10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 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 October 31, 2015, there were 10,011,803 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	42
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	56
Item 4.	Controls and Procedures	56
Part II	OTHER INFORMATION	57
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3.	Defaults upon Senior Securities	58
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	59
SIGNATURES		60

2

Part I.    FINANCIAL INFORMATION

Item 1. Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except par value)

(unaudited)

	September 30, 2015		December 31, 2014
	$		$
ASSETS
Current assets:
Cash and cash equivalents	8.9		20.5
Accounts receivable, net	92.2		102.5
Inventories, net	162.6		196.7
Other current assets	38.9		27.4
Total current assets	302.6		347.1
Property, plant and equipment, net	692.4		695.0
Goodwill	—		137.6
Other intangible assets, net	44.5		49.3
Other assets	82.0		89.1
Total assets	1,121.5		1,318.1
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	117.8		122.6
Accrued liabilities	87.4		59.1
Deferred tax liabilities	—		11.7
Current portion of long-term debt and lease financing	16.6		11.6
Total current liabilities	221.8		205.0
Long-term debt and lease financing, net	660.7		656.4
Pension and other post-retirement (“OPEB”) liabilities	192.5		195.4
Other long-term liabilities	44.5		45.9
Long-term deferred tax liabilities	125.7		143.3
Shareholders’ equity:
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at September 30, 2015 and December 31, 2014)	—		—
Common stock (30.0 shares authorized; $0.01 par value; 10.0 shares issued and outstanding at September 30, 2015; 9.8 shares issued and outstanding at December 31, 2014)*	0.1		0.1
Capital in excess of par value *	246.7		244.2
Accumulated deficit	(273.0	)	(68.2	)
Accumulated other comprehensive loss	(103.5	)	(110.0	)
Total shareholders’ equity (deficit)	(129.7	)	66.1
Non-controlling interest	6.0		6.0
Total equity (deficit)	(123.7	)	72.1
Total liabilities and equity	1,121.5		1,318.1

*    The Common stock and Capital in excess of par value amounts for all periods presented reflect the 1-for-7 reverse stock split of the Company’s common stock that became effective on August 25, 2015.

See accompanying notes

3

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share information)

(unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
	$			$			$			$
Sales	309.5			361.4			987.8			1,018.9
Operating costs and expenses:
Cost of sales	336.0			335.5			971.5			962.9
Selling, general and administrative	25.9			19.6			74.7			58.1
Goodwill and other intangibles impairment	137.9			—			137.9			—
Other recoveries	(8.7		)	—			(8.7		)	—
Total operating costs and expenses	491.1			355.1			1,175.4			1,021.0
Operating income (loss)	(181.6		)	6.3			(187.6		)	(2.1		)
Other (income) expense:
Interest expense, net	13.0			12.6			39.4			37.7
Loss on derivatives	7.3			(2.6		)	10.5			(2.2		)
Total other expense, net	20.3			10.0			49.9			35.5
Loss before income taxes	(201.9		)	(3.7		)	(237.5		)	(37.6		)
Income tax expense (benefit)	(26.8		)	0.2			(34.3		)	(9.3		)
Net loss	(175.1		)	(3.9		)	(203.2		)	(28.3		)
Net loss per common share*:
Basic	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Diluted	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Weighted-average common shares outstanding*:
Basic (shares, in millions)	10.01			9.84			9.93			9.80
Diluted (shares, in millions)	10.01			9.84			9.93			9.80
Cash dividends declared per common share*	—			$	0.07		$	0.07		$	0.21

*    The Earnings per share, Weighted-average shares outstanding, and Cash dividend amounts for all periods presented reflect the 1-for-7 reverse stock split of the Company’s common stock that became effective on August 25, 2015.

See accompanying notes

4

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(unaudited)

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Net loss	(175.1	)	(3.9	)	(203.2	)	(28.3	)
Other comprehensive income:
Reclassification of pension and OPEB amounts realized in net loss	3.4		1.2		10.0		3.7
Total other comprehensive income, before tax	3.4		1.2		10.0		3.7
Income tax expense related to components of other comprehensive income	1.2		0.5		3.5		1.4
Total other comprehensive income, net of tax	2.2		0.7		6.5		2.3
Total comprehensive loss	(172.9	)	(3.2	)	(196.7	)	(26.0	)

See accompanying notes

5

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)

(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	—	0.1	244.2		(68.2	)	(110.0	)	6.0	72.1
Net loss	—	—	—		(203.2	)	—		—	(203.2	)
Other comprehensive income	—	—	—		—		6.5		—	6.5
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	—	—	2.3		—		—		—	2.3
Vesting of awards, share-based plans	—	—	0.4		(0.2	)	—		—	0.2
Dividends to stockholders @ $0.07 per share	—	—	—		(1.4	)	—		—	(1.4	)
Balance, September 30, 2015	—	0.1	246.7		(273.0	)	(103.5	)	6.0	(123.7	)

* The Common stock and Capital in excess of par value for all periods presented reflect the 1-for-7 reverse stock split, which became effective on August 25, 2015.

