EARNINGS PRESENTATIONFourth Quarter & Full Year 2019Aleris CorporationMarch 18, 2020

2

Forward-Looking and Other InformationIMPORTANT INFORMATIONThis information is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. This information contains certain forecasts and other forward looking information concerning our business, prospects, financial condition and results of operations, and we are not making any representation or warranty that this information is accurate or complete. See “Forward-Looking Information” below.BASIS OF PRESENTATIONWe are a direct wholly owned subsidiary of Aleris Corporation. Aleris Corporation currently conducts its business and operations through us and our consolidated subsidiaries. As used in this presentation, unless otherwise specified or the context otherwiserequires, “Aleris,” “we,” “our,” “us,” “ and the “Company” refer to Aleris International, Inc. and its consolidated subsidiaries. Notwithstanding the foregoing, with respect to the historical financial information and other data presented in this presentation, unless otherwise specified or the context requires, “Aleris,” “we,” “our,” “us,” and the “Company’ refer to Aleris Corporation. We completed the sale of our recycling and specification alloys and extrusions businesses in the first quarter of 2015. We have reported these businesses as discontinued operations for all periods presented, and reclassified the results of operations of these businesses as discontinued operations. Except as otherwise indicated, the discussion of the Company’s business and financial informationthroughout this presentation refers to the Company’s continuing operations and the financial position and results of operations of its continuing operations.FORWARD-LOOKING INFORMATIONCertain statements contained in this presentation are “forward-looking statements” within the meaning of the federal securities laws. Statements under headings with “Outlook” in the title and statements about the Merger and our beliefs and expectations andstatements containing the words “may,” “could,” “would,” “should,” “will,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “look forward to,” “intend” and similar expressions intended to connote future events and circumstances constitute forward-looking statements. Forward-looking statements include statements about, among other things, future costs and prices of commodities, production volumes, industry trends, anticipated cost savings, anticipated benefits from new products, facilities, acquisitions or divestitures, projected results of operations, achievement of production efficiencies, capacity expansions, future prices and demand for our products and estimated cash flows and sufficiency of cash flows to fund operations, capital expenditures and debt service obligations, as well as statements regarding trade cases, tariffs and other governmental actions. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in or implied by any forward-looking statement. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: (1) our ability to successfully implement our business strategy; (2) the success of past and future acquisitions or divestitures; (3) the cyclical nature of the aluminum industry, material adverse changes in the aluminum industry or our end-uses, such as global and regional supply and demand conditions for aluminum and aluminum products, and changes in our customers’ industries; (4) increases in the cost, or limited availability, of raw materials and energy; (5) our ability to enter into effective metal, energy and other commodity derivatives or arrangements with customers to manage effectively our exposure to commodity price fluctuations and changes in the pricing of metals, especially London Metal Exchange-based aluminum prices; (6) our ability to generate sufficient cash flows to fund our operations and capital expenditure requirements and to meet our debt obligations; (7) competitor pricing activity, competition of aluminum with alternative materials and the general impact of competition in the industry end-uses we serve; (8) our ability to retain the services of certain members of our management; (9) the loss of order volumes from any of our largest customers; (10) our ability to retain customers, a substantial number of whom do not have long-term contractual arrangements with us; (11) risks of investing in and conducting operations on a global basis, including political, social, economic, currency and regulatory factors (such as the outbreak of COVID-19); (12) variability in general economic or political conditions on a global or regional basis; (13) current environmental liabilities and the cost of compliance with and liabilities under health and safety laws; (14) labor relations (i.e., disruptions, strikes or work stoppages) and labor costs; (15) our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur; (16) our levels of indebtedness and debt service obligations, including changes in our credit ratings, material increases in our cost of borrowing or the failure of financial institutions to fulfill their commitments to us under committed facilities; (17) our ability to access credit or capital markets; (18) the possibility that we may incur additional indebtedness in the future; (19) limitations on operating our business and incurring additional indebtedness as a result of covenant restrictions under our indebtedness, and our ability to pay amounts due under our outstanding indebtedness; and (20) risks related to the Merger, including the possibility that the Merger may not be consummated; and (21) other factors discussed in our filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” contained therein. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether in response to new information, futures events or otherwise, except as otherwise required by law.NON-GAAP INFORMATIONThe non-GAAP financial measures contained in this presentation (including, without limitation, EBITDA, Adjusted EBITDA, commercial margin, and variations thereof) are not measures of financial performance calculated in accordance with U.S. GAAP and should not be considered as alternatives to net income and loss attributable to Aleris Corporation or any other performance measure derived in accordance with GAAP or as alternatives to cash flows from operating activities as a measure of our liquidity. Non-GAAP measures have limitations as analytical tools and should be considered in addition to, not in isolation or as a substitute for, or as superior to, our measures of financial performance prepared in accordance with GAAP. Management believes that certainnon-GAAP financial measures may provide investors with additional meaningful comparisons between current results and results in prior periods. Management uses non-GAAP financial measures as performance metrics and believes these measures provide additional information commonly used by the holders of our 2023 Junior Priority Senior Notes and parties to our Term Loan Facility and the ABL Facility with respect to the ongoing performance of our underlying business activities, as well as our ability to meet our future debt service, capital expenditure and working capital needs. We calculate our non-GAAP financial measures by eliminating the impact of a number of items we do not consider indicative of our ongoing operating performance, and certain other items.You are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis. See “Appendix.”INDUSTRY INFORMATIONInformation regarding market and industry statistics contained in this presentation is based on information from third party sources as well as estimates prepared by us using certain assumptions and our knowledge of these industries. Our estimates, in particular as they relate to our general expectations concerning the aluminum industry, involve risks and uncertainties and are subject to changes based on various factors, including those discussed under “Risk Factors” in our filings with the Securities and ExchangeCommission.WEBSITE POSTINGWe use our investor website (investor.aleris.com) as a channel of distribution of Company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The content of our website is not, however, a part of this presentation.

