FRANKLIN, Tenn.--(BUSINESS WIRE)--November 12, 2008--Noranda Aluminum Holding Corporation (“Noranda” or the “Company”) announced its financial results for the third quarter of 2008.

Layle K. “Kip” Smith, the Company’s President and Chief Executive Officer stated, “Noranda enjoyed another solid quarter, achieving Adjusted EBITDA of $60.6 million while generating cash from operations of $11.0 million. During the quarter Noranda also positioned itself for the changing business environment by securing access to liquidity, continuing to implement its strategy through the CORE productivity initiative, expanding its risk management programs and progressing on its growth projects.”

Third party sales for the third quarter of 2008 were $357.4 million, down 5.3% from sales of $377.6 million reported for the third quarter of 2007. The favorable impact of higher Midwest primary aluminum prices for the third quarter of 2008 was more than offset by lower volumes of shipments to our external customers and the absence of brokered metal sales from our downstream business.

Sales to external customers in the upstream business for the three months ended September 30, 2008, increased 2.9% to $182.5 million from the $177.3 million reported for the same period last year. The increase in sales resulted from an increase in the average Midwest primary aluminum price to $1.34 per pound from the $1.22 price per pound in the third quarter of 2007. This increase in sales was partially offset by volume decreases in external sales in the upstream business due to sales declines in the value-added segment.

Total upstream metal shipments for the third quarter of 2008 were 148.4 million pounds, up 6.7 million pounds from the 141.7 million pounds shipped during the third quarter last year. Of the total amount shipped during the third quarter of 2008, 127.7 million pounds were shipped to external customers, while the remaining 20.7 million pounds were intersegment shipments to our downstream business. External shipments were down 9.3 million pounds because of a decline in demand for value-added products, including those utilized in the housing and construction industry. This decline was more than offset by a 16.0 million pound increase in shipments to our downstream operation. Our integrated operations continued to provide us the flexibility to shift a portion of our upstream production to our downstream business and reduce our overall external purchase commitments and to better manage working capital.

Sales in the downstream business were $174.9 million, down 12.7% from the $200.3 million reported for the third quarter of 2007. The decrease in downstream sales was impacted by a 9.4 million pound decline in sales volume mainly related to HVAC and the housing and construction industry, as well as $20.7 million in brokered metal sales during the third quarter of 2007 compared to no brokered metal sales during the third quarter of 2008.

Operating income for the third quarter of 2008 was $32.1 million, compared to $29.9 million for the third quarter last year, reflecting an increase of 7.4%. Quarter-over-quarter gross margin (sales less cost of sales) improvements of $4.3 million primarily were the result of increased production volumes and higher aluminum prices, but were partially offset by higher cost. These costs reflected higher raw material costs from the joint venture caused from the effects of hurricane Gustav and higher energy costs. The impact of the hurricane resulted in higher energy costs and lower production volumes during the third quarter. These costs also include a $2.1 million increase in selling, general and administrative expenses resulting from higher consulting fees related to the Company’s recent SEC filings and increases in the cost of providing certain employee benefits.

The Company reported a loss of $39.8 million related to derivative instruments and hedging activities for the three months ended September 30, 2008, compared to a gain of $6.7 million reported for the three months ended September 30, 2007. The 2008 loss relates primarily to mark-to-market adjustments for natural gas hedges entered into during the quarter, as well as net cash settlements of fixed-price and variable-priced aluminum swaps. The gain in 2007 primarily was related to changes in the fair value of a portion of our fixed-price aluminum swaps, which in 2007 did not qualify for hedge accounting. Cash settlement payments for aluminum hedges for the third quarter of 2008 were $11 million, compared to $2 million in cash settlement receipts for the prior year quarter.

Net losses reported for the third quarter of 2008 were $19.3 million compared to the $6.3 million net income reported for the third quarter of 2007. This decrease was primarily a result of the cash and non-cash losses on derivative instruments, which were partially offset by lower interest expense and an income tax benefit of $9.9 million.

Adjusted EBITDA totaled $60.6 million for the third quarter of 2008, compared to the $73.4 million reported for the same period last year.

Third party sales for the first nine months of 2008 were $1,004.9 million, down 8.3% from sales of $1,095.9 million reported for the first nine months of 2007. This decrease primarily resulted from reduced upstream and downstream shipments to external customers, increased intersegment shipments, and the absence of brokered metal sales from our downstream business in 2008.