See accompanying notes

6

NORANDA ALUMINUM HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

	Nine months ended September 30,
	2015		2014
	$		$
Operating activities
Net loss	(203.2	)	(28.3	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	70.4		65.7
Non-cash interest expense	2.1		2.0
Last in, first out and lower of cost or market	0.3		3.2
Goodwill and other intangibles impairment	137.9		—
(Gain) loss on disposal of assets	(1.6	)	0.2
(Gain) loss on hedging activities, excluding cash settlements	0.6		(0.8	)
Deferred income taxes	(36.0	)	(29.7	)
Stock-based compensation expense	2.3		2.5
Changes in other assets	(3.6	)	(5.7	)
Changes in pension, other post-retirement and other long-term liabilities	5.7		(4.4	)
Changes in current operating assets and liabilities:
Accounts receivable, net	10.3		(40.1	)
Inventories, net	31.5		(23.7	)
Taxes receivable and taxes payable	(1.9	)	13.5
Other current assets	(2.6	)	(3.2	)
Accounts payable	(9.0	)	47.2
Accrued liabilities	21.8		5.8
Cash provided by operating activities	25.0		4.2
Investing activities
Capital expenditures	(57.6	)	(59.9	)
Insurance proceeds for property	1.7		—
Proceeds from life insurance policies	6.4		—
Proceeds from sale of property, plant and equipment	2.2		0.2
Net cash used in investing activities	(47.3	)	(59.7	)
Financing activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2	)	(1.1	)
Dividends paid to shareholders	(1.4	)	(2.1	)
Borrowings on revolving credit facility	226.0		86.0
Repayments on revolving credit facility	(226.0	)	(86.0	)
Borrowings on long-term debt and lease financing	17.4		7.2
Repayments on long-term debt and lease financing	(8.7	)	(3.6	)
Short-term product financing	3.6		—
Cash provided by financing activities	10.7		0.4
Change in cash and cash equivalents	(11.6	)	(55.1	)
Cash and cash equivalents, beginning of period	20.5		79.4
Cash and cash equivalents, end of period	8.9		24.3

See accompanying notes

7

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.

On August 24, 2015, our shareholders approved a Certificate of Amendment to our Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) that provided for a 1-for-7 reverse stock split of our common stock (“the Reverse Stock Split”). The Reverse Stock Split became effective upon our filing of the Certificate of Amendment with the Secretary of State of Delaware on August 25, 2015. Upon the effectiveness of the Reverse Stock Split, every seven shares of outstanding Noranda common stock were automatically combined into one share of common stock. No fractional shares were issued. In lieu of fractional shares, stockholders received a cash payment. In addition, the Certificate of Amendment reduced the number of the authorized shares of Noranda common stock from 200 million shares to 30 million shares. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and intrinsic value set forth in these notes and the accompanying consolidated financial statements have been adjusted to reflect the Reverse Stock Split.

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 is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and will affect any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. 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, separately articulated revenue recognition principles applicable to specific industries that historically existed in U.S. GAAP. The underlying principle of the new guidance 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 the business or organization expects in exchange for the goods or services. The standard also requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized, and provides additional guidance for specified transactions that were not addressed comprehensively under the prior accounting guidance. ASU 2014-09 provided alternative methods of initial adoption and was to be effective for public business entities for annual periods beginning after December 15, 2016 and interim periods within those annual periods. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers - Deferral of the Effective Date” which defers the effective date of ASU No. 2014-09 for public business entities by one year, to annual reporting periods beginning after December 15, 2017 and interim periods within that annual period. Early adoption is now permitted, but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

In August 2014, the FASB issued 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. Under this guidance, in connection with the Company’s preparation of annual and interim period financial statements, the Company’s management will be required to perform

8

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

assessments of the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company must provide specified 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 ASU No. 2015-03, “Interest - Imputation of Interest”. The ASU was issued as an initiative to reduce complexity in accounting standards (the Simplification Initiative) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The Company will be required to apply the new guidance on a retrospective basis, so that the balance sheet of each individual period presented will 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.

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” The ASU replaces the current lower of cost or market test with the lower of cost or net realizable value test. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods, and will be applied prospectively. 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 is a measure used by management as a basis for resource allocation. Certain items included in Operating Income (Loss), primarily non-recurring costs or non-cash expenses, are not allocated to the segments, while certain items not included in Operating Income (Loss), primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments.

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

• Bauxite – Mines and produces, in St. Ann, Jamaica (“St. Ann”), the bauxite that is used for alumina production at our Gramercy, Louisiana refinery. The remaining bauxite is sold to third parties.

• 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 the alumina requirements at our smelter in New Madrid, Missouri (“New Madrid”). 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 at New Madrid. The products are manufactured 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” to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014.

