repay loans extended by the shareholders of Aleris Zhenjiang prior to repaying loans under the China Loan Facility or make the China Loan Facility junior to any other debts incurred of the same class for the project; |

|         |                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | distribute any dividend or bonus to shareholders if its pre-tax profit is insufficient to cover a loss or not used to discharge principal, interest and expenses; |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| ▪ | dispose of any assets in a manner that will materially impair its ability to repay debts; |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| ▪ | provide guarantees to third parties above a certain threshold that use assets that are financed by the China Loan Facility; |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| ▪ | permit any individual investor or key management personnel changes that result in a material adverse effect; |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| ▪ | use any proceeds from the China Loan Facility for any purpose other than as set forth therein; and |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| ▪ | enter into additional financing to expand or increase the production capacity of the project. |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    |   | For the years ended December 31, |
|                                    |   | 2014 |   | 2013 |   | 2012 |
| Company match of employee contributions |   | $ | 5.3 |  |   | $ | 4.3 |  |   | $ | 4.4 |  |
| Supplemental employer contributions     |   | 1.4 |  |   | 1.4 |  |   | 1.5 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | U.S. Pension Benefits |
|                                                        |   | For the years ended December 31, |
|                                                        |   | 2014 |   | 2013 |   | 2012 |
| Service cost                                                |   | $ | 3.1 |  |   | $ | 3.7 |  |   | $ | 3.0 |  |
| Interest cost                                               |   | 7.3 |  |   | 6.6 |  |   | 7.2 |  |
| Amortization of net loss                                    |   | — |  |   | 1.5 |  |   | 0.3 |  |
| Amortization of prior service cost                          |   | — |  |   | 0.1 |  |   | 0.1 |  |
| Expected return on plan assets                              |   | (10.5 | ) |   | (9.5 | ) |   | (8.4 | ) |
| Settlement loss                                             |   | — |  |   | 0.2 |  |   | — |  |
| Net periodic benefit cost included in continuing operations |   | $ | (0.1 | ) |   | $ | 2.6 |  |   | $ | 2.2 |  |

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                          |   | Non-U.S. Pension Benefits |
|                                                                          |   | For the years ended December 31, |
|                                                                          |   | 2014 |   | 2013 |   | 2012 |
| Service cost                                                                  |   | $ | 3.8 |  |   | $ | 5.0 |  |   | $ | 2.7 |  |
| Interest cost                                                                 |   | 7.5 |  |   | 7.3 |  |   | 7.1 |  |
| Amortization of net loss                                                      |   | 1.3 |  |   | 1.7 |  |   | — |  |
| Expected return on plan assets                                                |   | (0.2 | ) |   | (0.2 | ) |   | (0.1 | ) |
| Net periodic benefit cost                                                     |   | 12.4 |  |   | 13.8 |  |   | 9.7 |  |
| Net periodic benefit cost reclassified to income from discontinued operations |   | (5.9 | ) |   | (6.5 | ) |   | (5.0 | ) |
| Net periodic benefit cost included in continuing operations                   |   | $ | 6.5 |  |   | $ | 7.3 |  |   | $ | 4.7 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | U.S. Pension Benefits |   | Non-U.S. Pension Benefits |
|                                                |   | For the years ended December 31, |   | For the years ended December 31, |
|                                                |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Change in projected benefit obligations             |   |   |   |   |   |   |   |   |
| Projected benefit obligation at beginning of period |   | $ | 163.7 |  |   | $ | 185.3 |  |   | $ | 205.8 |  |   | $ | 195.5 |  |
| Service cost                                        |   | 3.1 |  |   | 3.7 |  |   | 3.8 |  |   | 5.0 |  |
| Interest cost                                       |   | 7.3 |  |   | 6.6 |  |   | 7.5 |  |   | 7.3 |  |
| Actuarial loss (gain)                               |   | 28.2 |  |   | (19.7 | ) |   | 69.8 |  |   | (4.6 | ) |
| Expenses paid                                       |   | (1.2 | ) |   | (1.1 | ) |   | — |  |   | — |  |
| Benefits paid                                       |   | (10.1 | ) |   | (8.3 | ) |   | (6.8 | ) |   | (6.7 | ) |
| Plan settlements                                    |   | — |  |   | (2.8 | ) |   | — |  |   | — |  |
| Translation and other                               |   | 1.5 |  |   | — |  |   | (30.6 | ) |   | 9.3 |  |
| Projected benefit obligation at end of period       |   | $ | 192.5 |  |   | $ | 163.7 |  |   | $ | 249.5 |  |   | $ | 205.8 |  |
|                                                |   |   |   |   |   |   |   |   |
| Change in plan assets                               |   |   |   |   |   |   |   |   |
| Fair value of plan assets at beginning of period    |   | $ | 130.0 |  |   | $ | 113.5 |  |   | $ | 5.2 |  |   | $ | 3.8 |  |
| Employer contributions                              |   | 9.9 |  |   | 10.3 |  |   | 7.6 |  |   | 7.5 |  |
| Actual return on plan assets                        |   | 6.6 |  |   | 18.4 |  |   | (0.1 | ) |   | — |  |
| Expenses paid                                       |   | (1.2 | ) |   | (1.1 | ) |   | — |  |   | — |  |
| Benefits paid                                       |   | (10.1 | ) |   | (8.3 | ) |   | (6.8 | ) |   | (6.7 | ) |
| Plan settlements                                    |   | — |  |   | (2.8 | ) |   | — |  |   | — |  |
| Translation and other                               |   | — |  |   | — |  |   | (0.7 | ) |   | 0.6 |  |
| Fair value of plan assets at end of period          |   | $ | 135.2 |  |   | $ | 130.0 |  |   | $ | 5.2 |  |   | $ | 5.2 |  |
|                                                |   |   |   |   |   |   |   |   |
| Net amount recognized                               |   | $ | (57.3 | ) |   | $ | (33.7 | ) |   | $ | (244.3 | ) |   | $ | (200.6 | ) |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             |   | U.S. Pension Benefits |   | Non-U.S. Pension Benefits |
|                                                                                             |   | December 31, |   | December 31, |
|                                                                                             |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Noncurrent assets                                                                                |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 0.1 |  |
| Accrued liabilities                                                                              |   | — |  |   | — |  |   | (3.5 | ) |   | (4.0 | ) |
| Accrued pension benefits                                                                         |   | (57.3 | ) |   | (33.7 | ) |   | (121.4 | ) |   | (97.5 | ) |
| Assets of discontinued operations - non-current                                                  |   | — |  |   | — |  |   | — |  |   | 0.1 |  |
| Liabilities of discontinued operations - current                                                 |   | — |  |   | — |  |   | (1.9 | ) |   | (2.0 | ) |
| Liabilities of discontinued operations - non-current                                             |   | — |  |   | — |  |   | (117.5 | ) |   | (97.3 | ) |
| Net amount recognized                                                                            |   | $ | (57.3 | ) |   | $ | (33.7 | ) |   | $ | (244.3 | ) |   | $ | (200.6 | ) |
|                                                                                             |   |   |   |   |   |   |   |   |
| Amounts recognized in accumulated other comprehensive (loss) income (before tax) consist of:     |   |   |   |   |   |   |   |   |
| Net actuarial loss                                                                               |   | $ | 38.6 |  |   | $ | 6.4 |  |   | $ | 95.9 |  |   | $ | 38.0 |  |
| Net prior service cost                                                                           |   | 2.2 |  |   | 0.8 |  |   | — |  |   | — |  |
|                                                                                             |   | $ | 40.8 |  |   | $ | 7.2 |  |   | $ | 95.9 |  |   | $ | 38.0 |  |
|                                                                                             |   |   |   |   |   |   |   |   |
| Amortization expected to be recognized during next fiscal year (before tax):                     |   |   |   |   |   |   |   |   |
| Amortization of net actuarial loss                                                               |   | $ | (2.0 | ) |   |   |   | $ | (5.7 | ) |   |   |
| Amortization of net prior service cost                                                           |   | (0.2 | ) |   |   |   | — |  |   |   |
|                                                                                             |   | $ | (2.2 | ) |   |   |   | $ | (5.7 | ) |   |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| Additional Information                                                                           |   |   |   |   |   |   |   |   |
| Accumulated benefit obligation for all defined benefit pension plans                             |   | $ | 192.5 |  |   | $ | 163.7 |  |   | $ | 239.4 |  |   | $ | 197.9 |  |
| For defined benefit pension plans with projected benefit obligations in excess of plan assets:   |   |   |   |   |   |   |   |   |
| Aggregate projected benefit obligation                                                           |   | 192.5 |  |   | 163.7 |  |   | 249.5 |  |   | 205.6 |  |
| Aggregate fair value of plan assets                                                              |   | 135.2 |  |   | 130.0 |  |   | 5.2 |  |   | 4.7 |  |
| For defined benefit pension plans with accumulated benefit obligations in excess of plan assets: |   |   |   |   |   |   |   |   |
| Aggregate accumulated benefit obligation                                                         |   | 192.5 |  |   | 163.7 |  |   | 239.3 |  |   | 197.7 |  |
| Aggregate fair value of plan assets                                                              |   | 135.2 |  |   | 130.0 |  |   | 5.2 |  |   | 4.7 |  |
| Projected employer contributions for 2015                                                        |   | 9.3 |  |   |   |   | 7.0 |  |   |   |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |
|          |   | U.S. Pension Benefits |
|          |   | As of December 31, |
|          |   | 2014 |   | 2013 |   | 2012 |
| Discount rate |   | 3.8 | % |   | 4.6 | % |   | 3.6 | % |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |
|                                          |   | Non-U.S. Pension Benefits |
|                                          |   | As of December 31, |
|                                          |   | 2014 |   | 2013 |   | 2012 |
| Discount rate                                 |   | 2.2 | % |   | 3.9 | % |   | 3.7 | % |
| Rate of compensation increases, if applicable |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |
|                           |   | U.S. Pension Benefits |
|                           |   | For the years ended December 31, |
|                           |   | 2014 |   | 2013 |   | 2012 |
| Discount rate                  |   | 4.6 | % |   | 3.6 | % |   | 4.5 | % |
| Expected return on plan assets |   | 8.0 |  |   | 8.3 |  |   | 8.3 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |
|                           |   | Non-U.S. Pension Benefits |
|                           |   | For the years ended December 31, |
|                           |   | 2014 |   | 2013 |   | 2012 |
| Discount rate                  |   | 3.9 | % |   | 3.7 | % |   | 4.9 | % |
| Expected return on plan assets |   | 3.1 |  |   | 3.5 |  |   | 4.1 |  |
| Rate of compensation increase  |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |

|              |
|--------------|
|              |  |  |  |  |  |  |  |  |  |
|         |   | Percentage of Plan Assets |
|         |   | 2014 |   | 2013 |   | Target Allocation |
| Cash         |   | 1 | % |   | 1 | % |   | — | % |
| Equity       |   | 62 |  |   | 63 |  |   | 60 |  |
| Fixed income |   | 22 |  |   | 22 |  |   | 25 |  |
| Real estate  |   | 11 |  |   | 10 |  |   | 12 |  |
| Other        |   | 4 |  |   | 4 |  |   | 3 |  |
| Total        |   | 100 | % |   | 100 | % |   | 100 | % |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      |   | Fair Value Measurements at December 31, 2014 Using: |
|                                      |   |   |   | Quoted Prices in |   | Significant |   | Significant |
|                                      |   |   |   | Active Markets for |   | Observable |   | Unobservable |
|                                      |   |   |   | Identical Assets |   | Inputs |   | Inputs |
| Asset Class:                              |   | Fair Value |   | (Level 1) |   | (Level 2) |   | (Level 3) |
| Cash                                      |   | $ | 2.4 |  |   | $ | 2.4 |  |   | $ | — |  |   | $ | — |  |
| Registered Investment Companies:          |   |   |   |  |  |   |  |  |   |  |  |
| Large U.S. Equity                         |   | 18.7 |  |   | 18.7 |  |   | — |  |   | — |  |
| Small / Mid U.S. Equity                   |   | 13.4 |  |   | 13.4 |  |   | — |  |   | — |  |
| International Equity                      |   | 12.9 |  |   | 12.9 |  |   | — |  |   | — |  |
| Commingled and Limited Partnership Funds: |   |   |   |  |  |   |  |  |   |  |  |
| Hedged Equity                             |   | 19.9 |  |   | — |  |   | 19.9 |  |   | — |  |
| Core Real Estate                          |   | 15.3 |  |   | — |  |   | 15.3 |  |   | — |  |
| International Large Cap Equity            |   | 14.4 |  |   | — |  |   | 14.4 |  |   | — |  |
| Core Fixed Income                         |   | 30.4 |  |   | — |  |   | 30.4 |  |   | — |  |
| Small Cap Value Equity                    |   | 7.8 |  |   | — |  |   | 7.8 |  |   | — |  |
| Other                                     |   | 5.2 |  |   | — |  |   | 5.2 |  |   | — |  |
|      Total       |   | $ | 140.4 |  |   | $ | 47.4 |  |   | $ | 93.0 |  |   | $ | — |  |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      |   | Fair Value Measurements at December 31, 2013 Using: |
|                                      |   |   |   | Quoted Prices in |   | Significant |   | Significant |
|                                      |   |   |   | Active Markets for |   | Observable |   | Unobservable |
|                                      |   |   |   | Identical Assets |   | Inputs |   | Inputs |
| Asset Class:                              |   | Fair Value |   | (Level 1) |   | (Level 2) |   | (Level 3) |
| Cash                                      |   | $ | 1.3 |  |   | $ | 1.3 |  |   | $ | — |  |   | $ | — |  |
| Registered Investment Companies:          |   |   |   |   |   |   |   |   |
| Large U.S. Equity                         |   | 16.9 |  |   | 16.9 |  |   | — |  |   | — |  |
| Small / Mid U.S. Equity                   |   | 13.2 |  |   | 13.2 |  |   | — |  |   | — |  |
| International Equity                      |   | 13.8 |  |   | 13.8 |  |   | — |  |   | — |  |
| Fixed Income                              |   | 14.6 |  |   | 14.6 |  |   | — |  |   | — |  |
| Commingled and Limited Partnership Funds: |   |   |   |   |   |   |   |   |
| Hedged Equity                             |   | 18.9 |  |   | — |  |   | 18.9 |  |   | — |  |
| Core Real Estate                          |   | 13.9 |  |   | — |  |   | 13.9 |  |   | — |  |
| International Large Cap Equity            |   | 14.8 |  |   | — |  |   | 14.8 |  |   | — |  |
| Core Fixed Income                         |   | 14.5 |  |   | — |  |   | 14.5 |  |   | — |  |
| Small Cap Value Equity                    |   | 7.4 |  |   | — |  |   | 7.4 |  |   | — |  |
| Other                                     |   | 5.9 |  |   | — |  |   | 5.2 |  |   | 0.7 |  |
|      Total       |   | $ | 135.2 |  |   | $ | 59.8 |  |   | $ | 74.7 |  |   | $ | 0.7 |  |

|         |                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Registered investment companies—These investments are valued at net asset value (“NAV”) of shares at year-end based on quoted market prices and are categorized within Level 1 of the fair value hierarchy. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Commingled and limited partnership funds—These investments are valued at the NAV of units held or ownership interest in partners’ capital at year-end. NAV is determined by dividing the fair value of the fund’s net assets by its units outstanding at the valuation date. Partnership interests are also based on the net asset fair value at the valuation date. All commingled fund and limited partnership investments are categorized within Level 2 of the fair value hierarchy. Each of the commingled funds and limited partnership investments are further described below: |

|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Hedged Equity—Hedged equity funds are primarily comprised of shares or units in other investment companies or trusts. Trading positions are valued in the investment funds at fair value. |

