10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [_____________ to _______________]

Commission file number: 001-34741

NORANDA ALUMINUM HOLDING CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware (State or Other Jurisdiction of Incorporation)	20-8908550 (I.R.S. Employer Identification Number)
801 Crescent Centre Drive, Suite 600 Franklin, Tennessee (Address of Principal Executive Offices)	37067 (Zip Code)
Registrant’s Telephone Number, Including Area Code: (615) 771-5700

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES xNO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES xNO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨ Accelerated filer x Non-accelerated filer (Do not check if a smaller reporting company) ¨ Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    YES¨NOx

As of April 15, 2015, there were 69,216,096 shares of Noranda common stock outstanding.

1

NORANDA ALUMINUM HOLDING CORPORATION

TABLE OF CONTENTS

Part I	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	42
Item 4.	Controls and Procedures	42
Part II	OTHER INFORMATION	43
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	43
SIGNATURES		44

2

Part I.    FINANCIAL INFORMATION

Item 1. Financial Statements

3

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except par value)

(unaudited)

	March 31, 2015		December 31, 2014
	$		$
ASSETS
Current assets:
Cash and cash equivalents	23.5		20.5
Accounts receivable, net	112.6		102.5
Inventories, net	187.8		196.7
Other current assets	29.2		27.4
Total current assets	353.1		347.1
Property, plant and equipment, net	698.8		695.0
Goodwill	137.6		137.6
Other intangible assets, net	47.8		49.3
Other assets	87.8		89.1
Total assets	1,325.1		1,318.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	115.6		122.6
Accrued liabilities	73.0		59.1
Deferred tax liabilities	11.6		11.7
Current portion of long-term debt	12.1		11.6
Total current liabilities	212.3		205.0
Long-term debt, net	653.9		656.4
Pension and other post-retirement benefit (“OPEB”) liabilities	195.8		195.4
Other long-term liabilities	44.8		45.9
Long-term deferred tax liabilities	146.9		143.3
Shareholders’ equity:
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at March 31, 2015 and December 31, 2014)	—		—
Common stock (200.0 shares authorized; $0.01 par value; 69.2 shares issued and outstanding at March 31, 2015; 68.9 shares issued and outstanding at December 31, 2014)	0.7		0.7
Capital in excess of par value	244.4		243.6
Accumulated deficit	(71.8	)	(68.2	)
Accumulated other comprehensive loss	(107.9	)	(110.0	)
Total shareholders’ equity	65.4		66.1
Non-controlling interest	6.0		6.0
Total equity	71.4		72.1
Total liabilities and equity	1,325.1		1,318.1

See accompanying notes

4

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share information)

(unaudited)

	Three months ended March 31,
	2015			2014
	$			$
Sales	345.6			311.6
Operating costs and expenses:
Cost of sales	312.0			302.0
Selling, general and administrative expenses	22.3			20.7
Total operating costs and expenses	334.3			322.7
Operating income (loss)	11.3			(11.1		)
Other (income) expense:
Interest expense, net	13.2			12.5
Loss on hedging activities, net	0.3			0.3
Total other expense, net	13.5			12.8
Loss before income taxes	(2.2		)	(23.9		)
Income tax expense (benefit)	0.5			(7.1		)
Net loss	(2.7		)	(16.8		)
Net loss per common share:
Basic	$	(0.04	)	$	(0.25	)
Diluted	$	(0.04	)	$	(0.25	)
Weighted-average common shares outstanding:
Basic (shares, in millions)	68.97			68.23
Diluted (shares, in millions)	68.97			68.23
Cash dividends declared per common share	$	0.01		$	0.01

See accompanying notes

5

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(unaudited)

	Three months ended March 31,
	2015		2014
	$		$
Net loss	(2.7	)	(16.8	)
Other comprehensive income:
Reclassification of pension and OPEB amounts realized in net loss	3.2		1.8
Total other comprehensive income, before tax	3.2		1.8
Income tax expense related to components of other comprehensive income	1.1		0.7
Total other comprehensive income, net of tax	2.1		1.1
Total comprehensive income (loss)	(0.6	)	(15.7	)

See accompanying notes

6

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions)

(unaudited)

	Preferred stock	Common stock	Capital in excess of par value		Accumulated deficit		Accumulated other comprehensive loss		Non-controlling interest	Total equity
	$	$	$		$		$		$	$
Balance, December 31, 2014	—	0.7	243.6		(68.2	)	(110.0	)	6.0	72.1
Net loss	—	—	—		(2.7	)	—		—	(2.7	)
Other comprehensive income	—	—	—		—		2.1		—	2.1
Shares tendered for taxes, net of issuance of common shares for share-based payment arrangements	—	—	(0.2	)	—		—		—	(0.2	)
Stock compensation expense related to equity-based awards	—	—	0.8		—		—		—	0.8
Vesting of awards, share-based plans	—	—	0.2		(0.2	)	—		—	—
Dividends to shareholders @ $0.01 per share	—	—	—		(0.7	)	—		—	(0.7	)
Balance, March 31, 2015	—	0.7	244.4		(71.8	)	(107.9	)	6.0	71.4

See accompanying notes

7

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

	Three months ended March 31,
	2015		2014
	$		$
OPERATING ACTIVITIES
Net loss	(2.7	)	(16.8	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	23.0		21.7
Non-cash interest expense	0.7		0.7
Last in, first out and lower of cost or market inventory adjustments	(4.8	)	(0.2	)
(Gain) loss on disposal of assets	0.1		(0.1	)
Gain on hedging activities, excluding cash settlements	—		(0.5	)
Deferred income taxes	2.4		(14.3	)
Share-based compensation expense	0.8		0.7
Changes in other assets	(1.0	)	(1.6	)
Changes in pension, other post-retirement and other long-term liabilities	2.7		0.7
Changes in current operating assets and liabilities:
Accounts receivable, net	(10.1	)	(26.0	)
Inventories, net	13.4		(12.8	)
Taxes receivable and taxes payable	1.3		7.7
Other current assets	(0.9	)	(1.2	)
Accounts payable	(8.2	)	21.4
Accrued liabilities	12.8		1.1
Cash provided by (used in) operating activities	29.5		(19.5	)
INVESTING ACTIVITIES
Capital expenditures	(23.5	)	(13.1	)
Proceeds from sale of property, plant and equipment	0.1		0.2
Cash used in investing activities	(23.4	)	(12.9	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2	)	(0.4	)
Dividends paid to shareholders	(0.7	)	(0.7	)
Repayments of long-term debt	(2.6	)	(1.2	)
Borrowings on revolving credit facility	72.0		—
Repayments on revolving credit facility	(72.0	)	—
Borrowings on long-term debt, net	0.4		6.5
Cash provided by (used in) financing activities	(3.1	)	4.2
Change in cash and cash equivalents	3.0		(28.2	)
Cash and cash equivalents, beginning of period	20.5		79.4
Cash and cash equivalents, end of period	23.5		51.2

See accompanying notes

8

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

1.ACCOUNTING POLICIES

Organization, Consolidation and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements represent the consolidation of Noranda Aluminum Holding Corporation and all companies that we directly or indirectly control (“Noranda,” “the Company,” “we,” “us,” and “our”). “Noranda HoldCo” refers only to Noranda Aluminum Holding Corporation, excluding its subsidiaries. “Noranda AcquisitionCo” refers only to Noranda Aluminum Acquisition Corporation, the wholly-owned direct subsidiary of Noranda HoldCo, excluding its subsidiaries.

These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information. The condensed consolidated financial statements, including these condensed notes, are unaudited and exclude some of the disclosures required in annual consolidated financial statements. Condensed consolidated balance sheet data as of December 31, 2014 was derived from our audited condensed consolidated financial statements. In management’s opinion, these unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) that are considered necessary for the fair presentation of our financial position and operating results. All intercompany transactions and accounts have been eliminated in consolidation.

The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. For example, our interim operating results are affected by peak power usage rates from June through September each year which affect our operating costs at the New Madrid smelter. We are also subject to seasonality associated with the demand cycles of our end-use customers, which results in lower shipment levels from November to February relative to other periods during the year.

These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2015.

New Accounting Guidance

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is not permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

In August 2014, the FASB issued an ASU No. 2014-15, “Presentation of Financial Statements - Going Concern”. The ASU provides guidance on determining when and how to disclose going-concern uncertainties in financial statements. The Company will be required to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that the financial statements are issued. The Company must provide certain disclosures if conditions or events raise substantial doubt about its ability to continue as a going concern. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

In April 2015, the FASB issued an ASU No. 2015-03, “Interest - Imputation of Interest”. The ASU was issued as an initiative to reduce complexity in accounting standards (the Simplification Initiative). The Company will apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company will be required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items. The adoption of the ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

9

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

2.SEGMENTS

We manage and operate our business segments based on the markets we serve and the products we produce.

Segment profit (in which certain items, primarily non-recurring costs or non-cash expenses, are not allocated to the segments and in which certain items, primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments) is a measure used by management as a basis for resource allocation.

Our five reportable segments are Bauxite, Alumina, Primary, Flat-Rolled and Corporate.

• Bauxite – Mines and produces the bauxite used for alumina production at our Gramercy refinery. The remaining bauxite is sold to a third party.

• Alumina – Chemically refines and converts bauxite into alumina, which is the principal raw material used in the production of primary aluminum. The Gramercy refinery is the source for the majority of our New Madrid smelter’s alumina requirements. The remaining alumina production at the Gramercy refinery in the form of smelter grade alumina and alumina hydrate, or chemical-grade alumina, is sold to third parties.

• Primary – Produces value-added aluminum products in several forms, including billet, rod, high purity sow and foundry. The Primary segment also produces commodity grade sow.

• Flat-Rolled – Produces rolled aluminum products such as finstock and container stock.

• Corporate – Reflects costs of corporate operations.

The accounting policies of the segments are the same as those described in Note 1, "Accounting Policies".

10

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

The following tables present operating and asset information for our reportable segments (in millions):

	Three months ended March 31, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.7		55.0		130.9		148.0		—		—		345.6
Intersegment	19.6		27.4		22.0		—		—		(69.0	)	—
Total sales	31.3		82.4		152.9		148.0		—		(69.0	)	345.6
Capital expenditures	3.3		1.4		17.0		1.3		0.5		—		23.5
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	2.1		3.7		23.1		12.7		(7.8	)	0.1		33.9
Depreciation and amortization	(3.0	)	(5.2	)	(10.0	)	(4.3	)	(0.5	)	—		(23.0	)
Last in, first out and lower of cost or market inventory adjustments	—		—		0.8		4.0		—		—		4.8
Gain (loss) on disposal of assets	—		—		(0.1	)	—		—		—		(0.1	)
Non-cash pension, accretion and stock compensation	—		(0.3	)	(1.7	)	(1.3	)	(1.1	)	—		(4.4	)
Restructuring, relocation and severance	—		(0.2	)	(0.2	)	0.3		(0.1	)	—		(0.2	)
Consulting fees	—		—		(0.1	)	—		(0.2	)	—		(0.3	)
Cash settlements paid (received) on hedging transactions	—		—		0.2		1.2		—		—		1.4
Other, net	—		(0.1	)	—		—		(0.1	)	(0.6	)	(0.8	)
Operating income (loss)	(0.9	)	(2.1	)	12.0		12.6		(9.8	)	(0.5	)	11.3
Interest expense, net													13.2
Loss on hedging activities, net													0.3
Total other expense, net													13.5
Loss before income taxes													(2.2	)

11

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	Three months ended March 31, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.7		45.8		120.8		133.3		—		—		311.6
Intersegment	18.4		31.4		28.7		—		—		(78.5	)	—
Total sales	30.1		77.2		149.5		133.3		—		(78.5	)	311.6
Capital expenditures	0.8		2.0		7.0		3.1		0.2		—		13.1
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	2.5		(11.9	)	18.4		10.9		(7.8	)	(1.4	)	10.7
Depreciation and amortization	(2.5	)	(5.0	)	(9.7	)	(4.3	)	(0.2	)	—		(21.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(0.1	)	0.3		—		—		0.2
Gain (loss) on disposal of assets	—		—		0.1		—		—		—		0.1
Non-cash pension, accretion and stock compensation	—		(0.2	)	(1.0	)	(0.7	)	(0.9	)	—		(2.8	)
Restructuring, relocation and severance	0.1		(0.1	)	(0.1	)	0.4		0.1		—		0.4
Consulting fees	—		—		—		—		(0.2	)	—		(0.2	)
Cash settlements paid (received) on hedging transactions	—		—		0.2		0.7		—		—		0.9
Other, net	—		(0.1	)	0.1		(0.1	)	—		1.4		1.3
Operating income (loss)	0.1		(17.3	)	7.9		7.2		(9.0	)	—		(11.1	)
Interest expense, net													12.5
Loss on hedging activities, net													0.3
Total other expense, net													12.8
Loss before income taxes													(23.9	)

	March 31, 2015		December 31, 2014
Segment assets:	$		$
Bauxite	150.0		149.9
Alumina	220.6		229.8
Primary	557.9		561.5
Flat-Rolled	349.8		335.1
Corporate	73.1		65.5
Eliminations	(26.3	)	(23.7	)
Total assets	1,325.1		1,318.1

12

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

3.SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

Condensed consolidated statements of cash flows:

Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows included the following (in millions):

	Three months ended March 31,
	2015	2014
	$	$
Depreciation of property, plant and equipment	19.8	18.8
Amortization of intangible assets	1.5	1.5
Amortization of other long-term assets	1.7	1.4
Total depreciation and amortization	23.0	21.7

Cash paid for interest and income taxes was as follows (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Interest paid	8.0		7.5
U.S. Federal and state income taxes paid, net of refunds received	(3.0	)	(0.5	)

Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $8.2 million and $4.3 million for the three months ended March 31, 2015 and 2014, respectively, and were not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows. During thethree months ended March 31, 2015and2014, we capitalized interestof $0.2 million and $0.4 million, respectively, related to long-term capital projects. As of December 31, 2014 cash and cash equivalents included $1.8 million of cash intended to be used for ongoing capital and operational productivity improvements in Jamaica. The cash and cash equivalents account did not include any cash intended to be used for ongoing capital and operational improvements in Jamaica as of March 31, 2015.

Condensed consolidated statements of equity:

Changes in accumulated other comprehensive income (loss) (“AOCI”) were as follows (in millions):

	Unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB		Accumulated tax (benefit) expense related to unrealized net actuarial gain or loss, prior service cost and other related to pension and OPEB		Total, net of tax
	$		$		$
Balance, December 31, 2014	(172.9	)	(62.9	)	(110.0	)
Reclassification of amounts realized in net loss	3.2		1.1		2.1
Balance, March 31, 2015	(169.7	)	(61.8	)	(107.9	)

13

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Reclassifications out of AOCI were included in the unaudited condensed consolidated statements of operations as follows (in millions):

Details about accumulated other comprehensive loss components	Amount reclassified from accumulated other comprehensive loss		Affected line item in the unaudited condensed consolidated statements of operations
	Three months ended March 31,
	2015	2014
	$	$
Selling, general and administrative expenses (“SGA”)
Actuarial gain/loss	0.7	0.3	(1)
Total pension amounts reclassified into SGA	0.7	0.3	Selling, general and administrative expenses
Cost of sales (“COS”)
Actuarial gain/loss	2.3	1.3	(1)
Prior service costs	0.2	0.2	(1)
Total pension amounts reclassified into COS	2.5	1.5	Cost of sales
Reclassification of pension and OPEB amounts realized in net loss	3.2	1.8
Income tax expense related to reclassifications of pension and OPEB amounts	1.1	0.7	Income tax expense (benefit)
Reclassification of pension and OPEB amounts realized in net loss, net of tax	2.1	1.1	Net loss

⁽¹⁾  These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 10, "Pension and Other Post-Retirement Benefits."

Condensed consolidated balance sheets:

Cash and cash equivalents consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Cash	23.5	20.5
Total cash and cash equivalents	23.5	20.5

Accounts receivable, net, consisted of the following (in millions):

	March 31, 2015		December 31, 2014
	$		$
Trade	112.7		102.6
Allowance for doubtful accounts	(0.1	)	(0.1	)
Total accounts receivable, net	112.6		102.5

Other current assets consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Current foreign deferred tax asset	0.4	0.4
Employee loans receivable, net	1.9	2.1
Current derivative assets (see Note 11, “Derivative Financial Instruments”)	7.3	6.3
Taxes receivable	2.7	4.0
Prepaid assets	4.6	4.5
Restricted cash (see Note 7, “Commitments and Contingencies”)	0.1	0.1
Other current assets	12.2	10.0
Total other current assets	29.2	27.4

14

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Other assets consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Deferred financing costs, net of amortization	5.3	5.8
Cash surrender value of life insurance	28.9	29.3
Pension asset	6.6	6.5
Restricted cash (see Note 7, “Commitments and Contingencies”)	14.1	14.0
Supplies	4.6	5.0
Prepaid Jamaican income taxes	12.7	12.7
Derivative asset	—	0.2
Other	15.6	15.6
Total other assets	87.8	89.1

Accrued liabilities consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Compensation and benefits	22.5	18.3
Workers’ compensation	5.7	5.6
Other operating expenses	13.5	11.2
Accrued interest	7.1	2.3
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”)	2.5	2.3
Land obligation (see Note 9, “Asset Retirement and Other Obligations”)	3.8	3.7
Derivative liabilities (see Note 11, “Derivative Financial Instruments”)	6.1	5.0
Reclamation obligation (see Note 9, “Asset Retirement and Other Obligations”)	1.6	1.5
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”)	1.7	1.7
Obligations to the Government of Jamaica	7.7	5.9
Pension and OPEB liabilities (see Note 10, “Pensions and Other Post-Retirement Benefits”)	0.8	0.8
Restructuring liability	—	0.8
Total accrued liabilities	73.0	59.1

Other long-term liabilities consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Reserve for uncertain tax positions	0.6	0.7
Workers’ compensation	15.6	15.3
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”)	13.4	13.7
Land obligation (see Note 9, “Asset Retirement and Other Obligations”)	6.8	6.8
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”)	1.1	1.1
Long-term derivative liabilities (see Note 11, “Derivative Financial Instruments”)	—	0.1
Deferred compensation and other	7.3	8.2
Total other long-term liabilities	44.8	45.9

15

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

4.FAIR VALUE MEASUREMENTS

The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions):

	March 31, 2015
	Level 1		Level 2		Level 3		Total
	$		$		$		$
Derivative assets	—		7.3		—		7.3
Derivative liabilities	—		(5.3	)	(0.8	)	(6.1	)
RSU liability awards	(0.1	)	—		—		(0.1	)
Total	(0.1	)	2.0		(0.8	)	1.1

	December 31, 2014
	Level 1	Level 2		Level 3	Total
	$	$		$	$
Derivative assets	—	3.2		3.3	6.5
Derivative liabilities	—	(5.1	)	—	(5.1	)
Total	—	(1.9	)	3.3	1.4

We made no transfers between fair value hierarchy levels during the three months ended March 31, 2015.

In Note 13 "Share-Based Payments," we discuss RSU liability awards. The fair value of this Level 1 liability was determined based on the closing market price of our common stock at each balance sheet date.

We discuss our derivative instruments in Note 11, "Derivative Financial Instruments." Fair values of all derivative instruments classified as Level 2 were primarily measured using industry standard models that incorporated inputs including quoted forward prices for commodities, interest rate curves, and current market prices for those assets and liabilities. Substantially all of the inputs were observable throughout the full term of the instrument. Our variable-price Midwest premium contracts were classified as Level 3 and were primarily measured using management’s estimate of future U.S. Midwest premium prices, based on current market prices and quoted forward prices.

Changes in the fair value of the variable-price Midwest Premium contracts were included in gain on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments were as follows:

	Three months ended March 31, 2015
	$
Fair value, beginning of year	3.3
New contracts entered into during the period	0.1
Changes in fair value	(3.2	)
Settlements	(1.0	)
Fair value, end of period	(0.8	)

In Note 8, "Long-Term Debt," we disclose the fair values of our debt instruments. We classify all of these fair value measurements within Level 2 of the fair value hierarchy. The fair value of our AcquisitionCo Notes was based on recent market transactions. While the AcquisitionCo Notes have quoted market prices used to determine fair value, we do not believe transactions of those instruments occur in sufficient frequency or volume for a Level 1 classification. The fair values of our Term B Loan and our project specific financing borrowings were based on interest rates available at each balance sheet date.

5.INVENTORIES

We use the last-in, first-out (“LIFO”) method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Supplies inventories at our rolling mills are valued at first-in, first-out. Inventories at Gramercy and St. Ann, Jamaica (“St. Ann”) and supplies at New Madrid are valued at weighted-average cost and are not subject to the LIFO adjustment. Gramercy and St. Ann inventories comprise approximately 28% and 25% of total inventories, at cost, at March 31, 2015 and December 31, 2014, respectively.

16

An actual valuation of inventory under the last-in, first-out (“LIFO”) method is made only at the end of each year based on the inventory costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory costs.

Inventories, net, consisted of the following (in millions):

	March 31, 2015		December 31, 2014
	$		$
Raw materials, at cost	61.5		73.7
Work-in-process, at cost	57.3		48.9
Finished goods, at cost	25.6		31.3
Total inventories, at cost	144.4		153.9
LIFO adjustment	20.6		14.0
LCM reserve	(9.9	)	(7.6	)
Inventories, at lower of cost or market	155.1		160.3
Supplies	32.7		36.4
Total inventories, net	187.8		196.7

6.PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net, consisted of the following (in millions):

	Estimated useful lives in years			March 31, 2015		December 31, 2014
				$		$
Land				52.0		51.9
Buildings and improvements	10	—	47	171.3		163.0
Machinery and equipment	3	—	50	935.0		927.1
Construction in progress				82.7		86.2
Property, plant and equipment, at cost				1,241.0		1,228.2
Accumulated depreciation				(542.2	)	(533.2	)
Total property, plant and equipment, net				698.8		695.0

7. COMMITMENTS AND CONTINGENCIES

Labor Commitments

We are a party to seven collective bargaining agreements with five different unions. The following represents our collective bargaining agreements that have been updated since December 31, 2014 or are currently pending:

In the US: the United Steelworkers of America (“USWA”); the International Association of Machinists and Aerospace Workers (“IAMAW”).

• The agreement in place with the IAMAW at our Newport rolling mill originally extended through May 2014. During April 2014, a one-year extension was ratified, extending the expiration of the agreement to May 2015. A new three year agreement was signed in April 2015 which will be effective June 1, 2015.

At St. Ann, Jamaica: the University and Allied Workers Union (“UAWU”); the Union of Technical, Administrative and Supervisory Personnel (“UTASP”); and the Bustamante Industrial Trade Union (“BITU”).

• An agreement at St. Ann with the UTASP representing supervisory and technical salaried workers expired in December 2013. We received a claim for a new contract in July 2014. We have been unable to reach a conclusion in our negotiations with UTASP; therefore, the union has reported a dispute to the Ministry of Labor for conciliation. We are currently negotiating with the Ministry of Labor in an effort to reach an agreement.

Legal Contingencies

We are a party to legal proceedings incidental to our business. We assess the likelihood of an unfavorable outcome of each legal proceeding based upon the available facts and our historical experience with similar matters. We do not accrue a liability when we assess

17

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

the likelihood of an unfavorable outcome to be remote. Where the risk of loss is probable and the costs can be reasonably estimated, we accrue a liability based on the factors mentioned above. Where the risk of loss is considered reasonably possible, we estimate the range of reasonably possible losses and disclose any reasonably possible losses, if material. We update our loss assessment as matters progress over time. Based on current knowledge, we do not believe any probable losses in excess of our accrual or reasonably possible losses would be material to our unaudited condensed consolidated financial statements.

On March 16, 2015 we filed a notice per the Establishment Agreement, as amended, requesting arbitration to settle the outstanding issues with the GOJ that have not be resolved via negotiations. Throughout negotiations with the GOJ, we have continued to operate our business in Jamaica in the normal course. We firmly believe in our asserted rights under the agreements governing our fiscal regime and we continue to seek ways to work constructively with the GOJ to conclude the negotiations. See Note 17, "Non-Controlling Interest" to our condensed consolidated financial statements in Item 1 of this Form 10-Q.

Environmental Matters

We cannot predict what environmental laws or regulations will be enacted or amended in the future, how existing or future laws or regulations will be interpreted or enforced or the amount of future expenditures that may be required to comply with such laws or regulations. Such future requirements may result in liabilities which may have a material adverse effect on our financial condition, results of operations or cash flows.

Power Contract

Electricity is our largest cash cost component in the production of primary aluminum and is a key factor to our long-term competitive position in the primary aluminum business. We have a long-term contract with Ameren for our electricity supply at New Madrid, pursuant to which we have agreed to purchase substantially all of New Madrid’s electricity. Included in the contract is a minimum purchase requirement equal to five mega watts, calculated at peak and non-peak demand charges, or approximately $2.7 million over the remaining life of the contract. This minimum purchase requirement represents significantly less power usage than we require, given the power-intensive nature of our smelter facility. The power supply contract provides that the rate for power will be established by the MoPSC based on two components: a base rate and a fuel adjustment charge. The MoPSC determines whether to make changes to the base rate and fuel adjustment charge.

8.LONG-TERM DEBT

The carrying values and fair values of our outstanding debt were as follows (in millions):

	March 31, 2015				December 31, 2014
	Carrying value		Fair value	Interest rate	Carrying value		Fair value	Interest rate
	$		$	%	$		$	%
AcquisitionCo Notes, net	173.4		168.0	11.00	173.3		171.6	11.00
Term B Loan, net	469.5		469.5	5.75	470.7		470.7	5.75
Project specific financing	21.1		21.1	9.00	22.5		22.5	9.00
Mid-Stream Loan	1.5		1.5	8.00	1.0		1.0	8.00
Capital lease	0.5		0.5	5.79	0.5		0.5	5.79
Total debt, net	666.0				668.0
Less: Current portion	(12.1	)			(11.6	)
Long-term debt, net	653.9				656.4

The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.6 million and $1.7 million, respectively, at March 31, 2015 and December 31, 2014.

As of March 31, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.2 million and $2.4 million, respectively.

The asset-based loan (“ABL”) had no outstanding balance at March 31, 2015 or December 31, 2014. Outstanding letters of credit totaled $39.5 million at March 31, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity calculated as of March 31, 2015 was $141.9 million.

18

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

9.ASSET RETIREMENT AND OTHER OBLIGATIONS

Reclamation Obligation

St. Ann has an obligation to rehabilitate land disturbed by St. Ann’s Bauxite mining operations.

Our reclamation obligation activity at St. Ann follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	1.5
Additional liabilities incurred	0.7
Liabilities settled	(0.6	)
Balance, end of period	1.6

Land Obligation

In cases where land to be mined is privately owned, St. Ann acquires the right to mine either through a purchase of the land or by compensating the owner for disturbing the owner’s surface rights. In the case of a purchase of the land, the consideration is typically cash and or a commitment to resettle the owner to another area (“St. Ann Land Obligation”). Additional consideration is paid for crops, homes, and other structures that may exist on the land but which may be destroyed or damaged by the mining activities.

Our St. Ann Land Obligation activity follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	10.5
Additional liabilities incurred	0.1
Liabilities settled	0.1
Revisions to the obligation	(0.1	)
Balance, end of period	10.6

Asset Retirement Obligations

Our asset retirement obligations consist of costs related to the disposal of certain spent pot liners associated with the New Madrid smelter, as well as costs associated with the future closure and post-closure care of “red mud lakes” at the Gramercy facility, where Gramercy disposes of wastes from its refining process.

Our asset retirement obligations activity follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	16.0
Additional liabilities incurred	0.6
Liabilities settled	(1.0	)
Accretion	0.3
Balance, end of period	15.9

As of March 31, 2015 and December 31, 2014, we had $10.5 million of restricted cash in an escrow account as security for the payment of red mud lake closure obligations that will arise under state environmental laws if we were to cease operations at the Gramercy facility. This amount is included in other assets in the accompanying unaudited condensed consolidated balance sheets.

Environmental Remediation Obligations

In addition to our asset retirement obligations, we have identified certain environmental conditions requiring remedial action or ongoing monitoring at the Gramercy refinery. As of March 31, 2015 and December 31, 2014, we had undiscounted liabilities of $1.7 million in accrued liabilities and had $1.1 million in other long-term liabilities for remediation of Gramercy’s known environmental conditions. Monitoring costs are expensed as incurred. No other responsible parties are involved in any ongoing environmental remediation activities.

19

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

10.PENSIONS AND POST-RETIREMENT BENEFITS

We sponsor defined benefit pension plans for hourly and salaried employees. Benefits under our sponsored defined benefit plans are based on years of service and/or eligible compensation prior to retirement. We also sponsor other post-employment benefit (“OPEB”) plans for certain employees. These benefits include life and health insurance. In addition, we provide supplemental executive retirement benefits for certain executive officers.