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) for the three and nine months ended September 30, 2015 and 2014:

	Three months ended September 30, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	14.7		64.3		89.3		141.2		—		—		309.5
Intersegment	18.8		13.7		26.5		—		—		(59.0	)	—
Total sales	33.5		78.0		115.8		141.2		—		(59.0	)	309.5
Capital expenditures	0.9		3.0		10.2		(0.3	)	—		—		13.8
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	0.5		2.2		(38.8	)	18.1		(8.9	)	0.5		(26.4	)
Depreciation and amortization	(3.2	)	(6.0	)	(9.6	)	(4.5	)	(0.6	)	—		(23.9	)
Last in, first out and lower of cost or market inventory adjustments	—		—		0.1		0.7		—		—		0.8
Gain (loss) on disposal of assets	—		(0.1	)	1.2		—		—		—		1.1
Goodwill and other intangibles impairment	—		(0.3	)	(137.6	)	—		—		—		(137.9	)
Non-cash pension, accretion and stock compensation	—		(0.3	)	(1.7	)	(1.2	)	(1.0	)	—		(4.2	)
Restructuring, relocation and severance	(0.2	)	—		(0.2	)	(0.1	)	—		—		(0.5	)
Consulting fees	(0.4	)	—		(0.1	)	—		(0.9	)	—		(1.4	)
Cash settlements paid on hedging transactions	—		—		0.7		6.1		—		—		6.8
Excess insurance recoveries	—		—		5.1		—		—		—		5.1
Other, net	—		(0.5	)	(0.6	)	—		—		—		(1.1	)
Operating income (loss)	(3.3	)	(5.0	)	(181.5	)	19.1		(11.4	)	0.5		(181.6	)
Interest expense, net													13.0
Loss on hedging activities, net													7.3
Total other expense, net													20.3
Loss before income taxes													(201.9	)

11

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	Three months ended September 30, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.9		57.3		135.0		157.2		—		—		361.4
Intersegment	18.9		35.4		31.2		—		—		(85.5	)	—
Total sales	30.8		92.7		166.2		157.2		—		(85.5	)	361.4
Capital expenditures	5.1		3.9		16.7		2.5		0.6		—		28.8
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(1.5	)	6.5		20.4		17.6		(6.0	)	(0.4	)	36.6
Depreciation and amortization	(2.5	)	(5.0	)	(9.2	)	(4.8	)	(0.2	)	—		(21.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(0.7	)	(1.3	)	—		(0.2	)	(2.2	)
Loss on disposal of assets	—		—		—		(0.1	)	—		—		(0.1	)
Non-cash pension, accretion and stock compensation	—		(0.2	)	(0.8	)	(0.4	)	(1.0	)	—		(2.4	)
Restructuring, relocation and severance	—		—		(0.6	)	(0.1	)	—		—		(0.7	)
Cash settlements received on hedging transactions	—		—		(0.2	)	(2.5	)	—		—		(2.7	)
Other, net	—		(0.2	)	—		(0.1	)	(0.3	)	0.1		(0.5	)
Operating income (loss)	(4.0	)	1.1		8.9		8.3		(7.5	)	(0.5	)	6.3
Interest expense, net													12.6
Gain on hedging activities, net													(2.6	)
Total other expense, net													10.0
Loss before income taxes													(3.7	)

12

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	Nine months ended September 30, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	37.0		171.6		337.0		442.2		—		—		987.8
Intersegment	58.6		73.6		67.1		—		—		(199.3	)	—
Total sales	95.6		245.2		404.1		442.2		—		(199.3	)	987.8
Capital expenditures	4.6		6.2		42.8		3.5		0.5		—		57.6
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(0.5	)	14.3		(11.9	)	47.2		(23.7	)	1.5		26.9
Depreciation and amortization	(9.4	)	(16.4	)	(29.5	)	(13.3	)	(1.8	)	—		(70.4	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(2.7	)	2.2		—		0.2		(0.3	)
Gain (loss) on disposal of assets	—		0.7		1.1		(0.2	)	—		—		1.6
Goodwill and other intangibles impairment	—		(0.3	)	(137.6	)	—		—		—		(137.9	)
Non-cash pension, accretion and stock compensation	(0.1	)	(0.8	)	(5.1	)	(3.8	)	(3.5	)	—		(13.3	)
Restructuring, relocation and severance	(3.4	)	(0.3	)	(0.5	)	0.2		(1.1	)	—		(5.1	)
Consulting fees	(0.7	)	(0.1	)	(0.6	)	—		(1.6	)	—		(3.0	)
Cash settlements paid on hedging transactions	—		—		1.3		11.1		—		—		12.4
Excess insurance recoveries	—		—		5.1		—		—		—		5.1
Other, net	—		(0.8	)	(1.3	)	—		(0.2	)	(1.3	)	(3.6	)
Operating income (loss)	(14.1	)	(3.7	)	(181.7	)	43.4		(31.9	)	0.4		(187.6	)
Interest expense, net													39.4
Loss on hedging activities, net													10.5
Total other expense, net													49.9
Loss before income taxes													(237.5	)