----

|         |                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Core Real Estate—Core real estate funds are composed primarily of real estate investments owned directly or through partnership interests and mortgage loans on income-producing real estate. |

|         |                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | International Large Cap Equity—International large cap equity funds invest in equity securities of companies ordinarily located outside the U.S. and Canada. |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| ▪ | Core Fixed Income—Core fixed income funds primarily invest in fixed income securities. |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| ▪ | Small Cap Value Equity—Limited partnership invested primarily in equity securities of small capitalization companies. |

|             |
|-------------|
|             |  |  |  |  |  |  |  |  |  |  |  |  |
|        |   |   |   | Non-U.S. |   | Non-U.S. |
|        |   | U.S. |   | Pension Benefits |   | Pension Benefits |
|        |   | Pension Benefits |   | (Continuing Operations) |   | (Discontinued Operations) |
| 2015        |   | $ | 9.9 |  |   | $ | 3.5 |  |   | $ | 2.9 |  |
| 2016        |   | 10.3 |  |   | 3.6 |  |   | 3.0 |  |
| 2017        |   | 10.8 |  |   | 3.7 |  |   | 3.2 |  |
| 2018        |   | 10.8 |  |   | 4.6 |  |   | 3.4 |  |
| 2019        |   | 11.2 |  |   | 4.3 |  |   | 3.6 |  |
| 2020 - 2024 |   | 57.1 |  |   | 21.2 |  |   | 20.9 |  |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |
|                                             |   | For the years ended December 31, |
|                                             |   | 2014 |   | 2013 |
| Change in benefit obligations                    |   |   |   |   |
| Benefit obligation at beginning of period        |   | $ | 45.0 |  |   | $ | 56.4 |  |
| Service cost                                     |   | 0.1 |  |   | 0.2 |  |
| Interest cost                                    |   | 1.8 |  |   | 1.8 |  |
| Benefits paid                                    |   | (4.8 | ) |   | (5.3 | ) |
| Employee contributions                           |   | 0.8 |  |   | 0.7 |  |
| Medicare subsidies received                      |   | 0.3 |  |   | 0.2 |  |
| Actuarial loss (gain)                            |   | 7.0 |  |   | (9.0 | ) |
| Other                                            |   | 0.2 |  |   | — |  |
| Benefit obligation at end of period              |   | $ | 50.4 |  |   | $ | 45.0 |  |
|                                             |   |   |   |   |
| Change in plan assets                            |   |   |   |   |
| Fair value of plan assets at beginning of period |   | $ | — |  |   | $ | — |  |
| Employer contributions                           |   | 3.7 |  |   | 4.4 |  |
| Employee contributions                           |   | 0.8 |  |   | 0.7 |  |
| Medicare subsidies received                      |   | 0.3 |  |   | 0.2 |  |
| Benefits paid                                    |   | (4.8 | ) |   | (5.3 | ) |
| Fair value of plan assets at end of period       |   | $ | — |  |   | $ | — |  |
|                                             |   |   |   |   |
| Net amount recognized                            |   | $ | (50.4 | ) |   | $ | (45.0 | ) |

----

|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |  |
|                                                                                         |   | December 31, |
|                                                                                         |   | 2014 |   | 2013 |
| Accrued liabilities                                                                          |   | $ | (4.0 | ) |   | $ | (4.1 | ) |
| Accrued postretirement benefits                                                              |   | (46.4 | ) |   | (40.9 | ) |
| Net amount recognized                                                                        |   | $ | (50.4 | ) |   | $ | (45.0 | ) |
|                                                                                         |   |   |   |   |
| Amounts recognized in accumulated other comprehensive (loss) income (before tax) consist of: |   |   |   |   |
| Net actuarial loss (gain)                                                                    |   | $ | 6.0 |  |   | $ | (1.4 | ) |
| Net prior service cost                                                                       |   | 0.2 |  |   | — |  |
|                                                                                         |   | $ | 6.2 |  |   | $ | (1.4 | ) |
|                                                                                         |   |   |   |   |
| Amortization expected to be recognized during next fiscal year (before tax):                 |   |   |   |   |
|  Amortization of net actuarial loss                                                     |   | $ | 0.4 |  |   |   |
|                                                                                         |   | $ | 0.4 |  |   |   |
|                                                                                         |   |   |   |   |
| Additional information:                                                                      |   |   |   |   |
| For plans with benefit obligations in excess of plan assets:                                 |   |   |   |   |
| Aggregate benefit obligation                                                                 |   | $ | 50.4 |  |   | $ | 45.0 |  |
| Aggregate fair value of plan assets                                                          |   | — |  |   | — |  |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 |   | For the years ended December 31, |
|                                                                 |   | 2014 |   | 2013 |   | 2012 |
| Service cost                                                         |   | $ | 0.1 |  |   | $ | 0.2 |  |   | $ | 0.2 |  |
| Interest cost                                                        |   | 1.8 |  |   | 1.8 |  |   | 2.4 |  |
| Amortization of net (gain) loss                                      |   | (0.4 | ) |   | 0.4 |  |   | 0.3 |  |
| Net postretirement benefit expense included in continuing operations |   | $ | 1.5 |  |   | $ | 2.4 |  |   | $ | 2.9 |  |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |
|                                                              |   | For the years ended December 31, |
|                                                              |   | 2014 |   | 2013 |   | 2012 |
| Discount rate used to determine expense                           |   | 4.2 | % |   | 3.2 | % |   | 4.3 | % |
| Discount rate used to determine end of period benefit obligations |   | 3.6 | % |   | 4.2 | % |   | 3.2 | % |
| Health care cost trend rate assumed for next year                 |   | 7.2 | % |   | 7.2 | % |   | 7.4 | % |
| Ultimate trend rate                                               |   | 4.5 | % |   | 4.5 | % |   | 4.5 | % |
| Year rate reaches ultimate trend rate                             |   | 2027 |  |   | 2027 |  |   | 2027 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |
|                                            |   |  1% increase |   |  1% decrease |
| Effect on total service and interest components |   | $ | 0.1 |  |   | $ | (0.1 | ) |
| Effect on postretirement benefit obligations    |   | 2.2 |  |   | (1.8 | ) |

----

|             |
|-------------|
|             |  |  |  |  |  |  |  |  |
|        |   | Gross Benefit  Payment   |   | Net of Medicare  Part D Subsidy   |
| 2015        |   | $ | 4.3 |  |   | $ | 4.0 |  |
| 2016        |   | 4.3 |  |   | 4.0 |  |
| 2017        |   | 4.2 |  |   | 4.0 |  |
| 2018        |   | 4.1 |  |   | 3.9 |  |
| 2019        |   | 3.9 |  |   | 3.6 |  |
| 2020 - 2024 |   | 16.3 |  |   | 16.3 |  |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     |   |   |   | Weighted |   | Weighted average |   | Weighted |
|                                                     |   |   |   | average |   |  remaining |   | average |
|                                                     |   |   |   | exercise price |   | contractual |   | grant date |
| Service-based options                                    |   | Options |   | per option |   | term in years |   | fair value |
| Outstanding at January 1, 2014                           |   | 3,308,286 |  |   | $ | 24.34 |  |   |   |   | $ | 9.41 |  |
| Granted                                                  |   | 1,007,533 |  |   | 27.20 |  |   |   |   | 14.29 |  |
| Exercised                                                |   | (15,969 | ) |   | 21.35 |  |   |   |   | 10.47 |  |
| Forfeited                                                |   | (224,565 | ) |   | 28.25 |  |   |   |   | 13.37 |  |
| Outstanding at December 31, 2014                         |   | 4,075,285 |  |   | $ | 24.84 |  |   | 6.4 |   | $ | 10.40 |  |
| Options vested and expected to vest at December 31, 2014 |   | 3,968,390 |  |   | $ | 24.75 |  |   | 6.3 |   | $ | 10.28 |  |
| Options exercisable at December 31, 2014                 |   | 3,033,765 |  |   | $ | 23.78 |  |   | 5.6 |   | $ | 8.95 |  |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |
|                                           |   | For the years ended December 31, |
|                                           |   | 2014 |   | 2013 |   | 2012 |
| Weighted average expected option life in years |   | 6.0 |  |   | 3.6 |  |   | 6.0 |  |
| Weighted average grant date fair value         |   | $14.29 |   | $10.68 |   | $24.47 |
| Risk-free interest rate                        |   | 2.0 | % |   | 1.1% - 1.6% |  |   | 0.8% - 1.0% |  |
| Equity volatility factor                       |   | 55 | % |   | 41 | % |   | 55 | % |
| Dividend yield                                 |   | — | % |   | — | % |   | — | % |
| Intrinsic value of options exercised           |   | $0.1 |   | $5.0 |   | $0.3 |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |
|                                         |   |   |   | Weighted |
|                                         |   |   |   | average |
|                                         |   |   |   | grant date |
| Restricted Stock Units and Restricted Shares |   | Shares |   | fair value |
| Outstanding at January 1, 2014               |   | 189,009 |  |   | $ | 35.54 |  |
| Granted                                      |   | 345,764 |  |   | 27.17 |  |
| Vested                                       |   | (87,251 | ) |   | 33.64 |  |
| Forfeited                                    |   | (28,607 | ) |   | 31.71 |  |
| Outstanding at December 31, 2014             |   | 418,915 |  |   | $ | 29.09 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Fair Value of Derivatives as of December 31, |
|                                               |   | 2014 |   | 2013 |
| Derivatives by Type                                |   | Asset |   | Liability |   | Asset |   | Liability |
| Metal                                              |   | $ | 28.6 |  |   | $ | (21.4 | ) |   | $ | 13.3 |  |   | $ | (17.0 | ) |
| Natural gas                                        |   | — |  |   | (3.4 | ) |   | 0.4 |  |   | — |  |
| Total                                              |   | 28.6 |  |   | (24.8 | ) |   | 13.7 |  |   | (17.0 | ) |
| Effect of counterparty netting                     |   | (19.6 | ) |   | 19.6 |  |   | (12.3 | ) |   | 12.3 |  |
| Net derivatives as classified in the balance sheet |   | $ | 9.0 |  |   | $ | (5.2 | ) |   | $ | 1.4 |  |   | $ | (4.7 | ) |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |
|              |   |   |   | December 31, |
| Asset Derivatives |   | Balance Sheet Location |   | 2014 |   | 2013 |
| Metal             |   | Prepaid expenses and other current assets |   | $ | 8.7 |  |   | $ | 1.0 |  |
|              |   | Other long-term assets |   | 0.3 |  |   | — |  |
| Natural gas       |   | Prepaid expenses and other current assets |   | — |  |   | 0.4 |  |
| Total             |   |   |   | $ | 9.0 |  |   | $ | 1.4 |  |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |
|                  |   |   |   | December 31, |
| Liability Derivatives |   | Balance Sheet Location |   | 2014 |   | 2013 |
| Metal                 |   | Accrued liabilities |   | $ | 0.5 |  |   | $ | 1.7 |  |
|                  |   | Other long-term liabilities |   | 1.3 |  |   | 3.0 |  |
| Natural gas           |   | Accrued liabilities |   | 3.4 |  |   | — |  |
| Total                 |   |   |   | $ | 5.2 |  |   | $ | 4.7 |  |

----

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | Fair Value Measurements at December 31, 2014 Using: |
|                   |   | Total Carrying |   | Quoted Prices in |   | Significant |   | Significant |
|                   |   | Value in the |   | Active Markets for |   | Other Observable |   | Unobservable |
|                   |   | Consolidated |   | Identical Assets |   | Inputs |   | Inputs |
| Description            |   | Balance Sheet |   | (Level 1) |   | (Level 2) |   | (Level 3) |
| Derivative assets      |   | $ | 28.6 |  |   | $ | — |  |   | $ | 28.6 |  |   | $ | — |  |
| Derivative liabilities |   | (24.8 | ) |   | — |  |   | (24.8 | ) |   | — |  |
| Net derivative assets  |   | $ | 3.8 |  |   | $ | — |  |   | $ | 3.8 |  |   | $ | — |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       |   | Fair Value Measurements at December 31, 2013 Using: |
|                       |   | Total Carrying |   | Quoted Prices in |   | Significant |   | Significant |
|                       |   | Value in the |   | Active Markets for |   | Other Observable |   | Unobservable |
|                       |   | Consolidated |   | Identical Assets |   | Inputs |   | Inputs |
| Description                |   | Balance Sheet |   | (Level 1) |   | (Level 2) |   | (Level 3) |
| Derivative assets          |   | $ | 13.7 |  |   | $ | — |  |   | $ | 13.7 |  |   | $ | — |  |
| Derivative liabilities     |   | (17.0 | ) |   | — |  |   | (17.0 | ) |   | — |  |
| Net derivative liabilities |   | $ | (3.3 | ) |   | $ | — |  |   | $ | (3.3 | ) |   | $ | — |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | Realized Losses (Gains) on Derivative Financial Instruments |
|                                                                |   | For the years ended December 31, |
|                                                                |   | 2014 |   | 2013 |   | 2012 |
| Metal                                                               |   | $ | 17.6 |  |   | $ | (26.3 | ) |   | $ | 5.0 |  |
| Natural gas                                                         |   | (1.1 | ) |   | 0.6 |  |   | 6.4 |  |
| Currency                                                            |   | — |  |   | — |  |   | 1.6 |  |
| Total realized losses (gains)                                       |   | 16.5 |  |   | (25.7 | ) |   | 13.0 |  |
| Realized losses reclassified to income from discontinued operations |   | 0.3 |  |   | 3.7 |  |   | 4.3 |  |
| Realized losses (gains) of continuing operations                    |   | $ | 16.2 |  |   | $ | (29.4 | ) |   | $ | 8.7 |  |