Net periodic benefit costs related to the pension plans included the following (in millions):

	Noranda Pension Plans				St. Ann Pension Plans
	Three months ended March 31,				Three months ended March 31,
	2015		2014		2015		2014
	$		$		$		$
Service cost	4.2		3.6		0.2		0.2
Interest cost	5.0		4.9		0.4		0.4
Expected return on plan assets	(5.7	)	(5.3	)	(0.5	)	(0.6	)
Recognized actuarial loss	3.0		1.6		—		—
Amortization of prior service cost	0.2		0.2		—		0.1
Net periodic cost	6.7		5.0		0.1		0.1

Net periodic benefit costs related to the OPEB plans included the following (in millions):

	Noranda OPEB Plans		St. Ann OPEB Plans
	Three months ended March 31,		Three months ended March 31,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.1	0.1	0.1	—
Interest cost	0.2	0.2	0.1	0.1
Net periodic cost	0.3	0.3	0.2	0.1

Expected Employer Contributions

We contributed $3.3 million and $0.2 million to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, during the three months ended March 31, 2015. We anticipate making approximately $14.6 million and $0.4 million of pension funding payments to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, for the remainder of the year ending December 31, 2015.

11.DERIVATIVE FINANCIAL INSTRUMENTS

We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices. All derivatives are held for purposes other than trading.

We enter into forward contracts with our customers to sell aluminum in the future at fixed-prices in the normal course of business. We do not elect normal sale accounting on certain customer contracts and instead record those contracts as derivatives (“fixed-price aluminum customer contracts”). Because these fixed-price aluminum customer contracts expose us to aluminum and Midwest premium (“MWP”) market price fluctuations, we economically hedge these risks by entering into variable-price aluminum swap contracts (“variable-price aluminum offset swaps”) and variable-price MWP contracts with various brokers, typically for terms of one year or less.

As of March 31, 2015, our outstanding fixed-price aluminum customer contracts were as follows:

	Average price per pound	Pounds
Year	$	(in millions)
2015	1.13	47.1
2016	1.14	2.6

20

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

As of March 31, 2015, our outstanding variable-price aluminum offset swaps were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.90	51.9
2016	0.89	2.8

As of March 31, 2015, our outstanding variable-price MWP contracts were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.20	51.9
2016	0.21	3.0

We recognize all derivative instruments as either assets or liabilities at their estimated fair value in our accompanying unaudited condensed consolidated balance sheets. The following table presents the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions):

	March 31, 2015		December 31, 2014
	$		$
Fixed-price aluminum customer contracts	7.3		2.4
Variable-price aluminum offset swaps	(5.3	)	(4.3	)
Variable-price MWP contracts	(0.8	)	3.3
Total	1.2		1.4

We have four counterparties for our variable-price aluminum offset swaps. Our variable-price MWP contracts are with various other counterparties. With each of the counterparties of our variable-price aluminum offset swaps; we have a master netting arrangement which is subject to the same guarantee and security provisions as the senior secured credit facilities. The master netting arrangements do not require us to post additional collateral, or cash margin. We present the fair values of derivatives which are subject to a master netting arrangement in a net position on the unaudited condensed consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions):

	As of March 31, 2015
Counterparty	Gross derivative assets offset	Amount offset	Net derivative assets offset	Derivative assets not offset	Derivative assets, net
	$	$	$	$	$
Various counterparties not subject to a master netting arrangement	—	—	—	7.3	7.3
Total current derivative assets	—	—	—	7.3	7.3

	As of March 31, 2015
Counterparty	Gross derivative liabilities offset		Amount offset	Net derivative liabilities offset		Derivative liabilities not offset		Derivative liabilities, net
	$		$	$		$		$
Master netting arrangement with counterparty one	(2.7	)	—	(2.7	)	—		(2.7	)
Master netting arrangement with counterparty two	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty three	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty four	(2.4	)	—	(2.4	)	—		(2.4	)
Various counterparties not subject to a master netting arrangement	—		—	—		(0.8	)	(0.8	)
Total current derivative liabilities	(5.3	)	—	(5.3	)	(0.8	)	(6.1	)

21

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	As of December 31, 2014
Counterparty	Gross derivative assets offset	Amount offset	Net derivative assets offset	Derivative assets not offset	Derivative assets, net
	$	$	$	$	$
Various counterparties not subject to a master netting arrangement	—	—	—	6.3	6.3
Total current derivative assets	—	—	—	6.3	6.3
Various counterparties not subject to a master netting arrangement	—	—	—	0.2	0.2
Total long-term derivative assets	—	—	—	0.2	0.2

	As of December 31, 2014
Counterparty	Gross derivative liabilities offset		Amount offset	Net derivative liabilities offset		Derivative liabilities not offset		Derivative liabilities, net
	$		$	$		$		$
Master netting arrangement with counterparty one	(2.2	)	—	(2.2	)	—		(2.2	)
Master netting arrangement with counterparty two	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty three	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty four	(1.9	)	—	(1.9	)	—		(1.9	)
Various counterparties not subject to a master netting arrangement	—		—	—		(0.7	)	(0.7	)
Total current derivative liabilities	(4.3	)	—	(4.3	)	(0.7	)	(5.0	)
Master netting arrangement with counterparty two	—		—	—		(0.1	)	(0.1	)
Total long-term derivative liabilities	—		—	—		(0.1	)	(0.1	)

As of March 31, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. We discontinued hedge accounting for all fixed-price aluminum swaps on January 29, 2009. At that date, amounts were frozen in AOCI to be reclassified into earnings in the period the hedged sales occur, or until we determined that the original forecasted sales were no longer probable of occurring.

Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through (gain) loss on hedging activities, net in the unaudited condensed consolidated statements of operations.

The following table presents how our hedging activities affected our unaudited condensed consolidated statements of operations for each period (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Fixed-price aluminum customer contracts	(5.0	)	3.3
Variable-price aluminum offset swaps	2.2		2.1
Variable-price MWP contracts	3.1		(5.1	)
Loss on hedging activities, net	0.3		0.3

22

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

12.SHAREHOLDERS' EQUITY

Dividends declared and paid during the three months ended March 31, 2015 were as follows:

	Per share dividend amount		Date paid	Total cash payment
Declaration date	$/share			$ in millions
February 18, 2015	$	0.01	March 25, 2015	0.7

OnMay 6, 2015, the Board declared a regular quarterly dividend of $0.01 per share to be paid on June 10, 2015to shareholders of record as of May 18, 2015. Cash payments related to this dividend will total approximately $0.7 million.

13.SHARE-BASED PAYMENTS

We recorded stock compensation expense as follows (in millions):

	Three months ended March 31,
	2015	2014
	$	$
Stock options	—	—
Restricted stock and restricted stock unit equity awards	0.8	0.7
Total stock compensation expense	0.8	0.7

Share-based payment awards held by employee and non-employee directors include stock options, restricted stock, and restricted stock units (“RSUs”). Restricted stock and RSU awards have either service-vesting and/or performance-vesting requirements, and some also have market-based conditions. We account for RSUs granted to the investor director provider group, which consists of the full-time employees of our principal shareholders affiliated with Apollo Management VI, L.P. (“Apollo”) who serve on our board of directors, as liability awards.

As of March 31, 2015, total unrecognized stock compensation expense related to share-based payment awards was $3.3 million. We will recognize this amount over a weighted-average period of one year, four months. During first quarter 2014 and first quarter 2015, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2012 and 2013, respectively, because the performance conditions have now been determined. We have not yet recognized stock compensation expense for performance-vesting restricted stock or RSUs awarded in 2014 because the performance conditions had not been determined as of March 31, 2015. Outstanding share-based payment awards include dividend equivalent units issued to restricted stock and RSU holders in connection with dividend payments to shareholders.

Our stock option activity was as follows:

	Employee options and non-employee director options				Investor director provider options
	Common shares		Weighted-average exercise price	Intrinsic value (in millions)(1)	Common shares	Weighted-average exercise price	Intrinsic value (in millions)(1)
			$	$		$	$
Outstanding, December 31, 2014	1,039,895		1.82	2.0	140,000	9.00	—
Exercised	(68,082	)	2.00	0.1	—	—	—
Outstanding, March 31, 2015	971,813		1.81	1.4	140,000	9.00	—
Fully vested and exercisable, March 31, 2015 (weighted-average remaining contractual term of 3.2 years and 2.6 years, respectively)	971,813		1.81	1.3	140,000	9.00	—

⁽¹⁾  Options that were not in-the-money at March 31, 2015 and December 31, 2014, and therefore have a negative intrinsic value, have been excluded from intrinsic value calculations.

23

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Restricted stock and RSU equity award activity was as follows:

	Service-vesting restricted stock and RSUs			Performance-vesting RSUs with grant date				Performance-vesting restricted stock (with market condition) with grant date		Performance-vesting restricted stock and RSUs without grant date
	Awards		Weighted-average grant date fair value	Awards		Weighted-average grant date fair value		Awards	Weighted-average grant date fair value	Awards
	#		$	#		$		#	$	#
Non-vested, December 31, 2014	1,174,079		4.78	412,655		(3.96	)	173,188	2.18	819,397
Granted	26,762		3.54	—		—		—	—	—
Grant date determined during the period	—		—	401,438		4.09		—	—	(401,438	)
Dividend equivalent units granted	3,826		3.08	1,607		3.08		493	3.08	1,334
Vested (aggregate intrinsic value of $0.8 million)	(153,954	)	10.88	(115,977	)	11.42		—	—	(554	)
Forfeited	(16,953	)	4.60	(18,161	)	7.84		—	—	(9,571	)
Cancelled	—		—	(288,659	)	11.47		—	—	—
Non-vested, March 31, 2015 (aggregate intrinsic value of $6.0 million)	1,033,760		3.84	392,903		12.13		173,681	2.18	409,168

During the second quarter of 2013, we granted performance shares with market-based vesting conditions to certain senior level employees under our Noranda 2010 Incentive Award Plan. These performance shares can be earned upon the achievement of a specified fair market value of the Company’s common stock during the defined performance period. These performance shares are also subject to a three-year continued service vesting provision with earlier vesting permitted under certain conditions, such as upon a change of control of the Company.

We determined the grant date fair value of service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For market-based restricted stock, the effect of the market conditions is reflected in the fair value of the awards on the date of grant using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on the expected term, risk-free interest rate, expected dividend yield and expected volatility measure for the Company.

We estimate a forfeiture rate for share-based payment awards based on historical forfeiture rates of similar awards, which was 7% for restricted stock and RSUs granted to employees during 2015. We expect all share-based payment awards granted to executives and directors to vest. Service-vesting restricted stock and RSUs will generally vest over three years, on the anniversary of the grant date, in the following increments: 25% on the first anniversary, 25% on the second anniversary and 50% on the third anniversary. A grant date had not been determined as of March 31, 2015 for performance-vesting awards granted in 2014 because the performance conditions had not yet been determined.

As of March 31, 2015, accrued liabilities in the accompanying unaudited condensed consolidated balance sheets included less than $0.1 million related to RSU liability awards.

RSU liability award activity was as follows:

	RSUs
	#
Non-vested, December 31, 2014	60,224
Dividend equivalent units granted	196
Non-vested, March 31, 2015	60,420

24

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

14.NET INCOME PER SHARE

Basic and diluted net loss per common share (“EPS”) were calculated as follows (in millions, except per share):

	Three months ended March 31,
	2015			2014
Net loss	$	(2.7	)	$	(16.8	)
Weighted-average common shares outstanding:
Basic	68.97			68.23
Diluted	68.97			68.23
Net loss per common share:
Basic	$	(0.04	)	$	(0.25	)
Diluted	$	(0.04	)	$	(0.25	)

Certain share-based payment awards whose terms and conditions are described in Note 13 “Share-Based Payments,” could potentially dilute basic EPS in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. Those antidilutive securities were as follows (in millions):

	Three months ended March 31,
	2015	2014
Options	1.17	1.28
Service-vesting restricted stock and RSUs and Dividend equivalent units	1.14	0.80
Performance-vesting restricted stock and RSUs and Dividend equivalent units	0.06	0.10
Antidilutive securities	2.37	2.18

15.INCOME TAXES

Our effective income tax rate was approximately (22.7)% for the three months ended March 31, 2015 and 29.7% for the three months ended March 31, 2014. The effective income tax rates for the three months ended March 31, 2015 was primarily impacted by a near break-even pre-tax loss, state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, a foreign deferred tax asset valuation allowance, release of unrecognized tax benefits, and a stock-based compensation shortfall. As to the stock-based compensation shortfall, for the three months ended March 31, 2015, we recognized $0.8 million of income tax expense because we are required to record a shortfall in the period in which it occurred. The effective tax rate for the three months ended March 31, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

16.RELATED PARTY TRANSACTIONS

On August 8, 2014 Apollo sold its remaining shares in Berry Plastics Corporation, a former portfolio company of Apollo. We sold flat-rolled products to Berry Plastics, and sales for the three months ended March 31, 2014 was $1.9 million.

17.NON-CONTROLLING INTEREST

Through St. Ann, we hold a 49% partnership interest in Noranda Jamaica Bauxite Partners (“NJBP”), in which the Government of Jamaica (“GOJ”) holds a 51% interest. NJBP mines bauxite, approximately 58% of which was sold to Gramercy during 2014, with the remaining majority sold to Sherwin Alumina Company.

St. Ann is a party to several agreements (collectively, the “Mining Agreements”) with the GOJ. St. Ann and the GOJ have equal voting rights in NJBP’s executive committee. St. Ann manages the mining operations under a management agreement. St. Ann receives bauxite from NJBP at NJBP’s cost and pays the GOJ a return on its investment in NJBP through fees paid by NBL pursuant to an establishment agreement, as amended, that defines the negotiated fiscal structure. St. Ann has a special mining lease with the GOJ for the supply of bauxite. The lease ensures access to sufficient reserves to allow St. Ann to ship annually 4.5 million dry metric tonnes (“DMT”) of bauxite from mining operations in a specified concession area through September 30, 2030. In 2013, the GOJ gave us the option to mine up to 5.1 million DMT of bauxite during 2013 and up to 5.4 million DMT per annum for the period 2014 through 2017.

25

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

In return for these rights, St. Ann is required to pay fees called for in the establishment agreement, as amended, consisting of: dedication fee, depletion fee, asset usage fee, production levy, and royalty.

As of March 31, 2015 and December 31, 2014, we recorded accrued liabilities of $7.7 million and $5.9 million, respectively, for these fees. We had no prepaid GOJ royalties as of March 31, 2015 and December 31, 2014.

The previous structure provided for a commitment by NBL to make certain expenditures for haulroad development, maintenance, dredging, land purchases, contract mining, training and other general capital expenditures through 2017. The terms of the establishment agreement, as amended, required us to make a $14.0 million prepayment of Jamaican income taxes for fiscal years 2011 through 2014, of which $10.0 million was paid in June 2010 and the remainder was paid in April 2011. We utilized $1.3 million of these prepaid income taxes in 2011 leaving a balance of $12.7 million at March 31, 2015 and December 31, 2014. These prepaid taxes can be used into perpetuity subject to an annual limitation.

We are attempting to negotiate a new fiscal structure with the GOJ. The terms of any new fiscal structure, as well as our ability to utilize all or part of the prepaid taxes, are subject to the outcome of the negotiations of any new fiscal structure or to the determination of our rights and obligations in connection with the existing arrangements. On March 16, 2015 we filed a notice per the Establishment Agreement, as amended, requesting arbitration to settle the outstanding issues with the GOJ that have not be resolved via negotiations. Throughout negotiations with the GOJ, we have continued to operate our business in Jamaica in the normal course. We firmly believe in our asserted rights under the agreements governing our fiscal regime and we continue to seek ways to work constructively with the GOJ to conclude the negotiations.

We have determined that NJBP is a variable interest entity under U.S. GAAP, and St. Ann is NJBP’s primary beneficiary. The determination that St. Ann is the primary beneficiary was based on the fact that St. Ann absorbs the profits and losses associated with the partnership, while the GOJ receives certain fees from St. Ann (royalties, production and asset usage fees, etc.). We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions):

	March 31, 2015						December 31, 2014
	NJBP balances		Impact of Eliminations		Impact on consolidated statements		NJBP balances		Impact of Eliminations		Impact on consolidated statements
	$		$		$		$		$		$
Cash and cash equivalents	0.6		—		0.6		0.8		—		0.8
Accounts receivable, net	12.8		(12.8	)	—		13.5		(13.5	)	—
Inventories, net (consisting of maintenance supplies, inventory and fuel)	11.7		—		11.7		14.3		—		14.3
Other current assets	9.0		—		9.0		8.1		—		8.1
Property, plant and equipment, net	48.0		—		48.0		45.0		—		45.0
Other assets	7.5		—		7.5		7.4		—		7.4
Accounts payable	(70.8	)	61.8		(9.0	)	(71.8	)	55.5		(16.3	)
Accrued liabilities	(5.5	)	—		(5.5	)	(3.9	)	—		(3.9	)
Environmental, land and reclamation liabilities	(1.6	)	—		(1.6	)	(1.5	)	—		(1.5	)
Non-controlling interest	(6.0	)	—		(6.0	)	(6.0	)	—		(6.0	)
St. Ann’s net investment and advances to NJBP	5.7		49.0		54.7		5.9		42.0		47.9

The liabilities recognized as a result of consolidating NJBP do not represent additional claims on our general assets. NJBP’s creditors have claims only on the specific assets of NJBP and St. Ann. Similarly, the assets of NJBP do not represent additional assets available to satisfy claims against our general assets.

St. Ann receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all returns to the GOJ are provided through the payments from St. Ann under the various fees, levies and royalties described above. In these circumstances, no portion of NJBP’s net income (loss) or consolidated comprehensive income (loss) is allocated to the non-controlling interest. We do not expect the balance of the non-controlling interest to change from period to period unless there is an adjustment to the fair value of inventory or property, plant and equipment, as may occur in an LCM or asset impairment scenario.

26

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

18.SUBSIDIARY ISSUER OF GUARANTEED NOTES

The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and St. Ann are not guarantors of the senior secured credit facilities and, are not guarantors of the AcquisitionCo Notes. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries.

The following unaudited condensed consolidating financial statements present separately the financial condition and results of operations and cash flows for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations (“the guarantor financial statements”). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”

The accounting policies used in the preparation of the guarantor financial statements are consistent with those found elsewhere in the accompanying unaudited condensed consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation.

27

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
ASSETS
Current assets:
Cash and cash equivalents	0.2		15.4		3.1		4.8		—		23.5
Accounts receivable, net:
Trade	—		—		112.6		—		—		112.6
Affiliates	19.6		12.0		9.5		1.9		(43.0	)	—
Inventories, net	—		—		162.3		25.5		—		187.8
Other current assets	4.7		—		11.5		13.0		—		29.2
Total current assets	24.5		27.4		299.0		45.2		(43.0	)	353.1
Investments in affiliates	130.7		1,335.9		—		—		(1,466.6	)	—
Advances due from affiliates	138.6		244.3		850.6		63.5		(1,297.0	)	—
Property, plant and equipment, net	—		—		627.5		71.3		—		698.8
Goodwill	—		—		137.6		—		—		137.6
Other intangible assets, net	—		—		47.8		—		—		47.8
Other assets	—		5.3		50.6		31.9		—		87.8
Total assets	293.8		1,612.9		2,013.1		211.9		(2,806.6	)	1,325.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		105.7		9.9		—		115.6
Affiliates	—		19.6		1.9		21.5		(43.0	)	—
Accrued liabilities	0.1		7.2		42.4		23.3		—		73.0
Deferred tax liabilities	—		(0.1	)	11.7		—		—		11.6
Current portion of long-term debt	—		4.9		1.6		5.6		—		12.1
Total current liabilities	0.1		31.6		163.3		60.3		(43.0	)	212.3
Long-term debt, net	—		638.0		0.4		15.5		—		653.9
Pension and other post-retirement liabilities	—		—		188.2		7.6		—		195.8
Other long-term liabilities	—		—		35.1		9.7		—		44.8
Advances due to affiliates	194.1		752.1		350.8		—		(1,297.0	)	—
Long-term deferred tax liabilities	34.2		60.5		51.8		0.4		—		146.9
Shareholders’ equity:
Common stock	0.7		—		—		—		—		0.7
Capital in excess of par value	244.4		352.1		1,122.3		83.7		(1,558.1	)	244.4
Accumulated earnings (deficit)	(71.8	)	(113.5	)	204.6		33.1		(124.2	)	(71.8	)
Accumulated other comprehensive income (loss)	(107.9	)	(107.9	)	(103.4	)	(4.4	)	215.7		(107.9	)
Total shareholders’ equity	65.4		130.7		1,223.5		112.4		(1,466.6	)	65.4
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity	65.4		130.7		1,223.5		118.4		(1,466.6	)	71.4
Total liabilities and equity	293.8		1,612.9		2,013.1		211.9		(2,806.6	)	1,325.1

28

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of December 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
ASSETS
Current assets:
Cash and cash equivalents	0.5		7.1		3.3		9.6		—		20.5
Accounts receivable, net:
Trade	—		—		102.4		0.1		—		102.5
Affiliates	19.5		12.0		10.0		—		(41.5	)	—
Inventories, net	—		—		168.2		28.5		—		196.7
Other current assets	4.2		—		11.4		11.8		—		27.4
Total current assets	24.2		19.1		295.3		50.0		(41.5	)	347.1
Investments in affiliates	266.1		1,537.3		—		—		(1,803.4	)	—
Advances due from affiliates	—		134.0		736.9		63.5		(934.4	)	—
Property, plant and equipment, net	—		—		627.4		67.6		—		695.0
Goodwill	—		—		137.6		—		—		137.6
Other intangible assets, net	—		—		49.3		—		—		49.3
Other assets	—		5.8		51.6		31.7		—		89.1
Total assets	290.3		1,696.2		1,898.1		212.8		(2,779.3	)	1,318.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		112.1		10.5		—		122.6
Affiliates	—		19.5		—		22.0		(41.5	)	—
Accrued liabilities	—		2.3		35.2		21.6		—		59.1
Deferred tax liabilities	0.1		—		11.6		—		—		11.7
Current portion of long-term debt	—		4.9		1.1		5.6		—		11.6
Total current liabilities	0.1		26.7		160.0		59.7		(41.5	)	205.0
Long-term debt	—		639.5		—		16.9		—		656.4
Pension and other post-retirement liabilities	—		—		187.9		7.5		—		195.4
Other long-term liabilities	—		—		35.9		10.0		—		45.9
Advances due to affiliates	197.3		737.2		—		—		(934.5	)	—
Long-term deferred tax liabilities	26.8		26.7		89.3		0.4		0.1		143.3
Shareholders’ equity:
Common stock	0.7		—		—		—		—		0.7
Capital in excess of par value	243.6		352.1		1,199.7		83.8		(1,635.6	)	243.6
Accumulated earnings (deficit)	(68.2	)	24.0		330.8		32.9		(387.7	)	(68.2	)
Accumulated other comprehensive income (loss)	(110.0	)	(110.0	)	(105.5	)	(4.4	)	219.9		(110.0	)
Total shareholders’ equity	66.1		266.1		1,425.0		112.3		(1,803.4	)	66.1
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity	66.1		266.1		1,425.0		118.3		(1,803.4	)	72.1
Total liabilities and equity	290.3		1,696.2		1,898.1		212.8		(2,779.3	)	1,318.1

29

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors	Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$	$		$		$
Sales	—		—		333.9	31.3		(19.6	)	345.6
Operating costs and expenses:
Cost of sales	—		—		303.2	28.4		(19.6	)	312.0
Selling, general and administrative expenses	1.2		0.1		17.1	3.9		—		22.3
Total operating costs and expenses	1.2		0.1		320.3	32.3		(19.6	)	334.3
Operating income (loss)	(1.2	)	(0.1	)	13.6	(1.0	)	—		11.3
Other (income) expense:
Interest expense (income), net	(0.1	)	12.9		0.1	0.3		—		13.2
Loss on hedging activities, net	—		—		0.3	—		—		0.3
Total other (income) expense, net	(0.1	)	12.9		0.4	0.3		—		13.5
Income (loss) before income taxes	(1.1	)	(13.0	)	13.2	(1.3	)	—		(2.2	)
Income tax (benefit) expense	0.6		(0.8	)	0.8	(0.1	)	—		0.5
Equity in net income (loss) of subsidiaries	(1.0	)	11.2		—	—		(10.2	)	—
Net income (loss)	(2.7	)	(1.0	)	12.4	(1.2	)	(10.2	)	(2.7	)
Other comprehensive income (loss)	2.1		2.1		2.1	—		(4.2	)	2.1
Total comprehensive income (loss)	(0.6	)	1.1		14.5	(1.2	)	(14.4	)	(0.6	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended March 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		300.0		30.1		(18.5	)	311.6
Operating costs and expenses:
Cost of sales	—		—		294.5		25.9		(18.4	)	302.0
Selling, general and administrative expenses	1.1		0.1		15.5		4.1		(0.1	)	20.7
Total operating costs and expenses	1.1		0.1		310.0		30.0		(18.5	)	322.7
Operating loss	(1.1	)	(0.1	)	(10.0	)	0.1		—		(11.1	)
Other (income) expense:
Interest expense (income), net	(0.1	)	12.5		—		0.1		—		12.5
Gain on hedging activities, net	—		—		0.3		—		—		0.3
Total other (income) expense, net	(0.1	)	12.5		0.3		0.1		—		12.8
Loss before income taxes	(1.0	)	(12.6	)	(10.3	)	—		—		(23.9	)
Income tax (benefit) expense	0.2		(4.0	)	(3.1	)	(0.2	)	—		(7.1	)
Equity in net income (loss) of subsidiaries	(15.6	)	(7.0	)	—		—		22.6		—
Net income (loss)	(16.8	)	(15.6	)	(7.2	)	0.2		22.6		(16.8	)
Other comprehensive income (loss)	1.1		1.1		1.3		—		(2.4	)	1.1
Total comprehensive income (loss)	(15.7	)	(14.5	)	(5.9	)	0.2		20.2		(15.7	)

30

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations	Consolidated
	$		$		$		$		$	$
OPERATING ACTIVITIES
Cash provided by (used in) operating activities	(0.1	)	26.7		19.9		(17.0	)	—	29.5
INVESTING ACTIVITIES
Capital expenditures	—		—		(20.2	)	(3.3	)	—	(23.5	)
Proceeds from sale of property, plant and equipment	—		—		0.1		—		—	0.1
Cash used in investing activities	—		—		(20.1	)	(3.3	)	—	(23.4	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2	)	—		—		—		—	(0.2	)
Dividends paid to shareholders	(0.7	)	—		—		—		—	(0.7	)
Repayments of long-term debt	—		(2.6	)	—		—		—	(2.6	)
Borrowings on long-term debt, net	—		(15.1	)	—		15.5		—	0.4
Repayments on revolving credit facility	—		(72.0	)	—		—		—	(72.0	)
Borrowings on revolving credit facility	—		72.0		—		—		—	72.0
Distribution (to parent) from subsidiary	0.7		(0.7	)	—		—		—	—
Cash provided by (used in) financing activities	(0.2	)	(18.4	)	—		15.5		—	(3.1	)
Change in cash and cash equivalents	(0.3	)	8.3		(0.2	)	(4.8	)	—	3.0
Cash and cash equivalents, beginning of period	0.5		7.1		3.3		9.6		—	20.5
Cash and cash equivalents, end of period	0.2		15.4		3.1		4.8		—	23.5

31

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Twelve months ended March 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations	Consolidated
	$		$		$		$		$	$
OPERATING ACTIVITIES
Cash provided by (used in) operating activities	0.3		(25.4	)	16.3		(10.7	)	—	(19.5	)
INVESTING ACTIVITIES
Capital expenditures	—		—		(12.3	)	(0.8	)	—	(13.1	)
Proceeds from sale of property, plant and equipment	—		—		0.2		—		—	0.2
Cash used in investing activities	—		—		(12.1	)	(0.8	)	—	(12.9	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.4	)	—		—		—		—	(0.4	)
Dividends paid to shareholders	(0.7	)	—		—		—		—	(0.7	)
Repayments of long-term debt	—		(1.2	)	—		—		—	(1.2	)
Borrowings on long-term debt	—		(9.9	)	—		16.4		—	6.5
Distribution (to parent) from subsidiary	0.9		(0.9	)	—		—		—	—
Cash provided by financing activities	(0.2	)	(12.0	)	—		16.4		—	4.2
Change in cash and cash equivalents	0.1		(37.4	)	4.2		4.9		—	(28.2	)
Cash and cash equivalents, beginning of period	0.4		66.7		1.1		11.2		—	79.4
Cash and cash equivalents, end of period	0.5		29.3		5.3		16.1		—	51.2

32

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

19.SUBSEQUENT EVENTS

On April 29, 2015 the Missouri Public Service Commission established a new and reduced electricity rate structure for the Company’s aluminum smelter in New Madrid, Missouri. The lower rate becomes effective on or around June 1, 2015 and carries a term of at least three years.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Except as otherwise indicated herein or as the context otherwise requires, references in this report to (a) Noranda HoldCo refer only to Noranda Aluminum Holding Corporation, a Delaware corporation, excluding its subsidiaries, (b) Noranda AcquisitionCo refer only to Noranda Aluminum Acquisition Corporation, a Delaware corporation and wholly owned subsidiary of Noranda HoldCo, excluding its subsidiaries, and (c) “Noranda,” “the Company,” “we,” “our,” and “us” refer collectively to Noranda HoldCo and its subsidiaries on a consolidated basis. “AcquisitionCo Notes” refer to senior unsecured notes due 2019, issued by Noranda AcquisitionCo.