13

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	Nine months ended September 30, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	36.5		150.4		391.4		440.6		—		—		1,018.9
Intersegment	54.4		97.3		80.2		—		—		(231.9	)	—
Total sales	90.9		247.7		471.6		440.6		—		(231.9	)	1,018.9
Capital expenditures	7.4		9.0		33.0		9.5		1.0		—		59.9
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(0.3	)	(8.6	)	63.9		43.6		(20.0	)	(0.9	)	77.7
Depreciation and amortization	(7.4	)	(15.2	)	(28.8	)	(13.8	)	(0.5	)	—		(65.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(3.1	)	0.1		—		(0.2	)	(3.2	)
Gain (loss) on disposal of assets	—		—		0.1		(0.3	)	—		—		(0.2	)
Non-cash pension, accretion and stock compensation	(0.1	)	(0.6	)	(2.3	)	(1.3	)	(2.8	)	—		(7.1	)
Restructuring, relocation and severance	—		—		(0.7	)	0.3		0.1		—		(0.3	)
Consulting fees	—		—		—		—		(0.3	)	—		(0.3	)
Cash settlements received on hedging transactions	—		—		(0.4	)	(2.6	)	—		—		(3.0	)
Other, net	—		(0.4	)	—		(0.1	)	(0.1	)	0.6		—
Operating income (loss)	(7.8	)	(24.8	)	28.7		25.9		(23.6	)	(0.5	)	(2.1	)
Interest expense, net													37.7
Gain on hedging activities, net													(2.2	)
Total other expense, net													35.5
Loss before income taxes													(37.6	)

	September 30, 2015		December 31, 2014
Segment assets:	$		$
Bauxite	145.8		149.9
Alumina	221.7		229.8
Primary	402.9		561.5
Flat-Rolled	311.0		335.1
Corporate	60.6		65.5
Eliminations	(20.5	)	(23.7	)
Total assets	1,121.5		1,318.1

14

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 for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions):

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Depreciation of property, plant and equipment	20.7	18.9	60.8	57.0
Amortization of intangible assets	1.4	1.4	4.4	4.4
Amortization of other long-term assets	1.8	1.4	5.2	4.3
Total depreciation and amortization	23.9	21.7	70.4	65.7

Cash paid for interest and income taxes for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions):

	Nine months ended September 30,
	2015	2014
	$	$
Interest paid	33.9	32.5
U.S. Federal and state income taxes paid, net of refunds received	3.9	6.9

Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $11.9 million and $1.7 million for the nine months ended September 30, 2015 and 2014, respectively, and were not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows. During thenine months ended September 30, 2015and2014, we capitalized interestof $1.6 million and $1.5 million, respectively, related to long-term capital projects.

Condensed consolidated statements of equity:

Changes in accumulated other comprehensive income (loss) (“AOCI”) during the nine months ended September 30, 2015 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	10.0		3.5		6.5
Balance, September 30, 2015	(162.9	)	(59.4	)	(103.5	)

15

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

The following table provides information relating to reclassifications from AOCI into the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (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 September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Selling, general and administrative expenses (“SGA”)
Actuarial gain/loss	0.7	0.3	2.0	0.7	(1)
Prior service costs	0.1	0.1	0.3	0.2	(1)
Total pension amounts reclassified into SGA	0.8	0.4	2.3	0.9	Selling, general and administrative expenses
Cost of sales (“COS”)
Actuarial gain/loss	2.3	0.7	7.0	2.2	(1)
Prior service costs	0.3	0.1	0.7	0.6	(1)
Total pension amounts reclassified into COS	2.6	0.8	7.7	2.8	Cost of sales
Reclassification of pension and OPEB amounts realized in net loss	3.4	1.2	10.0	3.7
Income tax expense related to reclassifications of pension and OPEB amounts	1.2	0.5	3.5	1.4	Income tax expense
Reclassification of pension and OPEB amounts realized in net loss, net of tax	2.2	0.7	6.5	2.3	Net loss

⁽¹⁾  These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, “Pension and Other Post-Retirement Benefits”

Condensed consolidated balance sheets:

Accounts receivable, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015		December 31, 2014
	$		$
Trade	92.3		102.6
Allowance for doubtful accounts	(0.1	)	(0.1	)
Total accounts receivable, net	92.2		102.5

Other current assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Current deferred tax asset	3.7	0.4
Employee loans receivable, net	1.8	2.1
Current derivative assets (see Note 13, “Derivative Financial Instruments”)	8.7	6.3
Taxes receivable	5.9	4.0
Prepaid assets	5.8	4.5
Restricted cash (see Note 9, “Commitments and Contingencies”)	0.1	0.1
Other current assets	12.9	10.0
Total other current assets	38.9	27.4