----

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   | December 31, |
|                      |   | 2014 |   | 2013 |
|                      |   | Carrying |   |   |   | Carrying |   |   |
|                      |   | Amount |   | Fair Value |   | Amount |   | Fair Value |
| Cash and cash equivalents |   | $ | 28.6 |  |   | $ | 28.6 |  |   | $ | 60.1 |  |   | $ | 60.1 |  |
| ABL Facility              |   | 224.0 |  |   | 224.0 |  |   | — |  |   | — |  |
| Exchangeable Notes        |   | 44.2 |  |   | 63.3 |  |   | 44.2 |  |   | 72.7 |  |
| 7 5/8% Senior Notes       |   | 495.5 |  |   | 508.0 |  |   | 494.1 |  |   | 530.0 |  |
| 7 7/8% Senior Notes       |   | 493.6 |  |   | 497.5 |  |   | 492.5 |  |   | 531.3 |  |
| Zhenjiang Term Loans      |   | 191.5 |  |   | 192.4 |  |   | 192.2 |  |   | 193.2 |  |
| Zhenjiang Revolver        |   | 24.2 |  |   | 24.4 |  |   | — |  |   | — |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   | Fair value measurements at December 31, 2014 using: |
| Description               |   | Total estimated fair value |   | Quoted prices inactive markets foridentical assets(Level 1) |   | Significantother observableinputs(Level 2) |   | Significantunobservableinputs(Level 3) |
| Cash and cash equivalents |   | $ | 28.6 |  |   | $ | 28.6 |  |   | $ | — |  |   | $ | — |  |
| ABL Facility              |   | 224.0 |  |   | — |  |   | 224.0 |  |   | — |  |
| Exchangeable Notes        |   | 63.3 |  |   | — |  |   | — |  |   | 63.3 |  |
| 7 5/8% Senior Notes       |   | 508.0 |  |   | 508.0 |  |   | — |  |   | — |  |
| 7 7/8% Senior Notes       |   | 497.5 |  |   | 497.5 |  |   | — |  |   | — |  |
| Zhenjiang Term Loans      |   | 192.4 |  |   | — |  |   | — |  |   | 192.4 |  |
| Zhenjiang Revolver        |   | 24.4 |  |   | — |  |   | — |  |   | 24.4 |  |

----

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   | Fair value measurements at December 31, 2013 using: |
| Description               |   | Total estimated fair value |   | Quoted prices inactive markets foridentical assets(Level 1) |   | Significantother observableinputs(Level 2) |   | Significantunobservableinputs(Level 3) |
| Cash and cash equivalents |   | $ | 60.1 |  |   | $ | 60.1 |  |   | $ | — |  |   | $ | — |  |
| Exchangeable Notes        |   | 72.7 |  |   | — |  |   | — |  |   | 72.7 |  |
| 7 5/8% Senior Notes       |   | 530.0 |  |   | 530.0 |  |   | — |  |   | — |  |
| 7 7/8% Senior Notes       |   | 531.3 |  |   | 531.3 |  |   | — |  |   | — |  |
| Zhenjiang Term Loans      |   | 193.2 |  |   | — |  |   | — |  |   | 193.2 |  |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         |   | For the years ended December 31, |
|                                                         |   | 2014 |   | 2013 |   | 2012 |
| U.S.                                                         |   | $ | (133.3 | ) |   | $ | (101.1 | ) |   | $ | (28.6 | ) |
| International                                                |   | 57.6 |  |   | 23.9 |  |   | 93.3 |  |
| (Loss) income from continuing operations before income taxes |   | (75.7 | ) |   | (77.2 | ) |   | 64.7 |  |
| Income from discontinued operations before income taxes      |   | 36.2 |  |   | 38.5 |  |   | 67.7 |  |
| Total (loss) income before income taxes                      |   | $ | (39.5 | ) |   | $ | (38.7 | ) |   | $ | 132.4 |  |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                               |   | For the years ended December 31, |
|                                                               |   | 2014 |   | 2013 |   | 2012 |
| Current:                                                           |   |   |   |   |   |   |
|      Federal                              |   | $ | (0.3 | ) |   | $ | (0.1 | ) |   | $ | (1.2 | ) |
|      State                                |   | — |  |   | (0.2 | ) |   | 0.3 |  |
|      International                        |   | 8.4 |  |   | 11.1 |  |   | 14.1 |  |
|                                                               |   | 8.1 |  |   | 10.8 |  |   | 13.2 |  |
| Deferred:                                                          |   |   |   |   |   |   |
|      Federal                              |   | (32.0 | ) |   | (8.6 | ) |   | (12.4 | ) |
|      State                                |   | (3.0 | ) |   | (1.5 | ) |   | (2.0 | ) |
|      International                        |   | (102.6 | ) |   | (14.9 | ) |   | 7.0 |  |
|                                                               |   | (137.6 | ) |   | (25.0 | ) |   | (7.4 | ) |
| (Benefit from) provision for income taxes of continuing operations |   | (129.5 | ) |   | (14.2 | ) |   | 5.8 |  |
| Provision for income taxes of discontinued operations              |   | 2.0 |  |   | 11.6 |  |   | 19.6 |  |
| Total (benefit from) provision for income taxes                    |   | $ | (127.5 | ) |   | $ | (2.6 | ) |   | $ | 25.4 |  |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  |   | For the years ended December 31, |
|                                                                  |   | 2014 |   | 2013 |   | 2012 |
| Income tax (benefit) expense at the federal statutory rate            |   | $ | (26.5 | ) |   | $ | (27.0 | ) |   | $ | 22.6 |  |
| Foreign income tax rate differential and permanent differences, net   |   | (24.3 | ) |   | (15.6 | ) |   | (14.3 | ) |
| State income taxes, net                                               |   | (0.7 | ) |   | (5.4 | ) |   | (2.6 | ) |
| Permanent differences, net                                            |   | 0.9 |  |   | 2.1 |  |   | (0.6 | ) |
| Tax on deemed dividend of foreign earnings, net of foreign tax credit |   | (1.3 | ) |   | (3.8 | ) |   | 7.1 |  |
| Change in uncertain tax position                                      |   | 0.1 |  |   | 0.8 |  |   | 0.4 |  |
| Change in valuation allowance                                         |   | (89.2 | ) |   | 33.9 |  |   | (7.8 | ) |
| Effect of intraperiod tax allocation                                  |   | 11.2 |  |   | — |  |   | — |  |
| Other, net                                                            |   | 0.3 |  |   | 0.8 |  |   | 1.0 |  |
| (Benefit from) provision for income taxes of continuing operations    |   | $ | (129.5 | ) |   | $ | (14.2 | ) |   | $ | 5.8 |  |

----

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |
|                                                                                      |   | December 31, |
|                                                                                      |   | 2014 |   | 2013 |
| Deferred Tax Liabilities                                                                  |   |   |   |   |
|      Property, plant and equipment and intangible assets         |   | $ | 38.6 |  |   | $ | 43.4 |  |
|      Other                                                       |   | 13.1 |  |   | 9.4 |  |
| Total deferred tax liabilities                                                            |   | 51.7 |  |   | 52.8 |  |
| Deferred Tax Assets                                                                       |   |   |   |   |
|      Net operating loss carryforwards                            |   | 280.3 |  |   | 421.5 |  |
|      Property, plant and equipment and intangible assets         |   | 61.9 |  |   | 72.7 |  |
|      Accrued pension benefits                                    |   | 45.2 |  |   | 27.2 |  |
|      Accrued liabilities                                         |   | 24.5 |  |   | 18.1 |  |
|      Other                                                       |   | 70.4 |  |   | 57.8 |  |
|                                                                                      |   | 482.3 |  |   | 597.3 |  |
| Valuation allowance                                                                       |   | (262.3 | ) |   | (515.2 | ) |
| Total deferred tax assets                                                                 |   | 220.0 |  |   | 82.1 |  |
| Net deferred tax assets of continuing operations                                          |   | 168.3 |  |   | 29.3 |  |
| Net deferred tax assets included within assets and liabilities of discontinued operations |   | 24.1 |  |   | 14.7 |  |
| Net deferred tax assets                                                                   |   | $ | 192.4 |  |   | $ | 44.0 |  |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            |   | For the years ended December 31, |
|                                                                            |   | 2014 |   | 2013 |   | 2012 |
| Balance at beginning of the period                                              |   | $ | 533.9 |  |   | $ | 502.8 |  |   | $ | 364.6 |  |
| (Reversals) additions recorded in the (benefit from) provision for income taxes |   | (234.4 | ) |   | 33.0 |  |   | 126.4 |  |
| Accumulated other comprehensive income (loss)                                   |   | 15.6 |  |   | (15.3 | ) |   | 6.6 |  |
| Currency translation                                                            |   | (43.3 | ) |   | 13.4 |  |   | 5.2 |  |
| Balance at end of the period                                                    |   | 271.8 |  |   | 533.9 |  |   | 502.8 |  |
| Balance at end of the period included within discontinued operations            |   | (9.5 | ) |   | (18.7 | ) |   | (22.7 | ) |
| Balance related to continuing operations                                        |   | $ | 262.3 |  |   | $ | 515.2 |  |   | $ | 480.1 |  |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     |   | For the years ended December 31, |
|                                                     |   | 2014 |   | 2013 |   | 2012 |
| Balance at beginning of the period                       |   | $ | 2.8 |  |   | $ | 18.5 |  |   | $ | 17.6 |  |
| Additions based on tax positions related to current year |   | — |  |   | — |  |   | 2.1 |  |
| Additions for tax positions of prior years               |   | 0.5 |  |   | 2.2 |  |   | 0.4 |  |
| Reductions for tax positions of prior years              |   | (0.5 | ) |   | (0.2 | ) |   | (0.5 | ) |
| Settlements                                              |   | (0.1 | ) |   | (17.7 | ) |   | (1.1 | ) |
| Balance at end of period                                 |   | $ | 2.7 |  |   | $ | 2.8 |  |   | $ | 18.5 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        |   | 2015 |   | 2016 |   | 2017 |   | 2018 |   | 2019 |   | Thereafter   |
| Operating leases of continuing operations   |   | $ | 2.6 |  |   | $ | 2.4 |  |   | $ | 1.6 |  |   | $ | 1.5 |  |   | $ | 1.4 |  |   | $ | 6.8 |  |
| Operating leases of discontinued operations |   | 3.0 |  |   | 2.5 |  |   | 2.0 |  |   | 0.6 |  |   | 0.2 |  |   | 0.1 |  |
| Total operating leases                      |   | $ | 5.6 |  |   | $ | 4.9 |  |   | $ | 3.6 |  |   | $ | 2.1 |  |   | $ | 1.6 |  |   | $ | 6.9 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | 2015 |   | 2016 |   | 2017 |   | 2018 |   | 2019 |   | Thereafter   |
| Purchase obligations of continuing operations   |   | $ | 434.0 |  |   | $ | 256.3 |  |   | $ | 176.9 |  |   | $ | 21.2 |  |   | $ | 0.6 |  |   | $ | 4.8 |  |
| Purchase obligations of discontinued operations |   | 2.7 |  |   | 2.6 |  |   | 0.3 |  |   | 0.2 |  |   | — |  |   | — |  |
| Total purchase obligations                      |   | $ | 436.7 |  |   | $ | 258.9 |  |   | $ | 177.2 |  |   | $ | 21.4 |  |   | $ | 0.6 |  |   | $ | 4.8 |  |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           |   | For the years ended December 31, |
|                                                           |   | 2014 |   | 2013 |   | 2012 |
| Balance at the beginning of the period                         |   | $ | 35.3 |  |   | $ | 34.2 |  |   | $ | 36.5 |  |
| Revisions and liabilities incurred                             |   | 2.2 |  |   | 1.1 |  |   | (1.8 | ) |
| Liabilities acquired                                           |   | 12.0 |  |   | — |  |   | — |  |
| Payments                                                       |   | (1.9 | ) |   | (1.7 | ) |   | (0.6 | ) |
| Translation and other charges                                  |   | (0.9 | ) |   | 1.7 |  |   | 0.1 |  |
| Balance at the end of the period                               |   | 46.7 |  |   | 35.3 |  |   | 34.2 |  |
| Balance reclassified to liabilities of discontinued operations |   | (22.3 | ) |   | (21.3 | ) |   | (19.9 | ) |
| Balance related to continuing operations                       |   | $ | 24.4 |  |   | $ | 14.0 |  |   | $ | 14.3 |  |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   | North |   |   |   | Asia |   | Intra-entity |   |   |
|                                       |   | America |   | Europe |   | Pacific |   | Revenues |   | Total |
| Year Ended December 31, 2014               |   |   |   |   |   |   |   |   |   |   |
| Revenues to external customers             |   | $ | 1,558.0 |  |   | $ | 1,279.6 |  |   | $ | 44.8 |  |   |   |   | $ | 2,882.4 |  |
| Intra-entity revenues                      |   | 3.8 |  |   | 122.8 |  |   | 7.9 |  |   | $ | (134.5 | ) |   | — |  |
| Total revenues                             |   | 1,561.8 |  |   | 1,402.4 |  |   | 52.7 |  |   | (134.5 | ) |   | 2,882.4 |  |
| Segment income                             |   | 94.6 |  |   | 147.6 |  |   | — |  |   |   |   | 242.2 |  |
| Segment assets                             |   | 790.9 |  |   | 701.9 |  |   | 433.3 |  |   |   |   | 1,926.1 |  |
| Payments for property, plant and equipment |   | 62.4 |  |   | 34.9 |  |   | 17.8 |  |   |   |   | 115.1 |  |
| Year Ended December 31, 2013               |   |   |   |   |   |   |   |   |   |   |
| Revenues to external customers             |   | $ | 1,192.6 |  |   | $ | 1,317.7 |  |   | $ | 10.5 |  |   |   |   | $ | 2,520.8 |  |
| Intra-entity revenues                      |   | 2.2 |  |   | 125.5 |  |   | 10.2 |  |   | $ | (137.9 | ) |   | — |  |
| Total revenues                             |   | 1,194.8 |  |   | 1,443.2 |  |   | 20.7 |  |   | (137.9 | ) |   | 2,520.8 |  |
| Segment income (loss)                      |   | 81.8 |  |   | 132.1 |  |   | (0.2 | ) |   |   |   | 213.7 |  |
| Segment assets                             |   | 524.7 |  |   | 699.2 |  |   | 439.4 |  |   |   |   | 1,663.3 |  |
| Payments for property, plant and equipment |   | 44.1 |  |   | 41.0 |  |   | 92.5 |  |   |   |   | 177.6 |  |
| Year Ended December 31, 2012               |   |   |   |   |   |   |   |   |   |   |
| Revenues to external customers             |   | $ | 1,297.7 |  |   | $ | 1,254.6 |  |   | $ | — |  |   |   |   | $ | 2,552.3 |  |
| Intra-entity revenues                      |   | 2.0 |  |   | 70.3 |  |   | — |  |   | $ | (72.3 | ) |   | — |  |
| Total revenues                             |   | 1,299.7 |  |   | 1,324.9 |  |   | — |  |   | (72.3 | ) |   | 2,552.3 |  |
| Segment income                             |   | 117.6 |  |   | 144.6 |  |   | — |  |   |   |   | 262.2 |  |
| Payments for property, plant and equipment |   | 54.0 |   | 62.8 |   | 173.8 |  |   |   |   | 290.6 |  |