Overview and Recent Developments

We are a leading North American integrated producer of value-added primary aluminum and high-quality rolled aluminum coils. We have two businesses: our upstream business and downstream business. Our upstream business is one of the largest U.S. producers of primary aluminum, and consists of three reportable segments: Primary, Alumina and Bauxite. These three segments are closely integrated and consist of a smelter near New Madrid, Missouri, which we refer to as “New Madrid,” and supporting operations at our bauxite mining operation (“St. Ann”) and alumina refinery (“Gramercy”). In 2014, New Madrid produced approximately 557 million pounds (253,000 metric tonnes) of primary aluminum, representing approximately 14.6% of total 2014 U.S. primary aluminum production, based on statistics from CRU. Our downstream business comprises our Flat-Rolled Products segment, which is one of the largest aluminum foil producers in North America, and consists of four rolling mill facilities with a combined maximum annual production capacity of 410 to 495 million pounds, depending on production mix.

Key first quarter2015 metrics were as follows:

• The average realized Midwest Transaction Price shipped increased to $1.05 in first quarter 2015 from $0.95 in first quarter 2014.

• Integrated primary aluminum net cash cost (“Net Cash Cost”) was $0.83 per pound compared to $0.90 per poundfirst quarter 2014.

• Total segment profit was $33.9 million, compared to $10.7 million in the first quarter 2014.

We experienced a significant year-over-year improvement in profitability during the first quarter 2015; however, we were unable to return to full production in our Primary segment due to continued production disruptions at our aluminum smelter. These production issues caused the smelter to operate below normal production levels which had a negative impact on first quarter2015 segment profit.

Our first quarter 2015 shipment levels and our customer order books support our positive fundamental demand outlook despite softness in aluminum prices which represents a near-term headwind. We are continuing to focus on executing our portfolio of productivity projects and managing our cash flow while making the necessary investments in the business.

On April 29, 2015 the Missouri Public Service Commission (the “PSC”) established a new and reduced electricity rate structure for the Company’s aluminum smelter in New Madrid, Missouri. At full production, the new structure is expected to reduce New Madrid’s annual power cost by approximately $17 to $25 million or $0.03 to $0.04 per pound of primary aluminum sold. The lower rate structure becomes effective on or around June 1, 2015 and carries a term of at least three years. The PSC’s ruling requires Noranda to meet certain ongoing conditions including (i) maintaining employment levels at the New Madrid smelter at a daily average of 850 full-time equivalent personnel; (ii) investing an annual inflation-adjusted $35 million in capital expenditures as defined by U.S. GAAP at the New Madrid smelter; and (iii) not issuing special dividends. If the PSC determines that Noranda has materially violated the commitments, rates at the smelter would revert to previous rate structure on a prospective basis.

The Company completed a port expansion project in Jamaica during the first quarter of 2015. The project increased the depth and breadth of the port, which allows Noranda to load approximately 10-15% more bauxite onto existing vessels. This result, which began to be realized in April 2015, is expected to reduce shipping costs in the Bauxite and Alumina segments by more than $5 million per year. Although the economics of this investment are supported by the savings in shipping costs, the project also provides the opportunity to increase our third party bauxite volume based on demand at a sufficient price and approval by the Government of Jamaica.

33

Forward-looking Statements

This report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause the Company’s actual results to differ materially from those expressed in forward-looking statements, including, without limitation: the cyclical nature of the aluminum industry and fluctuating commodity prices, which cause variability in earnings and cash flows; a downturn in general economic conditions, including changes in interest rates, as well as a downturn in the end-use markets for certain of the Company’s products; fluctuations in the relative cost of certain raw materials and energy compared to the price of primary aluminum and aluminum rolled products; the effects of competition in Noranda’s business lines; Noranda’s ability to retain customers, a substantial number of which do not have long-term contractual arrangements with the Company; failure to maintain a competitive and sustainable power rate at the smelter in Missouri, with consequent risk of smelter closure; the ability to fulfill the business’s substantial capital investment needs; labor relations (i.e. disruptions, strikes or work stoppages) and labor costs; unexpected issues arising in connection with Noranda’s operations outside of the United States; the ability to retain key management personnel; and Noranda’s expectations with respect to its acquisition activity, or difficulties encountered in connection with acquisitions, dispositions or similar transactions.

Forward-looking statements contain words such as “believes,” “expects,” “may,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions that relate to Noranda’s strategy, plans or intentions. All statements Noranda makes relating to its estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to the Company’s expectations regarding future industry trends are forward-looking statements. Noranda undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s current estimates, projections, expectations or beliefs. All forward-looking statements herein are based upon information available to us on the date of this report on Form 10-Q.

Important factors that could cause actual results to differ materially from our expectations, which we refer to as cautionary statements, are disclosed herein under Part II, Item 1A “Risk Factors,” and in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2014. All forward-looking information in this report on Form 10-Q and subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by our cautionary statements. In light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this report on Form 10-Q may not in fact occur. Accordingly, investors should not place undue reliance on those statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Critical Accounting Policies and Estimates

Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). Preparation of these financial statements requires management to make significant judgments and estimates. See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 1, “Accounting Policies” in our consolidated financial statements for the year ended December 31, 2014, included in our Annual Report on Form 10-K, as filed February 27, 2015, for a discussion of our critical accounting policies and estimates.

Impairment of long-lived assets

Our long-lived assets, primarily property, plant and equipment, comprise a significant amount of our total assets. We evaluate our long-lived assets and make judgments and estimates concerning the carrying value of these assets, including amounts to be capitalized, depreciation and useful lives. We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value.

This evaluation requires us to make long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts require assumptions about demand for our products and future market conditions. Significant and unanticipated changes to these assumptions could require a provision for impairment in a future period. Although we believe the assumptions and estimates we have made in the past have been reasonable and appropriate, different assumptions and estimates could materially impact our reported financial results.

Goodwill Impairment

Goodwill represents the excess of acquisition consideration paid over the fair value of identifiable net tangible and identifiable intangible assets acquired. Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment at least annually, in the fourth quarter, or upon the occurrence of certain triggering events. Accounting standards allow companies to perform

34

an initial qualitative assessment to determine if a triggering event has occurred. We elected to continue to evaluate goodwill and other indefinite-lived intangible assets for impairment using a two-step process, which is based on a quantitative assessment. The first step is to compare the fair value of each of our reporting units to their respective book values, including goodwill. If the fair value of a reporting unit exceeds its book value, reporting unit goodwill is not considered impaired and the second step of the impairment test is not required. If the book value of a reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any. The second step of the impairment test compares the implied fair value of the reporting unit’s goodwill with the book value of that goodwill. If the book value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination.

The carrying value of our Primary segment’s goodwill was $137.6 million at March 31, 2015. As of October 1, 2014, the date of our last annual goodwill impairment test, the fair value of the Primary segment exceeded its carrying value by approximately 33%. Our 2014 fair value analysis included assumptions about key factors affecting the Primary segment’s future profitability and cash flows, including the long-term price for primary aluminum. We continue to monitor our Primary segment’s expected future cash flows for risk of impairment. Factors that could cause a decline in expected future cash flows include a further decline in expected aluminum prices without corresponding decreases in expected prices for production inputs, significant increases in the cost of production inputs such as electricity, potential negative effects of proposed legislation related to sulfur dioxide (“SO₂”) emissions, or a significant increase in cash flow discount rates. Additionally, a sustained decline in our stock price or a downgrading of our credit ratings, when combined with the factors noted above, may cause us to further evaluate our impairment risk. We may perform interim goodwill impairment testing based on our evaluation of the above factors. No such factors existed during the three months ended March 31, 2015, therefore, no interim impairment testing has been performed as of March 31, 2015.

Inventory Valuation

An actual valuation of inventory under the last-in, first-out (“LIFO”) method is made only at the end of each year based on the inventory costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory costs. Because these calculations are subject to many factors beyond management’s control, interim results are subject to the final year-end LIFO inventory valuation which could significantly differ from interim estimates. To estimate the effect of LIFO on interim periods, we calculate a LIFO reserve each quarter, giving consideration to expected year-end inventory pricing.

The following table illustrates the sensitivity of our LIFO adjustment by showing the amount by which pre-tax income would have changed for the three months ended March 31, 2015, given certain specified changes in inventory costs:

Inventory item	Sensitivity	Increase (decrease) in pre-tax income ($ in millions)
Primary segment:
Carbon-based products	10% increase in price	(1.2	)
Alumina	$0.10 increase in LME per pound	(1.9	)
Flat-Rolled segment:
Metal	$0.10 increase in LME per pound	(4.7	)

Recent Relevant Accounting Pronouncements

A discussion of recent relevant accounting pronouncements is included in Note 1 to the unaudited condensed consolidated financial statements.

Results of operations

To aid the reader in understanding the results of operations of each of these distinctive periods, we have provided the following discussion. You should read the following discussion of the results of operations and financial condition with the unaudited condensed consolidated financial statements and related notes included herein.

35

Results of Operations

The following table sets forth certain unaudited condensed consolidated financial information for the periods ended March 31, 2015 and 2014 (in millions, except per share data and where noted):

	Three months ended March 31,
	2015			2014
Statements of operations data:
Sales	$	345.6		$	311.6
Operating costs and expenses:
Cost of sales	312.0			302.0
Selling, general and administrative expenses	22.3			20.7
Total operating costs and expenses	334.3			322.7
Operating income (loss)	11.3			(11.1		)
Other (income) expense:
Interest expense, net	13.2			12.5
(Gain) loss on hedging activities, net	0.3			0.3
Total other expense, net	13.5			12.8
Loss before income taxes	(2.2		)	(23.9		)
Income tax expense (benefit)	0.5			(7.1		)
Net loss	$	(2.7	)	$	(16.8	)
Net loss per common share:
Basic	$	(0.04	)	$	(0.25	)
Diluted	$	(0.04	)	$	(0.25	)
Weighted-average common shares outstanding:
Basic	68.97			68.23
Diluted	68.97			68.23
Cash dividends declared per common share	$	0.01		$	0.01
External sales by segment:
Bauxite	$	11.7		$	11.7
Alumina	55.0			45.8
Primary	130.9			120.8
Flat-Rolled	148.0			133.3
Total	$	345.6		$	311.6
Segment profit (loss):
Bauxite	$	2.1		$	2.5
Alumina	3.7			(11.9		)
Primary	23.1			18.4
Flat-Rolled	12.7			10.9
Corporate	(7.8		)	(7.8		)
Eliminations	0.1			(1.4		)
Total	$	33.9		$	10.7
Financial and other data:
Average realized Midwest transaction price (per pound)	$	1.05		$	0.95
Net Cash Cost (per pound shipped)	$	0.83		$	0.90
Shipments:
External shipments:
Bauxite (kMts)	512.8			520.7
Alumina (kMts)	171.2			150.6
Primary (pounds, in millions)	109.4			111.7
Flat-Rolled (pounds, in millions)	93.3			92.4
Intersegment shipments:
Bauxite (kMts)	726.1			622.7
Alumina (kMts)	104.8			127.3
Primary (pounds, in millions)	21.7			30.2

36

Discussion of consolidated operating results for the three months ended March 31, 2015 compared to the three months ended March 31, 2014

Sales

Sales for the three months ended March 31, 2015 were $345.6 million compared to $311.6 million in the three months ended March 31, 2014, an increase of 10.9%. Substantially all of this increase was due to higher LME aluminum prices and Midwest premiums.

Sales to external customers from our Primary segment increased to $130.9 million in the three months ended March 31, 2015 from $120.8 million in the three months ended March 31, 2014, driven primarily by higher realized Midwest Transaction Prices (“MWTP”).

• Our average realized MWTP for the three months ended March 31, 2015 was $1.05 per pound, compared to $0.95 per pound in the three months ended March 31, 2014.

Sales to external customers from our Alumina segment in the three months ended March 31, 2015 were $55.0 million compared to $45.8 million in the three months ended March 31, 2014. Higher volumes and sales prices increased external sales by $6.3 million and $2.9 million, respectively.

Sales to external customers from our Bauxite segment in the three months ended March 31, 2015 were $11.7 million compared to $11.7 million in the three months ended March 31, 2014. External shipment volumes were lower by 1.5%, resulting in a $0.2 million external sales decrease, offset by higher external sales prices which increased sales by $0.2 million.

Sales to our external customers in our Flat-Rolled segment were $148.0 million during the three months ended March 31, 2015 compared to $133.3 million in the three months ended March 31, 2014. Higher volumes and sales prices increased external sales by $1.3 million and $13.4 million, respectively.

Cost of sales

Cost of sales for the three months ended March 31, 2015 was $312.0 million compared to $302.0 million in the three months ended March 31, 2014.

Total cost of sales in Primary decreased to $136.4 million for first quarter 2015 from $137.6 million for first quarter 2014. The decrease primarily related to lower shipment volume associated with operating the smelter below capacity. Cost of sales also decreased by the smelter not incurring costs associated with extreme weather conditions in first quarter 2015, where those conditions cost the segment $1.9 million in first quarter 2014.The decrease in cost of sales was partially offset by the effect of higher LME-linked alumina costs.

Total cost of sales in the Alumina segment was $81.9 million for first quarter 2015 compared to $92.4 million for first quarter 2014. The decrease in cost of sales was primarily due to favorable natural gas prices and not incurring costs associated with the first quarter 2014 extreme weather conditions. The decrease in cost of sales was partially offset by unfavorable input usage rates associated with process instability in first quarter 2015.

Total cost of sales in the Bauxite segment was $28.4 million for first quarter 2015 compared to $25.9 million for first quarter 2014. The increase in cost of sales was primarily a result of higher shipment volume to the Alumina segment.

Flat-Rolled cost of sales increased to $133.8 million for first quarter 2015 from $124.6 million for first quarter 2014. The increase related principally to higher volume, partially offset by favorable natural gas prices and productivity savings.

Selling, general and administrative expenses

Selling, general and administrative expenses in the three months ended March 31, 2015 were $22.3 million, compared to $20.7 million in the three months ended March 31, 2014. In first quarter 2015, selling, general and administrative expenses increased primarily due to higher benefit and severance costs and increased legal and other professional fees.

Operating income (loss)

Operating income for the three months ended March 31, 2015 was $11.3 million compared to operating loss of $11.1 million in the three months ended March 31, 2014. The increase in operating income primarily resulted from the impact of more normal weather conditions in the first quarter 2015 and higher MWTP prices.

Interest expense, net

Interest expense in the three months ended March 31, 2015 was $13.2 million compared to $12.5 million in the three months ended March 31, 2014. The increase in interest expense results primarily from interest on ABL utilization in the first quarter 2015. Our average outstanding indebtedness increased to $681.3 million in first quarter 2015 from $665.6 million in first quarter 2014.

37

Loss on hedging activities, net

Loss on hedging activities was $0.3 million in the three months ended March 31, 2015 and March 31, 2014.

Loss before income taxes

Loss before income taxes was $2.2 million in the three months ended March 31, 2015, compared to loss before income taxes of $23.9 million in the three months ended March 31, 2014. The special items outlined below impacted the comparability of our pre-tax income (in millions):

	Three months ended March 31,
	2015		2014
	$		$
	Increase (decrease) to net income
Special items:
Gain (loss) on hedging activities: (1)
GAAP mark-to-market loss	(0.3	)	(0.3	)
Cash settlements paid	(1.4	)	(0.9	)
Amount treated as special item	1.1		0.6
Other termination expenses	(0.2	)	0.5
Non-recurring consulting fees	(0.3	)	(0.2	)
Non-recurring employee benefits	(0.7	)	—
Other, net	(0.1	)	(0.1	)
Total special items (pre-tax)	(0.2	)	0.8

⁽¹⁾  Prior periods have been recalculated to conform to the current period calculation of the special items impact of gain (loss) on hedging activities.

Income tax expense (benefit)

Income tax expense was $0.5 million in the three months ended March 31, 2015, compared to income tax benefit of $7.1 million in the three months ended March 31, 2014.

Our effective income tax rate was approximately (22.7)% for the three months ended March 31, 2015 and 29.7% for the three months ended March 31, 2014. The effective income tax rate for the three months ended March 31, 2015 was primarily impacted by a near break-even pre-tax loss, state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, a foreign deferred tax asset valuation allowance, release of unrecognized tax benefits, and a stock-based compensation shortfall. The effective income tax rate for the three months ended March 31, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

The decrease in the effective income tax rate for the three months ended March 31, 2015 compared to the three months ended March 31, 2014 is primarily due to a near break-even pre-tax loss and recognizing $0.8 million of income tax expense resulting from a stock-based compensation shortfall for the three months ended March 31, 2015.

Net loss

Net loss was $2.7 million in the three months ended March 31, 2015, compared to net loss of $16.8 million in the three months ended March 31, 2014. The reduction in net loss resulted from a $22.4 millionincrease in operating income, offset by a $7.6 million decrease in income tax benefit.

Discussion of quarterly segment results

Bauxite

Bauxite segment sales, including intersegment sales, for the three months ended March 31, 2015 were $31.3 million, compared to $30.1 million for the three months ended March 31, 2014. Lower realized pricing decreased sales by $1.3 million while higher shipment volume increased sales by $2.5 million.

Segment profit in the three months ended March 31, 2015 was $2.1 million compared to $2.5 million in the three months ended March 31, 2014. Bauxite results reflect $0.4 million in higher demurrage fees.

Alumina

Alumina segment sales, including intersegment sales, for the three months ended March 31, 2015 were $82.4 million compared to $77.2 million for the three months ended March 31, 2014. This increase primarily resulted from higher selling prices resulting in an increase of $5.7 million.

38

Segment profit in the three months ended March 31, 2015 was $3.7 million compared to a loss of $11.9 million in the three months ended March 31, 2014. Alumina results reflect a net improvement in costs and selling prices. In first quarter 2014, Alumina incurred $9.3 million of costs and lost margins from extreme winter weather conditions. Alumina costs also improved $7.6 million as natural gas prices were lower in first quarter 2015, although that benefit was partially offset by higher operating costs at the refinery primarily due to an increase in planned maintenance outages. The positive impact from improved sales prices totaled $4.0 million and followed the year over-year improvement in the LME aluminum price to which the majority of alumina sales prices are linked.

Primary

Primary sales, including intersegment sales, increased to $152.9 million in the three months ended March 31, 2015 from $149.5 million in the three months ended March 31, 2014.

• The average realized MWTP increased 10.5% in the three months ended March 31, 2015 compared to the three months ended March 31, 2014. Shipments decreased 7.6% driven by the lower production volume in the three months ended March 31, 2015 compared to the three months ended March 31, 2014.

Segment profit in the three months ended March 31, 2015 was $23.1 million compared $18.4 million in the three months ended March 31, 2014. Primary results reflect a net $14.0 million favorable impact from higher realized aluminum prices, partially offset by the effect of higher LME-linked alumina costs ($2.2 million) and the negative impact of higher costs of $7.6 million associated with operating the smelter below capacity. These factors were partially offset by the smelter not incurring costs associated with extreme weather conditions in first quarter 2015, where those conditions cost the segment $1.9 million in first quarter 2014.

Flat-Rolled Products

Sales in our Flat-Rolled Products segment were $148.0 million in the three months ended March 31, 2015 compared to $133.3 million in the three months ended March 31, 2014. The sales increase was the result of higher volume of $1.3 million and higher pricing of $13.4 million.

Segment profit in three months ended March 31, 2015 was $12.7 million compared to $10.9 million in the three months ended March 31, 2014. Flat-Rolled results improved $1.8 million due primarily to lower unit costs associated with lower natural gas prices ($1.1 million impact) and productivity savings.

Corporate

Corporate expenses were consistent in the three months ended March 31, 2015 compared to the three months ended March 31, 2014.

Liquidity and Capital Resources

Our primary sources of liquidity are available cash balances, cash provided by operating activities, available borrowings under our asset-based revolving credit facility and project specific financing arrangements.

As of March 31, 2014, cash and cash equivalents included $1.8 million of cash intended to be used for ongoing capital and operational productivity improvements in Jamaica. The cash and cash equivalents account did not include any cash intended for use for ongoing capital and operations related to Jamaican improvements in Jamaica as of March 31, 2015.

As of March 31, 2015, available borrowing capacity under the Company’s asset-based revolving credit facility was $141.9 million, which is net of $39.5 million in outstanding letters of credit. The Company’s total available liquidity as ofMarch 31, 2015 was $165.4 million, a $7.1 million increase in total liquidity from December 31, 2014, and a $25.7 million reduction from total liquidity at March 31, 2014. There were no outstanding borrowings under the Company’s asset-based revolving credit facility as of March 31, 2015.

During the three months ended March 31, 2015, we made cash dividend payments to shareholders totaling $0.7 million.

The increase in capital expenditures from $13.1 million for the three months ended March 31, 2014 to $23.5 million for the three months ended March 31, 2015 primarily related to an increase in capital spending at Primary in an effort to return the smelter back to operating capacity following the unusually high concentration of reduction cell failures that began in late 2014.

In addition to financing the working capital needs of our business, our primary continuing liquidity requirements are to (i) fund capital expenditures, (ii) meet debt service obligations (iii) meet pension funding requirements and (iv) pay dividends. Based on our current level of operations, we believe the combination of cash flow from operations and available cash and borrowings will be adequate to meet our short-term liquidity needs. Our ability to make scheduled payments of principal, pay interest on, or to refinance our indebtedness, to pay dividends or to fund planned capital expenditures, will depend on our ability to generate cash in the future. This ability is, to a certain extent, subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control.

39

The following table sets forth unaudited condensed consolidated cash flow information for the periods indicated (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Cash provided by (used in) operating activities	29.5		(19.5	)
Cash used in investing activities	(23.4	)	(12.9	)
Cash provided by (used in) financing activities	(3.1	)	4.2
Change in cash and cash equivalents	3.0		(28.2	)

Operating activities

Operating activities provided$29.5 million of cash in the three months ended March 31, 2015 compared to $19.5 millionused in the three months ended March 31, 2014. In the three months ended March 31, 2015, we produced $33.9 million of segment profit. As summarized in the table below, the variability in operating cash flow is driven primarily by different levels of segment profit and seasonal working capital changes in each period (in millions):

	Three months ended March 31,
	2015			2014
	$			$
Segment profit	$	33.9		$	10.7
Prepaid expenses and other	5.5			(5.8		)
Interest paid	(8.0		)	(7.5		)
Taxes paid	3.0			0.5
Operating working capital (deficit)	(4.9		)	(17.4		)
Cash provided by operating activities	$	29.5		$	(19.5	)

Investing activities

Capital expenditures were $23.5 million in the three months ended March 31, 2015 and $13.1 million in the three months ended March 31, 2014.

Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $8.2 million and $4.3 million for the three months ended March 31, 2015 and 2014, respectively, and are not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows.

We evaluate spending on capital growth projects on an ongoing basis, taking into consideration the specific benefit, scope and timing of each project, as well as overall market conditions, including the LME aluminum price, and our future liquidity expectations.

Financing activities

During the three months ended March 31, 2015, our financing cash flows reflected our quarterly Term B Loan and project specific financing repayments of $1.2 million and$1.4 million, respectively, and dividend payments to shareholders totaling $0.7 million.

OnMay 6, 2015, the Board declared a regular quarterly dividend of $0.01 per share to be paid on June 10, 2015to shareholders of record as of May 18, 2015. Cash payments related to this dividend will total approximately $0.7 million.

40

Adjusted EBITDA

Management uses “Adjusted EBITDA”, referred to as “EBITDA” in our debt agreements, as a liquidity measure. Our debt agreements do not require us to achieve any specified level of Adjusted EBITDA or ratio of Adjusted EBITDA to any other financial metric, in order to avoid a default (subject, in the case of the senior secured revolving credit facility, to our maintaining minimum availability thereunder). As used herein, Adjusted EBITDA means net income before income taxes, net interest expense, depreciation and amortization, adjusted to eliminate certain non-cash expenses and other specified items of income or expense as outlined below (in millions):

	Three months ended March 31,				Twelve months ended
	2015		2014		March 31, 2015		December 31, 2014
	$		$		$		$
Adjusted EBITDA	33.9		10.7		150.5		127.3
Last in, first out and lower of cost or market inventory adjustments (a)	4.8		0.2		(0.3	)	(4.9	)
Gain (loss) on disposal of assets	(0.1	)	0.1		(0.6	)	(0.4	)
Non-cash pension, accretion and stock compensation	(4.4	)	(2.8	)	(11.2	)	(9.6	)
Restructuring, relocation and severance	(0.2	)	0.4		(1.9	)	(1.3	)
Consulting fees	(0.3	)	(0.2	)	(0.8	)	(0.7	)
Non-cash derivative gains (losses)(b)	1.1		0.6		0.2		(0.3	)
Other, net	(0.8	)	1.3		(1.0	)	1.1
Depreciation and amortization	(23.0	)	(21.7	)	(90.8	)	(89.5	)
Interest expense, net	(13.2	)	(12.5	)	(51.1	)	(50.4	)
Income tax benefit (expense)	(0.5	)	7.1		(5.5	)	2.1
Net loss	(2.7	)	(16.8	)	(12.5	)	(26.6	)

^(a)  Our New Madrid smelter and our rolling mills use the LIFO method of inventory accounting for financial reporting and tax purposes. This adjustment restates net income to the FIFO method by eliminating LIFO expenses related to inventories held at the New Madrid smelter and the rolling mills. Product inventories at Gramercy and St. Ann and supplies inventories at New Madrid are stated at lower of weighted-average cost or market, and are not subject to the LIFO adjustment. We also reduce inventories to the lower of cost (adjusted for purchase accounting) or market value.

^(b)  We use derivative financial instruments to mitigate effects of fluctuations in aluminum and natural gas prices. This adjustment eliminates the non-cash gains and losses resulting from fair market value changes of aluminum swaps. Cash settlements (received) or paid, except settlements on hedge terminations, related to our derivatives are included in Adjusted EBITDA and are shown in the table below:

	Three months ended March 31,		Twelve months ended
	2015	2014	March 31, 2015		December 31, 2014
	$	$	$		$
Variable-price aluminum offset swaps and other	1.4	0.9	(4.4	)	(4.9	)
Total	1.4	0.9	(4.4	)	(4.9	)

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP, and may not be comparable to similarly titled measures used by other companies in our industry. Adjusted EBITDA should not be considered in isolation from or as an alternative to net income (loss), income (loss) from continuing operations, operating income (loss) or any other performance measures derived in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. For example, Adjusted EBITDA excludes certain tax payments that may represent a reduction in cash available to us; does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; does not reflect capital cash expenditures, future requirements for capital expenditures or contractual commitments; does not reflect changes in, or cash requirements for, our working capital needs; and does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness. Adjusted EBITDA also includes incremental stand-alone costs and adds back non-cash hedging gains and losses, and certain other non-cash charges that are deducted in calculating net income. However, these are expenses that may recur, vary greatly and are difficult to predict. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. You should not consider our Adjusted EBITDA as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of our cash flows or as a measure of liquidity.

41

The following table reconciles Adjusted EBITDA to cash flow from operating activities for the periods presented (in millions):

	Three months ended March 31,				Twelve months ended
	2015		2014		March 31, 2015		December 31, 2014
	$		$		$		$
Adjusted EBITDA	33.9		10.7		150.5		127.3
Share-based compensation expense	0.8		0.7		3.5		3.4
Changes in other assets	(1.0	)	(1.6	)	(9.8	)	(10.4	)
Changes in pension, other post-retirement liabilities and other long-term liabilities	2.7		0.7		(0.4	)	(2.4	)
Changes in current operating assets and liabilities	8.3		(9.8	)	(0.5	)	(18.6	)
Changes in current income taxes	1.9		(7.2	)	(0.4	)	(9.5	)
Changes in accrued interest	(12.5	)	(11.8	)	(48.4	)	(47.7	)
Non-cash pension, accretion and stock compensation	(4.4	)	(2.8	)	(11.2	)	(9.6	)
Restructuring, relocation and severance	(0.2	)	0.4		(1.9	)	(1.3	)
Consulting and sponsor fees	(0.3	)	(0.2	)	(0.8	)	(0.7	)
Other, net	0.3		1.4		(1.0	)	0.1
Cash provided by (used in) operating activities	29.5		(19.5	)	79.6		30.6

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the market risks disclosed in our Annual Report on Form 10-K, as filed on February 27, 2015.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2015. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d‑15(f) under the Exchange Act) during the three months ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

42

PART II    OTHER INFORMATION

Item 1. Legal Proceedings

There have been no material changes to the description of our legal proceedings previously disclosed in our Annual Report on Form 10-K, as filed on February 27, 2015.

Item 1A.    Risk Factors

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10‑K, as filed on February 27, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

We believe ensuring the safety of our workforce is our number one accountability as an employer. We are committed to continuing and improving upon each facility’s focus on safety in the workplace. We have a number of safety programs in place, which include regular safety meetings and training sessions to teach proper safe work procedures.

Our executive management, along with site managers and union leadership, are actively involved in supporting and promoting the ongoing emphasis on workplace safety. Improvement in safety performance is a key metric used in determining annual incentive awards for our U.S. employees.

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 of this report, which is incorporated herein by reference.

Item 5.    Other Information

None.

Item 6. Exhibits

See the index to Exhibits.

