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For Immediate Release
November 4, 2011
Aleris Reports Third Quarter 2011 Results
CLEVELAND, Ohio November 4, 2011 Aleris International, Inc. today reported results for the third quarter ended September 30, 2011.
Revenue for the third quarter of 2011 was approximately $1.2 billion, an 18 percent increase over the third quarter of 2010. This increase was primarily due to higher London Metal Exchange (LME) prices and rolling margins as well as an improved product mix.
Net income attributable to Aleris International, Inc. for the third quarter of 2011 was $28 million compared to $54 million for the third quarter of 2010.
Adjusted EBITDA for the third quarter of 2011 was $96 million compared to $72 million for the third quarter of 2010, a 34 percent increase. Adjusted EBITDA for the 12 months ended September 30, 2011 totaled $333 million.
Cash provided by operating activities was $125 million in the third quarter of 2011 compared to cash provided of $73 million in the third quarter of 2010 driven by higher EBITDA and working capital productivity.
Liquidity at September 30, 2011 was $761 million, which consisted of $495 million of availability under the Companys revolving credit facility plus $266 million of cash.
Capital expenditures increased in the third quarter sequentially and versus the prior year as spending on our growth projects in Zhenjiang, China, Duffel, Belgium and the recycling business continued to progress as planned.
The following information was filed by Aleris International, Inc. on Friday, November 4, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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