----

|                                                                                                           |
|-----------------------------------------------------------------------------------------------------------|
|                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                      |   | For the years ended December 31, |
|                                                                                                      |   | 2014 |   | 2013 |   | 2012 |
| Profits                                                                                                   |   |   |   |   |   |   |
| Total segment income                                                                                      |   | $ | 242.2 |  |   | $ | 213.7 |  |   | $ | 262.2 |  |
| Unallocated amounts:                                                                                      |   |   |   |   |   |   |
| Depreciation and amortization                                                                             |   | (123.2 | ) |   | (98.8 | ) |   | (62.5 | ) |
| Corporate general and administrative expenses, excluding depreciation, amortization and start-up expenses |   | (77.8 | ) |   | (50.4 | ) |   | (56.2 | ) |
| Restructuring charges                                                                                     |   | (2.8 | ) |   | (5.0 | ) |   | (8.5 | ) |
| Interest expense, net                                                                                     |   | (107.4 | ) |   | (97.4 | ) |   | (52.1 | ) |
| Unallocated gains on derivative financial instruments                                                     |   | 5.4 |  |   | 2.1 |  |   | 12.0 |  |
| Unallocated currency exchange gains (losses)                                                              |   | 12.6 |  |   | (3.8 | ) |   | (0.2 | ) |
| Start-up expenses                                                                                         |   | (24.5 | ) |   | (35.6 | ) |   | (28.5 | ) |
| Other expense, net                                                                                        |   | (0.2 | ) |   | (2.0 | ) |   | (1.5 | ) |
| (Loss) income from continuing operations before income taxes                                              |   | $ | (75.7 | ) |   | $ | (77.2 | ) |   | $ | 64.7 |  |
|                                                                                                      |   |   |   |   |   |   |
| Payments for property, plant and equipment                                                                |   |   |   |   |   |   |
| Total payments for property, plant and equipment for reportable segments                                  |   | $ | 115.1 |  |   | $ | 177.6 |  |   | $ | 290.6 |  |
| Other payments for property, plant and equipment                                                          |   | 49.7 |  |   | 60.7 |  |   | 99.6 |  |
| Total consolidated payments for property, plant and equipment of continuing operations                    |   | $ | 164.8 |  |   | $ | 238.3 |  |   | $ | 390.2 |  |
|                                                                                                      |   |   |   |   |   |   |
| Assets                                                                                                    |   |   |   |   |   |   |
| Total assets for reportable segments                                                                      |   | $ | 1,926.1 |  |   | $ | 1,663.3 |  |   |   |
| Assets of discontinued operations                                                                         |   | 655.4 |  |   | 647.0 |  |   |   |
| Unallocated assets                                                                                        |   | 280.4 |  |   | 162.6 |  |   |  |  |
| Total consolidated assets                                                                                 |   | $ | 2,861.9 |  |   | $ | 2,472.9 |  |   |   |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             |   | For the years ended December 31, |
|                             |   | 2014 |   | 2013 |   | 2012 |
| Revenues                         |   |   |   |   |   |   |
| United States                    |   | $ | 1,489.6 |  |   | $ | 1,239.4 |  |   | $ | 1,351.7 |  |
| International:                   |   |   |   |   |   |   |
| Asia                             |   | 200.8 |  |   | 132.1 |  |   | 154.9 |  |
| Europe                           |   | 981.9 |  |   | 1,027.7 |  |   | 944.9 |  |
| Mexico, Canada and South America |   | 192.2 |  |   | 116.6 |  |   | 95.0 |  |
| Other                            |   | 17.9 |  |   | 5.0 |  |   | 5.8 |  |
| Total international revenues     |   | 1,392.8 |  |   | 1,281.4 |  |   | 1,200.6 |  |
| Consolidated revenues            |   | $ | 2,882.4 |  |   | $ | 2,520.8 |  |   | $ | 2,552.3 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |
|                       |   | December 31, |
|                       |   | 2014 |   | 2013 |
| Long-lived tangible assets |   |   |   |   |
| United States              |   | $ | 355.5 |  |   | $ | 273.1 |  |
| International:             |   |   |   |   |
| Asia                       |   | 337.7 |  |   | 357.8 |  |
| Europe                     |   | 249.7 |  |   | 273.6 |  |
| Total international        |   | 587.4 |  |   | 631.4 |  |
| Consolidated total         |   | $ | 942.9 |  |   | $ | 904.5 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                  |   |   |   | Currency |   | Pension and other |
|                                                                                                  |   | Total |   | translation |   | postretirement |
| Balance at January 1, 2012                                                                            |   | $ | (29.0 | ) |   | $ | 1.8 |  |   | $ | (30.8 | ) |
| Current year currency translation adjustments                                                         |   | 9.7 |  |   | 10.8 |  |   | (1.1 | ) |
| Recognition of net actuarial losses                                                                   |   | (55.7 | ) |   | — |  |   | (55.7 | ) |
| Amortization of net actuarial losses and prior service cost                                           |   | 0.7 |  |   | — |  |   | 0.7 |  |
| Deferred tax benefit on pension and other postretirement liability adjustments                        |   | 11.9 |  |   | — |  |   | 11.9 |  |
| Balance at December 31, 2012                                                                          |   | (62.4 | ) |   | 12.6 |  |   | (75.0 | ) |
| Current year currency translation adjustments                                                         |   | 31.5 |  |   | 33.2 |  |   | (1.7 | ) |
| Recognition of net actuarial gains                                                                    |   | 41.9 |  |   | — |  |   | 41.9 |  |
| Amortization of net actuarial losses and prior service cost, including recognition of settlement loss |   | 4.0 |  |   | — |  |   | 4.0 |  |
| Deferred tax expense on pension and other postretirement liability adjustments                        |   | (1.2 | ) |   | — |  |   | (1.2 | ) |
| Balance at December 31, 2013                                                                          |   | 13.8 |  |   | 45.8 |  |   | (32.0 | ) |
| Current year currency translation adjustments                                                         |   | (82.5 | ) |   | (93.0 | ) |   | 10.5 |  |
| Recognition of net actuarial losses and prior service cost                                            |   | (109.0 | ) |   | — |  |   | (109.0 | ) |
| Amortization of net actuarial losses and prior service cost                                           |   | (0.9 | ) |   | — |  |   | (0.9 | ) |
| Deferred tax benefit on pension and other postretirement liability adjustments                        |   | 17.7 |  |   | — |  |   | 17.7 |  |
| Balance at December 31, 2014                                                                          |   | $ | (160.9 | ) |   | $ | (47.2 | ) |   | $ | (113.7 | ) |

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |
| Description of reclassifications out of accumulated other comprehensive (loss) income |   | Amount reclassified |
| Amortization of defined benefit pension and other postretirement benefit items:       |   |   |   |
| Amortization of net actuarial losses and prior service cost, before tax               |   | $ | (0.9 | ) | (a) |
| Deferred tax benefit on pension and other postretirement liability adjustments        |   | 0.4 |  |   |
| Losses reclassified into earnings, net of tax                                         |   | $ | (0.5 | ) |   |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |
| Accounts receivable                    |   | $ | 40.1 |  |
| Inventories                            |   | 47.8 |  |
| Property, plant and equipment          |   | 71.3 |  |
| Intangible assets                      |   | 2.9 |  |
| Other assets                           |   | 11.7 |  |
| Total assets acquired                  |   | 173.8 |  |
| Accounts payable                       |   | 47.3 |  |
| Accrued expenses and other liabilities |   | 22.0 |  |
| Total liabilities assumed              |   | 69.3 |  |
| Net assets acquired                    |   | 104.5 |  |
| Goodwill resulting from purchase       |   | 2.9 |  |
| Total consideration transferred        |   | $ | 107.4 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
|                                               | December 31, |
|                                               | 2014 |   | 2013 |
| Cash and cash equivalents                          | $ | 7.4 |  |   | $ | 8.8 |  |
| Accounts receivable, net                           | 143.7 |  |   | 168.4 |  |
| Inventories                                        | 225.2 |  |   | 189.2 |  |
| Other assets                                       | 9.3 |  |   | 9.4 |  |
| Total Current Assets                               | $ | 385.6 |  |   | $ | 375.8 |  |
|                                               |   |   |   |
| Property, plant and equipment, net                 | $ | 251.6 |  |   | $ | 253.3 |  |
| Other long-term assets                             | 29.4 |  |   | 17.9 |  |
| Loss recognized on classification as held for sale | (11.2 | ) |   | — |  |
| Total Long-Term Assets                             | $ | 269.8 |  |   | $ | 271.2 |  |
|                                               |   |   |   |
| Accounts payable                                   | $ | 139.6 |  |   | $ | 137.5 |  |
| Accrued and other liabilities                      | 46.2 |  |   | 57.8 |  |
| Current portion of long-term debt                  | 10.1 |  |   | 5.7 |  |
| Total Current Liabilities                          | $ | 195.9 |  |   | $ | 201.0 |  |
|                                               |   |   |   |
| Accrued pension benefits                           | 117.5 |  |   | 97.3 |  |
| Other long-term liabilities                        | 38.9 |  |   | 39.0 |  |
| Total Long-Term Liabilities                        | $ | 156.4 |  |   | $ | 136.3 |  |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | For the years ended December 31, |
|                                                    | 2014 |   | 2013 |   | 2012 |
| Revenues                                                | $ | 1,833.5 |  |   | $ | 1,811.7 |  |   | $ | 1,860.1 |  |
| Cost of sales                                           | 1,718.8 |  |   | 1,705.3 |  |   | 1,726.8 |  |
| Selling, general and administrative expenses            | 57.0 |  |   | 53.9 |  |   | 61.4 |  |
| Loss recognized on classification as held for sale      | 11.2 |  |   | — |  |   | — |  |
| Other operating expense (income), net                   | 9.7 |  |   | 12.4 |  |   | 4.0 |  |
| Operating income from discontinued operations           | 36.8 |  |   | 40.1 |  |   | 67.9 |  |
| Other expense (income), net                             | 0.6 |  |   | 1.6 |  |   | 0.2 |  |
| Income from discontinued operations before income taxes | 36.2 |  |   | 38.5 |  |   | 67.7 |  |
| Provision for income taxes                              | 2.0 |  |   | 11.6 |  |   | 19.6 |  |
| Income from discontinued operations, net of tax         | $ | 34.2 |  |   | $ | 26.9 |  |   | $ | 48.1 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
|                                               | For the years ended December 31, |
|                                               | 2014 |   | 2013 |   | 2012 |
| Depreciation                                       | $ | 34.4 |  |   | $ | 30.7 |  |   | $ | 22.3 |  |
| Payments for property, plant and equipment         | (43.4 | ) |   | (50.0 | ) |   | (74.8 | ) |
| Loss recognized on classification as held for sale | 11.2 |  |   | — |  |   | — |  |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | For the years ended December 31, |
|                                                        |   | 2014 |   | 2013 |   | 2012 |
| Cash payments for:                                          |   |   |   |   |   |   |
| Interest                                                    |   | $ | 100.5 |  |   | $ | 99.5 |  |   | $ | 51.2 |  |
| Income taxes                                                |   | 9.2 |  |   | 37.2 |  |   | 8.6 |  |
| Non-cash financing activity associated with lease contracts |   | 4.9 |  |   | 6.6 |  |   | 2.0 |  |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |
|                                                   |   | Outstanding common shares |
| Balance at January 1, 2012                             |   | 31,031,871 |  |
| Issuance associated with options exercised             |   | 8,843 |  |
| Issuance associated with vested restricted stock units |   | 56,558 |  |
| Balance at December 31, 2012                           |   | 31,097,272 |  |
| Issuance associated with options exercised             |   | 69,794 |  |
| Issuance associated with vested restricted stock units |   | 51,698 |  |
| Issuance upon conversion of Exchangeable Notes         |   | 10,300 |  |
| Balance at December 31, 2013                           |   | 31,229,064 |  |
| Issuance associated with options exercised             |   | 3,434 |  |
| Issuance associated with vested restricted stock units |   | 47,808 |  |
| Issuance upon conversion of Exchangeable Notes         |   | 1,207 |  |
| Balance at December 31, 2014                           |   | 31,281,513 |  |