43

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

	NORANDA ALUMINUM HOLDING CORPORATION
May 6, 2015	/s/ LAYLE K. SMITH
	Layle K. Smith Chief Executive Officer (Principal Executive Officer)

44

INDEX TO EXHIBITS

Exhibit number	Description
2.1	Stock Purchase Agreement, dated April 10, 2007, by and among Noranda Aluminum Acquisition Corporation, Noranda Finance, Inc. and Xstrata (Schweiz) A.G. (incorporated by reference to Exhibit 2.1 of Noranda Aluminum Holding Corporation’s Registration Statement on Form S-4 filed on January 31, 2008)
3.1	Amended and Restated Certificate of Incorporation of Noranda Aluminum Holding Corporation (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-8 (File No. 333-166947), filed on May 19, 2010)
3.2	Amended and Restated By-Laws, of Noranda Aluminum Holding Corporation (incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement on Form S-8 (File No. 333-166947), filed on May 19, 2010)
12.1	Computation of Ratio of Earnings to Fixed Charges
31.1	Chief Executive Officer Certification
31.2	Chief Financial Officer Certification
32.1	Certification of Chief Executive Officer and Chief Financial Officer
95.1	Mine Safety Disclosures
101. INS	XBRL Instance Document
101. SCH	XBRL Taxonomy Extension Schema Document
101. CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF	XBRL Taxonomy Extension Definition Linkbase Document
101. LAB	XBRL Taxonomy Extension Label Linkbase Document
101. PRE	XBRL Taxonomy Extension Presentation Linkbase Document

45

EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three months ended March 31,
	2015		2014
	$		$
Computation of earnings:
Loss before income taxes	(2.2	)	(23.9	)
Less: Equity in net income of investments in affiliates	—		—
Plus: fixed charges	13.9		13.4
Less: capitalized interest	(0.2	)	(0.4	)
Earnings	11.5		(10.9	)
Computation of fixed charges
Interest expense, net	13.2		12.5
Capitalized interest	0.2		0.4
Interest portion of operating lease expense	0.5		0.5
Fixed charges	13.9		13.4
Ratio of earnings to fixed charges	0.8		(0.8	)
	2015		2014
	$		$
Coverage deficiency - earnings to fixed charges	—		(24.3	)

EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Layle K. Smith, certify that:

1. I have reviewed this Annual Report on Form 10‑Q for the period ended March 31, 2015 of Noranda Aluminum Holding Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

i. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

ii. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

iii. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

iv. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

i. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

ii. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 6, 2015	/s/ LAYLE K. SMITH
	Layle K. Smith
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Dale W. Boyles, certify that:

i. I have reviewed this Annual Report on Form 10‑Q for the period ended March 31, 2015 of Noranda Aluminum Holding Corporation;

ii. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

iii. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

iv. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

i. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

ii. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

iii. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

iv. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

i. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

i. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

ii. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 6, 2015	/s/ DALE W. BOYLES
	Dale W. Boyles
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002

In connection with the Annual Report of Noranda Aluminum Holding Corporation (the “Company”) on Form 10‑Q for the period ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Layle K. Smith, as Chief Executive Officer of the Company, and Dale W. Boyles, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 6, 2015	/s/ LAYLE K. SMITH
	Layle K. Smith
	Chief Executive Officer
May 6, 2015	/s/ DALE W. BOYLES
	Dale W. Boyles
	Chief Financial Officer

EX-95.1

Exhibit 95.1

Dodd-Frank Act Disclosure of Mine Safety and Health Administration Safety Data

Under the Interagency Agreement dated March 29, 1979 between the Mine Safety and Health Administration ("MSHA"), the U.S. Department of Labor, and The Occupational Safety and Health Administration, alumina refineries are subject to MSHA jurisdiction. As a result, our Gramercy, LA alumina refinery is subject to regulation by the MSHA under the U.S. Federal Mine Safety and Health Act of 1977 (the “Mine Act”).

The MSHA inspects these facilities on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Whenever the MSHA issues a citation or order, it also generally proposes a civil penalty, or fine, related to the alleged violation. Citations or orders can be contested and appealed, and as part of that process, are sometimes reduced in severity and amount, and are sometimes dismissed.

Management believes the following mine safety disclosures meet the requirements of section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

Mine Safety Data

The table and other data below present mine safety information related to our alumina refinery in Gramercy, LA (MSHA ID No. 16-00352), as required by section 1503(a)(1) of the Dodd-Frank Act. The following data reflects citations and orders received from the MSHA during the year ended March 31, 2015. All alleged violations have been abated and all citations have been or are being addressed.

	Section 104 S&S Citations 1(#)	Section 104(b) Orders 2 (#)	Section 104(d) Citations and Orders 3 (#)	Section 110(b)(2) Violations 4 (#)	Section 107(a) Orders 5 (#)	Total Dollar Value of MSHA Assessments Proposed ($ in millions)	Total Number of Mining Related Fatalities (#)	Received Notice of Pattern of Violations Under Section 104 (yes/no)	Received Notice of Potential to Have Pattern Under Section 104(e) (yes/no)	Legal Actions Pending as of Last Day of Period (#)	Legal Actions Initiated During Period (#)	Legal Actions Resolved During Period (#)
2015	8	—	—	—	—	—	—	No	No	3	3	—

⁽¹⁾  Represents the total number of citations issued under section 104 of the Mine Act, for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard.

⁽²⁾  Represents the total number of orders issued under section 104(b) of the Mine Act, which represents a failure to abate a citation under section 104(a) within the period prescribed by the MSHA.

⁽³⁾  Represents the total number of citations and orders issued under section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.

⁽⁴⁾  Represents the total number of flagrant violations identified under section 110(b)(2) of the Mine Act.

⁽⁵⁾  Represents the total number of imminent danger orders issued under section 107(a) of the Mine Act. This results in an order of immediate withdrawal from the area of the mine affected by the condition until the MSHA determines that the violation has been abated.

During the year ended March 31, 2015, Noranda had no mining related fatalities. The Federal Mine Safety and Health Review Commission (the “Commission”) is an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act. As of March 31, 2015, Noranda had three contest and/or civil penalty proceedings pending before the Commission.

XML

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Schedule of related party sales transactions [Table textblock]

On August 8, 2014 Apollo sold its remaining shares in Berry Plastics Corporation, a former portfolio company of Apollo. We sold flat-rolled products to Berry Plastics, and sales for the three months ended March 31, 2014 was $1.9 million.

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Long-Term Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Reserve for uncertain tax positions	$ 0.6	$ 0.7
Workers' compensation	15.6	15.3
Asset retirement obligations	13.4	13.7
Land obligation	6.8	6.8
Environmental remediation obligations	1.1	1.1
Long-term derivative liabilities, gross	0	0.1
Deferred compensation and other	7.3	8.2
Total other long-term liabilities	$ 44.8	$ 45.9

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Amounts Recognized in other comprehensive income) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	$ 3.2	$ 1.8
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	2.1	1.1
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	3.2	1.8
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax	1.1	0.7
Selling, General and Administrative Expenses [Member]
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Actuarial gain/loss	0.7	0.3
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	0.7	0.3
Cost of Sales [Member]
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Actuarial gain/loss	2.3	1.3
Prior service costs	0.2	0.2
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	$ 2.5	$ 1.5

XML

Derivative Financial Instruments Derivative Financial Instruments (Narrative) (Details)	3 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Counterparty	4

XML

Fair Value Measurements (Schedule of Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net beginning of period		$ 1.4
Derivative, Fair Value, Net end of period	1.2	1.4
Derivative Assets	7.3	6.5
Derivative Liabilities	(6.1)	(5.1)
RSU Liabilities, Fair Value Disclosure	(0.1)
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis	1.1	1.4
Midwest premium contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net beginning of period	3.3
Derivative, Fair Value, Net end of period	(0.8)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0.1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Return on Assets	(3.2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(1.0)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Derivative Liabilities	0	0
RSU Liabilities, Fair Value Disclosure	(0.1)
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis	(0.1)	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	7.3	3.2
Derivative Liabilities	(5.3)	(5.1)
RSU Liabilities, Fair Value Disclosure	0
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis	2.0	(1.9)
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	3.3
Derivative Liabilities	(0.8)	0
RSU Liabilities, Fair Value Disclosure	0
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis	$ (0.8)	$ 3.3

XML

Income Taxes (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Percent	(22.70%)	29.70%
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	$ 0.8

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash Flow Data and Cash Flow Data Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule of supplemental cash flow disclosures [Line Items]
Interest Paid	$ 8.0	$ 7.5
U.S. Federal and state income taxes paid, net of refunds received	(3.0)	(0.5)
Capital Expenditures Incurred but Not yet Paid	8.2	4.3
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	0.2	0.4
Project [Domain]
Schedule of supplemental cash flow disclosures [Line Items]
Restricted Cash and Cash Equivalents			$ 1.8

XML

Long-Term Debt Long Term Debt Table (Tables)

3 Months Ended

Mar. 31, 2015

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

The carrying values and fair values of our outstanding debt were as follows (in millions):

	March 31, 2015				December 31, 2014
	Carrying value		Fair value	Interest rate	Carrying value		Fair value	Interest rate
	$		$	%	$		$	%
AcquisitionCo Notes, net	173.4		168.0	11.00	173.3		171.6	11.00
Term B Loan, net	469.5		469.5	5.75	470.7		470.7	5.75
Project specific financing	21.1		21.1	9.00	22.5		22.5	9.00
Mid-Stream Loan	1.5		1.5	8.00	1.0		1.0	8.00
Capital lease	0.5		0.5	5.79	0.5		0.5	5.79
Total debt, net	666.0				668.0
Less: Current portion	(12.1	)			(11.6	)
Long-term debt, net	653.9				656.4

The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.6 million and $1.7 million, respectively, at March 31, 2015 and December 31, 2014.

As of March 31, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.2 million and $2.4 million, respectively.

The asset-based loan (“ABL”) had no outstanding balance at March 31, 2015 or December 31, 2014. Outstanding letters of credit totaled $39.5 million at March 31, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity calculated as of March 31, 2015 was $141.9 million.

XML

Related Party Transactions Related Party Transactions (Schedules of Related Parties Activities) (Details) (Related party, Berry Plastics Corporation, an affiliate of Apollo [Member], USD $) In Millions, unless otherwise specified	Mar. 31, 2014
Related party, Berry Plastics Corporation, an affiliate of Apollo [Member]
Related Party Transaction [Line Items]
Due from Affiliates	$ 1.9

XML

Shareholders' Equity Shareholders' Equity (Dividends) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Dividends Disclosures [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.01	$ 0.01
Payments of Dividends	$ 0.7	$ 0.7
Regular Quarterly Dividend [Member]
Dividends Disclosures [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 0
Common Stock, Dividends, Per Share, Declared	$ 0.01
Payments of Dividends	0.7
Dividends Payable	$ 0.7

XML

Inventories (Schedule of Inventories) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Inventory, Net [Abstract]
Raw materials, at cost	$ 61.5	$ 73.7
Work-in-process, at cost	57.3	48.9
Finished goods, at cost	25.6	31.3
Total product inventories, at cost	144.4	153.9
LIFO adjustment	20.6	14.0
Lower of cost or market (LCM) reserve	(9.9)	(7.6)
Inventories, at lower of cost or market	155.1	160.3
Supplies, current	32.7	36.4
Total inventories, net	$ 187.8	$ 196.7

XML

Share-Based Payments (Schedules of Restricted Stock and RSU Equity and Liability Award Activity) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rate	7.00%
Restricted stock unit liability awards, current	$ 0.1
Restricted Stock and Restricted Stock Units Equity Awards [Member] | Service Vesting Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	P3Y
Percentage to vest on first anniversary of grant date	25.00%
Percentage to vest on second anniversary of grant date	25.00%
Percentage to vest on third anniversary of grant date	50.00%
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Service Vesting Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, nonvested, beginning of period	1,174,079
RSUs, weighted average grant date fair value, beginning of period	$ 4.78
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	26,762
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 3.54
Dividend equivalent units granted	3,826
Dividend equivalent units granted during period, weighted average grant date fair value	$ 3.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(153,954)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 10.88
RSUs forfeited during period	(16,953)
RSUs forfeited during period, weighted average forfeiture fair value	$ 4.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value	$ 0.00
RSUs, nonvested, end of period	1,033,760
RSUs, weighted average grant date fair value, end of period	$ 3.84
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Service Vesting Awards [Member] | Performance award with a grant date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.00
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, nonvested, beginning of period	412,655
RSUs, weighted average grant date fair value, beginning of period	$ (3.96)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.00
Dividend equivalent units granted	1,607
Dividend equivalent units granted during period, weighted average grant date fair value	$ 3.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(115,977)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 11.42
RSUs forfeited during period	(18,161)
RSUs forfeited during period, weighted average forfeiture fair value	$ 7.84
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	(288,659)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value	$ 11.47
RSUs, nonvested, end of period	392,903
RSUs, weighted average grant date fair value, end of period	$ 12.13
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target [Member] | Performance award with a grant date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	401,438
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 4.09
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target with Market Condition [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, nonvested, beginning of period	173,188
RSUs, weighted average grant date fair value, beginning of period	$ 2.18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.00
Dividend equivalent units granted	493
Dividend equivalent units granted during period, weighted average grant date fair value	$ 3.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 0.00
RSUs forfeited during period	0
RSUs forfeited during period, weighted average forfeiture fair value	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value	$ 0.00
RSUs, nonvested, end of period	173,681
RSUs, weighted average grant date fair value, end of period	$ 2.18
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target with Market Condition [Member] | Performance award with a grant date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.00
Employee And Non Employee Director [Member] | Performance Shares, no grant date [Member] | Performance Vesting Awards Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, nonvested, beginning of period	819,397
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Dividend equivalent units granted	1,334
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(554)
RSUs forfeited during period	(9,571)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	0
RSUs, nonvested, end of period	409,168
Employee And Non Employee Director [Member] | Performance Shares, no grant date [Member] | Performance Vesting Awards Target [Member] | Performance award with a grant date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	(401,438)
Investor Director Provider [Member] | Restricted Stock Units Liability Awards [Member] | Service Vesting Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, nonvested, beginning of period	60,224
Dividend equivalent units granted	196
RSUs, nonvested, end of period	60,420

XML

Non-Controlling Interest (Schedule of Balance Sheet Components Related to Non-Controlling Interest) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Cash and cash equivalents	$ 23.5	$ 20.5	$ 51.2	$ 79.4
Accounts receivable, net	112.6	102.5
Inventories, net	187.8	196.7
Other current assets	29.2	27.4
Property, plant and equipment, net	698.8	695.0
Other assets	87.8	89.1
Accounts payable	(115.6)	(122.6)
Accrued liabilities	(73.0)	(59.1)
Non-controlling interest	(6.0)	(6.0)
Subsidiary balances [Member]
Noncontrolling Interest [Line Items]
Cash and cash equivalents	0.6	0.8
Accounts receivable, net	12.8	13.5
Inventories, net	11.7	14.3
Other current assets	9.0	8.1
Property, plant and equipment, net	48.0	45.0
Other assets	7.5	7.4
Accounts payable	(70.8)	(71.8)
Accrued liabilities	(5.5)	(3.9)
Environmental, land and reclamation liabilities	(1.6)	(1.5)
Non-controlling interest	(6.0)	(6.0)
St. Ann's net investment and advances to NJBP	5.7	5.9
Impact of eliminations [Member]
Noncontrolling Interest [Line Items]
Cash and cash equivalents	0	0
Accounts receivable, net	(12.8)	(13.5)
Inventories, net	0	0
Other current assets	0	0
Property, plant and equipment, net	0	0
Other assets	0	0
Accounts payable	61.8	55.5
Accrued liabilities	0	0
Environmental, land and reclamation liabilities	0	0
Non-controlling interest	0	0
St. Ann's net investment and advances to NJBP	49.0	42.0
Impact on consolidated balances [Member]
Noncontrolling Interest [Line Items]
Cash and cash equivalents	0.6	0.8
Accounts receivable, net	0	0
Inventories, net	11.7	14.3
Other current assets	9.0	8.1
Property, plant and equipment, net	48.0	45.0
Other assets	7.5	7.4
Accounts payable	(9.0)	(16.3)
Accrued liabilities	(5.5)	(3.9)
Environmental, land and reclamation liabilities	(1.6)	(1.5)
Non-controlling interest	(6.0)	(6.0)
St. Ann's net investment and advances to NJBP	$ 54.7	$ 47.9

XML

Net Income Per Common Share (Schedule of Calculation of Net Income Per Common Share) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ (2.7)	$ (16.8)
Weighted-average common shares outstanding:
Basic weighted-average common shares outstanding	68.97	68.23
Diluted weighted-average common shares outstanding	68.97	68.23
Net income per common share:
Basic net income per common share	$ (0.04)	$ (0.25)
Diluted net income per common share	$ (0.04)	$ (0.25)
Antidilutive securities	2.37	2.18
Share-based Compensation	$ 0.8	$ 0.7
Performance Shares [Member]
Net income per common share:
Antidilutive securities	0.06	0.10
Restricted Stock and Restricted Stock Units Equity Awards [Member]
Net income per common share:
Antidilutive securities	1.14	0.80
Equity Option [Member]
Net income per common share:
Antidilutive securities	1.17	1.28

XML

Derivative Financial Instruments Derivative Financial Instruments ((Schedule of Carry Values at Fair Value) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	$ 7.3	$ 6.3
Derivative Liability, Current	(6.1)	(5.0)
Long-term derivative liabilities, gross	0	(0.1)
Derivative Asset, Noncurrent	0	0.2
Derivative Liability, Noncurrent		(0.1)
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0	0
Current derivative liabilities, gross	0	0
Derivative Asset, Current	0	0
Derivative Liability, Current	(5.3)
Long-term derivative assets, gross		0
Long-term derivative liabilities, gross		0
Derivative Asset, Noncurrent		0
Derivative Liability, Noncurrent		0
Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	7.3	6.3
Derivative Liability, Current	(0.8)
Derivative Asset, Noncurrent		0.2
Derivative Liability, Noncurrent		(0.1)
counterparty_one [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	(2.7)	(2.2)
counterparty_one [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0	0
Current derivative liabilities, gross	(2.7)	(2.2)
Derivative Liability, Current	(2.7)	(2.2)
counterparty_one [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	0	0
Counterparty_two [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	(0.1)	(0.1)
Derivative Liability, Noncurrent		(0.1)
Counterparty_two [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0	0
Current derivative liabilities, gross	(0.1)	(0.1)
Derivative Liability, Current	(0.1)	(0.1)
Long-term derivative assets, gross		0
Long-term derivative liabilities, gross		0
Derivative Liability, Noncurrent		0
Counterparty_two [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	0	0
Derivative Liability, Noncurrent		(0.1)
Counterparty_three [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	(0.1)	(0.1)
Counterparty_three [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0	0
Current derivative liabilities, gross	(0.1)	(0.1)
Derivative Liability, Current	(0.1)	(0.1)
Counterparty_three [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	0	0
Counterparty_four [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	(2.4)	(1.9)
Counterparty_four [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0	0
Current derivative liabilities, gross	(2.4)	(1.9)
Derivative Liability, Current	(2.4)	(1.9)
Counterparty_four [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	0	0
other counterparty [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	7.3	6.3
Derivative Liability, Current	(0.8)	(0.7)
Derivative Asset, Noncurrent		0.2
other counterparty [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0	0
Current derivative liabilities, gross	0	0
Derivative Asset, Current	0	0
Derivative Liability, Current	0	0
Long-term derivative assets, gross		0
Long-term derivative liabilities, gross		0
Derivative Asset, Noncurrent		0
other counterparty [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	7.3	6.3
Derivative Liability, Current	(0.8)	(0.7)
Derivative Asset, Noncurrent		0.2
derivatives, net [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current		(5.0)
derivatives, net [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross		0
Current derivative liabilities, gross	(5.3)	(4.3)
Derivative Liability, Current		(4.3)
derivatives, net [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current		$ (0.7)

XML

Non-Controlling Interest (Footnote)

3 Months Ended

Mar. 31, 2015

Noncontrolling Interest Items [Abstract]

Non-controlling interest disclosure

Through St. Ann, we hold a 49% partnership interest in Noranda Jamaica Bauxite Partners (“NJBP”), in which the Government of Jamaica (“GOJ”) holds a 51% interest. NJBP mines bauxite, approximately 58% of which was sold to Gramercy during 2014, with the remaining majority sold to Sherwin Alumina Company.

St. Ann is a party to several agreements (collectively, the “Mining Agreements”) with the GOJ. St. Ann and the GOJ have equal voting rights in NJBP’s executive committee. St. Ann manages the mining operations under a management agreement. St. Ann receives bauxite from NJBP at NJBP’s cost and pays the GOJ a return on its investment in NJBP through fees paid by NBL pursuant to an establishment agreement, as amended, that defines the negotiated fiscal structure. St. Ann has a special mining lease with the GOJ for the supply of bauxite. The lease ensures access to sufficient reserves to allow St. Ann to ship annually 4.5 million dry metric tonnes (“DMT”) of bauxite from mining operations in a specified concession area through September 30, 2030. In 2013, the GOJ gave us the option to mine up to 5.1 million DMT of bauxite during 2013 and up to 5.4 million DMT per annum for the period 2014 through 2017.

In return for these rights, St. Ann is required to pay fees called for in the establishment agreement, as amended, consisting of: dedication fee, depletion fee, asset usage fee, production levy, and royalty.

As of March 31, 2015 and December 31, 2014, we recorded accrued liabilities of $7.7 million and $5.9 million, respectively, for these fees. We had no prepaid GOJ royalties as of March 31, 2015 and December 31, 2014.

The previous structure provided for a commitment by NBL to make certain expenditures for haulroad development, maintenance, dredging, land purchases, contract mining, training and other general capital expenditures through 2017. The terms of the establishment agreement, as amended, required us to make a $14.0 million prepayment of Jamaican income taxes for fiscal years 2011 through 2014, of which $10.0 million was paid in June 2010 and the remainder was paid in April 2011. We utilized $1.3 million of these prepaid income taxes in 2011 leaving a balance of $12.7 million at March 31, 2015 and December 31, 2014. These prepaid taxes can be used into perpetuity subject to an annual limitation.

We are attempting to negotiate a new fiscal structure with the GOJ. The terms of any new fiscal structure, as well as our ability to utilize all or part of the prepaid taxes, are subject to the outcome of the negotiations of any new fiscal structure or to the determination of our rights and obligations in connection with the existing arrangements. On March 16, 2015 we filed a notice per the Establishment Agreement, as amended, requesting arbitration to settle the outstanding issues with the GOJ that have not be resolved via negotiations. Throughout negotiations with the GOJ, we have continued to operate our business in Jamaica in the normal course. We firmly believe in our asserted rights under the agreements governing our fiscal regime and we continue to seek ways to work constructively with the GOJ to conclude the negotiations.

We have determined that NJBP is a variable interest entity under U.S. GAAP, and St. Ann is NJBP’s primary beneficiary. The determination that St. Ann is the primary beneficiary was based on the fact that St. Ann absorbs the profits and losses associated with the partnership, while the GOJ receives certain fees from St. Ann (royalties, production and asset usage fees, etc.). We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions):

	March 31, 2015						December 31, 2014
	NJBP balances		Impact of Eliminations		Impact on consolidated statements		NJBP balances		Impact of Eliminations		Impact on consolidated statements
	$		$		$		$		$		$
Cash and cash equivalents	0.6		—		0.6		0.8		—		0.8
Accounts receivable, net	12.8		(12.8	)	—		13.5		(13.5	)	—
Inventories, net (consisting of maintenance supplies, inventory and fuel)	11.7		—		11.7		14.3		—		14.3
Other current assets	9.0		—		9.0		8.1		—		8.1
Property, plant and equipment, net	48.0		—		48.0		45.0		—		45.0
Other assets	7.5		—		7.5		7.4		—		7.4
Accounts payable	(70.8	)	61.8		(9.0	)	(71.8	)	55.5		(16.3	)
Accrued liabilities	(5.5	)	—		(5.5	)	(3.9	)	—		(3.9	)
Environmental, land and reclamation liabilities	(1.6	)	—		(1.6	)	(1.5	)	—		(1.5	)
Non-controlling interest	(6.0	)	—		(6.0	)	(6.0	)	—		(6.0	)
St. Ann’s net investment and advances to NJBP	5.7		49.0		54.7		5.9		42.0		47.9

The liabilities recognized as a result of consolidating NJBP do not represent additional claims on our general assets. NJBP’s creditors have claims only on the specific assets of NJBP and St. Ann. Similarly, the assets of NJBP do not represent additional assets available to satisfy claims against our general assets.

St. Ann receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all returns to the GOJ are provided through the payments from St. Ann under the various fees, levies and royalties described above. In these circumstances, no portion of NJBP’s net income (loss) or consolidated comprehensive income (loss) is allocated to the non-controlling interest. We do not expect the balance of the non-controlling interest to change from period to period unless there is an adjustment to the fair value of inventory or property, plant and equipment, as may occur in an LCM or asset impairment scenario.

XML

Supplemental Financial Statement Information (Schedule of Accounts Receivable) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Trade	$ 112.7	$ 102.6
Allowance for doubtful accounts	(0.1)	(0.1)
Total accounts receivable, net	$ 112.6	$ 102.5

XML

Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015 segments
Segment Reporting, Measurement Disclosures [Abstract]
Number of Operating Segments	5

XML

Share-Based Payments (Schedule of Stock Option Activity) (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended	3 Months Ended
	Dec. 31, 2014	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 2 months
Employee And Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,039,895	971,813
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	1.82	$ 1.81
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	2.0	$ 1.4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		(68,082)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 2.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		0.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		971,813
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price		$ 1.81
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value		1.3
Investor Director Provider [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	140,000	140,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	9.00	$ 9.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		140,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price		$ 9.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value		$ 0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	2 years 6 months

XML

Share-Based Payments Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock compensation expense

We recorded stock compensation expense as follows (in millions):

	Three months ended March 31,
	2015	2014
	$	$
Stock options	—	—
Restricted stock and restricted stock unit equity awards	0.8	0.7
Total stock compensation expense	0.8	0.7

Schedule of stock option activity

Our stock option activity was as follows:

	Employee options and non-employee director options				Investor director provider options
	Common shares		Weighted-average exercise price	Intrinsic value (in millions)(1)	Common shares	Weighted-average exercise price	Intrinsic value (in millions)(1)
			$	$		$	$
Outstanding, December 31, 2014	1,039,895		1.82	2.0	140,000	9.00	—
Exercised	(68,082	)	2.00	0.1	—	—	—
Outstanding, March 31, 2015	971,813		1.81	1.4	140,000	9.00	—
Fully vested and exercisable, March 31, 2015 (weighted-average remaining contractual term of 3.2 years and 2.6 years, respectively)	971,813		1.81	1.3	140,000	9.00	—

⁽¹⁾  Options that were not in-the-money at March 31, 2015 and December 31, 2014, and therefore have a negative intrinsic value, have been excluded from intrinsic value calculations.

Employee And Non Employee Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock and Restricted Stock Awards Activity

Restricted stock and RSU equity award activity was as follows:

	Service-vesting restricted stock and RSUs			Performance-vesting RSUs with grant date				Performance-vesting restricted stock (with market condition) with grant date		Performance-vesting restricted stock and RSUs without grant date
	Awards		Weighted-average grant date fair value	Awards		Weighted-average grant date fair value		Awards	Weighted-average grant date fair value	Awards
	#		$	#		$		#	$	#
Non-vested, December 31, 2014	1,174,079		4.78	412,655		(3.96	)	173,188	2.18	819,397
Granted	26,762		3.54	—		—		—	—	—
Grant date determined during the period	—		—	401,438		4.09		—	—	(401,438	)
Dividend equivalent units granted	3,826		3.08	1,607		3.08		493	3.08	1,334
Vested (aggregate intrinsic value of $0.8 million)	(153,954	)	10.88	(115,977	)	11.42		—	—	(554	)
Forfeited	(16,953	)	4.60	(18,161	)	7.84		—	—	(9,571	)
Cancelled	—		—	(288,659	)	11.47		—	—	—
Non-vested, March 31, 2015 (aggregate intrinsic value of $6.0 million)	1,033,760		3.84	392,903		12.13		173,681	2.18	409,168

Investor Director Provider [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock Liability Awards Activity [Table Text Block]

RSU liability award activity was as follows:

	RSUs
	#
Non-vested, December 31, 2014	60,224
Dividend equivalent units granted	196
Non-vested, March 31, 2015	60,420

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Deferred financing costs, net of amortization	$ 5.3	$ 5.8
Cash surrender value of life insurance	28.9	29.3
Pension asset	6.6	6.5
Restricted cash	14.1	14.0
Supplies	4.6	5.0
Prepaid Jamaican income taxes	12.7	12.7
Derivative assets	0	0.2
Other miscellaneous noncurrent assets	15.6	15.6
Total other assets	$ 87.8	$ 89.1

XML

Pension and Other Post-Retirement Benefit Plans (Employer Contributions) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Pension benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Contributions by Employer	$ 3.3
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	14.6
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Contributions by Employer	0.2
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 0.4

XML

Long-Term Debt Long-Term Debt (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 1.6	$ 1.7
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	2.2	2.4
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	39.5	39.8
Line of Credit Facility Maximum Borrowing Capacity Subject to Borrowing Base Calculation	$ 141.9

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of AOCI) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Schedule of accumulated other comprehensive income (loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		$ (110.0)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(107.9)	(110.0)
Accumulated Other Comprehensive Income (Loss) [Member]
Schedule of accumulated other comprehensive income (loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	(110.0)
Other Comprehensive Income Loss Reclassification Adjustments Included In Net Income Net Of Tax	2.1
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(107.9)
Accumulated Defined Benefit Plans Adjustment [Member]
Schedule of accumulated other comprehensive income (loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), before Tax1, Beginning of Period	(172.9)
Accumulated Other Comprehensive Income (Loss) Tax, Beginning of Period	(62.9)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax	3.2
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition (Asset) Obligation, Tax	1.1
Accumulated Other Comprehensive Income (Loss), before Tax1, End of Period	(169.7)
Accumulated Other Comprehensive Income (Loss) Tax, End of Period	$ (61.8)

XML

Accounting Policies (Footnote)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Organization, Consolidation and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements represent the consolidation of Noranda Aluminum Holding Corporation and all companies that we directly or indirectly control (“Noranda,” “the Company,” “we,” “us,” and “our”). “Noranda HoldCo” refers only to Noranda Aluminum Holding Corporation, excluding its subsidiaries. “Noranda AcquisitionCo” refers only to Noranda Aluminum Acquisition Corporation, the wholly-owned direct subsidiary of Noranda HoldCo, excluding its subsidiaries.

