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|For Information: Sean M. Stack||For Immediate Release|
|Telephone: (216) 910-3504||November 12, 2008|
Aleris Reports Third Quarter Results
BEACHWOOD, Ohio November 12, 2008 Aleris International, Inc. today reported results for the quarter ended September 30, 2008.
Third Quarter Highlights
EBITDA from continuing operations, excluding special items, was $67.6 million, including a $21.5 million negative impact from metal price lag. Adjusting for the impact of metal price lag, EBITDA from continuing operations, excluding special items, was $89.1 million.
Net debt was reduced by $63 million in the third quarter.
Free cash flow from continuing operations was $160.1 million in the third quarter of 2008 compared to $32.9 million in the third quarter of 2007 as working capital management, LME and currency changes reduced net working capital.
Productivity savings and acquisition synergies totaled $30 million in the third quarter of 2008, which more than offset continued increased non-aluminum commodity cost and general inflation.
Losses from continuing operations totaled $196.6 million in the third quarter of 2008, and included $225.9 million of non-cash unrealized losses on derivative financial instruments and restructuring-related charges.
Adjusted EBITDA from continuing operations, including synergies, was $341 million for the twelve months ended September 30, 2008. Adjusting for the impact of metal price lag, Adjusted EBITDA from continuing operations, including synergies, was $382 million for the twelve months ended September 30, 2008. As of September 30, 2008, liquidity was $377 million, which consists of $293 million of availability under Aleriss revolving credit facility, plus cash and cash equivalents on hand.
The following information was filed by Aleris International, Inc. on Wednesday, November 12, 2008 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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