----

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| ▪ | any sale of the Guarantor Subsidiary or of all or substantially all of its assets; |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | a Guarantor Subsidiary being designated as an “unrestricted subsidiary” in accordance with the indentures governing the Senior Notes; |

|         |                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | the release or discharge of a Guarantor Subsidiary from its guarantee under the ABL Facility or other indebtedness that resulted in the obligation of the Guarantor Subsidiary under the indentures governing the Senior Notes; and |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | the requirements for legal defeasance or covenant defeasance or discharge of the indentures governing the Senior Notes having been satisfied. |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   | As of December 31, 2014 |
|                                                 |   | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| ASSETS                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Assets                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                            |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 28.6 |  |   | $ | — |  |   | $ | 28.6 |  |
| Accounts receivable, net                             |   | — |  |   | — |  |   | 122.8 |  |   | 148.2 |  |   | — |  |   | 271.0 |  |
| Inventories                                          |   | — |  |   | — |  |   | 272.6 |  |   | 355.3 |  |   | — |  |   | 627.9 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | 19.5 |  |   | 8.6 |  |   | — |  |   | 28.1 |  |
| Prepaid expenses and other current assets            |   | — |  |   | 0.6 |  |   | 14.8 |  |   | 29.5 |  |   | — |  |   | 44.9 |  |
| Intercompany receivables                             |   | — |  |   | 86.4 |  |   | 65.4 |  |   | 27.6 |  |   | (179.4 | ) |   | — |  |
| Assets of discontinued operations - current          |   | — |  |   | — |  |   | 131.1 |  |   | 254.5 |  |   | — |  |   | 385.6 |  |
| Total Current Assets                                 |   | — |  |   | 87.0 |  |   | 626.2 |  |   | 852.3 |  |   | (179.4 | ) |   | 1,386.1 |  |
| Property, plant and equipment, net                   |   | — |  |   | — |  |   | 336.6 |  |   | 606.3 |  |   | — |  |   | 942.9 |  |
| Intangible assets, net                               |   | — |  |   | — |  |   | 28.1 |  |   | 15.9 |  |   | — |  |   | 44.0 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | 15.8 |  |   | 130.9 |  |   | — |  |   | 146.7 |  |
| Other long-term assets                               |   | — |  |   | 8.3 |  |   | 7.0 |  |   | 57.1 |  |   | — |  |   | 72.4 |  |
| Intercompany receivables                             |   | — |  |   | 4.3 |  |   | — |  |   | — |  |   | (4.3 | ) |   | — |  |
| Investments in subsidiaries                          |   | 296.9 |  |   | 1,566.4 |  |   | 10.4 |  |   | — |  |   | (1,873.7 | ) |   | — |  |
| Assets of discontinued operations - non-current      |   | — |  |   | — |  |   | 107.5 |  |   | 162.3 |  |   | — |  |   | 269.8 |  |
| Total Assets                                         |   | $ | 296.9 |  |   | $ | 1,666.0 |  |   | $ | 1,131.6 |  |   | $ | 1,824.8 |  |   | $ | (2,057.4 | ) |   | $ | 2,861.9 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY           |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Liabilities                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                     |   | $ | — |  |   | $ | 10.4 |  |   | $ | 131.2 |  |   | $ | 126.6 |  |   | $ | — |  |   | $ | 268.2 |  |
| Accrued liabilities                                  |   | — |  |   | 32.7 |  |   | 73.1 |  |   | 77.5 |  |   | — |  |   | 183.3 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | — |  |   | 6.2 |  |   | — |  |   | 6.2 |  |
| Current portion of long-term debt                    |   | — |  |   | — |  |   | 0.3 |  |   | 3.0 |  |   | — |  |   | 3.3 |  |
| Intercompany payables                                |   | — |  |   | 62.9 |  |   | 89.7 |  |   | 26.8 |  |   | (179.4 | ) |   | — |  |
| Liabilities of discontinued operations - current     |   | — |  |   | — |  |   | 71.1 |  |   | 124.8 |  |   | — |  |   | 195.9 |  |
| Total Current Liabilities                            |   | — |  |   | 106.0 |  |   | 365.4 |  |   | 364.9 |  |   | (179.4 | ) |   | 656.9 |  |
| Long-term debt                                       |   | — |  |   | 1,257.4 |  |   | 0.2 |  |   | 217.3 |  |   | — |  |   | 1,474.9 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | — |  |   | 0.4 |  |   | — |  |   | 0.4 |  |
| Accrued pension benefits                             |   | — |  |   | — |  |   | 57.4 |  |   | 121.3 |  |   | — |  |   | 178.7 |  |
| Accrued postretirement benefits                      |   | — |  |   | — |  |   | 46.4 |  |   | — |  |   | — |  |   | 46.4 |  |
| Other long-term liabilities                          |   | — |  |   | — |  |   | 14.8 |  |   | 34.4 |  |   | — |  |   | 49.2 |  |
| Intercompany payables                                |   | 4.3 |  |   | — |  |   | — |  |   | — |  |   | (4.3 | ) |   | — |  |
| Liabilities of discontinued operations - non-current |   | — |  |   | — |  |   | 18.9 |  |   | 137.5 |  |   | — |  |   | 156.4 |  |
| Total Long-Term Liabilities                          |   | 4.3 |  |   | 1,257.4 |  |   | 137.7 |  |   | 510.9 |  |   | (4.3 | ) |   | 1,906.0 |  |
| Redeemable noncontrolling interest                   |   | — |  |   | 5.7 |  |   | — |  |   | — |  |   | — |  |   | 5.7 |  |
| Total Aleris Corporation Equity                      |   | 292.6 |  |   | 296.9 |  |   | 628.5 |  |   | 948.3 |  |   | (1,873.7 | ) |   | 292.6 |  |
| Noncontrolling interest                              |   | — |  |   | — |  |   | — |  |   | 0.7 |  |   | — |  |   | 0.7 |  |
| Total Liabilities and Equity                         |   | $ | 296.9 |  |   | $ | 1,666.0 |  |   | $ | 1,131.6 |  |   | $ | 1,824.8 |  |   | $ | (2,057.4 | ) |   | $ | 2,861.9 |  |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   | As of December 31, 2013 |
|                                                 |   | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| ASSETS                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Assets                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                            |   | $ | — |  |   | $ | 3.7 |  |   | $ | — |  |   | $ | 50.1 |  |   | $ | (2.5 | ) |   | $ | 51.3 |  |
| Accounts receivable, net                             |   | — |  |   | — |  |   | 74.0 |  |   | 134.5 |  |   | — |  |   | 208.5 |  |
| Inventories                                          |   | — |  |   | — |  |   | 173.0 |  |   | 321.2 |  |   | — |  |   | 494.2 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | 0.2 |  |   | 5.7 |  |   | — |  |   | 5.9 |  |
| Prepaid expenses and other current assets            |   | — |  |   | 0.5 |  |   | 14.2 |  |   | 8.6 |  |   | — |  |   | 23.3 |  |
| Intercompany receivables                             |   | — |  |   | 362.4 |  |   | 378.3 |  |   | 192.4 |  |   | (933.1 | ) |   | — |  |
| Assets of discontinued operations - current          |   | — |  |   | — |  |   | 125.7 |  |   | 250.1 |  |   | — |  |   | 375.8 |  |
| Total Current Assets                                 |   | — |  |   | 366.6 |  |   | 765.4 |  |   | 962.6 |  |   | (935.6 | ) |   | 1,159.0 |  |
| Property, plant and equipment, net                   |   | — |  |   | — |  |   | 272.8 |  |   | 631.7 |  |   | — |  |   | 904.5 |  |
| Intangible assets, net                               |   | — |  |   | — |  |   | 27.6 |  |   | 15.9 |  |   | — |  |   | 43.5 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | — |  |   | 28.3 |  |   | — |  |   | 28.3 |  |
| Other long-term assets                               |   | — |  |   | 12.3 |  |   | 3.0 |  |   | 51.1 |  |   | — |  |   | 66.4 |  |
| Intercompany receivables                             |   | — |  |   | 3.4 |  |   | — |  |   | — |  |   | (3.4 | ) |   | — |  |
| Investments in subsidiaries                          |   | 371.8 |  |   | 1,510.6 |  |   | 117.7 |  |   | — |  |   | (2,000.1 | ) |   | — |  |
| Assets of discontinued operations - non-current      |   | — |  |   | — |  |   | 105.3 |  |   | 165.9 |  |   | — |  |   | 271.2 |  |
| Total Assets                                         |   | $ | 371.8 |  |   | $ | 1,892.9 |  |   | $ | 1,291.8 |  |   | $ | 1,855.5 |  |   | $ | (2,939.1 | ) |   | $ | 2,472.9 |  |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY           |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Liabilities                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                     |   | $ | — |  |   | $ | 0.4 |  |   | $ | 63.3 |  |   | $ | 104.5 |  |   | $ | (2.5 | ) |   | $ | 165.7 |  |
| Accrued liabilities                                  |   | — |  |   | 21.7 |  |   | 37.0 |  |   | 85.2 |  |   | — |  |   | 143.9 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | — |  |   | 3.2 |  |   | — |  |   | 3.2 |  |
| Current portion of long-term debt                    |   | — |  |   | — |  |   | 0.3 |  |   | 2.2 |  |   | — |  |   | 2.5 |  |
| Intercompany payables                                |   | — |  |   | 462.4 |  |   | 371.7 |  |   | 99.0 |  |   | (933.1 | ) |   | — |  |
| Liabilities of discontinued operations - current     |   | — |  |   | — |  |   | 84.0 |  |   | 117.0 |  |   | — |  |   | 201.0 |  |
| Total Current Liabilities                            |   | — |  |   | 484.5 |  |   | 556.3 |  |   | 411.1 |  |   | (935.6 | ) |   | 516.3 |  |
| Long-term debt                                       |   | — |  |   | 1,030.9 |  |   | 0.5 |  |   | 195.4 |  |   | — |  |   | 1,226.8 |  |
| Deferred income taxes                                |   | — |  |   | — |  |   | 0.2 |  |   | 1.5 |  |   | — |  |   | 1.7 |  |
| Accrued pension benefits                             |   | — |  |   | — |  |   | 33.8 |  |   | 97.4 |  |   | — |  |   | 131.2 |  |
| Accrued postretirement benefits                      |   | — |  |   | — |  |   | 40.9 |  |   | — |  |   | — |  |   | 40.9 |  |
| Other long-term liabilities                          |   | — |  |   | — |  |   | 14.4 |  |   | 30.9 |  |   | — |  |   | 45.3 |  |
| Intercompany payables                                |   | 3.4 |  |   | — |  |   | — |  |   | — |  |   | (3.4 | ) |   | — |  |
| Liabilities of discontinued operations - non-current |   | — |  |   | — |  |   | 18.6 |  |   | 117.7 |  |   | — |  |   | 136.3 |  |
| Total Long-Term Liabilities                          |   | 3.4 |  |   | 1,030.9 |  |   | 108.4 |  |   | 442.9 |  |   | (3.4 | ) |   | 1,582.2 |  |
| Redeemable noncontrolling interest                   |   | — |  |   | 5.7 |  |   | — |  |   | — |  |   | — |  |   | 5.7 |  |
| Total Aleris Corporation Equity                      |   | 368.4 |  |   | 371.8 |  |   | 627.1 |  |   | 1,001.2 |  |   | (2,000.1 | ) |   | 368.4 |  |
| Noncontrolling interest                              |   | — |  |   | — |  |   | — |  |   | 0.3 |  |   | — |  |   | 0.3 |  |
| Total Liabilities and Equity                         |   | $ | 371.8 |  |   | $ | 1,892.9 |  |   | $ | 1,291.8 |  |   | $ | 1,855.5 |  |   | $ | (2,939.1 | ) |   | $ | 2,472.9 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            |   | For the year ended December 31, 2014 |
|                                                                            |   | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| Revenues                                                                        |   | $ | — |  |   | $ | — |  |   | $ | 1,559.5 |  |   | $ | 1,403.9 |  |   | $ | (81.0 | ) |   | $ | 2,882.4 |  |
| Cost of sales                                                                   |   | — |  |   | — |  |   | 1,480.8 |  |   | 1,235.1 |  |   | (81.0 | ) |   | 2,634.9 |  |
| Gross profit                                                                    |   | — |  |   | — |  |   | 78.7 |  |   | 168.8 |  |   | — |  |   | 247.5 |  |
| Selling, general and administrative expenses                                    |   | — |  |   | 13.6 |  |   | 112.2 |  |   | 96.1 |  |   | — |  |   | 221.9 |  |
| Restructuring charges                                                           |   | — |  |   | — |  |   | 1.6 |  |   | 1.2 |  |   | — |  |   | 2.8 |  |
| (Gains) losses on derivative financial instruments                              |   | — |  |   | — |  |   | (2.3 | ) |   | 13.2 |  |   | — |  |   | 10.9 |  |
| Other operating expense (income), net                                           |   | — |  |   | — |  |   | 0.5 |  |   | (0.3 | ) |   | — |  |   | 0.2 |  |
| Operating (loss) income                                                         |   | — |  |   | (13.6 | ) |   | (33.3 | ) |   | 58.6 |  |   | — |  |   | 11.7 |  |
| Interest expense, net                                                           |   | — |  |   | — |  |   | 90.6 |  |   | 16.8 |  |   | — |  |   | 107.4 |  |
| Other income, net                                                               |   | — |  |   | (2.0 | ) |   | (5.9 | ) |   | (12.1 | ) |   | — |  |   | (20.0 | ) |
| Equity in net earnings of affiliates                                            |   | (87.1 | ) |   | (98.7 | ) |   | (0.8 | ) |   | — |  |   | 186.6 |  |   | — |  |
| Income (loss) before income taxes                                               |   | 87.1 |  |   | 87.1 |  |   | (117.2 | ) |   | 53.9 |  |   | (186.6 | ) |   | (75.7 | ) |
| Benefit from income taxes                                                       |   | — |  |   | — |  |   | (35.7 | ) |   | (93.8 | ) |   | — |  |   | (129.5 | ) |
| Income (loss) from continuing operations                                        |   | 87.1 |  |   | 87.1 |  |   | (81.5 | ) |   | 147.7 |  |   | (186.6 | ) |   | 53.8 |  |
| Income from discontinued operations, net of tax                                 |   | — |  |   | — |  |   | 30.1 |  |   | 4.1 |  |   | — |  |   | 34.2 |  |
| Net income (loss)                                                               |   | 87.1 |  |   | 87.1 |  |   | (51.4 | ) |   | 151.8 |  |   | (186.6 | ) |   | 88.0 |  |
| Net income from discontinued operations attributable to noncontrolling interest |   | — |  |   | — |  |   | — |  |   | 0.9 |  |   | — |  |   | 0.9 |  |
| Net income (loss) attributable to Aleris Corporation                            |   | $ | 87.1 |  |   | $ | 87.1 |  |   | $ | (51.4 | ) |   | $ | 150.9 |  |   | $ | (186.6 | ) |   | $ | 87.1 |  |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive (loss) income                                                     |   | $ | (87.6 | ) |   | $ | (87.6 | ) |   | $ | (90.8 | ) |   | $ | 16.5 |  |   | $ | 162.8 |  |   | $ | (86.7 | ) |
| Comprehensive income attributable to noncontrolling interest                    |   | — |  |   | — |  |   | — |  |   | 0.9 |  |   | — |  |   | 0.9 |  |
| Comprehensive (loss) income attributable to Aleris Corporation                  |   | $ | (87.6 | ) |   | $ | (87.6 | ) |   | $ | (90.8 | ) |   | $ | 15.6 |  |   | $ | 162.8 |  |   | $ | (87.6 | ) |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            |   | For the year ended December 31, 2013 |
|                                                                            |   | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| Revenues                                                                        |   | $ | — |  |   | $ | — |  |   | $ | 1,192.7 |  |   | $ | 1,329.1 |  |   | $ | (1.0 | ) |   | $ | 2,520.8 |  |
| Cost of sales                                                                   |   | — |  |   | — |  |   | 1,137.4 |  |   | 1,200.9 |  |   | (1.0 | ) |   | 2,337.3 |  |
| Gross profit                                                                    |   | — |  |   | — |  |   | 55.3 |  |   | 128.2 |  |   | — |  |   | 183.5 |  |
| Selling, general and administrative expenses                                    |   | — |  |   | 0.2 |  |   | 91.6 |  |   | 92.3 |  |   | — |  |   | 184.1 |  |
| Restructuring charges                                                           |   | — |  |   | — |  |   | 1.6 |  |   | 3.4 |  |   | — |  |   | 5.0 |  |
| Gains on derivative financial instruments                                       |   | — |  |   | — |  |   | (17.9 | ) |   | (13.6 | ) |   | — |  |   | (31.5 | ) |
| Other operating expense (income), net                                           |   | — |  |   | — |  |   | 0.7 |  |   | (1.0 | ) |   | — |  |   | (0.3 | ) |
| Operating (loss) income                                                         |   | — |  |   | (0.2 | ) |   | (20.7 | ) |   | 47.1 |  |   | — |  |   | 26.2 |  |
| Interest expense, net                                                           |   | — |  |   | — |  |   | 88.9 |  |   | 8.5 |  |   | — |  |   | 97.4 |  |
| Other (income) expense, net                                                     |   | — |  |   | — |  |   | (3.8 | ) |   | 9.8 |  |   | — |  |   | 6.0 |  |
| Equity in net losses (earnings) of affiliates                                   |   | 37.1 |  |   | 36.9 |  |   | (1.1 | ) |   | — |  |   | (72.9 | ) |   | — |  |
| (Loss) income before income taxes                                               |   | (37.1 | ) |   | (37.1 | ) |   | (104.7 | ) |   | 28.8 |  |   | 72.9 |  |   | (77.2 | ) |
| Benefit from income taxes                                                       |   | — |  |   | — |  |   | (10.7 | ) |   | (3.5 | ) |   | — |  |   | (14.2 | ) |
| (Loss) income from continuing operations                                        |   | (37.1 | ) |   | (37.1 | ) |   | (94.0 | ) |   | 32.3 |  |   | 72.9 |  |   | (63.0 | ) |
| Income from discontinued operations, net of tax                                 |   | — |  |   | — |  |   | 14.0 |  |   | 12.9 |  |   | — |  |   | 26.9 |  |
| Net (loss) income                                                               |   | (37.1 | ) |   | (37.1 | ) |   | (80.0 | ) |   | 45.2 |  |   | 72.9 |  |   | (36.1 | ) |
| Net income from discontinued operations attributable to noncontrolling interest |   | — |  |   | — |  |   | — |  |   | 1.0 |  |   | — |  |   | 1.0 |  |
| Net (loss) income attributable to Aleris Corporation                            |   | $ | (37.1 | ) |   | $ | (37.1 | ) |   | $ | (80.0 | ) |   | $ | 44.2 |  |   | $ | 72.9 |  |   | $ | (37.1 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                                     |   | $ | 39.1 |  |   | $ | 39.1 |  |   | $ | (41.0 | ) |   | $ | 80.3 |  |   | $ | (77.4 | ) |   | $ | 40.1 |  |
| Comprehensive income attributable to noncontrolling interest                    |   | — |  |   | — |  |   | — |  |   | 1.0 |  |   | — |  |   | 1.0 |  |