These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information. The condensed consolidated financial statements, including these condensed notes, are unaudited and exclude some of the disclosures required in annual consolidated financial statements. Condensed consolidated balance sheet data as of December 31, 2014 was derived from our audited condensed consolidated financial statements. In management’s opinion, these unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) that are considered necessary for the fair presentation of our financial position and operating results. All intercompany transactions and accounts have been eliminated in consolidation.

The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. For example, our interim operating results are affected by peak power usage rates from June through September each year which affect our operating costs at the New Madrid smelter. We are also subject to seasonality associated with the demand cycles of our end-use customers, which results in lower shipment levels from November to February relative to other periods during the year.

These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2015.

New Accounting Guidance

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is not permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

In August 2014, the FASB issued an ASU No. 2014-15, “Presentation of Financial Statements - Going Concern”. The ASU provides guidance on determining when and how to disclose going-concern uncertainties in financial statements. The Company will be required to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that the financial statements are issued. The Company must provide certain disclosures if conditions or events raise substantial doubt about its ability to continue as a going concern. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

In April 2015, the FASB issued an ASU No. 2015-03, “Interest - Imputation of Interest”. The ASU was issued as an initiative to reduce complexity in accounting standards (the Simplification Initiative). The Company will apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company will be required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items. The adoption of the ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

XML

Asset Retirement and Other Obligations (Reclamation Obligation) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Asset Retirement and Other Obligations [Abstract]
Reclamation obligation, balance, beginning of period	$ 1.5
Reclamation Obligation, Additional liabilities incurred	0.7
Reclamation Obligation, Liabilities settled	(0.6)
Reclamation obligation, balance, end of period	$ 1.6

XML

Segments (Schedule of Segment Profit Reconciliation) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	$ 345.6	$ 311.6
Capital expenditures	23.5	13.1
Segment profit (loss)	33.9	10.7
Depreciation and amortization	(23.0)	(21.7)
Last in, first out and lower of cost or market inventory adjustments	4.8	0.2
Gain (Loss) on disposal of assets	(0.1)	0.1
Non-cash pension, accretion and stock compensation	(4.4)	(2.8)
Restructuring, relocation and severance	(0.2)	0.4
Consulting fees	(0.3)	(0.2)
Cash settlements on hedging transactions	1.4	0.9
Other, net	(0.8)	1.3
Operating income (loss)	11.3	(11.1)
Interest expense, net	13.2	12.5
(Gain) loss on hedging activities, net	0.3	0.3
Total other income, net	13.5	12.8
Income (loss) before income taxes	(2.2)	(23.9)
Bauxite [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	31.3	30.1
Capital expenditures	3.3	0.8
Bauxite [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	2.1	2.5
Depreciation and amortization	(3.0)	(2.5)
Last in, first out and lower of cost or market inventory adjustments	0	0
Gain (Loss) on disposal of assets	0	0
Non-cash pension, accretion and stock compensation	0	0
Restructuring, relocation and severance	0	0.1
Consulting fees	0	0
Cash settlements on hedging transactions	0	0
Other, net	0	0
Operating income (loss)	(0.9)	0.1
Alumina [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	82.4	77.2
Capital expenditures	1.4	2.0
Alumina [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	3.7	(11.9)
Depreciation and amortization	(5.2)	(5.0)
Last in, first out and lower of cost or market inventory adjustments	0	0
Gain (Loss) on disposal of assets	0	0
Non-cash pension, accretion and stock compensation	(0.3)	(0.2)
Restructuring, relocation and severance	(0.2)	(0.1)
Consulting fees	0	0
Cash settlements on hedging transactions	0	0
Other, net	(0.1)	(0.1)
Operating income (loss)	(2.1)	(17.3)
Primary Aluminum [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	152.9	149.5
Capital expenditures	17.0	7.0
Primary Aluminum [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	23.1	18.4
Depreciation and amortization	(10.0)	(9.7)
Last in, first out and lower of cost or market inventory adjustments	0.8	(0.1)
Gain (Loss) on disposal of assets	(0.1)	0.1
Non-cash pension, accretion and stock compensation	(1.7)	(1.0)
Restructuring, relocation and severance	(0.2)	(0.1)
Consulting fees	(0.1)	0
Cash settlements on hedging transactions	0.2	0.2
Other, net	0	0.1
Operating income (loss)	12.0	7.9
Flat Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	148.0	133.3
Capital expenditures	1.3	3.1
Flat Rolled Products [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	12.7	10.9
Depreciation and amortization	(4.3)	(4.3)
Last in, first out and lower of cost or market inventory adjustments	4.0	0.3
Gain (Loss) on disposal of assets	0	0
Non-cash pension, accretion and stock compensation	(1.3)	(0.7)
Restructuring, relocation and severance	0.3	0.4
Consulting fees	0	0
Cash settlements on hedging transactions	1.2	0.7
Other, net	0	(0.1)
Operating income (loss)	12.6	7.2
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0	0
Capital expenditures	0.5	0.2
Corporate [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	(7.8)	(7.8)
Depreciation and amortization	(0.5)	(0.2)
Last in, first out and lower of cost or market inventory adjustments	0	0
Gain (Loss) on disposal of assets	0	0
Non-cash pension, accretion and stock compensation	(1.1)	(0.9)
Restructuring, relocation and severance	(0.1)	0.1
Consulting fees	(0.2)	(0.2)
Cash settlements on hedging transactions	0	0
Other, net	(0.1)	0
Operating income (loss)	(9.8)	(9.0)
Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	(69.0)	(78.5)
Capital expenditures	0	0
Eliminations [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	0.1	(1.4)
Depreciation and amortization	0	0
Last in, first out and lower of cost or market inventory adjustments	0	0
Gain (Loss) on disposal of assets	0	0
Non-cash pension, accretion and stock compensation	0	0
Restructuring, relocation and severance	0	0
Consulting fees	0	0
Cash settlements on hedging transactions	0	0
Other, net	(0.6)	1.4
Operating income (loss)	(0.5)	0
External customers [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	345.6	311.6
Internal customers [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0	0
External customers [Member] | Bauxite [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	11.7	11.7
External customers [Member] | Alumina [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	55.0	45.8
External customers [Member] | Primary Aluminum [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	130.9	120.8
External customers [Member] | Flat Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	148.0	133.3
External customers [Member] | Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0	0
External customers [Member] | Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0	0
Internal customers [Member] | Bauxite [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	19.6	18.4
Internal customers [Member] | Alumina [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	27.4	31.4
Internal customers [Member] | Primary Aluminum [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	22.0	28.7
Internal customers [Member] | Flat Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0	0
Internal customers [Member] | Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0	0
Internal customers [Member] | Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	$ (69.0)	$ (78.5)

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Financial Statement Information [Abstract]

Schedule of depreciation and amortization

Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows included the following (in millions):

	Three months ended March 31,
	2015	2014
	$	$
Depreciation of property, plant and equipment	19.8	18.8
Amortization of intangible assets	1.5	1.5
Amortization of other long-term assets	1.7	1.4
Total depreciation and amortization	23.0	21.7

Schedule of supplemental cash flow disclosures

Cash paid for interest and income taxes was as follows (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Interest paid	8.0		7.5
U.S. Federal and state income taxes paid, net of refunds received	(3.0	)	(0.5	)

Schedule of changes in accumulated other comprehensive income (loss)

Changes in accumulated other comprehensive income (loss) (“AOCI”) were as follows (in millions):

	Unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB		Accumulated tax (benefit) expense related to unrealized net actuarial gain or loss, prior service cost and other related to pension and OPEB		Total, net of tax
	$		$		$
Balance, December 31, 2014	(172.9	)	(62.9	)	(110.0	)
Reclassification of amounts realized in net loss	3.2		1.1		2.1
Balance, March 31, 2015	(169.7	)	(61.8	)	(107.9	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Reclassifications out of AOCI were included in the unaudited condensed consolidated statements of operations as follows (in millions):

Details about accumulated other comprehensive loss components	Amount reclassified from accumulated other comprehensive loss		Affected line item in the unaudited condensed consolidated statements of operations
	Three months ended March 31,
	2015	2014
	$	$
Selling, general and administrative expenses (“SGA”)
Actuarial gain/loss	0.7	0.3	(1)
Total pension amounts reclassified into SGA	0.7	0.3	Selling, general and administrative expenses
Cost of sales (“COS”)
Actuarial gain/loss	2.3	1.3	(1)
Prior service costs	0.2	0.2	(1)
Total pension amounts reclassified into COS	2.5	1.5	Cost of sales
Reclassification of pension and OPEB amounts realized in net loss	3.2	1.8
Income tax expense related to reclassifications of pension and OPEB amounts	1.1	0.7	Income tax expense (benefit)
Reclassification of pension and OPEB amounts realized in net loss, net of tax	2.1	1.1	Net loss

⁽¹⁾  These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 10, "Pension and Other Post-Retirement Benefits."

Schedule of cash and cash equivalents

Cash and cash equivalents consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Cash	23.5	20.5
Total cash and cash equivalents	23.5	20.5

Schedule of accounts receivable

Accounts receivable, net, consisted of the following (in millions):

	March 31, 2015		December 31, 2014
	$		$
Trade	112.7		102.6
Allowance for doubtful accounts	(0.1	)	(0.1	)
Total accounts receivable, net	112.6		102.5

Schedule of other current assets

Other current assets consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Current foreign deferred tax asset	0.4	0.4
Employee loans receivable, net	1.9	2.1
Current derivative assets (see Note 11, “Derivative Financial Instruments”)	7.3	6.3
Taxes receivable	2.7	4.0
Prepaid assets	4.6	4.5
Restricted cash (see Note 7, “Commitments and Contingencies”)	0.1	0.1
Other current assets	12.2	10.0
Total other current assets	29.2	27.4

Schedule of other noncurrent assets

Other assets consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Deferred financing costs, net of amortization	5.3	5.8
Cash surrender value of life insurance	28.9	29.3
Pension asset	6.6	6.5
Restricted cash (see Note 7, “Commitments and Contingencies”)	14.1	14.0
Supplies	4.6	5.0
Prepaid Jamaican income taxes	12.7	12.7
Derivative asset	—	0.2
Other	15.6	15.6
Total other assets	87.8	89.1

Schedule of accrued liabilities

Accrued liabilities consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Compensation and benefits	22.5	18.3
Workers’ compensation	5.7	5.6
Other operating expenses	13.5	11.2
Accrued interest	7.1	2.3
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”)	2.5	2.3
Land obligation (see Note 9, “Asset Retirement and Other Obligations”)	3.8	3.7
Derivative liabilities (see Note 11, “Derivative Financial Instruments”)	6.1	5.0
Reclamation obligation (see Note 9, “Asset Retirement and Other Obligations”)	1.6	1.5
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”)	1.7	1.7
Obligations to the Government of Jamaica	7.7	5.9
Pension and OPEB liabilities (see Note 10, “Pensions and Other Post-Retirement Benefits”)	0.8	0.8
Restructuring liability	—	0.8
Total accrued liabilities	73.0	59.1

Schedule of other long-term liabilities

Other long-term liabilities consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Reserve for uncertain tax positions	0.6	0.7
Workers’ compensation	15.6	15.3
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”)	13.4	13.7
Land obligation (see Note 9, “Asset Retirement and Other Obligations”)	6.8	6.8
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”)	1.1	1.1
Long-term derivative liabilities (see Note 11, “Derivative Financial Instruments”)	—	0.1
Deferred compensation and other	7.3	8.2
Total other long-term liabilities	44.8	45.9

XML

Segments (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting, Measurement Disclosures [Abstract]

Schedule reconciling segment profit loss to consolidated income before income taxes [Table Text Block]

The following tables present operating and asset information for our reportable segments (in millions):

	Three months ended March 31, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.7		55.0		130.9		148.0		—		—		345.6
Intersegment	19.6		27.4		22.0		—		—		(69.0	)	—
Total sales	31.3		82.4		152.9		148.0		—		(69.0	)	345.6
Capital expenditures	3.3		1.4		17.0		1.3		0.5		—		23.5
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	2.1		3.7		23.1		12.7		(7.8	)	0.1		33.9
Depreciation and amortization	(3.0	)	(5.2	)	(10.0	)	(4.3	)	(0.5	)	—		(23.0	)
Last in, first out and lower of cost or market inventory adjustments	—		—		0.8		4.0		—		—		4.8
Gain (loss) on disposal of assets	—		—		(0.1	)	—		—		—		(0.1	)
Non-cash pension, accretion and stock compensation	—		(0.3	)	(1.7	)	(1.3	)	(1.1	)	—		(4.4	)
Restructuring, relocation and severance	—		(0.2	)	(0.2	)	0.3		(0.1	)	—		(0.2	)
Consulting fees	—		—		(0.1	)	—		(0.2	)	—		(0.3	)
Cash settlements paid (received) on hedging transactions	—		—		0.2		1.2		—		—		1.4
Other, net	—		(0.1	)	—		—		(0.1	)	(0.6	)	(0.8	)
Operating income (loss)	(0.9	)	(2.1	)	12.0		12.6		(9.8	)	(0.5	)	11.3
Interest expense, net													13.2
Loss on hedging activities, net													0.3
Total other expense, net													13.5
Loss before income taxes													(2.2	)

	Three months ended March 31, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.7		45.8		120.8		133.3		—		—		311.6
Intersegment	18.4		31.4		28.7		—		—		(78.5	)	—
Total sales	30.1		77.2		149.5		133.3		—		(78.5	)	311.6
Capital expenditures	0.8		2.0		7.0		3.1		0.2		—		13.1
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	2.5		(11.9	)	18.4		10.9		(7.8	)	(1.4	)	10.7
Depreciation and amortization	(2.5	)	(5.0	)	(9.7	)	(4.3	)	(0.2	)	—		(21.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(0.1	)	0.3		—		—		0.2
Gain (loss) on disposal of assets	—		—		0.1		—		—		—		0.1
Non-cash pension, accretion and stock compensation	—		(0.2	)	(1.0	)	(0.7	)	(0.9	)	—		(2.8	)
Restructuring, relocation and severance	0.1		(0.1	)	(0.1	)	0.4		0.1		—		0.4
Consulting fees	—		—		—		—		(0.2	)	—		(0.2	)
Cash settlements paid (received) on hedging transactions	—		—		0.2		0.7		—		—		0.9
Other, net	—		(0.1	)	0.1		(0.1	)	—		1.4		1.3
Operating income (loss)	0.1		(17.3	)	7.9		7.2		(9.0	)	—		(11.1	)
Interest expense, net													12.5
Loss on hedging activities, net													0.3
Total other expense, net													12.8
Loss before income taxes													(23.9	)

Schedule reconciling segment assets to consolidated assets

	March 31, 2015		December 31, 2014
Segment assets:	$		$
Bauxite	150.0		149.9
Alumina	220.6		229.8
Primary	557.9		561.5
Flat-Rolled	349.8		335.1
Corporate	73.1		65.5
Eliminations	(26.3	)	(23.7	)
Total assets	1,325.1		1,318.1

XML

Inventories (Narrative) (Details) (Bauxite and Alumina [Member])	Mar. 31, 2015	Dec. 31, 2014
Bauxite and Alumina [Member]
Inventories disclosure [Line Items]
Percentage of weighted-average cost inventory	28.00%	25.00%

XML

Segments (Schedule of Segment Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,325.1	$ 1,318.1
Bauxite [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	150.0	149.9
Alumina [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	220.6	229.8
Primary Aluminum [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	557.9	561.5
Flat Rolled Products [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	349.8	335.1
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	73.1	65.5
Eliminations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (26.3)	$ (23.7)

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions):

	March 31, 2015
	Level 1		Level 2		Level 3		Total
	$		$		$		$
Derivative assets	—		7.3		—		7.3
Derivative liabilities	—		(5.3	)	(0.8	)	(6.1	)
RSU liability awards	(0.1	)	—		—		(0.1	)
Total	(0.1	)	2.0		(0.8	)	1.1

	December 31, 2014
	Level 1	Level 2		Level 3	Total
	$	$		$	$
Derivative assets	—	3.2		3.3	6.5
Derivative liabilities	—	(5.1	)	—	(5.1	)
Total	—	(1.9	)	3.3	1.4

Schedule of derivative financial instruments classified as level 3 [Table Text Block]

Changes in the fair value of the variable-price Midwest Premium contracts were included in gain on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments were as follows:

	Three months ended March 31, 2015
	$
Fair value, beginning of year	3.3
New contracts entered into during the period	0.1
Changes in fair value	(3.2	)
Settlements	(1.0	)
Fair value, end of period	(0.8	)

XML

Inventories (Tables)

3 Months Ended

Mar. 31, 2015

Inventory, Net [Abstract]

Schedule of inventories

Inventories, net, consisted of the following (in millions):

	March 31, 2015		December 31, 2014
	$		$
Raw materials, at cost	61.5		73.7
Work-in-process, at cost	57.3		48.9
Finished goods, at cost	25.6		31.3
Total inventories, at cost	144.4		153.9
LIFO adjustment	20.6		14.0
LCM reserve	(9.9	)	(7.6	)
Inventories, at lower of cost or market	155.1		160.3
Supplies	32.7		36.4
Total inventories, net	187.8		196.7

XML

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Activities
Net income (loss)	$ (2.7)	$ (16.8)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	23.0	21.7
Non-cash interest expense	0.7	0.7
Last in, first out and lower of cost or market inventory adjustments	(4.8)	(0.2)
Gain (Loss) on disposal of assets	0.1	(0.1)
Gain on hedging activities, excluding cash settlements	0	(0.5)
Deferred income taxes	2.4	(14.3)
Share-based Compensation	0.8	0.7
Changes in other assets	(1.0)	(1.6)
Changes in pension, other post-retirement and other long-term liabilities	2.7	0.7
Changes in current operating assets and liabilities:
Accounts receivable, net	(10.1)	(26.0)
Inventories, net	13.4	(12.8)
Taxes receivable and taxes payable	1.3	7.7
Other current assets	(0.9)	(1.2)
Accounts payable	(8.2)	21.4
Accrued liabilities	12.8	1.1
Cash provided by (used in) operating activities	29.5	(19.5)
Investing Activities
Capital expenditures	(23.5)	(13.1)
Proceeds from sale of property, plant and equipment	0.1	0.2
Cash Provided by (Used in) Investing Activities	(23.4)	(12.9)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2)	(0.4)
Payments of Dividends	(0.7)	(0.7)
Repayments of Long-term Debt	(2.6)	(1.2)
Borrowings on revolving credit facility	72.0	0
Repayments on revolving credit facility	(72.0)	0
Borrowings on long-term debt, net	0.4	6.5
Cash provided by (used in) financing activities	(3.1)	4.2
Change in cash and cash equivalents	3.0	(28.2)
Cash and cash equivalents, beginning of period	20.5	79.4
Cash and cash equivalents, end of period	$ 23.5	$ 51.2

XML

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment, Net [Abstract]

Schedule of property, plant and equipment

Property, plant and equipment, net, consisted of the following (in millions):

	Estimated useful lives in years			March 31, 2015		December 31, 2014
				$		$
Land				52.0		51.9
Buildings and improvements	10	—	47	171.3		163.0
Machinery and equipment	3	—	50	935.0		927.1
Construction in progress				82.7		86.2
Property, plant and equipment, at cost				1,241.0		1,228.2
Accumulated depreciation				(542.2	)	(533.2	)
Total property, plant and equipment, net				698.8		695.0

XML

Subsidiary Issuer of Guaranteed Notes (Consolidating Income Statements) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Guarantor Obligations [Line Items]
Sales	$ 345.6	$ 311.6
Operating costs and expenses:
Cost of sales	312.0	302.0
Selling, General and Administrative Expense	22.3	20.7
Total operating costs and expenses, net	334.3	322.7
Operating income (loss)	11.3	(11.1)
Other (income) expense: [Abstract]
Interest expense, net	13.2	12.5
(Gain) loss on hedging activities, net	0.3	0.3
Total other income, net	13.5	12.8
Income (loss) before income taxes	(2.2)	(23.9)
Income tax expense (benefit)	0.5	(7.1)
Equity in net income (loss) of subsidiaries	0	0
Net income (loss)	(2.7)	(16.8)
Total other comprehensive income, net of tax	2.1	1.1
Total comprehensive income (loss)	(0.6)	(15.7)
Parent guarantor [Member]
Guarantor Obligations [Line Items]
Sales	0	0
Operating costs and expenses:
Cost of sales	0	0
Selling, General and Administrative Expense	1.2	1.1
Total operating costs and expenses, net	1.2	1.1
Operating income (loss)	(1.2)	(1.1)
Other (income) expense: [Abstract]
Interest expense, net	(0.1)	(0.1)
(Gain) loss on hedging activities, net	0	0
Total other income, net	(0.1)	(0.1)
Income (loss) before income taxes	(1.1)	(1.0)
Income tax expense (benefit)	0.6	0.2
Equity in net income (loss) of subsidiaries	(1.0)	(15.6)
Net income (loss)	(2.7)	(16.8)
Total other comprehensive income, net of tax	2.1	1.1
Total comprehensive income (loss)	(0.6)	(15.7)
Issuer [Member]
Guarantor Obligations [Line Items]
Sales	0	0
Operating costs and expenses:
Cost of sales	0	0
Selling, General and Administrative Expense	0.1	0.1
Total operating costs and expenses, net	0.1	0.1
Operating income (loss)	(0.1)	(0.1)
Other (income) expense: [Abstract]
Interest expense, net	12.9	12.5
(Gain) loss on hedging activities, net	0	0
Total other income, net	12.9	12.5
Income (loss) before income taxes	(13.0)	(12.6)
Income tax expense (benefit)	(0.8)	(4.0)
Equity in net income (loss) of subsidiaries	11.2	(7.0)
Net income (loss)	(1.0)	(15.6)
Total other comprehensive income, net of tax	2.1	1.1
Total comprehensive income (loss)	1.1	(14.5)
Guarantor Subsidiaries [Member]
Guarantor Obligations [Line Items]
Sales	333.9	300.0
Operating costs and expenses:
Cost of sales	303.2	294.5
Selling, General and Administrative Expense	17.1	15.5
Total operating costs and expenses, net	320.3	310.0
Operating income (loss)	13.6	(10.0)
Other (income) expense: [Abstract]
Interest expense, net	0.1	0
(Gain) loss on hedging activities, net	0.3	0.3
Total other income, net	0.4	0.3
Income (loss) before income taxes	13.2	(10.3)
Income tax expense (benefit)	0.8	(3.1)
Equity in net income (loss) of subsidiaries	0	0
Net income (loss)	12.4	(7.2)
Total other comprehensive income, net of tax	2.1	1.3
Total comprehensive income (loss)	14.5	(5.9)
Subsidiary non-guarantor [Member]
Guarantor Obligations [Line Items]
Sales	31.3	30.1
Operating costs and expenses:
Cost of sales	28.4	25.9
Selling, General and Administrative Expense	3.9	4.1
Total operating costs and expenses, net	32.3	30.0
Operating income (loss)	(1.0)	0.1
Other (income) expense: [Abstract]
Interest expense, net	0.3	0.1
(Gain) loss on hedging activities, net	0	0
Total other income, net	0.3	0.1
Income (loss) before income taxes	(1.3)	0
Income tax expense (benefit)	(0.1)	(0.2)
Equity in net income (loss) of subsidiaries	0	0
Net income (loss)	(1.2)	0.2
Total other comprehensive income, net of tax	0	0
Total comprehensive income (loss)	(1.2)	0.2
Consolidation, Eliminations [Member]
Guarantor Obligations [Line Items]
Sales	(19.6)	(18.5)
Operating costs and expenses:
Cost of sales	(19.6)	(18.4)
Selling, General and Administrative Expense	0	(0.1)
Total operating costs and expenses, net	(19.6)	(18.5)
Operating income (loss)	0	0
Other (income) expense: [Abstract]
Interest expense, net	0	0
(Gain) loss on hedging activities, net	0	0
Total other income, net	0	0
Income (loss) before income taxes	0	0
Income tax expense (benefit)	0	0
Equity in net income (loss) of subsidiaries	(10.2)	22.6
Net income (loss)	(10.2)	22.6
Total other comprehensive income, net of tax	(4.2)	(2.4)
Total comprehensive income (loss)	$ (14.4)	$ 20.2

XML

Non-Controlling Interest (Tables)

3 Months Ended

Mar. 31, 2015

Noncontrolling Interest Items [Abstract]

Schedule of Balance Sheet Components Related to NonControlling Interest

We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions):

	March 31, 2015						December 31, 2014
	NJBP balances		Impact of Eliminations		Impact on consolidated statements		NJBP balances		Impact of Eliminations		Impact on consolidated statements
	$		$		$		$		$		$
Cash and cash equivalents	0.6		—		0.6		0.8		—		0.8
Accounts receivable, net	12.8		(12.8	)	—		13.5		(13.5	)	—
Inventories, net (consisting of maintenance supplies, inventory and fuel)	11.7		—		11.7		14.3		—		14.3
Other current assets	9.0		—		9.0		8.1		—		8.1
Property, plant and equipment, net	48.0		—		48.0		45.0		—		45.0
Other assets	7.5		—		7.5		7.4		—		7.4
Accounts payable	(70.8	)	61.8		(9.0	)	(71.8	)	55.5		(16.3	)
Accrued liabilities	(5.5	)	—		(5.5	)	(3.9	)	—		(3.9	)
Environmental, land and reclamation liabilities	(1.6	)	—		(1.6	)	(1.5	)	—		(1.5	)
Non-controlling interest	(6.0	)	—		(6.0	)	(6.0	)	—		(6.0	)
St. Ann’s net investment and advances to NJBP	5.7		49.0		54.7		5.9		42.0		47.9

The liabilities recognized as a result of consolidating NJBP do not represent additional claims on our general assets. NJBP’s creditors have claims only on the specific assets of NJBP and St. Ann. Similarly, the assets of NJBP do not represent additional assets available to satisfy claims against our general assets.

St. Ann receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all returns to the GOJ are provided through the payments from St. Ann under the various fees, levies and royalties described above. In these circumstances, no portion of NJBP’s net income (loss) or consolidated comprehensive income (loss) is allocated to the non-controlling interest. We do not expect the balance of the non-controlling interest to change from period to period unless there is an adjustment to the fair value of inventory or property, plant and equipment, as may occur in an LCM or asset impairment scenario.