16

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Other assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Deferred financing costs, net of amortization	4.3	5.8
Cash surrender value of life insurance	22.1	29.3
Pension asset	6.8	6.5
Restricted cash	14.2	14.0
Supplies	5.9	5.0
Prepaid Jamaican income taxes (see Note 19, “Non-Controlling Interest”)	12.7	12.7
Derivative asset (see Note 13, “Derivative Financial Instruments”)	—	0.2
Other	16.0	15.6
Total other assets	82.0	89.1

Accrued liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Compensation and benefits	25.5	18.3
Workers’ compensation	5.9	5.6
Other operating expenses	19.0	11.2
Accrued interest	7.3	2.3
Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”)	2.1	2.3
Land obligation (see Note 11, “Asset Retirement and Other Obligations”)	3.5	3.7
Derivative liabilities (see Note 13, “Derivative Financial Instruments”)	8.1	5.0
Reclamation obligation (see Note 11, “Asset Retirement and Other Obligations”)	1.8	1.5
Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”)	1.7	1.7
Obligations to the Government of Jamaica (see Note 19, “Non-Controlling Interest”)	11.7	5.9
Pension and OPEB liabilities (see Note 12, “Pensions and Other Post-Retirement Benefits”)	0.8	0.8
Restructuring liability	—	0.8
Total accrued liabilities	87.4	59.1

Other long-term liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Reserve for uncertain tax positions	0.6	0.7
Workers’ compensation	16.1	15.3
Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”)	13.8	13.7
Land obligation (see Note 11, “Asset Retirement and Other Obligations”)	6.5	6.8
Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”)	1.1	1.1
Long-term derivative liabilities (see Note 13, “Derivative Financial Instruments”)	—	0.1
Deferred compensation and other	6.4	8.2
Total other long-term liabilities	44.5	45.9

17

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

4.FAIR VALUE MEASUREMENTS

For a description of the fair value hierarchy, see Note 4, “Fair Value Measurements” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Valuations on a recurring basis

The tables below set forth by hierarchy level as of September 30, 2015 and December 31, 2014 the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions):

	September 30, 2015
	Level 1	Level 2		Level 3		Total
	$	$		$		$
Derivative assets	—	8.7		—		8.7
Derivative liabilities	—	(5.6	)	(2.5	)	(8.1	)
Total	—	3.1		(2.5	)	0.6

	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 nine months ended September 30, 2015.

We discuss our derivative instruments in Note 13, “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 during the nine months ended September 30, 2015 were included in loss on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments during the nine months ended September 30, 2015 were as follows (in millions):

	Nine months ended September 30, 2015
	$
Fair value, beginning of year	3.3
New contracts entered into during the period	(1.4	)
Changes in fair value	(6.9	)
Settlements	2.5
Fair value, end of period	(2.5	)

In Note 10, "Long-Term Debt and Lease Financing,”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 values of our AcquisitionCo Notes and our Term B Loan were based on recent market transactions. While the AcquisitionCo Notes and Term B Loan have quoted market prices used to determine fair value, we do not believe transactions involving those instruments occur in sufficient frequency or volume to be classified as Level 1 within the fair value hierarchy. The fair value of our project specific financing borrowings were based on interest rates available at each balance sheet date.

Valuations on a non-recurring basis

Fair value of goodwill and trade names is measured using management’s assumptions about future profitability and cash flows, using a market participant approach. Such assumptions include a combination of discounted cash flow and market-based valuations. Discounted cash flow valuations require assumptions about future profitability and cash flows, which we believe reflect the best estimates at the date the valuations are determined to be performed. These fair value measurements are classified as Level 3.

18

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

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 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 33% and 25% of total inventories, at cost, at September 30, 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, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015		December 31, 2014
	$		$
Raw materials, at cost	58.9		73.7
Work-in-process, at cost	44.9		48.9
Finished goods, at cost	25.7		31.3
Total inventories, at cost	129.5		153.9
LIFO adjustment	31.8		14.0
LCM reserve	(31.1	)	(7.6	)
Inventories, at lower of cost or market	130.2		160.3
Supplies	32.4		36.4
Total inventories, net	162.6		196.7

6.PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	Estimated useful lives in years			September 30, 2015		December 31, 2014
				$		$
Land				51.8		51.9
Buildings and improvements	10	—	47	170.8		163.0
Machinery and equipment	3	—	50	947.4		927.1
Construction in progress				84.8		86.2
Property, plant and equipment, at cost				1,254.8		1,228.2
Accumulated depreciation				(562.4	)	(533.2	)
Total property, plant and equipment, net				692.4		695.0

7.CASTHOUSE INCIDENT

On August 4, 2015, an explosion occurred at the casthouse on the site of our New Madrid smelter. Although the incident affected our production of extrusion billet, it did not affect our molten aluminum production, and we are redirecting the molten aluminum output to other saleable products such as redraw rod and aluminum ingot. We continue to estimate the financial impact and insurance recoveries from this incident, as we are continuing to assess the extent of the damage and the measures required to repair the facility and restore operations.