| Comprehensive income (loss) attributable to Aleris Corporation                  |   | $ | 39.1 |  |   | $ | 39.1 |  |   | $ | (41.0 | ) |   | $ | 79.3 |  |   | $ | (77.4 | ) |   | $ | 39.1 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            |   | For the year ended December 31, 2012 |
|                                                                            |   | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| Revenues                                                                        |   | $ | — |  |   | $ | — |  |   | $ | 1,299.8 |  |   | $ | 1,254.7 |  |   | $ | (2.2 | ) |   | $ | 2,552.3 |  |
| Cost of sales                                                                   |   | — |  |   | — |  |   | 1,179.7 |  |   | 1,042.9 |  |   | (2.2 | ) |   | 2,220.4 |  |
| Gross profit                                                                    |   | — |  |   | — |  |   | 120.1 |  |   | 211.8 |  |   | — |  |   | 331.9 |  |
| Selling, general and administrative expenses                                    |   | — |  |   | 0.4 |  |   | 101.6 |  |   | 105.5 |  |   | — |  |   | 207.5 |  |
| Restructuring charges                                                           |   | — |  |   | — |  |   | 1.9 |  |   | 6.6 |  |   | — |  |   | 8.5 |  |
| Losses (gains) on derivative financial instruments                              |   | — |  |   | — |  |   | 3.8 |  |   | (7.4 | ) |   | — |  |   | (3.6 | ) |
| Other operating expense, net                                                    |   | — |  |   | — |  |   | 0.5 |  |   | 0.1 |  |   | — |  |   | 0.6 |  |
| Operating (loss) income                                                         |   | — |  |   | (0.4 | ) |   | 12.3 |  |   | 107.0 |  |   | — |  |   | 118.9 |  |
| Interest expense, net                                                           |   | — |  |   | — |  |   | 51.5 |  |   | 0.6 |  |   | — |  |   | 52.1 |  |
| Other (income) expense, net                                                     |   | — |  |   | — |  |   | (5.2 | ) |   | 7.3 |  |   | — |  |   | 2.1 |  |
| Equity in net earnings of affiliates                                            |   | (107.5 | ) |   | (107.9 | ) |   | (2.3 | ) |   | — |  |   | 217.7 |  |   | — |  |
| Income (loss) before income taxes                                               |   | 107.5 |  |   | 107.5 |  |   | (31.7 | ) |   | 99.1 |  |   | (217.7 | ) |   | 64.7 |  |
| (Benefit from) provision for income taxes                                       |   | — |  |   | — |  |   | (15.9 | ) |   | 21.7 |  |   | — |  |   | 5.8 |  |
| Income (loss) from continuing operations                                        |   | 107.5 |  |   | 107.5 |  |   | (15.8 | ) |   | 77.4 |  |   | (217.7 | ) |   | 58.9 |  |
| Income from discontinued operations, net of tax                                 |   | — |  |   | — |  |   | 18.7 |  |   | 29.4 |  |   | — |  |   | 48.1 |  |
| Net income                                                                      |   | 107.5 |  |   | 107.5 |  |   | 2.9 |  |   | 106.8 |  |   | (217.7 | ) |   | 107.0 |  |
| Net loss from continuing operations attributable to noncontrolling interest     |   | — |  |   | — |  |   | — |  |   | (1.8 | ) |   | — |  |   | (1.8 | ) |
| Net income from discontinued operations attributable to noncontrolling interest |   | — |  |   | — |  |   | — |  |   | 1.3 |  |   | — |  |   | 1.3 |  |
| Net income attributable to Aleris Corporation                                   |   | $ | 107.5 |  |   | $ | 107.5 |  |   | $ | 2.9 |  |   | $ | 107.3 |  |   | $ | (217.7 | ) |   | $ | 107.5 |  |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                                     |   | $ | 74.1 |  |   | $ | 74.1 |  |   | $ | (15.6 | ) |   | $ | 91.8 |  |   | $ | (150.8 | ) |   | $ | 73.6 |  |
| Comprehensive loss attributable to noncontrolling interest                      |   | — |  |   | — |  |   | — |  |   | (0.5 | ) |   | — |  |   | (0.5 | ) |
| Comprehensive income (loss) attributable to Aleris Corporation                  |   | $ | 74.1 |  |   | $ | 74.1 |  |   | $ | (15.6 | ) |   | $ | 92.3 |  |   | $ | (150.8 | ) |   | $ | 74.1 |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | For the year ended December 31, 2014 |
|                                                                                  | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| Net cash provided (used) by operating activities                                      | $ | 1.0 |  |   | $ | (108.9 | ) |   | $ | (32.6 | ) |   | $ | 147.4 |  |   | $ | (6.9 | ) |   | $ | — |  |
| Investing activities                                                                  |   |   |   |   |   |   |   |   |   |   |  |
| Payments for property, plant and equipment                                            | — |  |   | — |  |   | (81.9 | ) |   | (82.9 | ) |   | — |  |   | (164.8 | ) |
| Net proceeds from the disposal of property, plant and equipment                       | — |  |   | — |  |   | 1.5 |  |   | 1.3 |  |   | — |  |   | 2.8 |  |
| Purchase of a business                                                                | — |  |   | — |  |   | (77.5 | ) |   | (29.9 | ) |   | — |  |   | (107.4 | ) |
| Disbursements of intercompany loans                                                   | — |  |   | (15.0 | ) |   | (17.8 | ) |   | (101.0 | ) |   | 133.8 |  |   | — |  |
| Repayments from intercompany loans                                                    | — |  |   | 15.0 |  |   | 17.0 |  |   | 87.0 |  |   | (119.0 | ) |   | — |  |
| Equity contributions in subsidiaries                                                  | — |  |   | (201.3 | ) |   | — |  |   | — |  |   | 201.3 |  |   | — |  |
| Return of investments in subsidiaries                                                 | — |  |   | 68.9 |  |   | 98.2 |  |   | — |  |   | (167.1 | ) |   | — |  |
| Other                                                                                 | — |  |   | — |  |   | 0.3 |  |   | 3.8 |  |   | — |  |   | 4.1 |  |
| Net cash used by investing activities                                                 | — |  |   | (132.4 | ) |   | (60.2 | ) |   | (121.7 | ) |   | 49.0 |  |   | (265.3 | ) |
| Financing activities                                                                  |   |   |   |   |  |   |  |   |  |   |  |
| Proceeds from the ABL Facility                                                        | — |  |   | 389.0 |  |   | — |  |   | 45.0 |  |   | — |  |   | 434.0 |  |
| Payments on the ABL Facility                                                          | — |  |   | (165.0 | ) |   | — |  |   | (45.0 | ) |   | — |  |   | (210.0 | ) |
| Proceeds from Zhenjiang Revolver                                                      | — |  |   | — |  |   | — |  |   | 24.4 |  |   | — |  |   | 24.4 |  |
| Net (payments on) proceeds from other long-term debt                                  | — |  |   | — |  |   | (0.5 | ) |   | 0.2 |  |   | — |  |   | (0.3 | ) |
| Dividends paid                                                                        | — |  |   | — |  |   | (68.9 | ) |   | (107.6 | ) |   | 176.5 |  |   | — |  |
| Proceeds from intercompany loans                                                      | — |  |   | 96.0 |  |   | 5.0 |  |   | 32.8 |  |   | (133.8 | ) |   | — |  |
| Repayments on intercompany loans                                                      | — |  |   | (82.0 | ) |   | (5.0 | ) |   | (32.0 | ) |   | 119.0 |  |   | — |  |
| Proceeds from intercompany equity contributions                                       | — |  |   | — |  |   | 162.2 |  |   | 39.1 |  |   | (201.3 | ) |   | — |  |
| Other                                                                                 | (1.0 | ) |   | (0.4 | ) |   | — |  |   | (0.6 | ) |   | — |  |   | (2.0 | ) |
| Net cash (used) provided by financing activities                                      | (1.0 | ) |   | 237.6 |  |   | 92.8 |  |   | (43.7 | ) |   | (39.6 | ) |   | 246.1 |  |
| Effect of exchange rate differences on cash and cash equivalents                      | — |  |   | — |  |   | — |  |   | (4.9 | ) |   | — |  |   | (4.9 | ) |
| Net decrease in cash and cash equivalents                                             | — |  |   | (3.7 | ) |   | — |  |   | (22.9 | ) |   | 2.5 |  |   | (24.1 | ) |
| Cash and cash equivalents at beginning of period                                      | — |  |   | 3.7 |  |   | — |  |   | 58.9 |  |   | (2.5 | ) |   | 60.1 |  |
| Cash and cash equivalents at end of period                                            | — |  |   | — |  |   | — |  |   | 36.0 |  |   | — |  |   | 36.0 |  |
| Cash and cash equivalents included within assets of discontinued operations - current | — |  |   | — |  |   | — |  |   | (7.4 | ) |   | — |  |   | (7.4 | ) |
| Cash and cash equivalents of continuing operations                                    | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 28.6 |  |   | $ | — |  |   | $ | 28.6 |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                       | For the year ended December 31, 2013 |
|                                                                                       | Aleris Corporation (Parent) |  | Aleris International, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
| Net cash provided by operating activities                                             | $ | 132.1 |  |  | $ | 66.2 |  |  | $ | 119.6 |  |  | $ | 13.5 |  |  | $ | (299.5 | ) |  | $ | 31.9 |  |
| Investing activities                                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Payments for property, plant and equipment                                            | — |  |  | — |  |  | (73.3 | ) |  | (165.0 | ) |  | — |  |  | (238.3 | ) |
| Net proceeds from the disposal of property, plant and equipment                       | — |  |  | — |  |  | 0.9 |  |  | 2.0 |  |  | — |  |  | 2.9 |  |
| Disbursements of intercompany loans                                                   | — |  |  | (60.0 | ) |  | (50.8 | ) |  | — |  |  | 110.8 |  |  | — |  |
| Repayments from intercompany loans                                                    | — |  |  | 60.0 |  |  | 66.0 |  |  | 0.9 |  |  | (126.9 | ) |  | — |  |
| Equity contributions in subsidiaries                                                  | — |  |   | (510.7 | ) |   | (16.8 | ) |   | — |  |   | 527.5 |  |  | — |  |
| Return of investments in subsidiaries                                                 | 180.9 |  |   | 292.6 |  |   | — |  |   | — |  |   | (473.5 | ) |  | — |  |
| Net cash provided (used) by investing activities                                      | 180.9 |  |  | (218.1 | ) |  | (74.0 | ) |  | (162.1 | ) |  | 37.9 |  |  | (235.4 | ) |
| Financing activities                                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Proceeds from the ABL Facility                                                        | — |  |   | 10.3 |  |   | — |  |   | 20.0 |  |   | — |  |   | 30.3 |  |
| Payments on the ABL Facility                                                          | — |  |   | (10.3 | ) |   | — |  |   | (20.0 | ) |   | — |  |   | (30.3 | ) |
| Proceeds from Zhenjiang Term Loans                                                    | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |  |
| Proceeds from Zhenjiang Revolver                                                      | — |  |   | — |  |   | — |  |   | 4.1 |  |   | — |  |   | 4.1 |  |
| Payments on Zhenjiang Revolver                                                        | — |  |   | — |  |   | — |  |   | (4.1 | ) |   | — |  |   | (4.1 | ) |
| Net payments on other long-term debt                                                  | — |  |  | — |  |  | — |  |  | (5.2 | ) |  | — |  |  | (5.2 | ) |
| Redemption of noncontrolling interest                                                 | — |  |   | — |  |   | — |  |   | (8.9 | ) |   | — |  |   | (8.9 | ) |
| Dividends paid                                                                        | (313.0 | ) |   | (313.0 | ) |   | (292.6 | ) |   | (166.0 | ) |   | 771.6 |  |   | (313.0 | ) |
| Proceeds from intercompany loans                                                      | — |  |  | — |  |  | — |  |  | 110.8 |  |  | (110.8 | ) |  | — |  |
| Repayments on intercompany loans                                                      | — |  |  | — |  |  | (0.9 | ) |  | (126.0 | ) |   | 126.9 |  |  | — |  |
| Proceeds from intercompany equity contributions                                       | — |  |   | — |  |   | 247.9 |  |   | 279.6 |  |   | (527.5 | ) |   | — |  |
| Other                                                                                 | — |  |  | (3.8 | ) |  | — |  |  | (0.9 | ) |   | — |  |  | (4.7 | ) |
| Net cash (used) provided by financing activities                                      | (313.0 | ) |  | (316.8 | ) |  | (45.6 | ) |  | 83.6 |  |  | 260.2 |  |  | (331.6 | ) |
| Effect of exchange rate differences on cash and cash equivalents                      | — |  |  | — |  |  | — |  |  | 2.3 |  |  | — |  |  | 2.3 |  |
| Net decrease in cash and cash equivalents                                             | — |  |  | (468.7 | ) |  | — |  |  | (62.7 | ) |  | (1.4 | ) |  | (532.8 | ) |
| Cash and cash equivalents at beginning of period                                      | — |  |   | 472.4 |  |   | — |  |   | 121.6 |  |   | (1.1 | ) |   | 592.9 |  |
| Cash and cash equivalents at end of period                                            | — |  |   | 3.7 |  |   | — |  |   | 58.9 |  |   | (2.5 | ) |   | 60.1 |  |
| Cash and cash equivalents included within assets of discontinued operations - current | — |  |   | — |  |   | — |  |   | (8.8 | ) |   | — |  |   | (8.8 | ) |
| Cash and cash equivalents of continuing operations                                    | $ | — |  |   | $ | 3.7 |  |   | $ | — |  |   | $ | 50.1 |  |   | $ | (2.5 | ) |   | $ | 51.3 |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | For the year ended December 31, 2012 |
|                                                                                  | Aleris Corporation (Parent) |   | Aleris International, Inc. |   | Guarantor Subsidiaries |   | Non-Guarantor Subsidiaries |   | Eliminations |   | Consolidated |
| Net cash provided by operating activities                                             | $ | 1.5 |  |   | $ | 32.1 |  |   | $ | 84.6 |  |   | $ | 36.1 |  |   | $ | (1.8 | ) |   | $ | 152.5 |  |
| Investing activities                                                                  |   |   |   |   |   |   |   |   |   |   |  |
| Payments for property, plant and equipment                                            | — |  |   | — |  |   | (122.1 | ) |   | (268.1 | ) |   | — |  |   | (390.2 | ) |
| Purchase of a Business                                                                | — |  |   | — |  |   | — |  |   | (21.5 | ) |   | — |  |   | (21.5 | ) |
| Net (payments on) proceeds from the disposal of property, plant and equipment         | — |  |   | — |  |   | (0.3 | ) |   | 0.8 |  |   | — |  |   | 0.5 |  |
| Disbursements of intercompany loans                                                   | — |  |   | — |  |   | (19.1 | ) |   | — |  |   | 19.1 |  |   | — |  |
| Repayments from intercompany loans                                                    | — |  |   | — |  |   | 57.6 |  |   | 0.8 |  |   | (58.4 | ) |   | — |  |
| Equity contributions in subsidiaries                                                  | — |  |   | (116.2 | ) |   | (5.9 | ) |   | — |  |   | 122.1 |  |   | — |  |
| Other                                                                                 | — |  |   | — |  |   | 0.1 |  |   | — |  |   | — |  |   | 0.1 |  |
| Net cash used by investing activities                                                 | — |  |   | (116.2 | ) |   | (89.7 | ) |   | (288.0 | ) |   | 82.8 |  |   | (411.1 | ) |
| Financing activities                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from the issuance of 7 7/8% Senior Notes, net of discount of $8.7            | — |  |   | 491.3 |  |   | — |  |   | — |  |   | — |  |   | 491.3 |  |
| Proceeds from Zhenjiang Term Loans                                                    | — |  |   | — |  |   | — |  |   | 130.9 |  |   | — |  |   | 130.9 |  |
| Net payments on other long-term debt                                                  | — |  |   | — |  |   | — |  |   | (0.2 | ) |   | — |  |   | (0.2 | ) |
| Debt issuance costs                                                                   | — |  |   | (1.8 | ) |   | — |  |   | (0.5 | ) |   | — |  |   | (2.3 | ) |
| Dividends paid                                                                        | — |  |   | — |  |   | — |  |   | (2.1 | ) |   | 2.1 |  |   | — |  |
| Proceeds from intercompany loans                                                      | — |  |   | — |  |   | — |  |   | 19.1 |  |   | (19.1 | ) |   | — |  |
| Repayments on intercompany loans                                                      | — |  |   | — |  |   | (0.8 | ) |   | (57.6 | ) |   | 58.4 |  |   | — |  |
| Proceeds from intercompany equity contributions                                       | — |  |   | — |  |   | 5.9 |  |   | 116.2 |  |   | (122.1 | ) |   | — |  |
| Other                                                                                 | (1.5 | ) |   | (0.1 | ) |   | — |  |   | (0.9 | ) |   | — |  |   | (2.5 | ) |
| Net cash (used) provided by financing activities                                      | (1.5 | ) |   | 489.4 |  |   | 5.1 |  |   | 204.9 |  |   | (80.7 | ) |   | 617.2 |  |
| Effect of exchange rate differences on cash and cash equivalents                      | — |  |   | — |  |   | — |  |   | 2.9 |  |   | — |  |   | 2.9 |  |
| Net increase (decrease) in cash and cash equivalents                                  | — |  |   | 405.3 |  |   | — |  |   | (44.1 | ) |   | 0.3 |  |   | 361.5 |  |
| Cash and cash equivalents at beginning of period                                      | — |  |   | 67.1 |  |   | — |  |   | 165.7 |  |   | (1.4 | ) |   | 231.4 |  |
| Cash and cash equivalents at end of period                                            | — |  |   | 472.4 |  |   | — |  |   | 121.6 |  |   | (1.1 | ) |   | 592.9 |  |
| Cash and cash equivalents included within assets of discontinued operations - current | — |  |   | — |  |   | — |  |   | (10.0 | ) |   | — |  |   | (10.0 | ) |
| Cash and cash equivalents of continuing operations                                    | $ | — |  |   | $ | 472.4 |  |   | $ | — |  |   | $ | 111.6 |  |   | $ | (1.1 | ) |   | $ | 582.9 |  |