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accrued Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Compensation and benefits	$ 22.5	$ 18.3
Workers' compensation	5.7	5.6
Other operating expenses	13.5	11.2
Accrued interest	7.1	2.3
Asset retirement obligations	2.5	2.3
Land obligation	3.8	3.7
Derivative Liability, Current	6.1	5.0
Reclamation obligation	1.6	1.5
Environmental remediation obligation	1.7	1.7
Obligations to the Government	7.7	5.9
Pension and OPEB liabilities	0.8	0.8
Restructuring liability	0	0.8
Total accrued liabilities	$ 73.0	$ 59.1

XML

Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains and Losses on Hedging Activities) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ 0.3	$ 0.3
Fixed Price Aluminum Customer Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(5.0)	3.3
Variable Price Aluminum Offset Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	2.2	2.1
Variable MWP Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ 3.1	$ (5.1)

XML

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 23.5	$ 20.5
Accounts receivable, net	112.6	102.5
Inventories, net	187.8	196.7
Other current assets	29.2	27.4
Total current assets	353.1	347.1
Property, plant and equipment, net	698.8	695.0
Goodwill	137.6	137.6
Other intangible assets, net	47.8	49.3
Other assets	87.8	89.1
Total assets	1,325.1	1,318.1
LIABILITIES AND EQUITY
Accounts payable	115.6	122.6
Accrued liabilities	73.0	59.1
Deferred tax liabilities	11.6	11.7
Current portion of long-term debt	12.1	11.6
Total current liabilities	212.3	205.0
Long-term debt, net	653.9	656.4
Pension and other post-retirement benefit (OPEB) liabilities	195.8	195.4
Other long-term liabilities	44.8	45.9
Long-term deferred tax liabilities	146.9	143.3
Shareholders' equity:
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at March 31, 2014 and December 31, 2014)	0	0
Common stock (200.0 shares authorized; $0.01 par value; 69.2 shares issued and outstanding at March 31, 2014; 68.9 shares issued and outstanding at December 31, 2014)	0.7	0.7
Capital in excess of par value	244.4	243.6
Accumulated deficit	(71.8)	(68.2)
Accumulated other comprehensive income (loss)	(107.9)	(110.0)
Total shareholders' equity	65.4	66.1
Non-controlling interest	6.0	6.0
Total equity	71.4	72.1
Total liabilities and equity	$ 1,325.1	$ 1,318.1

XML

Supplemental Financial Statement Information (Schedule of Depreciation and Amortization) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Financial Statement Information [Abstract]
Depreciation of property, plant and equipment	$ 19.8	$ 18.8
Amortization of intangible assets	1.5	1.5
Amortization of other long-term assets	1.7	1.4
Total depreciation and amortization	$ 23.0	$ 21.7

XML

Consolidated Statements of Equity (USD $) In Millions	Total	Preferred Stock [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interest [Member]
Balance, beginning of period at Dec. 31, 2014	$ 72.1	$ 0	$ 0.7	$ 243.6	$ (68.2)	$ (110.0)	$ 6.0
Net income (loss)	(2.7)		0	0	(2.7)	0	0
Total other comprehensive income, net of tax	2.1		0	0	0	2.1	0
Shares tendered for taxes, net of issuance of common shares for share-based payment arrangements	(0.2)		0	(0.2)	0	0	0
Stock compensation expense related to equity-based awards	0.8		0	0.8	0	0	0
Vesting of awards, share-based plans	0	0	0	0.2	(0.2)	0	0
Dividends to shareholders @ $0.01 per share	(0.7)		0	0	(0.7)	0	0
Balance, end of period at Mar. 31, 2015	$ 71.4	$ 0	$ 0.7	$ 244.4	$ (71.8)	$ (107.9)	$ 6.0

XML

Commitments and Contingencies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 MW
Labor commitments abstract [Abstract]
Number of labor union agreements	7
Power contract [Member]
Power contract [Abstract]
Long-term Purchase Commitment, Minimum Quantity Required	5
Long-term Purchase Commitment, Amount	$ 2.7

XML

Pension and Other Post-Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Other Pension Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

Net periodic benefit costs related to the pension plans included the following (in millions):

	Noranda Pension Plans				St. Ann Pension Plans
	Three months ended March 31,				Three months ended March 31,
	2015		2014		2015		2014
	$		$		$		$
Service cost	4.2		3.6		0.2		0.2
Interest cost	5.0		4.9		0.4		0.4
Expected return on plan assets	(5.7	)	(5.3	)	(0.5	)	(0.6	)
Recognized actuarial loss	3.0		1.6		—		—
Amortization of prior service cost	0.2		0.2		—		0.1
Net periodic cost	6.7		5.0		0.1		0.1

Other post-retirement benefit plans [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

Net periodic benefit costs related to the OPEB plans included the following (in millions):

	Noranda OPEB Plans		St. Ann OPEB Plans
	Three months ended March 31,		Three months ended March 31,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.1	0.1	0.1	—
Interest cost	0.2	0.2	0.1	0.1
Net periodic cost	0.3	0.3	0.2	0.1

XML

Asset Retirement and Other Obligations Asset Retirement and Other Obligations (Environmental Remediation Obligations) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Environmental Remediation Obligations [Abstract]
Environmental remediation obligation	$ 1.7	$ 1.7
Environmental remediation obligations	$ 1.1	$ 1.1

XML

Net Income Per Common Share (Footnote)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Basic and diluted net loss per common share (“EPS”) were calculated as follows (in millions, except per share):

	Three months ended March 31,
	2015			2014
Net loss	$	(2.7	)	$	(16.8	)
Weighted-average common shares outstanding:
Basic	68.97			68.23
Diluted	68.97			68.23
Net loss per common share:
Basic	$	(0.04	)	$	(0.25	)
Diluted	$	(0.04	)	$	(0.25	)

Certain share-based payment awards whose terms and conditions are described in Note 13 “Share-Based Payments,” could potentially dilute basic EPS in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. Those antidilutive securities were as follows (in millions):

	Three months ended March 31,
	2015	2014
Options	1.17	1.28
Service-vesting restricted stock and RSUs and Dividend equivalent units	1.14	0.80
Performance-vesting restricted stock and RSUs and Dividend equivalent units	0.06	0.10
Antidilutive securities	2.37	2.18

XML

Derivative Financial Instruments Schedule of Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following is a presentation of the gross components of our net derivative balances (in millions):

	As of March 31, 2015
Counterparty	Gross derivative assets offset	Amount offset	Net derivative assets offset	Derivative assets not offset	Derivative assets, net
	$	$	$	$	$
Various counterparties not subject to a master netting arrangement	—	—	—	7.3	7.3
Total current derivative assets	—	—	—	7.3	7.3

	As of March 31, 2015
Counterparty	Gross derivative liabilities offset		Amount offset	Net derivative liabilities offset		Derivative liabilities not offset		Derivative liabilities, net
	$		$	$		$		$
Master netting arrangement with counterparty one	(2.7	)	—	(2.7	)	—		(2.7	)
Master netting arrangement with counterparty two	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty three	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty four	(2.4	)	—	(2.4	)	—		(2.4	)
Various counterparties not subject to a master netting arrangement	—		—	—		(0.8	)	(0.8	)
Total current derivative liabilities	(5.3	)	—	(5.3	)	(0.8	)	(6.1	)

	As of December 31, 2014
Counterparty	Gross derivative assets offset	Amount offset	Net derivative assets offset	Derivative assets not offset	Derivative assets, net
	$	$	$	$	$
Various counterparties not subject to a master netting arrangement	—	—	—	6.3	6.3
Total current derivative assets	—	—	—	6.3	6.3
Various counterparties not subject to a master netting arrangement	—	—	—	0.2	0.2
Total long-term derivative assets	—	—	—	0.2	0.2

	As of December 31, 2014
Counterparty	Gross derivative liabilities offset		Amount offset	Net derivative liabilities offset		Derivative liabilities not offset		Derivative liabilities, net
	$		$	$		$		$
Master netting arrangement with counterparty one	(2.2	)	—	(2.2	)	—		(2.2	)
Master netting arrangement with counterparty two	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty three	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty four	(1.9	)	—	(1.9	)	—		(1.9	)
Various counterparties not subject to a master netting arrangement	—		—	—		(0.7	)	(0.7	)
Total current derivative liabilities	(4.3	)	—	(4.3	)	(0.7	)	(5.0	)
Master netting arrangement with counterparty two	—		—	—		(0.1	)	(0.1	)
Total long-term derivative liabilities	—		—	—		(0.1	)	(0.1	)

Schedule of derivatives at fair value, by type of derivative [table textblock]

The following table presents how our hedging activities affected our unaudited condensed consolidated statements of operations for each period (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Fixed-price aluminum customer contracts	(5.0	)	3.3
Variable-price aluminum offset swaps	2.2		2.1
Variable-price MWP contracts	3.1		(5.1	)
Loss on hedging activities, net	0.3		0.3

The following table presents the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions):

	March 31, 2015		December 31, 2014
	$		$
Fixed-price aluminum customer contracts	7.3		2.4
Variable-price aluminum offset swaps	(5.3	)	(4.3	)
Variable-price MWP contracts	(0.8	)	3.3
Total	1.2		1.4

Variable MWP Contract [Member]

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

As of March 31, 2015, our outstanding variable-price MWP contracts were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.20	51.9
2016	0.21	3.0

Fixed Price Aluminum Customer Contracts [Member]

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

As of March 31, 2015, our outstanding fixed-price aluminum customer contracts were as follows:

	Average price per pound	Pounds
Year	$	(in millions)
2015	1.13	47.1
2016	1.14	2.6

Variable Price Aluminum Offset Swaps [Member]

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

As of March 31, 2015, our outstanding variable-price aluminum offset swaps were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.90	51.9
2016	0.89	2.8

XML

Related Party Transactions (Footnote)

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related party transactions disclosure

On August 8, 2014 Apollo sold its remaining shares in Berry Plastics Corporation, a former portfolio company of Apollo. We sold flat-rolled products to Berry Plastics, and sales for the three months ended March 31, 2014 was $1.9 million.

XML

Derivative Financial Instruments Derivative Financial Instruments (Schedule and Narrative of Outstanding Derivative Instruments) (Details)	3 Months Ended
	Mar. 31, 2015 lb
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand fourteen [Member]
Derivative [Line Items]
Underlying, Derivative	1.13
Derivative, Nonmonetary Notional Amount	47.1
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand and fifteen [Member]
Derivative [Line Items]
Underlying, Derivative	1.14
Derivative, Nonmonetary Notional Amount	2.6
Variable Price Aluminum Offset Swaps [Member] | year, two thousand fourteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.90
Derivative, Nonmonetary Notional Amount	51.9
Variable Price Aluminum Offset Swaps [Member] | year, two thousand and fifteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.89
Derivative, Nonmonetary Notional Amount	2.8
Variable MWP Contract [Member] | year, two thousand fourteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.20
Derivative, Nonmonetary Notional Amount	51.9
Variable MWP Contract [Member] | year, two thousand and fifteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.21
Derivative, Nonmonetary Notional Amount	3

XML

Consolidated Statements of Equity Consolidated Statements of Equity (Parentheticals) (common shareholders [Member], USD $)	3 Months Ended
	Mar. 31, 2015
common shareholders [Member]
Dividends to shareholders @ $0.01 per share	$ 0.01

XML

Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) (USD $) In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25.0	25.0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, Shares Authorized	200.0	200.0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	69.2	68.9
Common stock, shares outstanding	69.2	68.9

XML

Asset Retirement and Other Obligations (Footnote)

3 Months Ended

Mar. 31, 2015

Asset Retirement and Other Obligations [Abstract]

Reclamation, land and asset retirement obligations disclosure

Reclamation Obligation

St. Ann has an obligation to rehabilitate land disturbed by St. Ann’s Bauxite mining operations.

Our reclamation obligation activity at St. Ann follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	1.5
Additional liabilities incurred	0.7
Liabilities settled	(0.6	)
Balance, end of period	1.6

Land Obligation

In cases where land to be mined is privately owned, St. Ann acquires the right to mine either through a purchase of the land or by compensating the owner for disturbing the owner’s surface rights. In the case of a purchase of the land, the consideration is typically cash and or a commitment to resettle the owner to another area (“St. Ann Land Obligation”). Additional consideration is paid for crops, homes, and other structures that may exist on the land but which may be destroyed or damaged by the mining activities.

Our St. Ann Land Obligation activity follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	10.5
Additional liabilities incurred	0.1
Liabilities settled	0.1
Revisions to the obligation	(0.1	)
Balance, end of period	10.6

Asset Retirement Obligations

Our asset retirement obligations consist of costs related to the disposal of certain spent pot liners associated with the New Madrid smelter, as well as costs associated with the future closure and post-closure care of “red mud lakes” at the Gramercy facility, where Gramercy disposes of wastes from its refining process.

Our asset retirement obligations activity follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	16.0
Additional liabilities incurred	0.6
Liabilities settled	(1.0	)
Accretion	0.3
Balance, end of period	15.9

As of March 31, 2015 and December 31, 2014, we had $10.5 million of restricted cash in an escrow account as security for the payment of red mud lake closure obligations that will arise under state environmental laws if we were to cease operations at the Gramercy facility. This amount is included in other assets in the accompanying unaudited condensed consolidated balance sheets.

Environmental Remediation Obligations

In addition to our asset retirement obligations, we have identified certain environmental conditions requiring remedial action or ongoing monitoring at the Gramercy refinery. As of March 31, 2015 and December 31, 2014, we had undiscounted liabilities of $1.7 million in accrued liabilities and had $1.1 million in other long-term liabilities for remediation of Gramercy’s known environmental conditions. Monitoring costs are expensed as incurred. No other responsible parties are involved in any ongoing environmental remediation activities.

XML

Document and Entity Information (USD $)	3 Months Ended
	Mar. 31, 2015	Apr. 15, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Noranda Aluminum Holding CORP
Entity Central Index Key	0001422105
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		69,216,096
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 158,491,817

XML

Pension and Other Post-Retirement Benefits (Footnote)

3 Months Ended

Mar. 31, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension and Other Post-Retirement Benefits Disclosure [Text Block]

We sponsor defined benefit pension plans for hourly and salaried employees. Benefits under our sponsored defined benefit plans are based on years of service and/or eligible compensation prior to retirement. We also sponsor other post-employment benefit (“OPEB”) plans for certain employees. These benefits include life and health insurance. In addition, we provide supplemental executive retirement benefits for certain executive officers.

Net periodic benefit costs related to the pension plans included the following (in millions):

	Noranda Pension Plans				St. Ann Pension Plans
	Three months ended March 31,				Three months ended March 31,
	2015		2014		2015		2014
	$		$		$		$
Service cost	4.2		3.6		0.2		0.2
Interest cost	5.0		4.9		0.4		0.4
Expected return on plan assets	(5.7	)	(5.3	)	(0.5	)	(0.6	)
Recognized actuarial loss	3.0		1.6		—		—
Amortization of prior service cost	0.2		0.2		—		0.1
Net periodic cost	6.7		5.0		0.1		0.1

Net periodic benefit costs related to the OPEB plans included the following (in millions):

	Noranda OPEB Plans		St. Ann OPEB Plans
	Three months ended March 31,		Three months ended March 31,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.1	0.1	0.1	—
Interest cost	0.2	0.2	0.1	0.1
Net periodic cost	0.3	0.3	0.2	0.1

Expected Employer Contributions

We contributed $3.3 million and $0.2 million to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, during the three months ended March 31, 2015. We anticipate making approximately $14.6 million and $0.4 million of pension funding payments to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, for the remainder of the year ending December 31, 2015.

XML

Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended		3 Months Ended
	Jun. 30, 2010	Dec. 31, 2014	Dec. 31, 2013 t	Mar. 31, 2015 t	Jun. 30, 2012
Noncontrolling Interest [Line Items]
Annual Shipping Under Contract, Mass			5,100,000
Obligations to the Government		$ 5.9		7.7
Required prepayment of foreign income taxes over next four years					14.0
Increase (Decrease) in Prepaid Expense and Other Assets		1.3
Payment of foreign income taxes associated with mining operations contract with local government	10.0
Prepaid Taxes		$ 12.7		12.7
Maximum [Member]
Noncontrolling Interest [Line Items]
Annual Shipping Under Contract, Mass				5,400,000
Bauxite [Member]
Noncontrolling Interest [Line Items]
Intersegment revenue percentage associated with product sold by a noncontrolling interest affilate				58.00%
Annual shipping volume under contract				4,500,000
Subsidiary [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				49.00%
Parent Of Subsidiary [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent				51.00%

XML

Consolidated Statements of Operations (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Sales	$ 345.6	$ 311.6
Operating costs and expenses:
Cost of sales	312.0	302.0
Selling, General and Administrative Expense	22.3	20.7
Total operating costs and expenses	334.3	322.7
Operating income (loss)	11.3	(11.1)
Other (income) expense: [Abstract]
Interest expense, net	13.2	12.5
(Gain) loss on hedging activities, net	0.3	0.3
Total other income, net	13.5	12.8
Income (loss) before income taxes	(2.2)	(23.9)
Income tax expense (benefit)	0.5	(7.1)
Net income (loss)	$ (2.7)	$ (16.8)
Net income per common share [Abstract]
Basic	$ (0.04)	$ (0.25)
Diluted	$ (0.04)	$ (0.25)
Weighted-average common shares outstanding:
Basic (shares, in millions)	68.97	68.23
Diluted (shares, in millions)	68.97	68.23
Common Stock, Dividends, Per Share, Declared	$ 0.01	$ 0.01

XML

Fair Value Measurements (Footnote)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair value measurements disclosure

FAIR VALUE MEASUREMENTS

The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions):

	March 31, 2015
	Level 1		Level 2		Level 3		Total
	$		$		$		$
Derivative assets	—		7.3		—		7.3
Derivative liabilities	—		(5.3	)	(0.8	)	(6.1	)
RSU liability awards	(0.1	)	—		—		(0.1	)
Total	(0.1	)	2.0		(0.8	)	1.1

	December 31, 2014
	Level 1	Level 2		Level 3	Total
	$	$		$	$
Derivative assets	—	3.2		3.3	6.5
Derivative liabilities	—	(5.1	)	—	(5.1	)
Total	—	(1.9	)	3.3	1.4

We made no transfers between fair value hierarchy levels during the three months ended March 31, 2015.

In Note 13 "Share-Based Payments," we discuss RSU liability awards. The fair value of this Level 1 liability was determined based on the closing market price of our common stock at each balance sheet date.

We discuss our derivative instruments in Note 11, "Derivative Financial Instruments." Fair values of all derivative instruments classified as Level 2 were primarily measured using industry standard models that incorporated inputs including quoted forward prices for commodities, interest rate curves, and current market prices for those assets and liabilities. Substantially all of the inputs were observable throughout the full term of the instrument. Our variable-price Midwest premium contracts were classified as Level 3 and were primarily measured using management’s estimate of future U.S. Midwest premium prices, based on current market prices and quoted forward prices.

Changes in the fair value of the variable-price Midwest Premium contracts were included in gain on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments were as follows:

	Three months ended March 31, 2015
	$
Fair value, beginning of year	3.3
New contracts entered into during the period	0.1
Changes in fair value	(3.2	)
Settlements	(1.0	)
Fair value, end of period	(0.8	)

In Note 8, "Long-Term Debt," we disclose the fair values of our debt instruments. We classify all of these fair value measurements within Level 2 of the fair value hierarchy. The fair value of our AcquisitionCo Notes was based on recent market transactions. While the AcquisitionCo Notes have quoted market prices used to determine fair value, we do not believe transactions of those instruments occur in sufficient frequency or volume for a Level 1 classification. The fair values of our Term B Loan and our project specific financing borrowings were based on interest rates available at each balance sheet date.

XML

Supplemental Financial Statement Information (Footnote)

3 Months Ended

Mar. 31, 2015

Supplemental Financial Statement Information [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

Condensed consolidated statements of cash flows:

Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows included the following (in millions):

	Three months ended March 31,
	2015	2014
	$	$
Depreciation of property, plant and equipment	19.8	18.8
Amortization of intangible assets	1.5	1.5
Amortization of other long-term assets	1.7	1.4
Total depreciation and amortization	23.0	21.7

Cash paid for interest and income taxes was as follows (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Interest paid	8.0		7.5
U.S. Federal and state income taxes paid, net of refunds received	(3.0	)	(0.5	)

Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $8.2 million and $4.3 million for the three months ended March 31, 2015 and 2014, respectively, and were not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows. During thethree months ended March 31, 2015and2014, we capitalized interestof $0.2 million and $0.4 million, respectively, related to long-term capital projects. As of December 31, 2014 cash and cash equivalents included $1.8 million of cash intended to be used for ongoing capital and operational productivity improvements in Jamaica. The cash and cash equivalents account did not include any cash intended to be used for ongoing capital and operational improvements in Jamaica as of March 31, 2015.

Condensed consolidated statements of equity:

Changes in accumulated other comprehensive income (loss) (“AOCI”) were as follows (in millions):

	Unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB		Accumulated tax (benefit) expense related to unrealized net actuarial gain or loss, prior service cost and other related to pension and OPEB		Total, net of tax
	$		$		$
Balance, December 31, 2014	(172.9	)	(62.9	)	(110.0	)
Reclassification of amounts realized in net loss	3.2		1.1		2.1
Balance, March 31, 2015	(169.7	)	(61.8	)	(107.9	)

Reclassifications out of AOCI were included in the unaudited condensed consolidated statements of operations as follows (in millions):

Details about accumulated other comprehensive loss components	Amount reclassified from accumulated other comprehensive loss		Affected line item in the unaudited condensed consolidated statements of operations
	Three months ended March 31,
	2015	2014
	$	$
Selling, general and administrative expenses (“SGA”)
Actuarial gain/loss	0.7	0.3	(1)
Total pension amounts reclassified into SGA	0.7	0.3	Selling, general and administrative expenses
Cost of sales (“COS”)
Actuarial gain/loss	2.3	1.3	(1)
Prior service costs	0.2	0.2	(1)
Total pension amounts reclassified into COS	2.5	1.5	Cost of sales
Reclassification of pension and OPEB amounts realized in net loss	3.2	1.8
Income tax expense related to reclassifications of pension and OPEB amounts	1.1	0.7	Income tax expense (benefit)
Reclassification of pension and OPEB amounts realized in net loss, net of tax	2.1	1.1	Net loss

⁽¹⁾  These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 10, "Pension and Other Post-Retirement Benefits."

Additional Financial Information Disclosure [Text Block]

Condensed consolidated balance sheets:

Cash and cash equivalents consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Cash	23.5	20.5
Total cash and cash equivalents	23.5	20.5

Accounts receivable, net, consisted of the following (in millions):

	March 31, 2015		December 31, 2014
	$		$
Trade	112.7		102.6
Allowance for doubtful accounts	(0.1	)	(0.1	)
Total accounts receivable, net	112.6		102.5

Other current assets consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Current foreign deferred tax asset	0.4	0.4
Employee loans receivable, net	1.9	2.1
Current derivative assets (see Note 11, “Derivative Financial Instruments”)	7.3	6.3
Taxes receivable	2.7	4.0
Prepaid assets	4.6	4.5
Restricted cash (see Note 7, “Commitments and Contingencies”)	0.1	0.1
Other current assets	12.2	10.0
Total other current assets	29.2	27.4

Other assets consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Deferred financing costs, net of amortization	5.3	5.8
Cash surrender value of life insurance	28.9	29.3
Pension asset	6.6	6.5
Restricted cash (see Note 7, “Commitments and Contingencies”)	14.1	14.0
Supplies	4.6	5.0
Prepaid Jamaican income taxes	12.7	12.7
Derivative asset	—	0.2
Other	15.6	15.6
Total other assets	87.8	89.1

Accrued liabilities consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Compensation and benefits	22.5	18.3
Workers’ compensation	5.7	5.6
Other operating expenses	13.5	11.2
Accrued interest	7.1	2.3
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”)	2.5	2.3
Land obligation (see Note 9, “Asset Retirement and Other Obligations”)	3.8	3.7
Derivative liabilities (see Note 11, “Derivative Financial Instruments”)	6.1	5.0
Reclamation obligation (see Note 9, “Asset Retirement and Other Obligations”)	1.6	1.5
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”)	1.7	1.7
Obligations to the Government of Jamaica	7.7	5.9
Pension and OPEB liabilities (see Note 10, “Pensions and Other Post-Retirement Benefits”)	0.8	0.8
Restructuring liability	—	0.8
Total accrued liabilities	73.0	59.1

Other long-term liabilities consisted of the following (in millions):

	March 31, 2015	December 31, 2014
	$	$
Reserve for uncertain tax positions	0.6	0.7
Workers’ compensation	15.6	15.3
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”)	13.4	13.7
Land obligation (see Note 9, “Asset Retirement and Other Obligations”)	6.8	6.8
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”)	1.1	1.1
Long-term derivative liabilities (see Note 11, “Derivative Financial Instruments”)	—	0.1
Deferred compensation and other	7.3	8.2
Total other long-term liabilities	44.8	45.9

XML

Income Taxes (Footnote)

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Our effective income tax rate was approximately (22.7)% for the three months ended March 31, 2015 and 29.7% for the three months ended March 31, 2014. The effective income tax rates for the three months ended March 31, 2015 was primarily impacted by a near break-even pre-tax loss, state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, a foreign deferred tax asset valuation allowance, release of unrecognized tax benefits, and a stock-based compensation shortfall. As to the stock-based compensation shortfall, for the three months ended March 31, 2015, we recognized $0.8 million of income tax expense because we are required to record a shortfall in the period in which it occurred. The effective tax rate for the three months ended March 31, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

XML

Derivative Financial Instruments (Footnote)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments and hedging activities disclosure

We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices. All derivatives are held for purposes other than trading.

We enter into forward contracts with our customers to sell aluminum in the future at fixed-prices in the normal course of business. We do not elect normal sale accounting on certain customer contracts and instead record those contracts as derivatives (“fixed-price aluminum customer contracts”). Because these fixed-price aluminum customer contracts expose us to aluminum and Midwest premium (“MWP”) market price fluctuations, we economically hedge these risks by entering into variable-price aluminum swap contracts (“variable-price aluminum offset swaps”) and variable-price MWP contracts with various brokers, typically for terms of one year or less.

As of March 31, 2015, our outstanding fixed-price aluminum customer contracts were as follows:

	Average price per pound	Pounds
Year	$	(in millions)
2015	1.13	47.1
2016	1.14	2.6

As of March 31, 2015, our outstanding variable-price aluminum offset swaps were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.90	51.9
2016	0.89	2.8

As of March 31, 2015, our outstanding variable-price MWP contracts were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.20	51.9
2016	0.21	3.0

We recognize all derivative instruments as either assets or liabilities at their estimated fair value in our accompanying unaudited condensed consolidated balance sheets. The following table presents the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions):

	March 31, 2015		December 31, 2014
	$		$
Fixed-price aluminum customer contracts	7.3		2.4
Variable-price aluminum offset swaps	(5.3	)	(4.3	)
Variable-price MWP contracts	(0.8	)	3.3
Total	1.2		1.4

We have four counterparties for our variable-price aluminum offset swaps. Our variable-price MWP contracts are with various other counterparties. With each of the counterparties of our variable-price aluminum offset swaps; we have a master netting arrangement which is subject to the same guarantee and security provisions as the senior secured credit facilities. The master netting arrangements do not require us to post additional collateral, or cash margin. We present the fair values of derivatives which are subject to a master netting arrangement in a net position on the unaudited condensed consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions):

	As of March 31, 2015
Counterparty	Gross derivative assets offset	Amount offset	Net derivative assets offset	Derivative assets not offset	Derivative assets, net
	$	$	$	$	$
Various counterparties not subject to a master netting arrangement	—	—	—	7.3	7.3
Total current derivative assets	—	—	—	7.3	7.3

	As of March 31, 2015
Counterparty	Gross derivative liabilities offset		Amount offset	Net derivative liabilities offset		Derivative liabilities not offset		Derivative liabilities, net
	$		$	$		$		$
Master netting arrangement with counterparty one	(2.7	)	—	(2.7	)	—		(2.7	)
Master netting arrangement with counterparty two	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty three	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty four	(2.4	)	—	(2.4	)	—		(2.4	)
Various counterparties not subject to a master netting arrangement	—		—	—		(0.8	)	(0.8	)
Total current derivative liabilities	(5.3	)	—	(5.3	)	(0.8	)	(6.1	)

	As of December 31, 2014
Counterparty	Gross derivative assets offset	Amount offset	Net derivative assets offset	Derivative assets not offset	Derivative assets, net
	$	$	$	$	$
Various counterparties not subject to a master netting arrangement	—	—	—	6.3	6.3
Total current derivative assets	—	—	—	6.3	6.3
Various counterparties not subject to a master netting arrangement	—	—	—	0.2	0.2
Total long-term derivative assets	—	—	—	0.2	0.2

	As of December 31, 2014
Counterparty	Gross derivative liabilities offset		Amount offset	Net derivative liabilities offset		Derivative liabilities not offset		Derivative liabilities, net
	$		$	$		$		$
Master netting arrangement with counterparty one	(2.2	)	—	(2.2	)	—		(2.2	)
Master netting arrangement with counterparty two	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty three	(0.1	)	—	(0.1	)	—		(0.1	)
Master netting arrangement with counterparty four	(1.9	)	—	(1.9	)	—		(1.9	)
Various counterparties not subject to a master netting arrangement	—		—	—		(0.7	)	(0.7	)
Total current derivative liabilities	(4.3	)	—	(4.3	)	(0.7	)	(5.0	)
Master netting arrangement with counterparty two	—		—	—		(0.1	)	(0.1	)
Total long-term derivative liabilities	—		—	—		(0.1	)	(0.1	)

As of March 31, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. We discontinued hedge accounting for all fixed-price aluminum swaps on January 29, 2009. At that date, amounts were frozen in AOCI to be reclassified into earnings in the period the hedged sales occur, or until we determined that the original forecasted sales were no longer probable of occurring.

Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through (gain) loss on hedging activities, net in the unaudited condensed consolidated statements of operations.