The total amount of losses recognized and expenses incurred at September 30, 2015 of $3.3 million has been recorded in the accompanying statements of operations and has been offset by $7.5 million recognized as proceeds from our insurance carriers. The excess receipt of $4.2 million primarily represents the differences between the timing of incurring costs and accruing for expected recoveries.

19

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	For the three months ended September 30, 2015
	Total Spend	Insurance Proceeds		Net Impact
	$	$		$
Losses in cost of goods sold:
Accumulated depreciation of damaged assets	1.4
Inventory written down to scrap value	0.4
Losses in selling, general and administrative expenses	1.5
Total	3.3	(7.5	)	(4.2	)
Insurance receipts through September 30, 2015		(6.4	)
Insurance receivable recorded at September 30, 2015		(1.1	)

8.GOODWILL AND OTHER INTANGIBLE ASSETS

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 annually perform an initial qualitative assessment to determine if a triggering event has occurred. Nevertheless, we elected to continue to evaluate goodwill and other indefinite-lived intangible assets annually for impairment using a quantitative assessment that entails a two-step process. 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.

We have monitored our Primary segment’s expected future cash flows on a quarterly basis for risk of impairment. In connection with our third quarter 2015 assessment of the Primary segment’s expected future cash flows, we considered, among other factors, a further decline in expected aluminum prices without corresponding decreases in expected prices for production inputs and a sustained decline in our stock price. Negative factors specific to the third quarter included a decrease in the MWTP below the Company’s Net Cash Cost per pound and the effects of the cast house explosion on the Company’s production of value-added products such as billet over the near term. Based on our evaluation of the above factors during our quarterly qualitative analysis, which entails an assessment of both negative and positive evidence, we determined that it was necessary to perform interim goodwill impairment testing as of August 31, 2015. We also determined that it was necessary to perform interim impairment testing of other indefinite-lived intangible assets.

As a result of our quantitative analysis, which was performed using an income approach and a market-based approach, we determined that the Primary segment’s goodwill was fully impaired, and we recognized a non-cash impairment charge of $137.6 million (the carrying amount of the Primary segment’s goodwill prior to the recognition of the impairment charge) as of September 30, 2015. We also recognized a non-cash impairment charge of $0.3 million related to tradenames within other indefinite-lived intangible assets as of September 30, 2015, which was based on an income approach.

Intangible Assets

	9/30/2015				December 31, 2014
	Gross Amount	Accumulated Amortization		Net Book Value	Gross Amount	Accumulated Amortization		Net Book Value
	$	$		$	$	$		$
Non-amortizable tradenames	17.4	—		17.4	17.7	—		17.7
Amortizable tradenames	71.0	(43.8	)	27.2	71.0	(39.4	)	31.6
Other amortizable intangibles	0.7	(0.7	)	—	0.7	(0.7	)	—
Total	89.1	(44.5	)	44.6	89.4	(40.1	)	49.3

The decrease in non-amortizable tradenames is due to the impairment of the Primary segments’ tradename owned by Alumina. Amortizable intangibles primarily include customer relationships and are amortized on a straight-line basis over their estimated useful lives of 8 to 15 years. Intangible amortization expense for each of the nine month periods ended September 31, 2015 and 2014 was approximately $4.4 million.

20

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Expected amortization intangible assets for each of the next five years is as follows (in millions);

Year ended December 31	$
2016	5.5
2017	4.5
2018	4.1
2019	3.4
2020	3.4

9.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 entered into or extended subsequent to December 31, 2014:

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

• The agreement in place with the IAMAW at our Newport rolling mill was extended through May 2015. A new three year agreement was signed in April 2015 and became effective on June 1, 2015.

• The agreement at Gramercy with the USWA originally extended through September 2015. During June 2015 the agreement was extended through September 2016.

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

• A new agreement at St. Ann with the UTASP, which represents supervisory and technical salaried workers, was concluded in May 2015; the agreement expires in December 2016.

• The agreement in place with BITU expires on December 31, 2015. In September 2015, we received a claim for a new contract, and negotiations are scheduled to begin in the fourth quarter of 2015. If negotiations result in a new contract, the contract will be in effect for the period from January 1, 2016 through December 31, 2018.

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 our 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.

Arbitration Proceeding Relating to Production Levy

See Note 19, “Non-Controlling Interest” for information regarding a pending arbitration proceeding relating to a dispute between Noranda Bauxite Limited (“NBL”) and the Government of Jamaica as to the amount of the production levy payable by NBL to the Government of Jamaica.