Sales to external customers in the upstream business for the nine months ended September 30, 2008, decreased 4.4% to $522.8 million from the $546.7 million reported for the same period last year. The decrease in sales resulted from lower valued-added sales and from volume that shifted from external commodity sow sales to intersegment shipments to our downstream business.

Total upstream metal shipments for the first nine months of 2008 were 435.7 million pounds, up 16.4 million pounds from the 419.3 million pounds shipped during the first nine months of last year. Of the total amount shipped in 2008, 374.5 million pounds were shipped to external customers, while the remaining 61.2 million pounds were intersegment shipments to our downstream business. External shipments were down 26.6 million pounds as a result of a decline in demand for value-added products, including those utilized in the housing and construction industry. This decline was more than offset by a 43.0 million pound increase in shipments to our downstream operation.

Sales in the downstream business were $482.1 million, down 12.2% from the $549.2 million reported for the first nine months of 2007. The decrease in downstream sales was impacted by a 5.4% decline in volume and $36.9 million in brokered metal sales during the first nine months of 2007 compared to no brokered metal sales during the first nine months of 2008.

Operating income for the first nine months of 2008 was $109.0 million compared to $129.4 million reported for the same period last year, a decrease of $20.4 million. This decrease was the result of higher 2008 raw material costs, particularly at the joint ventures, as well as increased selling, general and administrative costs including higher consulting and other fees, some of which related to costs associated with the recent SEC filings.

The Company reported a loss of $44.8 million related to derivative instruments and hedging activities for the nine months ended September 30, 2008, compared to a loss of $49.6 million reported for the nine months ended September 30, 2007. The 2008 loss relates primarily to mark-to-market adjustments for natural gas hedges entered into during the quarter, as well as net cash settlements of fixed-price and variable-priced aluminum swaps. The 2007 loss primarily related to changes in the fair value of a portion of our fixed-price aluminum swaps, which in 2007 did not qualify for hedge accounting. Cash settlement payments for aluminum hedges for the year-to-date were $19 million, compared to $2 million in cash settlement receipts for the prior year.

Net income reported for the first nine months of the year was $1.4 million, compared to net income of $20.9 million reported for the nine months of 2007, a decrease that primarily resulted from reduced operating income, which was partially offset by lower interest expense and income taxes.

Adjusted EBITDA totaled $225.6 million for the first nine months of 2008, compared to $246.7 million reported for the same period last year

Net cash provided by operating activities totaled $111.7 million for the first nine months ended September 30, 2008, compared to $192.1 million for the first nine months ended September 30, 2007. In 2007, the Company liquidated excess inventories in its downstream business as part of its cash management program, which contributed to the higher cash provided from operations for the same period last year. Cash and cash equivalents at third quarter-end 2008 were $245.0 million, compared with $75.6 million at December 31, 2007. Cash and available borrowings totaled $263.0 million at September 30, 2008.

Management believes cash flows from operating activities, together with cash and cash equivalents will be sufficient to meet the Company’s short-term liquidity needs.

In light of general market concerns about the ability of financial institutions to honor credit commitments, in late September 2008 the Company borrowed $225 million under the revolving portion of its senior credit facility and invested the proceeds in highly liquid cash equivalents, including U.S. Government T-bills and money market funds holding only U.S. Treasury securities. At September 30, 2008, the Company had remaining borrowing capacity of $18.0 million under the revolving portion of the senior credit facility. Total debt at the end of the third quarter of 2008 was $1.3 billion. At September 30, 2008, the Company’s Adjusted EBITDA to fixed charge ratio was 3.2x to 1 at the Noranda Aluminum Holding Corporation and all of its subsidiaries (“Holdco”) level and 4.2x to 1 at the Noranda Aluminum Acquisition Corporation (“AcquisitionCo”) level, while AcquisitionCo’s net debt to Adjusted EBITDA ratio for its senior secured credit facilities was 1.3x to 1. The Company has no maintenance covenants on any borrowings.

The Company has made a permitted election under the indentures governing its $220 million Senior Floating Rate Notes due 2014 and its $510 million Senior Floating Rate Notes due 2015, to pay all interest under the Notes that is due on May 15, 2009, for the interest period beginning on November 15, 2008, and ending on May 15, 2009, entirely in kind.