The following table presents how our hedging activities affected our unaudited condensed consolidated statements of operations for each period (in millions):

	Three months ended March 31,
	2015		2014
	$		$
Fixed-price aluminum customer contracts	(5.0	)	3.3
Variable-price aluminum offset swaps	2.2		2.1
Variable-price MWP contracts	3.1		(5.1	)
Loss on hedging activities, net	0.3		0.3

XML

Subsidiary Issuer of Guaranteed Notes (Consolidating Statements of Cash Flows) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Activities
Cash provided by (used in) operating activities	$ 29.5	$ (19.5)
Investing Activities
Capital expenditures	(23.5)	(13.1)
Proceeds from Sale of Property, Plant, and Equipment	0.1	0.2
Net Cash Provided by (Used in) Investing Activities	(23.4)	(12.9)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2)	(0.4)
Payments of Dividends	(0.7)	(0.7)
Repayments of Long-term Debt	(2.6)	(1.2)
Borrowings on long-term debt, net	0.4	6.5
Repayments of Lines of Credit	(72.0)	0
Proceeds from Lines of Credit	72.0	0
Distribution (to parent) from subsidiary	0	0
Cash provided by (used in) financing activities	(3.1)	4.2
Change in cash and cash equivalents	3.0	(28.2)
Cash and cash equivalents, beginning of period	20.5	79.4
Cash and cash equivalents, end of period	23.5	51.2
Parent guarantor [Member]
Operating Activities
Cash provided by (used in) operating activities	(0.1)	0.3
Investing Activities
Capital expenditures	0	0
Proceeds from Sale of Property, Plant, and Equipment	0	0
Net Cash Provided by (Used in) Investing Activities	0	0
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2)	(0.4)
Payments of Dividends	(0.7)	(0.7)
Repayments of Long-term Debt	0	0
Borrowings on long-term debt, net	0	0
Repayments of Lines of Credit	0
Proceeds from Lines of Credit	0
Distribution (to parent) from subsidiary	0.7	0.9
Cash provided by (used in) financing activities	(0.2)	(0.2)
Change in cash and cash equivalents	(0.3)	0.1
Cash and cash equivalents, beginning of period	0.5	0.4
Cash and cash equivalents, end of period	0.2	0.5
Issuer [Member]
Operating Activities
Cash provided by (used in) operating activities	26.7	(25.4)
Investing Activities
Capital expenditures	0	0
Proceeds from Sale of Property, Plant, and Equipment	0	0
Net Cash Provided by (Used in) Investing Activities	0	0
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	0	0
Payments of Dividends	0	0
Repayments of Long-term Debt	(2.6)	(1.2)
Borrowings on long-term debt, net	(15.1)	(9.9)
Repayments of Lines of Credit	(72.0)
Proceeds from Lines of Credit	72.0
Distribution (to parent) from subsidiary	(0.7)	(0.9)
Cash provided by (used in) financing activities	(18.4)	(12.0)
Change in cash and cash equivalents	8.3	(37.4)
Cash and cash equivalents, beginning of period	7.1	66.7
Cash and cash equivalents, end of period	15.4	29.3
Guarantor Subsidiaries [Member]
Operating Activities
Cash provided by (used in) operating activities	19.9	16.3
Investing Activities
Capital expenditures	(20.2)	(12.3)
Proceeds from Sale of Property, Plant, and Equipment	0.1	0.2
Net Cash Provided by (Used in) Investing Activities	(20.1)	(12.1)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	0	0
Payments of Dividends	0	0
Repayments of Long-term Debt	0	0
Borrowings on long-term debt, net	0	0
Repayments of Lines of Credit	0
Proceeds from Lines of Credit	0
Distribution (to parent) from subsidiary	0	0
Cash provided by (used in) financing activities	0	0
Change in cash and cash equivalents	(0.2)	4.2
Cash and cash equivalents, beginning of period	3.3	1.1
Cash and cash equivalents, end of period	3.1	5.3
Subsidiary non-guarantor [Member]
Operating Activities
Cash provided by (used in) operating activities	(17.0)	(10.7)
Investing Activities
Capital expenditures	(3.3)	(0.8)
Proceeds from Sale of Property, Plant, and Equipment	0	0
Net Cash Provided by (Used in) Investing Activities	(3.3)	(0.8)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	0	0
Payments of Dividends	0	0
Repayments of Long-term Debt	0	0
Borrowings on long-term debt, net	15.5	16.4
Repayments of Lines of Credit	0
Proceeds from Lines of Credit	0
Distribution (to parent) from subsidiary	0	0
Cash provided by (used in) financing activities	15.5	16.4
Change in cash and cash equivalents	(4.8)	4.9
Cash and cash equivalents, beginning of period	9.6	11.2
Cash and cash equivalents, end of period	4.8	16.1
Consolidation, Eliminations [Member]
Operating Activities
Cash provided by (used in) operating activities	0	0
Investing Activities
Capital expenditures	0	0
Proceeds from Sale of Property, Plant, and Equipment	0	0
Net Cash Provided by (Used in) Investing Activities	0	0
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	0	0
Payments of Dividends	0	0
Repayments of Long-term Debt	0	0
Borrowings on long-term debt, net	0	0
Repayments of Lines of Credit	0
Proceeds from Lines of Credit	0
Distribution (to parent) from subsidiary	0	0
Cash provided by (used in) financing activities	0	0
Change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0

XML

Commitments and Contingencies (Footnote)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies disclosure

Labor Commitments

We are a party to seven collective bargaining agreements with five different unions. The following represents our collective bargaining agreements that have been updated since December 31, 2014 or are currently pending:

In the US: the United Steelworkers of America (“USWA”); the International Association of Machinists and Aerospace Workers (“IAMAW”).

• The agreement in place with the IAMAW at our Newport rolling mill originally extended through May 2014. During April 2014, a one-year extension was ratified, extending the expiration of the agreement to May 2015. A new three year agreement was signed in April 2015 which will be effective June 1, 2015.

At St. Ann, Jamaica: the University and Allied Workers Union (“UAWU”); the Union of Technical, Administrative and Supervisory Personnel (“UTASP”); and the Bustamante Industrial Trade Union (“BITU”).

• An agreement at St. Ann with the UTASP representing supervisory and technical salaried workers expired in December 2013. We received a claim for a new contract in July 2014. We have been unable to reach a conclusion in our negotiations with UTASP; therefore, the union has reported a dispute to the Ministry of Labor for conciliation. We are currently negotiating with the Ministry of Labor in an effort to reach an agreement.

Legal Contingencies

We are a party to legal proceedings incidental to our business. We assess the likelihood of an unfavorable outcome of each legal proceeding based upon the available facts and our historical experience with similar matters. We do not accrue a liability when we assess the likelihood of an unfavorable outcome to be remote. Where the risk of loss is probable and the costs can be reasonably estimated, we accrue a liability based on the factors mentioned above. Where the risk of loss is considered reasonably possible, we estimate the range of reasonably possible losses and disclose any reasonably possible losses, if material. We update our loss assessment as matters progress over time. Based on current knowledge, we do not believe any probable losses in excess of our accrual or reasonably possible losses would be material to our unaudited condensed consolidated financial statements.

On March 16, 2015 we filed a notice per the Establishment Agreement, as amended, requesting arbitration to settle the outstanding issues with the GOJ that have not be resolved via negotiations. Throughout negotiations with the GOJ, we have continued to operate our business in Jamaica in the normal course. We firmly believe in our asserted rights under the agreements governing our fiscal regime and we continue to seek ways to work constructively with the GOJ to conclude the negotiations. See Note 17, "Non-Controlling Interest" to our condensed consolidated financial statements in Item 1 of this Form 10-Q.

Environmental Matters

We cannot predict what environmental laws or regulations will be enacted or amended in the future, how existing or future laws or regulations will be interpreted or enforced or the amount of future expenditures that may be required to comply with such laws or regulations. Such future requirements may result in liabilities which may have a material adverse effect on our financial condition, results of operations or cash flows.

Power Contract

Electricity is our largest cash cost component in the production of primary aluminum and is a key factor to our long-term competitive position in the primary aluminum business. We have a long-term contract with Ameren for our electricity supply at New Madrid, pursuant to which we have agreed to purchase substantially all of New Madrid’s electricity. Included in the contract is a minimum purchase requirement equal to five mega watts, calculated at peak and non-peak demand charges, or approximately $2.7 million over the remaining life of the contract. This minimum purchase requirement represents significantly less power usage than we require, given the power-intensive nature of our smelter facility. The power supply contract provides that the rate for power will be established by the MoPSC based on two components: a base rate and a fuel adjustment charge. The MoPSC determines whether to make changes to the base rate and fuel adjustment charge.

XML

Long-Term Debt (Schedule of Outstanding Debt) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 666.0	$ 668.0
Long-term Debt, Current Maturities	(12.1)	(11.6)
Long-term Debt, Excluding Current Maturities	653.9	656.4
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member]
Debt Instrument [Line Items]
Long-term Debt	173.4	173.3
Long-term Debt, Fair Value	168.0	171.6
Debt Instrument, Interest Rate at Period End	11.00%	11.00%
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	469.5	470.7
Long-term Debt, Fair Value	469.5	470.7
Debt Instrument, Interest Rate at Period End	5.75%	5.75%
dredging project loan [Member]
Debt Instrument [Line Items]
Long-term Debt	21.1	22.5
Long-term Debt, Fair Value	21.1	22.5
Debt Instrument, Interest Rate at Period End	9.00%	9.00%
Gramercy infrastructure loan [Member]
Debt Instrument [Line Items]
Long-term Debt	1.5	1.0
Long-term Debt, Fair Value	1.5	1.0
Debt Instrument, Interest Rate at Period End	8.00%	8.00%
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	0.5	0.5
Long-term Debt, Fair Value	$ 0.5	$ 0.5
Debt Instrument, Interest Rate at Period End	5.79%	5.79%

XML

Inventories (Footnote)

3 Months Ended

Mar. 31, 2015

Inventory, Net [Abstract]

Inventories disclosure

We use the last-in, first-out (“LIFO”) method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Supplies inventories at our rolling mills are valued at first-in, first-out. Inventories at Gramercy and St. Ann, Jamaica (“St. Ann”) and supplies at New Madrid are valued at weighted-average cost and are not subject to the LIFO adjustment. Gramercy and St. Ann inventories comprise approximately 28% and 25% of total inventories, at cost, at March 31, 2015 and December 31, 2014, respectively.

An actual valuation of inventory under the last-in, first-out (“LIFO”) method is made only at the end of each year based on the inventory costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory costs.

Inventories, net, consisted of the following (in millions):

	March 31, 2015		December 31, 2014
	$		$
Raw materials, at cost	61.5		73.7
Work-in-process, at cost	57.3		48.9
Finished goods, at cost	25.6		31.3
Total inventories, at cost	144.4		153.9
LIFO adjustment	20.6		14.0
LCM reserve	(9.9	)	(7.6	)
Inventories, at lower of cost or market	155.1		160.3
Supplies	32.7		36.4
Total inventories, net	187.8		196.7

XML

Property, Plant and Equipment (Footnote)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment, Net [Abstract]

Property, plant and equipment disclosure

Property, plant and equipment, net, consisted of the following (in millions):

	Estimated useful lives in years			March 31, 2015		December 31, 2014
				$		$
Land				52.0		51.9
Buildings and improvements	10	—	47	171.3		163.0
Machinery and equipment	3	—	50	935.0		927.1
Construction in progress				82.7		86.2
Property, plant and equipment, at cost				1,241.0		1,228.2
Accumulated depreciation				(542.2	)	(533.2	)
Total property, plant and equipment, net				698.8		695.0

XML

Long-Term Debt (Footnote)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long-term debt disclosure

The carrying values and fair values of our outstanding debt were as follows (in millions):

	March 31, 2015				December 31, 2014
	Carrying value		Fair value	Interest rate	Carrying value		Fair value	Interest rate
	$		$	%	$		$	%
AcquisitionCo Notes, net	173.4		168.0	11.00	173.3		171.6	11.00
Term B Loan, net	469.5		469.5	5.75	470.7		470.7	5.75
Project specific financing	21.1		21.1	9.00	22.5		22.5	9.00
Mid-Stream Loan	1.5		1.5	8.00	1.0		1.0	8.00
Capital lease	0.5		0.5	5.79	0.5		0.5	5.79
Total debt, net	666.0				668.0
Less: Current portion	(12.1	)			(11.6	)
Long-term debt, net	653.9				656.4

The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.6 million and $1.7 million, respectively, at March 31, 2015 and December 31, 2014.

As of March 31, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.2 million and $2.4 million, respectively.

The asset-based loan (“ABL”) had no outstanding balance at March 31, 2015 or December 31, 2014. Outstanding letters of credit totaled $39.5 million at March 31, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity calculated as of March 31, 2015 was $141.9 million.

XML

Asset Retirement and Other Obligations (Asset Retirement Obligations) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Asset retirement obligations [Line Items]
Balance, beginning of period	$ 16.0
Asset Retirement Obligation, Additional liabilities incurred	0.6
Asset Retirement Obligation, Liabilities Settled	(1.0)
Asset Retirement Obligation, Accretion	0.3
Balance, end of period	15.9
Restricted Cash and Cash Equivalents, Noncurrent	14.1	14.0
Alumina [Member]
Asset retirement obligations [Line Items]
Restricted Cash and Cash Equivalents, Noncurrent	$ 10.5	$ 10.5

XML

Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Net Periodic Benefit Costs) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Pension benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4.2	$ 3.6
Interest cost	5.0	4.9
Expected return on plan assets	(5.7)	(5.3)
Recognized actuarial loss	3.0	1.6
Prior service costs	0.2	0.2
Net periodic cost (benefit)	6.7	5.0
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.2
Interest cost	0.4	0.4
Expected return on plan assets	(0.5)	(0.6)
Recognized actuarial loss	0	0
Prior service costs	0	0.1
Net periodic cost (benefit)	0.1	0.1
Other post-retirement benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1
Interest cost	0.2	0.2
Net periodic cost (benefit)	0.3	0.3
Domestic Pension Plan of Foreign Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0
Interest cost	0.1	0.1
Net periodic cost (benefit)	$ 0.2	$ 0.1

XML

Asset Retirement and Other Obligations (Land Obligation) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Land obligation, beginning of period	$ 10.5
Additional liabilities incurred, land obligation	0.1
Liabilities settled, land obligation	0.1
Revisions to obligation, land obligation	(0.1)
Land obligation, end of period	$ 10.6

XML

Asset Retirement and Other Obligations (Tables)

3 Months Ended

Mar. 31, 2015

Asset Retirement and Other Obligations [Abstract]

Schedule of change in reclamation obligations

Our reclamation obligation activity at St. Ann follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	1.5
Additional liabilities incurred	0.7
Liabilities settled	(0.6	)
Balance, end of period	1.6

Schedule of change in land obligation

Our St. Ann Land Obligation activity follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	10.5
Additional liabilities incurred	0.1
Liabilities settled	0.1
Revisions to the obligation	(0.1	)
Balance, end of period	10.6

Schedule of change in asset retirement obligations

Our asset retirement obligations activity follows (in millions):

	Three months ended March 31, 2015
	$
Balance, beginning of period	16.0
Additional liabilities incurred	0.6
Liabilities settled	(1.0	)
Accretion	0.3
Balance, end of period	15.9

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Current Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Current foreign deferred tax assets	$ 0.4	$ 0.4
Employee loans receivable, net	1.9	2.1
Current derivative assets	7.3	6.3
Income Taxes Receivable	2.7	4.0
Prepaid Expense and Other Assets, Noncurrent	4.6	4.5
Restricted Cash and Cash Equivalents, Noncurrent	0.1	0.1
Other current assets	12.2	10.0
Other current assets	$ 29.2	$ 27.4

XML

Share-Based Payments Share-Based Payments (Footnote)

3 Months Ended

Mar. 31, 2015

Share-based Compensation [Abstract]

Share-based payments disclosure

We recorded stock compensation expense as follows (in millions):

	Three months ended March 31,
	2015	2014
	$	$
Stock options	—	—
Restricted stock and restricted stock unit equity awards	0.8	0.7
Total stock compensation expense	0.8	0.7

Share-based payment awards held by employee and non-employee directors include stock options, restricted stock, and restricted stock units (“RSUs”). Restricted stock and RSU awards have either service-vesting and/or performance-vesting requirements, and some also have market-based conditions. We account for RSUs granted to the investor director provider group, which consists of the full-time employees of our principal shareholders affiliated with Apollo Management VI, L.P. (“Apollo”) who serve on our board of directors, as liability awards.

As of March 31, 2015, total unrecognized stock compensation expense related to share-based payment awards was $3.3 million. We will recognize this amount over a weighted-average period of one year, four months. During first quarter 2014 and first quarter 2015, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2012 and 2013, respectively, because the performance conditions have now been determined. We have not yet recognized stock compensation expense for performance-vesting restricted stock or RSUs awarded in 2014 because the performance conditions had not been determined as of March 31, 2015. Outstanding share-based payment awards include dividend equivalent units issued to restricted stock and RSU holders in connection with dividend payments to shareholders.

Our stock option activity was as follows:

	Employee options and non-employee director options				Investor director provider options
	Common shares		Weighted-average exercise price	Intrinsic value (in millions)(1)	Common shares	Weighted-average exercise price	Intrinsic value (in millions)(1)
			$	$		$	$
Outstanding, December 31, 2014	1,039,895		1.82	2.0	140,000	9.00	—
Exercised	(68,082	)	2.00	0.1	—	—	—
Outstanding, March 31, 2015	971,813		1.81	1.4	140,000	9.00	—
Fully vested and exercisable, March 31, 2015 (weighted-average remaining contractual term of 3.2 years and 2.6 years, respectively)	971,813		1.81	1.3	140,000	9.00	—

⁽¹⁾  Options that were not in-the-money at March 31, 2015 and December 31, 2014, and therefore have a negative intrinsic value, have been excluded from intrinsic value calculations.

Restricted stock and RSU equity award activity was as follows:

	Service-vesting restricted stock and RSUs			Performance-vesting RSUs with grant date				Performance-vesting restricted stock (with market condition) with grant date		Performance-vesting restricted stock and RSUs without grant date
	Awards		Weighted-average grant date fair value	Awards		Weighted-average grant date fair value		Awards	Weighted-average grant date fair value	Awards
	#		$	#		$		#	$	#
Non-vested, December 31, 2014	1,174,079		4.78	412,655		(3.96	)	173,188	2.18	819,397
Granted	26,762		3.54	—		—		—	—	—
Grant date determined during the period	—		—	401,438		4.09		—	—	(401,438	)
Dividend equivalent units granted	3,826		3.08	1,607		3.08		493	3.08	1,334
Vested (aggregate intrinsic value of $0.8 million)	(153,954	)	10.88	(115,977	)	11.42		—	—	(554	)
Forfeited	(16,953	)	4.60	(18,161	)	7.84		—	—	(9,571	)
Cancelled	—		—	(288,659	)	11.47		—	—	—
Non-vested, March 31, 2015 (aggregate intrinsic value of $6.0 million)	1,033,760		3.84	392,903		12.13		173,681	2.18	409,168

During the second quarter of 2013, we granted performance shares with market-based vesting conditions to certain senior level employees under our Noranda 2010 Incentive Award Plan. These performance shares can be earned upon the achievement of a specified fair market value of the Company’s common stock during the defined performance period. These performance shares are also subject to a three-year continued service vesting provision with earlier vesting permitted under certain conditions, such as upon a change of control of the Company.

We determined the grant date fair value of service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For market-based restricted stock, the effect of the market conditions is reflected in the fair value of the awards on the date of grant using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on the expected term, risk-free interest rate, expected dividend yield and expected volatility measure for the Company.

We estimate a forfeiture rate for share-based payment awards based on historical forfeiture rates of similar awards, which was 7% for restricted stock and RSUs granted to employees during 2015. We expect all share-based payment awards granted to executives and directors to vest. Service-vesting restricted stock and RSUs will generally vest over three years, on the anniversary of the grant date, in the following increments: 25% on the first anniversary, 25% on the second anniversary and 50% on the third anniversary. A grant date had not been determined as of March 31, 2015 for performance-vesting awards granted in 2014 because the performance conditions had not yet been determined.

As of March 31, 2015, accrued liabilities in the accompanying unaudited condensed consolidated balance sheets included less than $0.1 million related to RSU liability awards.

RSU liability award activity was as follows:

	RSUs
	#
Non-vested, December 31, 2014	60,224
Dividend equivalent units granted	196
Non-vested, March 31, 2015	60,420

XML

Subsidiary Issuer of Guaranteed Notes (Footnote)

3 Months Ended

Mar. 31, 2015

Guarantees [Abstract]

Subsidiary Issuer of Guaranteed Notes disclosure

The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and St. Ann are not guarantors of the senior secured credit facilities and, are not guarantors of the AcquisitionCo Notes. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries.

The following unaudited condensed consolidating financial statements present separately the financial condition and results of operations and cash flows for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations (“the guarantor financial statements”). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”

The accounting policies used in the preparation of the guarantor financial statements are consistent with those found elsewhere in the accompanying unaudited condensed consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation.

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
ASSETS
Current assets:
Cash and cash equivalents	0.2		15.4		3.1		4.8		—		23.5
Accounts receivable, net:
Trade	—		—		112.6		—		—		112.6
Affiliates	19.6		12.0		9.5		1.9		(43.0	)	—
Inventories, net	—		—		162.3		25.5		—		187.8
Other current assets	4.7		—		11.5		13.0		—		29.2
Total current assets	24.5		27.4		299.0		45.2		(43.0	)	353.1
Investments in affiliates	130.7		1,335.9		—		—		(1,466.6	)	—
Advances due from affiliates	138.6		244.3		850.6		63.5		(1,297.0	)	—
Property, plant and equipment, net	—		—		627.5		71.3		—		698.8
Goodwill	—		—		137.6		—		—		137.6
Other intangible assets, net	—		—		47.8		—		—		47.8
Other assets	—		5.3		50.6		31.9		—		87.8
Total assets	293.8		1,612.9		2,013.1		211.9		(2,806.6	)	1,325.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		105.7		9.9		—		115.6
Affiliates	—		19.6		1.9		21.5		(43.0	)	—
Accrued liabilities	0.1		7.2		42.4		23.3		—		73.0
Deferred tax liabilities	—		(0.1	)	11.7		—		—		11.6
Current portion of long-term debt	—		4.9		1.6		5.6		—		12.1
Total current liabilities	0.1		31.6		163.3		60.3		(43.0	)	212.3
Long-term debt, net	—		638.0		0.4		15.5		—		653.9
Pension and other post-retirement liabilities	—		—		188.2		7.6		—		195.8
Other long-term liabilities	—		—		35.1		9.7		—		44.8
Advances due to affiliates	194.1		752.1		350.8		—		(1,297.0	)	—
Long-term deferred tax liabilities	34.2		60.5		51.8		0.4		—		146.9
Shareholders’ equity:
Common stock	0.7		—		—		—		—		0.7
Capital in excess of par value	244.4		352.1		1,122.3		83.7		(1,558.1	)	244.4
Accumulated earnings (deficit)	(71.8	)	(113.5	)	204.6		33.1		(124.2	)	(71.8	)
Accumulated other comprehensive income (loss)	(107.9	)	(107.9	)	(103.4	)	(4.4	)	215.7		(107.9	)
Total shareholders’ equity	65.4		130.7		1,223.5		112.4		(1,466.6	)	65.4
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity	65.4		130.7		1,223.5		118.4		(1,466.6	)	71.4
Total liabilities and equity	293.8		1,612.9		2,013.1		211.9		(2,806.6	)	1,325.1

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of December 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
ASSETS
Current assets:
Cash and cash equivalents	0.5		7.1		3.3		9.6		—		20.5
Accounts receivable, net:
Trade	—		—		102.4		0.1		—		102.5
Affiliates	19.5		12.0		10.0		—		(41.5	)	—
Inventories, net	—		—		168.2		28.5		—		196.7
Other current assets	4.2		—		11.4		11.8		—		27.4
Total current assets	24.2		19.1		295.3		50.0		(41.5	)	347.1
Investments in affiliates	266.1		1,537.3		—		—		(1,803.4	)	—
Advances due from affiliates	—		134.0		736.9		63.5		(934.4	)	—
Property, plant and equipment, net	—		—		627.4		67.6		—		695.0
Goodwill	—		—		137.6		—		—		137.6
Other intangible assets, net	—		—		49.3		—		—		49.3
Other assets	—		5.8		51.6		31.7		—		89.1
Total assets	290.3		1,696.2		1,898.1		212.8		(2,779.3	)	1,318.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		112.1		10.5		—		122.6
Affiliates	—		19.5		—		22.0		(41.5	)	—
Accrued liabilities	—		2.3		35.2		21.6		—		59.1
Deferred tax liabilities	0.1		—		11.6		—		—		11.7
Current portion of long-term debt	—		4.9		1.1		5.6		—		11.6
Total current liabilities	0.1		26.7		160.0		59.7		(41.5	)	205.0
Long-term debt	—		639.5		—		16.9		—		656.4
Pension and other post-retirement liabilities	—		—		187.9		7.5		—		195.4
Other long-term liabilities	—		—		35.9		10.0		—		45.9
Advances due to affiliates	197.3		737.2		—		—		(934.5	)	—
Long-term deferred tax liabilities	26.8		26.7		89.3		0.4		0.1		143.3
Shareholders’ equity:
Common stock	0.7		—		—		—		—		0.7
Capital in excess of par value	243.6		352.1		1,199.7		83.8		(1,635.6	)	243.6
Accumulated earnings (deficit)	(68.2	)	24.0		330.8		32.9		(387.7	)	(68.2	)
Accumulated other comprehensive income (loss)	(110.0	)	(110.0	)	(105.5	)	(4.4	)	219.9		(110.0	)
Total shareholders’ equity	66.1		266.1		1,425.0		112.3		(1,803.4	)	66.1
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity	66.1		266.1		1,425.0		118.3		(1,803.4	)	72.1
Total liabilities and equity	290.3		1,696.2		1,898.1		212.8		(2,779.3	)	1,318.1

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors	Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$	$		$		$
Sales	—		—		333.9	31.3		(19.6	)	345.6
Operating costs and expenses:
Cost of sales	—		—		303.2	28.4		(19.6	)	312.0
Selling, general and administrative expenses	1.2		0.1		17.1	3.9		—		22.3
Total operating costs and expenses	1.2		0.1		320.3	32.3		(19.6	)	334.3
Operating income (loss)	(1.2	)	(0.1	)	13.6	(1.0	)	—		11.3
Other (income) expense:
Interest expense (income), net	(0.1	)	12.9		0.1	0.3		—		13.2
Loss on hedging activities, net	—		—		0.3	—		—		0.3
Total other (income) expense, net	(0.1	)	12.9		0.4	0.3		—		13.5
Income (loss) before income taxes	(1.1	)	(13.0	)	13.2	(1.3	)	—		(2.2	)
Income tax (benefit) expense	0.6		(0.8	)	0.8	(0.1	)	—		0.5
Equity in net income (loss) of subsidiaries	(1.0	)	11.2		—	—		(10.2	)	—
Net income (loss)	(2.7	)	(1.0	)	12.4	(1.2	)	(10.2	)	(2.7	)
Other comprehensive income (loss)	2.1		2.1		2.1	—		(4.2	)	2.1
Total comprehensive income (loss)	(0.6	)	1.1		14.5	(1.2	)	(14.4	)	(0.6	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended March 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		300.0		30.1		(18.5	)	311.6
Operating costs and expenses:
Cost of sales	—		—		294.5		25.9		(18.4	)	302.0
Selling, general and administrative expenses	1.1		0.1		15.5		4.1		(0.1	)	20.7
Total operating costs and expenses	1.1		0.1		310.0		30.0		(18.5	)	322.7
Operating loss	(1.1	)	(0.1	)	(10.0	)	0.1		—		(11.1	)
Other (income) expense:
Interest expense (income), net	(0.1	)	12.5		—		0.1		—		12.5
Gain on hedging activities, net	—		—		0.3		—		—		0.3
Total other (income) expense, net	(0.1	)	12.5		0.3		0.1		—		12.8
Loss before income taxes	(1.0	)	(12.6	)	(10.3	)	—		—		(23.9	)
Income tax (benefit) expense	0.2		(4.0	)	(3.1	)	(0.2	)	—		(7.1	)
Equity in net income (loss) of subsidiaries	(15.6	)	(7.0	)	—		—		22.6		—
Net income (loss)	(16.8	)	(15.6	)	(7.2	)	0.2		22.6		(16.8	)
Other comprehensive income (loss)	1.1		1.1		1.3		—		(2.4	)	1.1
Total comprehensive income (loss)	(15.7	)	(14.5	)	(5.9	)	0.2		20.2		(15.7	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations	Consolidated
	$		$		$		$		$	$
OPERATING ACTIVITIES
Cash provided by (used in) operating activities	(0.1	)	26.7		19.9		(17.0	)	—	29.5
INVESTING ACTIVITIES
Capital expenditures	—		—		(20.2	)	(3.3	)	—	(23.5	)
Proceeds from sale of property, plant and equipment	—		—		0.1		—		—	0.1
Cash used in investing activities	—		—		(20.1	)	(3.3	)	—	(23.4	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2	)	—		—		—		—	(0.2	)
Dividends paid to shareholders	(0.7	)	—		—		—		—	(0.7	)
Repayments of long-term debt	—		(2.6	)	—		—		—	(2.6	)
Borrowings on long-term debt, net	—		(15.1	)	—		15.5		—	0.4
Repayments on revolving credit facility	—		(72.0	)	—		—		—	(72.0	)
Borrowings on revolving credit facility	—		72.0		—		—		—	72.0
Distribution (to parent) from subsidiary	0.7		(0.7	)	—		—		—	—
Cash provided by (used in) financing activities	(0.2	)	(18.4	)	—		15.5		—	(3.1	)
Change in cash and cash equivalents	(0.3	)	8.3		(0.2	)	(4.8	)	—	3.0
Cash and cash equivalents, beginning of period	0.5		7.1		3.3		9.6		—	20.5
Cash and cash equivalents, end of period	0.2		15.4		3.1		4.8		—	23.5