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 related to our long-term competitive position in the primary aluminum business. We have a long-term contract with Union Electric Company d/b/a Ameren

21

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Missouri (“Ameren Missouri”) for our electricity supply at New Madrid that is effective through 2020, 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 megawatts, calculated at peak and non-peak demand charges, or approximately $7.9 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 Missouri Public Service Commission (“PSC”) based on two components: a base rate and a fuel adjustment charge. The PSC determines whether to make changes to the base rate and fuel adjustment charge.

On April 29, 2015 the PSC established a new and reduced electricity rate structure for our aluminum smelter in New Madrid, Missouri. The lower rate structure became effective on June 1, 2015 and carries a term of at least three years. Under the terms of the PSC’s order approving the new rate structure, we are required 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) refraining from paying special dividends. If the PSC determines that we have materially violated the conditions, and no exception is available under the Report and Order, rates at the smelter would revert to the previous rate structure on a prospective basis. In June 2015, Ameren Missouri filed a notice of appeal to the PSC’s ruling with the Missouri Court of Appeals, Western District, reserving the right to appeal various aspects of the ruling, including the reduction to Noranda’s electric rates.

On May 27, 2015, we received a notice of termination from Ameren Missouri, advising that, effective June 1, 2020, Ameren Missouri is terminating the power supply contract. We have not yet determined the course of action we will pursue in response to Ameren Missouri’s notice of termination. However, we believe that, even if the contract terminates in 2020, Ameren Missouri maintains a legal obligation to supply electricity to the New Madrid smelter, at rates approved by the PSC, under a Certificate of Convenience and Necessity issued by the PSC in 2005 (the “Certificate”). The Certificate expanded Ameren Missouri’s service area to encompass the New Madrid smelter. Ameren Missouri may not remove the New Madrid smelter from its service area without the express approval of the PSC. Moreover, during the five years that the power supply contract will remain in effect prior to its termination, we may seek to negotiate a new agreement with Ameren Missouri. Alternatively, and as permitted by Section 91.026 of the Missouri Revised Statutes, we may seek to enter into an agreement with another provider of electric power, wherever located, to purchase electricity for our New Madrid operations.

10.LONG-TERM DEBT AND LEASE FINANCING

The following table provides information regarding the carrying values and fair values at September 30, 2015 and December 31, 2014 of our long-term debt and lease financing (in millions):

	September 30, 2015		December 31, 2014
	Carrying value	Interest rate	Carrying value	Interest rate
	$	%	$	%
AcquisitionCo Notes, net	173.5	11.00	173.3	11.00
Term B Loan, net	467.3	5.75	470.7	5.75
Project specific financing	18.3	9.00	22.5	9.00
Mid-Stream lease financing	3.8	8.00	1.0	8.00
Rod mill lease financing	14.0	8.50	—	—
Capital lease financing	0.4	5.79	0.5	5.79
Total debt and lease financing, net	677.3		668.0
Less: Current portion	16.6		11.6
Long-term debt and lease financing, net	660.7		656.4

The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.5 million and $1.7 million, respectively, at September 30, 2015 and December 31, 2014. We estimated the Notes to have a fair value of approximately $47.5 million and $171.6 million, respectively, at September 30, 2015 and December 31, 2014.

As of September 30, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.0 million and $2.4 million, respectively. We estimated the Term B Loan to have a fair value of approximately $320.1 million and $470.7 million, respectively, at September 30, 2015 and December 31, 2014.

We estimate that the carrying values of the project specific, mid-stream lease, rod mill lease and capital lease financings approximate the fair market values.

22

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

During the second quarter of 2015, we entered into a lease agreement for $14.8 million with a third party to finance certain equipment at the new rod mill in New Madrid. The lease is for a 60 month period with monthly payments of $0.3 million.

Our asset-based loan (“ABL”) had no outstanding balance at September 30, 2015 or December 31, 2014. Outstanding letters of credit totaled $44.2 million at September 30, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity as of September 30, 2015 was $103.8 million.

11ASSET 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 for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	1.5
Additional liabilities incurred	2.1
Liabilities settled	(1.8	)
Balance, end of period	1.8

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 for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	10.5
Additional liabilities incurred	0.2
Liabilities settled	(0.2	)
Revisions to the obligation	(0.5	)
Balance, end of period	10.0

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 for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	16.0
Additional liabilities incurred	1.8
Liabilities settled	(2.9	)
Accretion	1.0
Balance, end of period	15.9

As of September 30, 2015 and December 31, 2014, we had deposited $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.

23

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

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 September 30, 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 at the Gramercy refinery.