----

|                  |
|------------------|
|                  |  |  |
|             |   ALERIS CORPORATION |
|             |   |   |
| November 3, 2015 | By: |   /s/ Eric M. Rychel |
|             |   | Eric M. RychelExecutive Vice President, Chief Financial Officer and Treasurer |

----

|               |
|---------------|
|               |  |  |
| Exhibit Index |
|          |   |   |
| Exhibit       |   |   |
| Number        |   | Description |

|     |                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1 | First Amended Joint Plan of Reorganization of Aleris International, Inc. and its Affiliated Debtors, as modified, Mar. 19, 2010 (filed as Exhibit 2.1 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.2 | Purchase and Sale Agreement, dated October 17, 2014, among Aleris Corporation, Aleris International, Inc., Aleris Aluminum Netherlands B.V., Aleris Deutschland Holding GmbH, Aleris Holding Canada Limited, Dutch Aluminum C.V., Aleris Deutschland Vier GmbH Co KG, SGH Acquisition Holding, Inc., Evergreen Holding Germany GmbH and Signature Group Holdings, Inc. (filed as Exhibit 2.1 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443) filed October 23, 2014, and incorporated herein by reference). |

|     |                                                                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.3 | Backstop Agreement, dated October 17, 2014, between Aleris Corporation and Signature Group Holdings, Inc. (filed as Exhibit 2.2 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443) filed on October 23, 2014, and incorporated herein by reference). |

|     |                                                                 |
|-----|-----------------------------------------------------------------|
| 3.1 | Certificate of Incorporation of Aleris Corporation, as amended. |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| 3.2 | Amended and Restated Bylaws of Aleris Holding Company (n/k/a Aleris Corporation). |

|     |                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1 | Stockholders Agreement, dated June 1, 2010, between Aleris Holding Company and the stockholders of Aleris Holding Company named therein (filed as Exhibit 10.9 to Aleris International, Inc.’s Registration Statement Form on S-4 (File No. 333-173180), and incorporated herein by reference). |

|     |                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.2 | Registration Rights Agreement, dated June 1, 2010, among Aleris Holding Company and the parties listed therein (filed as Exhibit 10.3.1 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|     |                                                                                                                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.3 | Indenture, dated as of February 9, 2011, by and among Aleris International, Inc., the guarantors named therein, and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.4 | Registration Rights Agreement, dated as of February 9, 2011, by and among Aleris International, Inc., the guarantors named therein, and Merrill, Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, KeyBanc Capital Markets Inc., and Moelis & Company LLC, as Initial Purchasers (filed as Exhibit 4.2 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|     |                                                                                     |
|-----|-------------------------------------------------------------------------------------|
| 4.5 | Form of 7 5/8 % Senior Notes due 2018 (included as part of Exhibit 4.1 above). |

|     |                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.6 | Indenture, dated as of October 23, 2012, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee (filed as Exhibit 4.1 to Aleris International, Inc.’s Current Report on Form 8-K (File No. 333-173170) filed October 25, 2012, and incorporated herein by reference). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.7 | Registration Rights Agreement, dated as of October 23, 2012, among the Company, the guarantors named therein and J.P. Morgan Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Keybanc Capital Markets Inc., Moelis & Company LLC and UBS Securities LLC (filed as Exhibit 4.3 to Aleris International, Inc.’s Current Report on Form 8-K (File No. 333-173170) filed on October 25, 2012, and incorporated herein by reference). |

|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| 4.8 | Form of 7 7/8% Senior Notes due 2020 (included as part of Exhibit 4.6 above). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.9 | First Supplemental Indenture, dated as of December 12, 2012, among Aleris Corporation, Aleris International, Inc., the guarantors named therein and U.S. Bank National Association, as trustee, to the Indenture dated as of February 9, 2011, among the Company, the guarantors named therein, and U.S. Bank National Association, as trustee (filed as Exhibit 4.9 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-185443), and incorporated herein by reference). |

----

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| Number  |   | Description |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.10 | First Supplemental Indenture, dated as of December 12, 2012, among Aleris Corporation, Aleris International, Inc., the guarantors named therein and U.S. Bank National Association, as trustee, to the Indenture dated as of October, 23, 2012, among the Company, the guarantors named therein, and U.S. Bank National Association, as trustee (filed as Exhibit 4.10 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-185443), and incorporated herein by reference). |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1.1 | Amended and Restated Credit Agreement dated June 30, 2011 among Aleris International, Inc., each subsidiary of Aleris International, Inc. a party thereto, the lenders party thereto from time to time, Bank of America, N.A., as Administrative Agent, J.P. Morgan Securities LLC, as Syndication Agent, RBS Business Capital, as a Senior Managing Agent, Bank of America, N.A., Deutsche Bank AG New York Branch and JPMorgan Chase Bank, N.A., as Co-Collateral Agents, Barclays Capital, Deutsche Bank AG New York Branch and UBS Securities LLC, as Co-Documentation Agents (filed as Exhibit 10.1 to Aleris International, Inc.’s Amendment No. 4 to Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|      |                                                                                                                                                                                                                                                                                                                                                                                                           |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.2 | U.S. Security Agreement, dated as of June 1, 2010, by and among Aleris International, Inc. and certain of its subsidiaries, as assignors, and Bank of America, as administrative agent, relating to the Credit Agreement (filed as Exhibit 10.3 to Aleris International, Inc.’s Amendment No. 1 to Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.3 | Syndicated Facility Agreement, dated as of August 8, 2012, between Aleris Dinsheng Aluminum (Zhenjiang) Co. Ltd., as borrower, with: Bank of China Limited, Shenjiang Branch, as lead arranger; Agricultural Bank of China Limited, Zhenjiang Branch, as secondary arranger; Bank of China Limited, Zhenjiang Jingkou Sub-Branch, as facility agent and security agent; and Bank of China Limited, Zhenjiang Jingkou Sub-Branch, Agricultural Bank of China Limited, Zhenjian Runshou Sub-Branch, and Shanghai Pudong Development Bank, Luwan Sub-Branch (as lenders) (English translation) (filed as Exhibit 10.3 to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed March 5, 2013, and incorporated herein by reference). |

|             |                                                                                                                                                                                                                                                                                                     |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4† | Employment Agreement dated as of June 1, 2010 by and among Aleris International, Inc., Aleris Holding Company and Steven J. Demetriou (filed as Exhibit 10.5 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                                                                          |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4.1† | Letter Agreement dated April 5, 2011 between Aleris International, Inc. and Steven J. Demetriou amending Mr. Demetriou’s Employment Agreement and Restricted Stock Unit Award Agreement (filed as Exhibit 10.2 to Aleris International, Inc.’s Quarterly Report on Form 10-Q (File No. 333-173180) filed May 13, 2011 and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4.2† | Amendment 2 to Employment Agreement by and among Aleris Corporation and Steven J. Demetriou (filed as Exhibit 10.4.1 to Aleris International, Inc.’s Amendment No. 3 to Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|             |                                                                                                                                                                                                                                                                                    |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.5† | Employment Agreement dated as of June 1, 2010 by and among Aleris International, Inc., the Company and Sean M. Stack (filed as Exhibit 10.6 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                                                                  |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.5.1† | Letter Agreement dated April 5, 2011, between Aleris International, Inc. and Sean M. Stack amending Mr. Stack’s Employment Agreement and Restricted Stock Unit Award Agreement (filed as Exhibit 10.3 to Aleris International, Inc.’s Quarterly Report on Form 10-Q (File No. 333-173180) filed May 13, 2011, and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                  |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.5.2† | Amendment 2 to Employment Agreement by and among Aleris Corporation and Sean M. Stack (filed as Exhibit 10.5.2 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|             |                                                                                                                                                                                                            |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.6† | Form of Employment Agreement dated as of June 1, 2010 by and among Aleris International, Inc., Aleris Holding Company and each of Christopher R. Clegg and Thomas W. Weidenkopf  (filed as Exhibit 10.7 to |