3

Fourth Quarter & Full Year Overview

Record 4Q19 Adjusted EBITDA of $80M and Full Year 2019 Adjusted EBITDA of $388M

– Global aerospace volumes increased on strong demand and regional growth in Asia Pacific

– Global automotive volumes up on higher North America demand; Europe automotive volumes unfavorably impacted by regional demand softness due to lower automotive production

– North America mix/price and metal offset lower volumes

Significant year over year improvement in Adjusted EBITDA & Adjusted EBITDA per ton

4Q & FY Adjusted EBITDA ($M)

$80

$276$388

4Q18 20184Q19 2019$61

+33%

+41%

Adjusted EBITDA per ton ($/t)

$297$431

$316$452

20194Q18 4Q19 2018

+45% +43%

4

Key Global End UsesAleris Volume Drivers

Reduced demand as result of Europe automotive weakness

Customers adjusting inventory levels

Increased shipments in North America

Europe auto production decline impacting demand

Light weighting / electrification drive long term growth

HeatExchanger

Automotive

Global volume growth benefitted from strong demand

Record shipment levels in Zhenjiang

Aircraft backlogs remain strong

Aerospace

2019 YoY Growth

(13%)

37%

33%

4Q YoY Growth

(21%)

(1%)

28%

5

Continued demand choppiness in the housing sector

Customers managing inventories at year-end

Noteworthy uptick in fundamentals in late 4Q

N.A.Building & Construction

Demand continued to be stable

Record dry van backlogs being worked downN.A.Truck Trailer

Weak industrial demand

Increased import presence having an impact

Strategic mix upgrade providing benefits

EU RegionalCommercial Plate & Sheet

Shipments impacted by mix shift to Automotive

Customer demand continued to be stable

Competing against significant influx of imports

N.A.Distribution

(3%)

(31%)

(2%)

(25%)

4Q YoY Growth

Key Regional End UsesAleris Volume Drivers

(6%)

(36%)

13%

(8%)

2019 YoY Growth

6

Adjusted EBITDA Bridges

$61

$80$10

$12

40

50

60

70

80

90

4Q18

($5)

Volume / Mix 4Q19Price /Metal Spreads

Inflation Productivity

($2)

Currency/Translation/

Other

$4

4Q19 vs. 4Q18($M)

$276$388

$37

$104

60

120

180

240

300

360

420($2)

Inflation Productivity4Q18 YTD Price /Metal Spreads

($30)

Volume / Mix

$3

Currency/Translation/

Other

4Q19 YTD

2019 vs. 2018

7

North AmericaSegment Adjusted EBITDA ($M)Volume (kT)

4Q19 Performance4Q Adjusted EBITDA Bridge ($M)

518 517

119 114

20192018 4Q18 4Q19

-0%

-4% $162$257

$32 $524Q182018 2019 4Q19

Adj. EBITDA / ton$313 $497 $266 $461

Automotive volumes up due to demand growth; B&C and Truck Trailer down slightly; Distribution down from strategic mix shift and increased foreign imports

Improved mix/price, metal spreads, and favorable change in manufacturing cost absorption more than offset decrease in overall volumes

Productivity more than offset cost inflation$32

$52$5

$14

$4

20

30

40

50

60

($3)

4Q18 Volume / Mix Price / Metal Spreads

Inflation 4Q19Productivity

8

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

$0.55

$0.60

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

Dec 2016

Dec 2015

Mar 2016

Jun 2016

Sep 2016

Mar 2017

Sep 2019

Jun 2017

Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018

Mar 2019

Jun 2019

Metal Update

P1020 (left axis) Weighted Painted Siding, Mixed Low Copper, Sheet Spread1Platts, Aleris Management Analysis, January 2020

