Metals and Mining
Company Overview of Aleris Corporation
Aleris Corporation manufactures and sells aluminum rolled products. The company operates through North America, Europe, and Asia Pacific segments. It offers rolled aluminum and coated products for use in the aerospace, automotive, transportation, building and construction, electrical, mechanical engineering, metal distribution, and packaging industries. The company offers its products to end-users and distributors through sales force, as well as sales offices and agents. Aleris Corporation was founded in 1985 and is headquartered in Cleveland, Ohio.
25825 Science Park Drive
Cleveland, OH 44122
Founded in 1985
Key Executives for Aleris Corporation
Chief Executive Officer, President and Director
Chief Financial Officer, Executive Vice President and Treasurer
Executive Vice President and Chief Executive Officer of Rolled Products Europe
Senior Vice President and President of Aleris Rolled & Extruded Products - Europe
Senior Vice President and President of Aleris Asia Pacific
Compensation as of Fiscal Year 2015.
Aleris Corporation Key Developments
Aleris Announces Executive Changes
Nov 16 15
Aleris announced two leadership appointments to its executive management team. Mike Keown has been named senior vice president and general manager of Aleris North America. Ronald Lane has been named senior vice president, Global Manufacturing. Both executives report directly to President and CEO Sean Stack. Mr. Keown most recently served as vice president, Marketing and Supply Chain for North America. Mr. Keown has been with the company for 17 years, holding positions of increasing responsibility in finance, metal procurement, supply chain and business unit management. Mr. Lane served as vice president of operations in Aleris North America.
Aleris Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Fourth Quarter of 2015 and Provides Capital Spending Guidance for the Year 2015
Nov 3 15
Aleris Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenues of $760.7 million against $809.0 million a year ago. Operating income was $9.4 million against $20.3 million a year ago. Loss from continuing operations before income taxes was $22.0 million against income of $5.2 million a year ago. Loss from continuing operations was $21.0 million against income of $8.5 million a year ago. Net loss attributable to the company was $25.4 million against income of $26.5 million a year ago. Net cash provided by operating activities was $144.8 million against net cash used by operating activities of $29.3 million a year ago. Payments for property, plant and equipment was $54.4 million against $30.6 million a year ago. Total adjusted EBITDA was $68.2 million against $55.1 million a year ago.
For the nine months, the company reported revenues of $2,280.8 million against $2,149.3 million a year ago. Operating income was $0.1 million against operating income of $26.4 million a year ago. Loss from continuing operations before income taxes was $69.5 million against $40.9 million a year ago. Loss from continuing operations was $53.5 million against $38.2 million a year ago. Net income attributable to the company was $61.4 million against net loss attributable to the company of $8.6 million a year ago. Net cash provided by operating activities was $71.4 million against net cash used by operating activities of $36.7 million a year ago. Payments for property, plant and equipment was $175.1 million against $190.0 million a year ago. Total adjusted EBITDA was $183.5 million against $138.0 million a year ago.
The company estimates fourth quarter 2015 segment income and adjusted EBITDA will be lower than the third quarter of 2015, due to normal seasonality, and in line with the fourth quarter of 2014 after excluding $4 million of one time benefits associated with electricity tax and carbon monoxide emissions credits that impacted the prior year. Factors influencing anticipated fourth quarter 2015 performance include: Global automotive and aerospace volumes expected to exceed prior year; Aerospace margins expected to benefit from a stronger U.S. dollar; European regional order patterns trending favorably; Continued year-over-year improvement in North America rolling margins; Anticipated de-stocking of inventory levels across North America customer base as customers reduce metal exposure and position for 2016; Weaker North America scrap spreads due to declining aluminum prices; and Aleris Operating System expected to drive favorable productivity. Capital expenditures during the fourth quarter of 2015 are expected to be significantly higher than the fourth quarter of 2014 and higher than third quarter of 2015 as work continues on upgrading and expanding capabilities in Lewisport, Kentucky.
The company expects capital spending of approximately $275 million to $300 million in 2015, including the amounts spent in the first three quarters of the year.
Aleris Corporation Announces Resignation of Roelof IJ. Baan as Executive Vice President, Chief Executive Officer, Aleris Europe and Asia Pacific
Oct 30 15
On October 26, 2015, Roelof IJ. Baan informed Aleris Corporation (the Company) of his intent to resign from his position as Executive Vice President, Chief Executive Officer, Aleris Europe and Asia Pacific of the Company. His decision to resign did not involve any disagreement with the Company, Company management, or the Board on any matter relating to the Company's operations, policies, or practices.
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