The Company has entered into fixed price aluminum, interest rate, and natural gas swaps for the primary purpose of hedging its exposure to price risk and earnings volatility.

Capital expenditures for the nine months were $37.5 million, including $9.4 million invested in the $48.0 million New Madrid expansion project.

Mr. Smith stated, “We are confronted with an extraordinary global economic environment that is challenging our industry and our Company. During this time of uncertainty in the U.S. and global environment, primary aluminum pricing and demand have declined. Noranda is well-positioned to meet the challenges of this uncertain period. We believe our integrated North American business strategy combined with our liquidity position and hedging strategy supports our ability to respond quickly to changing business conditions. Noranda continues to implement its strategy to improve productivity, manage capital spending and reduce working capital while continuing to support our highest value growth projects.”

“We have managed our business to give us the flexibility to quickly make the adjustments needed during this period of volatility in the business cycle.” Mr. Smith continued, “We are aggressively evaluating every aspect of our business to reduce costs while operating to achieve optimal results. Through the continued implementation of our CORE (Cost-Out, Reliability and Effectiveness) program, we will seek to reduce our costs and improve our productivity to build the foundation for sustainable results.”

Noranda has scheduled an information conference call on November 12, 2008, at 2:00 PM EST. The call is accessible to the media and general public. To listen to the conference call, dial the appropriate number at least 10 minutes prior to the scheduled start of the call.

The earnings conference call also will be webcast at http://w.on24.com/clients/norandair/126510. Plan to begin the registration process at least 15 minutes before the live call is scheduled to start.

A replay of the conference call will be available two hours after the completion of the call on November 12 until midnight EST on November 30, 2008. U.S. listeners should dial 1-800-642-1687. International callers should dial 1-706-645-9291. The Conference ID # for the replay is 72527181.

A replay of the webcast also will be available two hours after the completion of the call on November 12 until midnight EST on January 31, 2009. The URL for the replay is http://w.on24.com/clients/norandair/126510.

Noranda Aluminum Holding Corporation is a leading North American integrated producer of value-added primary aluminum products, as well as high quality rolled aluminum coils. The Company has two businesses, an upstream and downstream business. The primary metals, or upstream business, produce approximately 259,000 metric tons of primary aluminum annually. The rolling mills, or downstream business, are one of the largest foil producers in North America and a major producer of light gauge sheet products. Noranda Aluminum Holding Corporation is a private company owned by affiliates of Apollo Management, L.P. The information contained in this release is limited and management encourages interested parties to read the Company’s financial reports and other information available on the Company’s website at www.norandaaluminum.com.


NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidated Balance Sheets (dollars expressed in thousands) (unaudited)

	December 31, 2007			September 30, 2008
	$			$
ASSETS
Current assets:
Cash and cash equivalents		75,630			245,037
Accounts receivable, net		97,169			123,601
Inventories		180,250			162,363
Derivative assets		21,163			374
Other current assets		13,173			42,202
Total current assets		387,385			573,577

Investments in affiliates		198,874			202,737
Property, plant and equipment, net		657,811			614,485
Goodwill		256,122			271,235
Other intangible assets, net		70,136			67,312
Other assets		80,216			71,337
Total assets		1,650,544			1,800,683

LIABILITIES AND SHAREHOLDERS’ DEFICIENCY
Current Liabilities:
Accounts Payable
Trade		32,505			70,401
Affiliates		27,571			31,639
Accrued liabilities		31,742			37,026
Accrued interest		12,182			22,826
Deferred revenue		14,181			8,193
Derivative liabilities		5,077			16,800
Deferred tax liabilities		22,355			24,088
Current portion of long-term debt due to third party		30,300		─
Total current liabilities		175,913			210,973
Long-term debt		1,121,372			1,346,546
Long-term derivative liabilities		65,998			78,309
Pension and other long-term liabilities		75,916			66,352
Deferred tax liabilities		211,421			208,417
Common stock subject to redemption		—			2,000
Shareholders’ deficiency:
Common stock		216			216
Capital in excess of par value		11,767			13,499
Accumulated deficit		—			(100,867	)
Accumulated other comprehensive loss		(12,059	)		(24,762	)
Total shareholders’ deficiency		(76	)		(111,914	)
Total liabilities and shareholders’ deficiency		1,650,544			1,800,683


NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidated Statement of Operations Data (dollars expressed in thousands, except per share amounts) (unaudited)

