Well-Capitalized Downstream Aluminum Company with a Significantly Enhanced Competitive Profile and New Financial Flexibility </pre> <p>BEACHWOOD, Ohio, <span class="xn-chron">June 1</span> /CNW/ -- Aleris International, Inc. a global leader in aluminum rolled products, extrusions and recycling, announced today that it has emerged from Chapter 11, having completed its financial and operational restructuring.</p> <p/> <p>Steven J. Demetriou, Aleris Chairman and CEO, said, "We have used the past 15 months to reduce costs and significantly improve our operations worldwide, while delivering value to our customers. Today we are well positioned to compete in the global marketplace, with significantly enhanced financial flexibility and a strong production platform. We will continue to build on this foundation for the benefit of all our stakeholders."</p> <p/> <p>"I want to take this opportunity to reiterate the appreciation for all of our hard-working employees around the world who have helped make our restructuring a success and who will be an important part of our future. In addition, I would like to thank our creditors, who demonstrated confidence in Aleris by voting to accept our plan of reorganization and participating in the rights offering conducted as part of the plan."</p> <p/> <p>Aleris is a privately held company, majority owned by a committed ownership group led by certain investment funds managed by Oaktree Capital Management, L.P., affiliates of Apollo Management, L.P. and Sankaty Advisors, LLC. In conjunction with its emergence from Chapter 11, Aleris today closed on its rights offering in the amount of <span class="xn-money">$609 million</span>, which is comprised of <span class="xn-money">$45 million</span> in 10 year unsecured Notes and up to <span class="xn-money">$564 million</span> in new equity. Additionally, Aleris has a new, fully committed, <span class="xn-money">$500 million</span> asset based revolving credit facility and over <span class="xn-money">$300 million</span> in liquidity.</p> <p/> <p>Aleris Deutschland Holding GmbH, a non-operating holding company with no employees or operating assets which conducts no commercial business, has also emerged from Chapter 11.</p> <pre> About Aleris </pre> <p>Aleris International, Inc. is a global leader in aluminum rolled products and extrusions, aluminum recycling and specification alloy production. Headquartered in Beachwood, Ohio, a suburb of <span class="xn-location">Cleveland</span>, the Company operates over 40 production facilities in <span class="xn-location">North America</span>, <span class="xn-location">Europe</span>, <span class="xn-location">South America</span> and Asia, and employs approximately 6,500 employees. For more information about Aleris, please visit our Website at <a href="http://www.Aleris.com">www.Aleris.com</a>.</p> <pre> (Logo: http://www.newscom.com/cgi-bin/prnh/20050504/CLW056LOGO )
For further information: U.S. Media - Kekst and Company, Ruth Pachman, +1-212-521-4891, or David Lilly, +1-212-521-4878; Europe Media - Hering Schuppener, Alex Seiler, +49-69-921874-54 Web Site: http://www.Aleris.com
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