Dec2018

Spreads remain elevated at historical highs

Dec2019

9

EuropeSegment Adjusted EBITDA ($M)Volume (kT)

4Q19 Performance4Q Adjusted EBITDA Bridge ($M)

330 311

77 6520192018 4Q18 4Q19

-6%

-15%$129 $125

$31 $224Q194Q182018 2019

Adj. EBITDA / ton$388 $403 $394 $341

Solid mix improvements partly offset the volume decline due to regional demand softness

Unfavorable productivity resulted from lower production requirements and unplanned outage in Duffel from weaker demand in the region

Negative net impact of currency changes

$31

$22

15

20

25

30

35

($1)

Volume / Mix

($2)

Inflation

($2)

4Q18

($3)

Price / Metal Spreads

($1)

Productivity Currency/Translation/

Other

4Q19

10

Asia PacificSegment Adjusted EBITDA ($M)Volume (kT)

4Q19 Performance4Q Adjusted EBITDA Bridge ($M)

29 35

8 9

20192018 4Q18 4Q19

19%

+21%$22

$43

$7 $14

2018 4Q192019 4Q18

Adj. EBITDA / ton$754 $1,217 $973 $1,571

Aerospace shipments up 47% YoY due to new contracts

Improved mix of products sold driving higher Adjusted EBITDA/ton

$7

$14

$8

0

2

4

6

8

10

12

14

16

Volume / Mix4Q18 4Q19Price / Metal Spreads

($1)

11

Cash Flow and LTM Working Capital

Total LTM Working Capital DaysNet Cash Flow ($M)

78 78

90

22% 22%

25%

50

55

60

65

70

75

80

85

90

95

20182017 2019

Days % of Sales

4Q18 4Q19 2019

Cash Provided by Operating Activities $90 $73 $47

Capital Expenditures (32) (52) (126)

Other (1) (0) (1)

Net Cash Before Financing $57 $21 ($80)

12

Capital Structure & Liquidity OverviewLiquidity Summary ($M)Capital Expenditures Summary ($M)1

Capital Structure ($M)

$88 $74 $53 $72$116

$49

$201$276

$148

$29

$7

2015

$10

$8

$126

2020E20182016 2017

$7$3

$140-$1502

$7

2019

$1

$108

$2

4Q19

$298

$358

$208

$52

Other Growth MaintenanceNorth America ABS Project & Other Upgrades

1Excludes discontinued operations CapEx of $15M in 20152Guidance does not include capitalized interest3Includes $7.5M of restricted cash for China Loan Facility payments4Amounts exclude applicable premiums and discounts5Other includes $25.1M of finance lease liabilities and excludes $45M of exchangeable notes6See prior SEC filing for applicable reconciliations to GAAP financial measures7Excludes Non-Recourse China Loan Facilities8Secured debt includes outstanding ABL Facility balance, Term Loan Facility, and 2023 Junior Priority NotesNote: Certain amounts may not foot as they represent the calculated totals based on actual amounts and not the rounded amounts presented in these charts and tables

12/31/2019Cash and Restricted Cash3 $62

ABL Facility 305Term Loan Facility4 1,0842023 Junior Priority Notes4 400Non-Recourse China Loan Facilities4 149 Other4,5 25Net Debt $1,900

LTM Adjusted EBITDA6 $388

Net Debt / LTM Adj. EBITDA 4.9xNet Recourse Debt7 / LTM Adj. EBITDA 4.5xNet Secured Debt8 / LTM Adj. EBITDA 4.4x

12/31/2019Cash and Restricted Cash3 $62

Availability under ABL Facility 291

Liquidity $353

Capex normalizing; overall strong liquidity and deleveraging continues

13

Outlook 2020 full year segment income and Adjusted EBITDA expected to be lower than prior year

We expect to generate positive cash flow in 2020

First quarter 2020 segment income and Adjusted EBITDA expected to be lower than first quarter of 2019

North America volumes expected to benefit from improved US housing industry conditions and higher distribution volume; however increasing imports may limit our ability to realize higher distribution volumes and may also negatively impact rolling margins

Global aerospace volumes expected to be lower as a result of the Boeing 737MAX production curtailments

Global automotive volumes expected to be lower based on continued demand softness in Europe and customer right-sizing of inventories in North America

Uncertainty associated with the impact of the corona virus

14

APPENDIX

15

4Q Adjusted EBITDA Reconciliation($M)