	Successor		Successor
	For the three months ended September 30, 2008		For the three months ended September 30, 2007
Statement of Operations Data:
Sales	357,410		377,589
Operating costs and expenses
Cost of sales	312,906		337,354
Selling, general and administrative expenses and other	12,414		10,243
Other expenses	─		43

	325,320		347,640

Operating income	32,090		29,949
Other expenses (income)
Interest expense, net	19,816		27,417
Loss (gain) on derivative instruments and hedging activities, net	39,796		(6,765	)
Equity in net income (loss) of investments in affiliates	1,652		(1,055	)

Total other expenses	61,264		19,597

Income before income (loss) taxes	(29,174	)	10,352
Income tax expense (benefit)	(9,845	)	4,020

Net income (loss) for the period	(19,329	)	6,332

Sales by segment
Upstream	182,548		177,305
Downstream	174,862		200,284

Total	357,410		377,589


Operating income
Upstream	29,695		25,655
Downstream	2,395		4,294

Total	32,090		29,949


Weighted-average shares outstanding
Basic	21,750		21,613
Diluted	21,750		21,613

Financial and other data:
EBITDA	15,360		67,033
Adjusted EBITDA	60,569		73,352
Average Midwest transaction price	1.34		1.22
Net cash cost for primary aluminum (per pound shipped)	0.95		0.84
Shipments (pounds in millions)
Upstream:
External customers	127.7		137.0
Intersegment	20.7		4.7

Total Upstream	148.4		141.7

Downstream	94.9		104.3


NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidated Statement of Operations Data (dollars expressed in thousands, except per share amounts) (unaudited)

	Successor			Predecessor			Successor			Successor
	For the nine months ended September 30, 2008			Period from January 1, 2007 to May 17, 2007			Period from May 18, 2007 to September 30, 2007			For the nine months ended September 30, 2007
Statement of Operations Data:
Sales	$	1,004,906		$	527,666		$	568,224		$	1,095,890
Operating costs and expenses
Cost of sales		846,823			424,505			506,355			930,860
Selling, general and administrative expenses and other		49,100			16,816			18,804			35,620

		895,923			441,321			525,159			966,480

Operating income		108,983			86,345			43,065			129,410
Other expenses (income):
Interest expense, net		66,245			6,235			41,730			47,965
Loss (gain) on derivative instruments and hedging activities		44,797			56,467			(6,882	)		49,585
Equity in net income of investments in affiliates		(3,862	)		(4,269	)		(2,703	)		(6,972	)

Total other expenses		107,180			58,433			32,145			90,578

Income before income taxes		1,803			27,912			10,920			38,832
Income tax expense		447			13,655			4,239			17,894

Net income for the period		1,356			14,257			6,681			20,938


Sales per Segment
Upstream		522,823			275,157			271,549			546,706
Downstream		482,083			252,509			296,675			549,184

Total		1,004,906			527,666			568,224			1,095,890

Operating income
Upstream		107,973			78,194			41,286			119,480
Downstream		1,010			8,151			1,779			9,930

Total		108,983			86,345			43,065			129,410


Financial and other data:
EBITDA		142,097									158,628
Adjusted EBITDA		225,638									246,731
Average Midwest transaction price		1.31									1.27
Net cash cost for primary aluminum (per pound shipped)		0.83									0.78
Shipments (pounds in millions)
Upstream:
External customers		374.5			198.3			202.8			401.1
Intersegment		61.2			12.1			6.1			18.2

Total Upstream		435.7			210.4			208.9			419.3

Downstream		273.3			135.6			153.4			288.9


NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidated Statement of Cash Flows (dollars expressed in thousands) (unaudited)

	Successor			Successor			Predecessor
	For the nine months ended September 30, 2008			Period from May 18, 2007 through September 30, 2007			Period from January 1, 2007 through May 17, 2007
	$			$			$
OPERATING ACTIVITIES
Net income		1,356			6,681			14,257
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		74,049			42,194			29,637
Non-cash interest		5,019			2,745			2,200
Loss (gain) on disposal of property, plant and equipment		2,404			166			(160	)
Loss (gain) on derivative activities, net of cash settlements		25,811			(4,621	)		56,467
Equity in net income of investments in affiliates		(3,862	)		(2,703	)		(4,269	)
Deferred income taxes		(7,226	)		1,257			(14,828	)
Stock option expense		1,507			—			—
Changes in deferred charges and other assets		4,034			(1,403	)		124
Changes in pension and other liabilities		(9,564	)		(8,044	)		(4,925	)
Changes in operating assets and liabilities:
Accounts receivable		(26,432	)		(13,483	)		(8,239	)
Inventories		17,887			63,470			(18,069	)
Other current assets		1,622			1,038			16,956
Accounts payable		19,443			30,261			(239	)
Accrued liabilities		5,637			33,326			(27,743	)
Cash provided by operating activities		111,685			150,884			41,169