----

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| Number  |   | Description |

|               |                                                                                                                                                                                                                                                                                                                        |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.6.1† | Form of Amendment of Form of Employment Agreement by and among Aleris Corporation and each of Christopher R. Clegg and Thomas W. Weidenkopf (filed as Exhibit 10.6.1 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.6.2† | Form of Amendment to Employment Agreement by and among Aleris International, Inc. (with respect to Messrs. Stack, Clegg and Weidenkopf), Aleris Switzerland GmbH (with respect to Mr. Baan), Aleris Corporation and each of Sean M. Stack, Christopher R. Clegg, Thomas W. Weidenkopf and Roeloff IJ. Baan (filed as Exhibit 10.6 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-173721) filed January 22, 2014, and incorporated herein by reference). |

|             |                                                                                                                                                                                                                                                                    |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.7† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan, effective as of June 1, 2010 (filed as Exhibit 10.8 to Aleris International’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                        |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.7.1† | Amendment to Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan, effective as of September 15, 2013 (filed as Exhibit 10.5 to Aleris Corporation’s Quarterly Report on Form 10-Q (File No. 333-185443), filed November 7, 2013, and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                   |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.7.2† | Amendment to Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan, effective as of January 15, 2014 (filed as Exhibit 10.1 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443), filed January 22, 2014, and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                   |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.7.3† | Amendment to Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan, effective as of January 21, 2014 (filed as Exhibit 10.2 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443), filed January 22, 2014, and incorporated herein by reference). |

|             |                                                                                                                                                                                                                                                                                                                                                   |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Stock Option Agreement dated June 1, 2010 between Aleris Holding Company and Steven J. Demetriou (filed as Exhibit 10.10 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                               |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8.1† | Amendment 1 to the Aleris Corporation 2010 Equity Incentive Plan Stock Option Agreement between Aleris Corporation and Steven J. Demetriou (filed as Exhibit 10.9.1 to Aleris International, Inc.’s Amendment No. 3 to Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                       |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8.2† | Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Stock Option Agreement between Aleris Corporation and Steven J. Demetriou (filed as Exhibit 10.8.2 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8.3† | Partial Option Cancellation Amendment Agreement, dated as of September 15, 2013, by and between Steven Demetriou and Aleris Corporation (filed as Exhibit 10.2 to Aleris Corporation’s Quarterly Report on Form 10-Q (File No. 333-173721) filed November 7, 2013, and incorporated herein by reference). |

|             |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.9† | Form of Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Stock Option Agreement, dated as of June 1, 2010 between Aleris Holding Company and each of Sean M. Stack, Christopher R. Clegg and Thomas W. Weidenkopf (filed as Exhibit 10.11 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                                                                                                                                                                                                        |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.9.1† | Form of Amendment 1 to the Aleris Corporation 2010 Equity Incentive Plan Stock Option Agreement between Aleris Corporation and each of Sean M. Stack, Christopher R. Clegg and Thomas W. Weidenkopf(filed as Exhibit 10.10.1 to Aleris International, Inc.’s Amendment No. 3 to Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|               |                                                                                                                                                                                                     |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.9.2† | Form of Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Stock Option Agreement between Aleris Corporation and each of Sean M. Stack, Christopher R. Clegg and Thomas W. Weidenkopf |

----

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| Number  |   | Description |

|              |                                                                                                                                                                                                                                                                                                                     |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.10† | Form of Aleris Corporation 2010 Equity Incentive Plan Management Restricted Stock Unit Award Agreement (filed as Exhibit 10.1 to Aleris Corporation’s Current Report on Form 8-K/A (File No. 333-185443, SEC Accession No. 0001518587-14-000028) filed April 21, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                       |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.11† | Aleris Corporation 2010 Equity Incentive Plan 2013 Stock Option Agreement, effective as of September 15, 2013, between Aleris Corporation and Steven Demetriou (filed as exhibit 10.3 to Aleris Corporation’s Quarterly Report on Form 10-Q (File No. 33-185443) filed November 7, 2013, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                            |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.12† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Restricted Stock Unit Agreement dated June 1, 2010 between Aleris Holding Company and Steven J. Demetriou (filed as Exhibit 10.14 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                                                                                 |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.12.1† | Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Restricted Stock Unit Agreement between Aleris Corporation and Steven J. Demetriou (filed as Exhibit 10.12.1 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                             |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.13† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Restricted Stock Unit Agreement, dated as of June 1, 2010 between Aleris Holding Company and Sean M. Stack (filed as Exhibit 10.15 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                                                                           |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.13.1† | Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Restricted Stock Unit Agreement between Aleris Corporation and Sean M. Stack (filed as Exhibit 10.13.1 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-185443), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.14† | Form of Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Restricted Stock Unit Agreement dated as of June 1, 2010 between Aleris Holding Company and each of Christopher R. Clegg and Thomas W. Weidenkopf (filed as Exhibit 10.14 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                                                                                                                           |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.14.1† | Form of Amendment 1 to the Aleris Corporation 2010 Equity Incentive Plan Restricted Stock Unit Agreement between Aleris Corporation and each of Christopher R. Clegg and Thomas W. Weidenkopf (filed as Exhibit 10.14.1 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                               |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.15† | Form of Aleris Corporation 2010 Equity Incentive Plan Management Stock Option Award Agreement (filed as Exhibit 10.2 to Aleris Corporation’s Current Report on Form 8-K/A (File No. 333-185443, SEC Accession No. 0001518587-14-000028) filed on April 21, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                 |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.16† | Aleris Corporation 2010 Equity Incentive Plan Restricted 2013 Stock Unit Agreement, effective as of September 15, 2013, between Aleris Corporation and Steven Demetriou (filed as Exhibit 10.4 to Aleris Corporation’s Quarterly Report on Form 10-Q (File No. 333-185443) filed November 7, 2013, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                         |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.17† | Aleris International, Inc. Deferred Compensation and Retirement Benefit Restoration Plan, effective January 1, 2009 (filed as Exhibit 10.19 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                               |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.18† | Aleris Cash Balance Plan, as amended and restated as of June 1, 2010 (filed as Exhibit 10.20 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

----

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| Number  |   | Description |

|              |                                                                                                                                                                                                                                                           |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.19† | Eric Rychel Letter Agreement, dated June 21, 2012, from Aleris International, Inc. (filed as Exhibit 10.19 to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                  |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.20† | Aleris Switzerland GmbH, Neuhausen am Rheinfall, effective as of April 1, 2008, with respect to pension benefits for Roeland Baan (filed as Exhibit 10.22 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                         |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.21† | Form of Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Director Stock Option Award Agreement with each of Scott L. Graves and Brian Laibow (filed as Exhibit 10.23 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                                                                                          |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.21.1† | Form of Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Director Stock Option Award Agreement with each of Scott L. Graves and Brian Laibow (filed as Exhibit 10.21.2 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                  |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.22† | Form of Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Director Restricted Stock Unit Award Agreement with each of Scott L. Graves and Brian Laibow (filed as Exhibit 10.24 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                                                               |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.23† | Form of Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Director Stock Option Award Agreement with each of Christopher M. Crane, Lawrence Stranghoener, and Emily Alexander (n/k/a Emily Stephens)(filed as Exhibit 10.25 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                                                                                                                         |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.23.1† | Form of Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Director Stock Option Award Agreement with each of Christopher M. Crane, Lawrence Stranghoener, and Emily Stephens (filed as Exhibit 10.23.2 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.24† | Form of Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Director Restricted Stock Unit Award Agreement with each of Christopher M. Crane, Lawrence Stranghoener, and Emily Stephens (filed as Exhibit 10.26 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                    |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.25† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Director Restricted Stock Award Agreement with G. Richard Wagoner, Jr. (filed as Exhibit 10.27 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                            |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.26† | Employment Agreement dated as of June 1, 2010 by and among Aleris Switzerland GmbH and Roelof IJ. Baan (filed as Exhibit 10.28 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                          |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.26.1† | Amendment 1 to Employment Agreement by and among Aleris Switzerland GmbH and Roelof IJ. Baan (filed as Exhibit 10.26.1 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|                |                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.26.2† | Amendment No. 3 to the Employment Agreement, dated as of June 1, 2010, as amended, by and among Aleris Switzerland GmbH, Roeland Baan (also known as Roelof IJ. Baan), and for the limited purposes specified therein, Aleris Corporation, dated October 30, 2014 (filed as Exhibit 10.1 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443) filed October 30, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                 |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.27† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Stock Option Agreement dated as of June 1, 2010 between Aleris Holding Company and Roelof IJ. Baan (filed as Exhibit 10.29 to |

----

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| Number  |   | Description |

|                |                                                                                                                                                                                                                                                                                                                    |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.27.1† | Amendment 2 to the Aleris Corporation 2010 Equity Incentive Plan Stock Option Agreement between Aleris Corporation and Roelof IJ. Baan (filed as Exhibit 10.27.2 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                        |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.28† | Aleris Holding Company (n/k/a Aleris Corporation) 2010 Equity Incentive Plan Restricted Stock Unit Agreement as of June 1, 2010 between Aleris Holding Company and Roelof IJ. Baan (filed as Exhibit 10.30 to Aleris International, Inc.’s Registration Statement on Form S-4 (File No. 333-173180), and incorporated herein by reference). |

|       |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.29 | Revolving Loan Facility Agreement, dated as of August 22, 2012, between Aleris Dingsheng Aluminum (Zhenjiang) Co. Ltd., as borrower, and Bank of China Limited, Zhenjiang Jingkou Sub-Branch, as the lender (English translation) (filed as Exhibit 10.29 to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed March 5, 2013 and incorporated herein by reference). |

|         |                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.29.1 | Amendment Agreement to Facility Agreement, dated as of March 25, 2013, between Aleris Aluminum (Zhenjiang) Co. Ltd., as borrower, and Bank of China Limited, Zhenjiang Jingkou Sub-Branch, as the lender (English translation) (filed as Exhibit 10.1 to Aleris Corporation’s Quarterly Report on Form 10-Q (File No. 333-185443) filed May 9, 2013, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                               |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.30† | Form of Aleris Corporation 2010 Equity Incentive Plan Director Restricted Stock Unit Award Agreement(filed as Exhibit 10.30 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                       |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.31† | Form of Aleris Corporation 2010 Equity Incentive Plan Director Stock Option Award Agreement (filed as Exhibit 10.31 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                          |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.32† | Aleris Corporation 2010 Equity Incentive Plan 2014 Stock Option Agreement, dated January 15, 2014,  between Aleris Corporation and Steven Demetriou (filed as Exhibit 10.3 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443) filed January 22, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                            |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.33† | Form of Aleris Corporation 2010 Equity Incentive Plan Director Stock Option Award Agreement Amendment (regarding equitable dividend adjustments) (filed as Exhibit 10.34 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-173721), and incorporated herein by reference.) |

|              |                                                                                                                                                                                                                                                                                                                   |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.34† | Form of Aleris Corporation 2010 Equity Incentive Plan Stock Option Award Agreement Amendment (regarding equitable dividend adjustments) (filed as Exhibit 10.35 to Aleris Corporation’s Amendment No. 9 to Registration Statement on Form S-1 (File No. 333-185443), and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                             |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.35† | Form of Aleris Corporation 2010 Equity Incentive Plan Executive Stock Option Agreement (filed as Exhibit 10.4 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-173721) filed January 22, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                      |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.36† | Form of Aleris Corporation 2010 Equity Incentive Plan Executive Restricted Stock Unit Agreement (filed as Exhibit 10.5 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-173721) filed January 22, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                  |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.37† | Form of Aleris Corporation 2010 Equity Incentive Plan Non-Employee Director Restricted Stock Unit Agreement (filed as Exhibit 10.7 to Aleris Corporation’s Current Report on Form 8-K (File No. 333-185443) filed January 22, 2014, and incorporated herein by reference). |

|              |                                                                                                                                                                                                                                                                                                                                                   |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.38† | Amended and Restated Employment Agreement, dated and effective as of September 15, 2013, by and among Aleris International, Inc., Aleris Corporation and Steven Demetriou (filed as Exhibit 10.1 to Aleris Corporation’s Quarterly Report on Form 10-Q (File No. 333-185443) filed November 7, 2013, and incorporated herein by reference). |

----

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| Number  |   | Description |

|              |                                                                                                                                                                                                                                                                                       |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.39† | Form of Executive Employment Agreement with Aleris International, Inc. and the Company (filed as Exhibit 10.39 to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference).     |

|      |                                                                                                                                                                                                                                          |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21.1 | List of Subsidiaries of Aleris Corporation as of December 31, 2014 (filed as Exhibit 21.1 to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|       |                                                                                               |
|-------|-----------------------------------------------------------------------------------------------|
| 31.1* | Rule 13a-14(a)/15d-14(a) Certification of Aleris Corporation’s Chief Executive Officer. |

|       |                                                                                               |
|-------|-----------------------------------------------------------------------------------------------|
| 31.2* | Rule 13a-14(a)/15d-14(a) Certification of Aleris Corporation’s Chief Financial Officer. |

|       |                                                                                                                         |
|-------|-------------------------------------------------------------------------------------------------------------------------|
| 32.1* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101.INS | XBRL Instance Document  (filed as Exhibit 101.INS to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101.SCH | XBRL Taxonomy Extension Schema (filed as Exhibit 101.SCH to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|         |                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase (filed as Exhibit 101.CAL to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|         |                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase (filed as Exhibit 101.DEF to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101.LAB | XBRL Taxonomy Extension Label Linkbase (filed as Exhibit 101.LAB to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|         |                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase (filed as Exhibit 101.PRE to Aleris Corporation’s Annual Report on Form 10-K (File No. 333-185443) filed on March 27, 2015, and incorporated herein by reference). |

|         |                                                         |
|---------|---------------------------------------------------------|
| † | Management contract or compensatory plan or arrangement |

|   |                 |
|---|-----------------|
| * | Filed herewith. |