2019 2018 2019 2018Adjusted EBITDA 80.5$ 60.6$ 388.1$ 276.0$ Unrealized (losses) gains on derivative financial instruments (11.7) 19.6 (35.2) 22.7 Restructuring charges (2.6) (2.7) (4.6) (4.8) Unallocated currency exchange gains (losses) on debt 0.6 0.1 (0.2) (2.3) Stock-based compensation expense (2.8) (6.4) (8.2) (9.2) Start-up costs (0.8) (6.3) (7.6) (55.0) (Unfavorable) Favorable metal price lag (0.5) (2.9) 9.2 36.3 Loss on extinguishment of debt — — — (48.9) Other (8.6) (6.9) (23.0) (3.5) EBITDA 54.1$ 55.1$ 318.5$ 211.3$ Interest expense, net (37.5) (38.7) (156.4) (144.7) Provision for income taxes (7.5) (3.7) (31.3) (18.5) Depreciation and amortization (37.0) (35.9) (142.6) (139.7) Net loss (27.9)$ (23.2)$ (11.8)$ (91.6)$

For the three months endedDecember 31,

For the year endedDecember 31,

16

2019 2018 2019 2018North America

Segment income 51.0$ 30.5$ 259.8$ 196.0$ Unfavorable (favorable) metal price lag 1.4 1.2 (2.9) (33.9) Segment Adjusted EBITDA1 52.4$ 31.7$ 257.0$ 162.1$

EuropeSegment income 22.9$ 28.8$ 130.1$ 129.8$ (Favorable) unfavorable metal price lag (0.6) 1.9 (5.0) (1.0) Segment Adjusted EBITDA1 22.2$ 30.7$ 125.1$ 128.7$

Asia PacificSegment income 14.7$ 7.6$ 44.0$ 23.6$ Favorable metal price lag (0.3) (0.2) (1.3) (1.4) Segment Adjusted EBITDA1 14.4$ 7.4$ 42.7$ 22.2$

For the year endedDecember 31,

For the three months endedDecember 31,

4Q Adjusted EBITDA Reconciliation by Segment($M)

1Amounts may not foot as they represent the calculated totals based on actual amounts and not the rounded amounts presented in this table

17

4Q Adjusted EBITDA Per Ton Reconciliation

1See prior slides for a reconciliation to the applicable GAAP financial measures2Segment Adjusted EBITDA excludes start-up operating expenses and losses incurred during the start-up period. For the three months ended December 31, 2019 and 2018, start-up costs were $0.8 million and $3.5 million, respectively. For the twelve months ended December 31, 2019 and 2018, start-up costs were $7.8 million and $45.3 million, respectively

($M)

2019 2018 2019 2018Metric tons of finished product shipped:North America 113.7 119.0 517.4 517.5Europe 65.2 76.9 310.8 330.4Asia Pacific 9.2 7.6 35.1 29.4Intra-entity shipments (1.5) (0.7) (5.3) (4.7)Total metric tons of finished product shipped 186.6 202.8 858.0 872.6

Segment Adjusted EBITDA:1

North America2 52.4$ 31.7$ 257.0$ 162.1$ Europe 22.2 30.7 125.1 128.7 Asia Pacific 14.4 7.4 42.7 22.2 Corporate (8.5) (9.2) (36.7) (37.0) Total Adjusted EBITDA 80.5$ 60.6$ 388.1$ 276.0$

Segment Adjusted EBITDA per metric ton shipped:North America 460.7$ 266.0$ 496.6$ 313.2$ Europe 340.9$ 394.0$ 402.5$ 388.4$ Asia Pacific 1,570.7$ 972.5$ 1,216.9$ 753.9$ Aleris Corporation 431.1$ 297.3$ 452.4$ 316.0$

For the three months endedDecember 31,

For the year endedDecember 31,

18

Metal Hedging Practices

Risk management helps minimize commodity price exposure

Risk Mitigation Strategy Impact LME and regional premium volatility

(inventory exposure)

Forward price sales

Pass through pricing and tolling Minimize inventory levels Sell 100% of open inventory forward

Match sales with physical purchases or LME forwards Attempt to minimize LT fixed price sales

Lowers margin volatility

Minimizes earnings impact

Risk limited to turn of inventory (“metal lag”)

Locks in rolling margin

Reduces multiyear dated derivatives

Adjusted EBITDA vs. Metal Price Lag1Q 2018 2Q 2018 3Q 2019 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019

Metal price lag impact on gross profit $10 $27 ($13) ($11) ($18) ($8) ($11) ($4)

(+) Realized (losses) / gains on metal derivatives (1) (1) 17 8 25 8 13 3

Favorable / (unfavorable) metal price lag net of realized derivative gains / losses $9 $26 $4 ($3) $7 $0 $2 $0

Adj. EBITDA including metal lag $63 $111 $81 $58 $92 $108 $117 $80

(–) Income / (expense) from metal price lag 9 26 4 (3) 7 0 2 0

Adj. EBITDA as reported $54 $85 $77 $61 $85 $108 $115 $80