INVESTING ACTIVITIES
Capital expenditures		(37,464	)		(18,353	)		(5,768	)
Net increase in advances due from parent		—			—			10,925
Payment for the Apollo acquisition, net of cash acquired		—			(1,161,519	)		—
Proceeds from sale of property, plant and equipment		484			—			—
Cash (used in) provided by investing activities		(36,980	)		(1,179,872	)		5,157

FINANCING ACTIVITIES
Proceeds from issuance of shares		2,225			216,130			—
Distributions to shareholders		(102,223	)		(216,130	)		—
Capital contributions from parents		—			—			101,256
Distributions to parents		—			—			(25,000	)
Deferred financing costs		—			(39,020	)		—
Borrowings on long-term debt		—			1,227,800			—
Repayments on long-term debt		(30,300	)		(76,250	)		(160,000	)
Borrowings on revolving credit facility		250,500			—			—
Repayments on revolving credit facility		(25,500	)		—			—
Cash provided by (used in) financing activities		94,702			1,112,530			(83,744	)
Change in cash and cash equivalents		169,407			83,542			(37,418	)
Cash and cash equivalents, beginning of period		75,630		─				40,549
Cash and cash equivalents, end of period		245,037			83,542			3,131

Certain covenants contained in the credit agreement governing our senior secured credit facilities and the indentures governing our notes restrict our ability to take certain actions (including incurring additional secured or unsecured debt, expanding borrowings under existing term loan facilities, paying dividends, engaging in mergers, acquisitions and certain other investments, and retaining proceeds from asset sales) if we are unable to meet defined Adjusted EBITDA to fixed charges and net senior secured debt to Adjusted EBITDA ratios. Further, the interest rates we pay under our senior secured credit facilities are determined in part by the ratio of our net senior secured debt to Adjusted EBITDA. Furthermore, our ability to take certain actions, including paying dividends and making acquisitions and certain other investments, depends on the amounts available for such actions under the covenants, which amounts accumulate with reference to our Adjusted EBITDA on a quarterly basis. With respect to the ratios with which we must comply, Adjusted EBITDA is computed on a trailing four quarter basis and the minimum or maximum amounts generally required by those covenants and our performance against those minimum or maximum levels are summarized below:

(1)			Fixed charges, in accordance with our debt agreements, is the sum of consolidated interest expense and all cash dividend payments with respect to preferred and certain other types of our capital stock. For the purpose of calculating these ratios, pro forma effect is given to any repayment and issuance of Senior debt (excluding the Revolver), as if such transaction occurred at the beginning of the trailing four-quarter period.
(2)			Covenants for the Holdco notes and AcquisitionCo notes are generally based on a minimum ratio of Adjusted EBITDA to fixed charges; however, certain provisions also require compliance with the net senior secured debt to Adjusted EBITDA ratio.
(3)			Covenants for our senior secured credit facilities are generally based on a maximum ratio of net senior secured debt to Adjusted EBITDA; however, certain provisions also require compliance with a net senior debt to Adjusted EBITDA ratio.
(4)			The senior secured credit facilities net debt covenant is calculated based on net debt outstanding under that facility.
(5)			Maximum ratio changes to 3.0 to 1.0 at January 1, 2009.