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Twelve months ended March 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations	Consolidated
	$		$		$		$		$	$
OPERATING ACTIVITIES
Cash provided by (used in) operating activities	0.3		(25.4	)	16.3		(10.7	)	—	(19.5	)
INVESTING ACTIVITIES
Capital expenditures	—		—		(12.3	)	(0.8	)	—	(13.1	)
Proceeds from sale of property, plant and equipment	—		—		0.2		—		—	0.2
Cash used in investing activities	—		—		(12.1	)	(0.8	)	—	(12.9	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.4	)	—		—		—		—	(0.4	)
Dividends paid to shareholders	(0.7	)	—		—		—		—	(0.7	)
Repayments of long-term debt	—		(1.2	)	—		—		—	(1.2	)
Borrowings on long-term debt	—		(9.9	)	—		16.4		—	6.5
Distribution (to parent) from subsidiary	0.9		(0.9	)	—		—		—	—
Cash provided by financing activities	(0.2	)	(12.0	)	—		16.4		—	4.2
Change in cash and cash equivalents	0.1		(37.4	)	4.2		4.9		—	(28.2	)
Cash and cash equivalents, beginning of period	0.4		66.7		1.1		11.2		—	79.4
Cash and cash equivalents, end of period	0.5		29.3		5.3		16.1		—	51.2

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Supplemental Financial Statement Information [Abstract]
Cash	$ 23.5	$ 20.5
Total cash and cash equivalents	$ 23.5	$ 20.5	$ 51.2	$ 79.4

XML

Subsidiary Issuer of Guaranteed Notes Subsidiary Issuer of Guaranteed Notes (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet [Table Text Block]

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
ASSETS
Current assets:
Cash and cash equivalents	0.2		15.4		3.1		4.8		—		23.5
Accounts receivable, net:
Trade	—		—		112.6		—		—		112.6
Affiliates	19.6		12.0		9.5		1.9		(43.0	)	—
Inventories, net	—		—		162.3		25.5		—		187.8
Other current assets	4.7		—		11.5		13.0		—		29.2
Total current assets	24.5		27.4		299.0		45.2		(43.0	)	353.1
Investments in affiliates	130.7		1,335.9		—		—		(1,466.6	)	—
Advances due from affiliates	138.6		244.3		850.6		63.5		(1,297.0	)	—
Property, plant and equipment, net	—		—		627.5		71.3		—		698.8
Goodwill	—		—		137.6		—		—		137.6
Other intangible assets, net	—		—		47.8		—		—		47.8
Other assets	—		5.3		50.6		31.9		—		87.8
Total assets	293.8		1,612.9		2,013.1		211.9		(2,806.6	)	1,325.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		105.7		9.9		—		115.6
Affiliates	—		19.6		1.9		21.5		(43.0	)	—
Accrued liabilities	0.1		7.2		42.4		23.3		—		73.0
Deferred tax liabilities	—		(0.1	)	11.7		—		—		11.6
Current portion of long-term debt	—		4.9		1.6		5.6		—		12.1
Total current liabilities	0.1		31.6		163.3		60.3		(43.0	)	212.3
Long-term debt, net	—		638.0		0.4		15.5		—		653.9
Pension and other post-retirement liabilities	—		—		188.2		7.6		—		195.8
Other long-term liabilities	—		—		35.1		9.7		—		44.8
Advances due to affiliates	194.1		752.1		350.8		—		(1,297.0	)	—
Long-term deferred tax liabilities	34.2		60.5		51.8		0.4		—		146.9
Shareholders’ equity:
Common stock	0.7		—		—		—		—		0.7
Capital in excess of par value	244.4		352.1		1,122.3		83.7		(1,558.1	)	244.4
Accumulated earnings (deficit)	(71.8	)	(113.5	)	204.6		33.1		(124.2	)	(71.8	)
Accumulated other comprehensive income (loss)	(107.9	)	(107.9	)	(103.4	)	(4.4	)	215.7		(107.9	)
Total shareholders’ equity	65.4		130.7		1,223.5		112.4		(1,466.6	)	65.4
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity	65.4		130.7		1,223.5		118.4		(1,466.6	)	71.4
Total liabilities and equity	293.8		1,612.9		2,013.1		211.9		(2,806.6	)	1,325.1

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of December 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
ASSETS
Current assets:
Cash and cash equivalents	0.5		7.1		3.3		9.6		—		20.5
Accounts receivable, net:
Trade	—		—		102.4		0.1		—		102.5
Affiliates	19.5		12.0		10.0		—		(41.5	)	—
Inventories, net	—		—		168.2		28.5		—		196.7
Other current assets	4.2		—		11.4		11.8		—		27.4
Total current assets	24.2		19.1		295.3		50.0		(41.5	)	347.1
Investments in affiliates	266.1		1,537.3		—		—		(1,803.4	)	—
Advances due from affiliates	—		134.0		736.9		63.5		(934.4	)	—
Property, plant and equipment, net	—		—		627.4		67.6		—		695.0
Goodwill	—		—		137.6		—		—		137.6
Other intangible assets, net	—		—		49.3		—		—		49.3
Other assets	—		5.8		51.6		31.7		—		89.1
Total assets	290.3		1,696.2		1,898.1		212.8		(2,779.3	)	1,318.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		112.1		10.5		—		122.6
Affiliates	—		19.5		—		22.0		(41.5	)	—
Accrued liabilities	—		2.3		35.2		21.6		—		59.1
Deferred tax liabilities	0.1		—		11.6		—		—		11.7
Current portion of long-term debt	—		4.9		1.1		5.6		—		11.6
Total current liabilities	0.1		26.7		160.0		59.7		(41.5	)	205.0
Long-term debt	—		639.5		—		16.9		—		656.4
Pension and other post-retirement liabilities	—		—		187.9		7.5		—		195.4
Other long-term liabilities	—		—		35.9		10.0		—		45.9
Advances due to affiliates	197.3		737.2		—		—		(934.5	)	—
Long-term deferred tax liabilities	26.8		26.7		89.3		0.4		0.1		143.3
Shareholders’ equity:
Common stock	0.7		—		—		—		—		0.7
Capital in excess of par value	243.6		352.1		1,199.7		83.8		(1,635.6	)	243.6
Accumulated earnings (deficit)	(68.2	)	24.0		330.8		32.9		(387.7	)	(68.2	)
Accumulated other comprehensive income (loss)	(110.0	)	(110.0	)	(105.5	)	(4.4	)	219.9		(110.0	)
Total shareholders’ equity	66.1		266.1		1,425.0		112.3		(1,803.4	)	66.1
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity	66.1		266.1		1,425.0		118.3		(1,803.4	)	72.1
Total liabilities and equity	290.3		1,696.2		1,898.1		212.8		(2,779.3	)	1,318.1

Condensed Income Statement [Table Text Block]

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors	Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$	$		$		$
Sales	—		—		333.9	31.3		(19.6	)	345.6
Operating costs and expenses:
Cost of sales	—		—		303.2	28.4		(19.6	)	312.0
Selling, general and administrative expenses	1.2		0.1		17.1	3.9		—		22.3
Total operating costs and expenses	1.2		0.1		320.3	32.3		(19.6	)	334.3
Operating income (loss)	(1.2	)	(0.1	)	13.6	(1.0	)	—		11.3
Other (income) expense:
Interest expense (income), net	(0.1	)	12.9		0.1	0.3		—		13.2
Loss on hedging activities, net	—		—		0.3	—		—		0.3
Total other (income) expense, net	(0.1	)	12.9		0.4	0.3		—		13.5
Income (loss) before income taxes	(1.1	)	(13.0	)	13.2	(1.3	)	—		(2.2	)
Income tax (benefit) expense	0.6		(0.8	)	0.8	(0.1	)	—		0.5
Equity in net income (loss) of subsidiaries	(1.0	)	11.2		—	—		(10.2	)	—
Net income (loss)	(2.7	)	(1.0	)	12.4	(1.2	)	(10.2	)	(2.7	)
Other comprehensive income (loss)	2.1		2.1		2.1	—		(4.2	)	2.1
Total comprehensive income (loss)	(0.6	)	1.1		14.5	(1.2	)	(14.4	)	(0.6	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended March 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		300.0		30.1		(18.5	)	311.6
Operating costs and expenses:
Cost of sales	—		—		294.5		25.9		(18.4	)	302.0
Selling, general and administrative expenses	1.1		0.1		15.5		4.1		(0.1	)	20.7
Total operating costs and expenses	1.1		0.1		310.0		30.0		(18.5	)	322.7
Operating loss	(1.1	)	(0.1	)	(10.0	)	0.1		—		(11.1	)
Other (income) expense:
Interest expense (income), net	(0.1	)	12.5		—		0.1		—		12.5
Gain on hedging activities, net	—		—		0.3		—		—		0.3
Total other (income) expense, net	(0.1	)	12.5		0.3		0.1		—		12.8
Loss before income taxes	(1.0	)	(12.6	)	(10.3	)	—		—		(23.9	)
Income tax (benefit) expense	0.2		(4.0	)	(3.1	)	(0.2	)	—		(7.1	)
Equity in net income (loss) of subsidiaries	(15.6	)	(7.0	)	—		—		22.6		—
Net income (loss)	(16.8	)	(15.6	)	(7.2	)	0.2		22.6		(16.8	)
Other comprehensive income (loss)	1.1		1.1		1.3		—		(2.4	)	1.1
Total comprehensive income (loss)	(15.7	)	(14.5	)	(5.9	)	0.2		20.2		(15.7	)

Condensed Cash Flow Statement [Table Text Block]

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations	Consolidated
	$		$		$		$		$	$
OPERATING ACTIVITIES
Cash provided by (used in) operating activities	(0.1	)	26.7		19.9		(17.0	)	—	29.5
INVESTING ACTIVITIES
Capital expenditures	—		—		(20.2	)	(3.3	)	—	(23.5	)
Proceeds from sale of property, plant and equipment	—		—		0.1		—		—	0.1
Cash used in investing activities	—		—		(20.1	)	(3.3	)	—	(23.4	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2	)	—		—		—		—	(0.2	)
Dividends paid to shareholders	(0.7	)	—		—		—		—	(0.7	)
Repayments of long-term debt	—		(2.6	)	—		—		—	(2.6	)
Borrowings on long-term debt, net	—		(15.1	)	—		15.5		—	0.4
Repayments on revolving credit facility	—		(72.0	)	—		—		—	(72.0	)
Borrowings on revolving credit facility	—		72.0		—		—		—	72.0
Distribution (to parent) from subsidiary	0.7		(0.7	)	—		—		—	—
Cash provided by (used in) financing activities	(0.2	)	(18.4	)	—		15.5		—	(3.1	)
Change in cash and cash equivalents	(0.3	)	8.3		(0.2	)	(4.8	)	—	3.0
Cash and cash equivalents, beginning of period	0.5		7.1		3.3		9.6		—	20.5
Cash and cash equivalents, end of period	0.2		15.4		3.1		4.8		—	23.5

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Twelve months ended March 31, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations	Consolidated
	$		$		$		$		$	$
OPERATING ACTIVITIES
Cash provided by (used in) operating activities	0.3		(25.4	)	16.3		(10.7	)	—	(19.5	)
INVESTING ACTIVITIES
Capital expenditures	—		—		(12.3	)	(0.8	)	—	(13.1	)
Proceeds from sale of property, plant and equipment	—		—		0.2		—		—	0.2
Cash used in investing activities	—		—		(12.1	)	(0.8	)	—	(12.9	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.4	)	—		—		—		—	(0.4	)
Dividends paid to shareholders	(0.7	)	—		—		—		—	(0.7	)
Repayments of long-term debt	—		(1.2	)	—		—		—	(1.2	)
Borrowings on long-term debt	—		(9.9	)	—		16.4		—	6.5
Distribution (to parent) from subsidiary	0.9		(0.9	)	—		—		—	—
Cash provided by financing activities	(0.2	)	(12.0	)	—		16.4		—	4.2
Change in cash and cash equivalents	0.1		(37.4	)	4.2		4.9		—	(28.2	)
Cash and cash equivalents, beginning of period	0.4		66.7		1.1		11.2		—	79.4
Cash and cash equivalents, end of period	0.5		29.3		5.3		16.1		—	51.2

XML

Consolidated Statements of Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net income (loss)	$ (2.7)	$ (16.8)
Other comprehensive income:
Reclassification of pension and OPEB amounts realized in net loss	3.2	1.8
Total Comprehensive Income (Loss), before Tax	3.2	1.8
Income tax expense related to components of other comprehensive income	1.1	0.7
Total other comprehensive income, net of tax	2.1	1.1
Total comprehensive income (loss)	$ (0.6)	$ (15.7)

XML

Segments (Footnote)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segments disclosure

We manage and operate our business segments based on the markets we serve and the products we produce.

Segment profit (in which certain items, primarily non-recurring costs or non-cash expenses, are not allocated to the segments and in which certain items, primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments) is a measure used by management as a basis for resource allocation.

Our five reportable segments are Bauxite, Alumina, Primary, Flat-Rolled and Corporate.

• Bauxite – Mines and produces the bauxite used for alumina production at our Gramercy refinery. The remaining bauxite is sold to a third party.

• Alumina – Chemically refines and converts bauxite into alumina, which is the principal raw material used in the production of primary aluminum. The Gramercy refinery is the source for the majority of our New Madrid smelter’s alumina requirements. The remaining alumina production at the Gramercy refinery in the form of smelter grade alumina and alumina hydrate, or chemical-grade alumina, is sold to third parties.

• Primary – Produces value-added aluminum products in several forms, including billet, rod, high purity sow and foundry. The Primary segment also produces commodity grade sow.

• Flat-Rolled – Produces rolled aluminum products such as finstock and container stock.

• Corporate – Reflects costs of corporate operations.

The accounting policies of the segments are the same as those described in Note 1, "Accounting Policies".

The following tables present operating and asset information for our reportable segments (in millions):

	Three months ended March 31, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.7		55.0		130.9		148.0		—		—		345.6
Intersegment	19.6		27.4		22.0		—		—		(69.0	)	—
Total sales	31.3		82.4		152.9		148.0		—		(69.0	)	345.6
Capital expenditures	3.3		1.4		17.0		1.3		0.5		—		23.5
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	2.1		3.7		23.1		12.7		(7.8	)	0.1		33.9
Depreciation and amortization	(3.0	)	(5.2	)	(10.0	)	(4.3	)	(0.5	)	—		(23.0	)
Last in, first out and lower of cost or market inventory adjustments	—		—		0.8		4.0		—		—		4.8
Gain (loss) on disposal of assets	—		—		(0.1	)	—		—		—		(0.1	)
Non-cash pension, accretion and stock compensation	—		(0.3	)	(1.7	)	(1.3	)	(1.1	)	—		(4.4	)
Restructuring, relocation and severance	—		(0.2	)	(0.2	)	0.3		(0.1	)	—		(0.2	)
Consulting fees	—		—		(0.1	)	—		(0.2	)	—		(0.3	)
Cash settlements paid (received) on hedging transactions	—		—		0.2		1.2		—		—		1.4
Other, net	—		(0.1	)	—		—		(0.1	)	(0.6	)	(0.8	)
Operating income (loss)	(0.9	)	(2.1	)	12.0		12.6		(9.8	)	(0.5	)	11.3
Interest expense, net													13.2
Loss on hedging activities, net													0.3
Total other expense, net													13.5
Loss before income taxes													(2.2	)

	Three months ended March 31, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.7		45.8		120.8		133.3		—		—		311.6
Intersegment	18.4		31.4		28.7		—		—		(78.5	)	—
Total sales	30.1		77.2		149.5		133.3		—		(78.5	)	311.6
Capital expenditures	0.8		2.0		7.0		3.1		0.2		—		13.1
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	2.5		(11.9	)	18.4		10.9		(7.8	)	(1.4	)	10.7
Depreciation and amortization	(2.5	)	(5.0	)	(9.7	)	(4.3	)	(0.2	)	—		(21.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(0.1	)	0.3		—		—		0.2
Gain (loss) on disposal of assets	—		—		0.1		—		—		—		0.1
Non-cash pension, accretion and stock compensation	—		(0.2	)	(1.0	)	(0.7	)	(0.9	)	—		(2.8	)
Restructuring, relocation and severance	0.1		(0.1	)	(0.1	)	0.4		0.1		—		0.4
Consulting fees	—		—		—		—		(0.2	)	—		(0.2	)
Cash settlements paid (received) on hedging transactions	—		—		0.2		0.7		—		—		0.9
Other, net	—		(0.1	)	0.1		(0.1	)	—		1.4		1.3
Operating income (loss)	0.1		(17.3	)	7.9		7.2		(9.0	)	—		(11.1	)
Interest expense, net													12.5
Loss on hedging activities, net													0.3
Total other expense, net													12.8
Loss before income taxes													(23.9	)

	March 31, 2015		December 31, 2014
Segment assets:	$		$
Bauxite	150.0		149.9
Alumina	220.6		229.8
Primary	557.9		561.5
Flat-Rolled	349.8		335.1
Corporate	73.1		65.5
Eliminations	(26.3	)	(23.7	)
Total assets	1,325.1		1,318.1

XML

Property Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Statement [Line Items]
Land	52.0	$ 51.9
Buildings and Improvements	171.3	163.0
Machinery and Equipment	935.0	927.1
Construction in Progress	82.7	86.2
Property, plant and equipment, at cost	1,241.0	1,228.2
Accumulated depreciation	(542.2)	(533.2)
Property, plant and equipment, net	698.8	$ 695.0
Minimum [Member] | Building and Building Improvements [Member]
Statement [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P10Y
Minimum [Member] | Machinery and Equipment [Member]
Statement [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P3Y
Maximum [Member] | Building and Building Improvements [Member]
Statement [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P47Y
Maximum [Member] | Machinery and Equipment [Member]
Statement [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P50Y

XML

Subsidiary Issuer of Guaranteed Notes (Consolidating Balance Sheets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 23.5	$ 20.5	$ 51.2	$ 79.4
Accounts receivable, net [Abstract]
Trade	112.6	102.5
Affiliates	0	0
Inventories, net	187.8	196.7
Other current assets	29.2	27.4
Total current assets	353.1	347.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Due from Affiliate, Noncurrent	0	0
Property, plant and equipment, net	698.8	695.0
Goodwill	137.6	137.6
Intangible Assets, Net (Excluding Goodwill)	47.8	49.3
Other assets	87.8	89.1
Total assets	1,325.1	1,318.1
Accounts Payable [Abstract]
Accounts payable; Trade	115.6	122.6
Accounts payable, affiliates	0	0
Accrued liabilities	73.0	59.1
Derivative Liability, Current	6.1	5.0
Deferred tax liabilities	11.6	11.7
Current portion of long-term debt	12.1	11.6
Total current liabilities	212.3	205.0
Long-term debt, net	653.9	656.4
Pension and other post-retirement benefit (OPEB) liabilities	195.8	195.4
Other long-term liabilities	44.8	45.9
Advances due to affiliates, noncurrent	0	0
Long-term deferred tax liabilities	146.9	143.3
Shareholders' equity:
Common Stock, Value, Issued	0.7	0.7
Capital in excess of par value	244.4	243.6
Retained Earnings (Accumulated Deficit)	(71.8)	(68.2)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(107.9)	(110.0)
Total shareholders' equity	65.4	66.1
Stockholders' Equity Attributable to Noncontrolling Interest	6.0	6.0
Total equity	71.4	72.1
Total liabilities and equity	1,325.1	1,318.1
Parent guarantor [Member]
ASSETS
Cash and cash equivalents	0.2	0.5	0.5	0.4
Accounts receivable, net [Abstract]
Trade	0	0
Affiliates	19.6	19.5
Inventories, net	0	0
Other current assets	4.7	4.2
Total current assets	24.5	24.2
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	130.7	266.1
Due from Affiliate, Noncurrent	138.6	0
Property, plant and equipment, net	0	0
Goodwill	0	0
Intangible Assets, Net (Excluding Goodwill)	0	0
Other assets	0	0
Total assets	293.8	290.3
Accounts Payable [Abstract]
Accounts payable; Trade	0	0
Accounts payable, affiliates	0	0
Accrued liabilities	0.1	0
Deferred tax liabilities	0	0.1
Current portion of long-term debt	0	0
Total current liabilities	0.1	0.1
Long-term debt, net	0	0
Pension and other post-retirement benefit (OPEB) liabilities	0	0
Other long-term liabilities	0	0
Advances due to affiliates, noncurrent	194.1	197.3
Long-term deferred tax liabilities	34.2	26.8
Shareholders' equity:
Common Stock, Value, Issued	0.7	0.7
Capital in excess of par value	244.4	243.6
Retained Earnings (Accumulated Deficit)	(71.8)	(68.2)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(107.9)	(110.0)
Total shareholders' equity	65.4	66.1
Stockholders' Equity Attributable to Noncontrolling Interest	0	0
Total equity	65.4	66.1
Total liabilities and equity	293.8	290.3
Issuer [Member]
ASSETS
Cash and cash equivalents	15.4	7.1	29.3	66.7
Accounts receivable, net [Abstract]
Trade	0	0
Affiliates	12.0	12.0
Inventories, net	0	0
Other current assets	0	0
Total current assets	27.4	19.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	1,335.9	1,537.3
Due from Affiliate, Noncurrent	244.3	134.0
Property, plant and equipment, net	0	0
Goodwill	0	0
Intangible Assets, Net (Excluding Goodwill)	0	0
Other assets	5.3	5.8
Total assets	1,612.9	1,696.2
Accounts Payable [Abstract]
Accounts payable; Trade	0	0
Accounts payable, affiliates	19.6	19.5
Accrued liabilities	7.2	2.3
Deferred tax liabilities	(0.1)	0
Current portion of long-term debt	4.9	4.9
Total current liabilities	31.6	26.7
Long-term debt, net	638.0	639.5
Pension and other post-retirement benefit (OPEB) liabilities	0	0
Other long-term liabilities	0	0
Advances due to affiliates, noncurrent	752.1	737.2
Long-term deferred tax liabilities	60.5	26.7
Shareholders' equity:
Common Stock, Value, Issued	0	0
Capital in excess of par value	352.1	352.1
Retained Earnings (Accumulated Deficit)	(113.5)	24.0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(107.9)	(110.0)
Total shareholders' equity	130.7	266.1
Stockholders' Equity Attributable to Noncontrolling Interest	0	0
Total equity	130.7	266.1
Total liabilities and equity	1,612.9	1,696.2
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	3.1	3.3	5.3	1.1
Accounts receivable, net [Abstract]
Trade	112.6	102.4
Affiliates	9.5	10.0
Inventories, net	162.3	168.2
Other current assets	11.5	11.4
Total current assets	299.0	295.3
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Due from Affiliate, Noncurrent	850.6	736.9
Property, plant and equipment, net	627.5	627.4
Goodwill	137.6	137.6
Intangible Assets, Net (Excluding Goodwill)	47.8	49.3
Other assets	50.6	51.6
Total assets	2,013.1	1,898.1
Accounts Payable [Abstract]
Accounts payable; Trade	105.7	112.1
Accounts payable, affiliates	1.9	0
Accrued liabilities	42.4	35.2
Deferred tax liabilities	11.7	11.6
Current portion of long-term debt	1.6	1.1
Total current liabilities	163.3	160.0
Long-term debt, net	0.4	0
Pension and other post-retirement benefit (OPEB) liabilities	188.2	187.9
Other long-term liabilities	35.1	35.9
Advances due to affiliates, noncurrent	350.8	0
Long-term deferred tax liabilities	51.8	89.3
Shareholders' equity:
Common Stock, Value, Issued	0	0
Capital in excess of par value	1,122.3	1,199.7
Retained Earnings (Accumulated Deficit)	204.6	330.8
Accumulated Other Comprehensive Income (Loss), Net of Tax	(103.4)	(105.5)
Total shareholders' equity	1,223.5	1,425.0
Stockholders' Equity Attributable to Noncontrolling Interest	0	0
Total equity	1,223.5	1,425.0
Total liabilities and equity	2,013.1	1,898.1
Subsidiary non-guarantor [Member]
ASSETS
Cash and cash equivalents	4.8	9.6	16.1	11.2
Accounts receivable, net [Abstract]
Trade	0	0.1
Affiliates	1.9	0
Inventories, net	25.5	28.5
Other current assets	13.0	11.8
Total current assets	45.2	50.0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0	0
Due from Affiliate, Noncurrent	63.5	63.5
Property, plant and equipment, net	71.3	67.6
Goodwill	0	0
Intangible Assets, Net (Excluding Goodwill)	0	0
Other assets	31.9	31.7
Total assets	211.9	212.8
Accounts Payable [Abstract]
Accounts payable; Trade	9.9	10.5
Accounts payable, affiliates	21.5	22.0
Accrued liabilities	23.3	21.6
Deferred tax liabilities	0	0
Current portion of long-term debt	5.6	5.6
Total current liabilities	60.3	59.7
Long-term debt, net	15.5	16.9
Pension and other post-retirement benefit (OPEB) liabilities	7.6	7.5
Other long-term liabilities	9.7	10.0
Advances due to affiliates, noncurrent	0	0
Long-term deferred tax liabilities	0.4	0.4
Shareholders' equity:
Common Stock, Value, Issued	0	0
Capital in excess of par value	83.7	83.8
Retained Earnings (Accumulated Deficit)	33.1	32.9
Accumulated Other Comprehensive Income (Loss), Net of Tax	(4.4)	(4.4)
Total shareholders' equity	112.4	112.3
Stockholders' Equity Attributable to Noncontrolling Interest	6.0	6.0
Total equity	118.4	118.3
Total liabilities and equity	211.9	212.8
Consolidation, Eliminations [Member]
ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, net [Abstract]
Trade	0	0
Affiliates	(43.0)	(41.5)
Inventories, net	0	0
Other current assets	0	0
Total current assets	(43.0)	(41.5)
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(1,466.6)	(1,803.4)
Due from Affiliate, Noncurrent	(1,297.0)	(934.4)
Property, plant and equipment, net	0	0
Goodwill	0	0
Intangible Assets, Net (Excluding Goodwill)	0	0
Other assets	0	0
Total assets	(2,806.6)	(2,779.3)
Accounts Payable [Abstract]
Accounts payable; Trade	0	0
Accounts payable, affiliates	(43.0)	(41.5)
Accrued liabilities	0	0
Deferred tax liabilities	0	0
Current portion of long-term debt	0	0
Total current liabilities	(43.0)	(41.5)
Long-term debt, net	0	0
Pension and other post-retirement benefit (OPEB) liabilities	0	0
Other long-term liabilities	0	0
Advances due to affiliates, noncurrent	(1,297.0)	(934.5)
Long-term deferred tax liabilities	0	0.1
Shareholders' equity:
Common Stock, Value, Issued	0	0
Capital in excess of par value	(1,558.1)	(1,635.6)
Retained Earnings (Accumulated Deficit)	(124.2)	(387.7)
Accumulated Other Comprehensive Income (Loss), Net of Tax	215.7	219.9
Total shareholders' equity	(1,466.6)	(1,803.4)
Stockholders' Equity Attributable to Noncontrolling Interest	0	0
Total equity	(1,466.6)	(1,803.4)
Total liabilities and equity	$ (2,806.6)	$ (2,779.3)

XML

Derivative Financial Instruments Derivative Financial Instruments (Schedule of Carrying Values at FV) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ 1.2	$ 1.4
Fixed Price Aluminum Customer Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	7.3	2.4
Variable Price Aluminum Offset Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	(5.3)	(4.3)
Midwest premium contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ (0.8)	$ 3.3

XML

Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2015

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On April 29, 2015 the Missouri Public Service Commission established a new and reduced electricity rate structure for the Company’s aluminum smelter in New Madrid, Missouri. The lower rate becomes effective on or around June 1, 2015 and carries a term of at least three years.

XML

Share-Based Payments (Schedule of Stock Compensation Expense) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 0.8	$ 0.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	3.3
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	0
Restricted Stock and Restricted Stock Units Equity Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 0.8	$ 0.7

XML

Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Basic and diluted net loss per common share (“EPS”) were calculated as follows (in millions, except per share):

	Three months ended March 31,
	2015			2014
Net loss	$	(2.7	)	$	(16.8	)
Weighted-average common shares outstanding:
Basic	68.97			68.23
Diluted	68.97			68.23
Net loss per common share:
Basic	$	(0.04	)	$	(0.25	)
Diluted	$	(0.04	)	$	(0.25	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Those antidilutive securities were as follows (in millions):

	Three months ended March 31,
	2015	2014
Options	1.17	1.28
Service-vesting restricted stock and RSUs and Dividend equivalent units	1.14	0.80
Performance-vesting restricted stock and RSUs and Dividend equivalent units	0.06	0.10
Antidilutive securities	2.37	2.18

XML

Shareholders' Equity (Footnote)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity Disclosure [Text Block]

Dividends declared and paid during the three months ended March 31, 2015 were as follows:

	Per share dividend amount		Date paid	Total cash payment
Declaration date	$/share			$ in millions
February 18, 2015	$	0.01	March 25, 2015	0.7

OnMay 6, 2015, the Board declared a regular quarterly dividend of $0.01 per share to be paid on June 10, 2015to shareholders of record as of May 18, 2015. Cash payments related to this dividend will total approximately $0.7 million.