The following tables reconcile net income to EBITDA and Adjusted EBITDA for the periods presented, as defined in our credit documents and the indentures governing our notes:


(in thousands)	For the nine months ended September 30, 2008			For the nine months ended September 30, 2007			Last twelve months ending September 30, 2008			Twelve months ended December 31, 2007			Three months ended September 30, 2008			Three months ended September 30, 2007
	$			$			$			$			$			$
Net income		1,356			20,938			2,842			22,424			(19,329	)		6,332
Income taxes		447			17,894			1,345			18,792			(9,845	)		4,020
Interest expense, net		66,245			47,965			91,758			73,478			19,816			27,417
Depreciation and amortization		74,049			71,831			101,564			99,346			24,718			29,264

EBITDA		142,097			158,628			197,509			214,040			15,360			67,033


Joint venture EBITDA (a)		9,414			11,899			12,849			15,334			4,021			4,194
LIFO expense (b)		31,186			5,437			20,183			(5,566	)		(432	)		(2,849	)
LCM adjustment (c)		(7,627	)		11,913			(5,217	)		14,323			6,696			7,850
Non-cash derivative gains and losses (d)		30,716			51,846			32,832			53,962			29,612			(4,504	)
Incremental stand-alone costs (e)	─				(2,700	)	─				(2,700	)	─			─
Employee compensation items (f)		4,848			7,112			8,097			10,361			599			567
Other items, net (g)		15,004			2,596			21,998			9,590			4,713			1,061

Adjusted EBITDA		225,638			246,731			288,251			309,344			60,569			73,352

(a)			Our upstream business is fully integrated from bauxite mined by St. Ann to alumina produced by Gramercy to primary aluminum metal manufactured by our aluminum smelter in New Madrid, Missouri. Our reported Adjusted EBITDA includes 50% of the net income of Gramercy and St. Ann, based on transfer prices that are generally in excess of the actual costs incurred by the joint venture operations. To reflect the underlying economics of the vertically integrated upstream business, this adjustment eliminates certain components of equity income, such as depreciation and amortization, tax expense, and interest income to reflect 50% of the EBITDA of the joint ventures.
(b)			We use the LIFO method of inventory accounting for financial reporting and tax purposes. To achieve better matching of revenues and expenses, particularly in the downstream business where customer LME pricing terms generally correspond to the timing of primary aluminum purchases, this adjustment restates net income to the FIFO method of inventory accounting by eliminating the LIFO expenses related to inventory held at the smelter and downstream facilities. The adjustment also includes non-cash charges relating to inventories that have been revalued at fair value at the date of the Xstrata Acquisition and Apollo Acquisition and recorded in cost of sales during the periods presented resulting from the sales of inventories.
(c)			Reflects adjustments to reduce inventory to the lower of cost, adjusted for purchase accounting, to market value.
(d)			We use derivative financial instruments to mitigate effects of fluctuations in aluminum and natural gas prices. We do not enter into derivative financial instruments for trading purposes. This adjustment eliminates the non-cash gains and losses (excluding cash settlements) resulting from fair market value changes of aluminum swaps.
(e)			Reflects (i) the incremental insurance, audit and other administrative costs on a stand-alone basis, net of certain corporate overheads allocated by the former parent that we no longer expect to incur on a go-forward basis and (ii) the elimination of income from administrative and treasury services provided to Noranda Aluminum, Inc.’s former parent and its affiliates that are no longer provided.
(f)			Represents stock compensation expense, re-pricing of stock options and bonus payments.
(g)			Other items, net, consist primarily of non-recurring consulting fees, sponsor fees, the non-cash portion of pension expense and asset disposals. Additionally, certain business optimization charges related to our downstream business are included in other, net in the three and nine months ended September 30, 2008.

CONTACT:
Noranda Aluminum Holding Corporation
Kyle Lorentzen, Chief Financial Officer, 615-771-5752
kyle.lorentzen@noralinc.com

Exhibit
Number		Description

99.1		Press release of Noranda Aluminum Holding Corporation dated November 12, 2008

			NORANDA ALUMINUM
			HOLDING CORPORATION


Date:	November 12, 2008	By:	/s/ Kyle D. Lorentzen
			Kyle D. Lorentzen
			Chief Financial Officer

Exhibit Number		Description

99.1		Press release of Noranda Aluminum Holding Corporation dated November 12, 2008


	Requirement	Actual
	Requirement	December 31, 2007	September 30, 2008
Adjusted EBITDA to fixed charges:
HoldCo:
Senior Floating Rate Notes(1)(2)	1.75 to 1.0	2.8 to 1	3.2 to 1
AcquisitionCo:
Senior Floating Rate Notes(1)(2)	2.0 to 1.0	3.7 to 1	4.2 to 1

Net Senior Secured Debt to Adjusted EBITDA:
AcquisitionCo:
Senior Secured Credit Facilities(3)(4)	2.75 to 1.0 (5)	1.1 to 1	1.3 to 1