12.PENSIONS AND OTHER 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 defined benefit pension plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions):

	Noranda Pension Plans				St. Ann Pension Plans
	Three months ended September 30,				Three months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Service cost	4.2		3.5		0.1		0.2
Interest cost	5.0		4.7		0.4		0.3
Expected return on plan assets	(5.7	)	(5.6	)	(0.5	)	(0.5	)
Recognized actuarial loss	3.0		1.0		—		—
Amortization of prior service cost	0.3		0.3		0.1		0.1
Net periodic cost	6.8		3.9		0.1		0.1

	Noranda Pension Plans				St. Ann Pension Plans
	Nine months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Service cost	12.6		10.3		0.4		0.5
Interest cost	15.0		14.6		1.2		1.1
Expected return on plan assets	(17.1	)	(17.0	)	(1.5	)	(1.4	)
Recognized actuarial loss	9.0		2.9		—		—
Amortization of prior service cost	0.8		0.8		0.2		0.2
Net periodic cost	20.3		11.6		0.3		0.4

Net periodic benefit costs related to the OPEB plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions):

	Noranda OPEB Plans		St. Ann OPEB Plans
	Three months ended September 30,		Three months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.1	0.1	0.1	—
Interest cost	0.2	0.1	0.1	0.1
Net periodic cost	0.3	0.2	0.2	0.1

24

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	Noranda OPEB Plans		St. Ann OPEB Plans
	Nine months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.3	0.3	0.3	0.1
Interest cost	0.5	0.4	0.3	0.3
Net periodic cost	0.8	0.7	0.6	0.4

Expected Employer Contributions

We contributed $13.8 million and $0.5 million to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, during the nine months ended September 30, 2015. We anticipate making approximately $2.4 million and $0.1 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.

13.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 September 30, 2015, our outstanding fixed-price aluminum customer contracts were as follows:

	Average price per pound	Pounds
Year	$	(in millions)
2015	1.07	11.6
2016	0.92	26.8

As of September 30, 2015, our outstanding variable-price aluminum offset swaps were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.86	13.5
2016	0.81	28.6

As of September 30, 2015, our outstanding variable-price MWP contracts were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.16	13.1
2016	0.09	28.7

25

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

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, as of September 30, 2015 and December 31, 2014, the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions):

	September 30, 2015		December 31, 2014
	$		$
Fixed-price aluminum customer contracts	8.7		2.4
Variable-price aluminum offset swaps	(5.6	)	(4.3	)
Variable-price MWP contracts	(2.5	)	3.3
Total	0.6		1.4

We had two counterparties as of September 30, 2015 and four counterparties as of December 31, 2014 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 our 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 tables provide information as to the gross components of our net derivative balances as of September 30, 2015 and December 31, 2014 (in millions):

	As of September 30, 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	—	—	—	8.7	8.7
Total current derivative assets	—	—	—	8.7	8.7

	As of September 30, 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	(3.6	)	—	(3.6	)	—		(3.6	)
Master netting arrangement with counterparty four	(2.0	)	—	(2.0	)	—		(2.0	)
Various counterparties not subject to a master netting arrangement	—		—	—		(2.5	)	(2.5	)
Total current derivative liabilities	(5.6	)	—	(5.6	)	(2.5	)	(8.1	)

	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

26

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

	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 September 30, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges.

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 the effect of our hedging activities on our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions):

	Three months ended September 30,
	2015	2014
	$	$
Fixed-price aluminum customer contracts	3.3	(0.3	)
Variable-price aluminum offset swaps	3.3	(0.5	)
Variable-price MWP contracts	0.7	(1.8	)
Loss on hedging activities, net	7.3	(2.6	)

	Nine months ended September 30
	2015		2014
	$		$
Fixed-price aluminum customer contracts	(6.3	)	5.1
Variable-price aluminum offset swaps	8.5		(0.1	)
Variable-price MWP contracts	8.3		(7.2	)
Loss on hedging activities, net	10.5		(2.2	)

14.STOCKHOLDERS' EQUITY (DEFICIT)

The following table provides information regarding dividends declared and paid during the nine months ended September 30, 2015:

	Per share dividend amount	Date paid	Total cash payment
Declaration date	$/share		$ in millions
February 18, 2015	0.01	March 25, 2015	0.7
May 6, 2015	0.01	June 10, 2015	0.7

On June 18, 2015, the Board suspended dividend payments.

27

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

On August 24, 2015, our stockholders approved a certificate of amendment to our amended and restated certificate of incorporation providing for a1-for-7 reverse stock split of our common stock and a reduction in the number of authorized shares of our common stock from 200 million to 30 million. The reverse stock split became effective upon filing of the certificate of amendment with the Secretary of State of Delaware on August 25, 2015.

15.SHARE-BASED PAYMENTS

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

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Restricted stock and restricted stock unit equity awards	0.7	0.9	2.3	2.5
Total stock compensation expense	0.7	0.9	2.3	2.5

Share-based payment awards held by employee and non-employee directors include stock options, restricted stock, and restricted stock units (“RSUs”). Restricted stock and RSUs have either service-vesting and/or performance-vesting requirements, including, with respect to some performance-vesting awards, market price-based conditions.

As of September 30, 2015, total unrecognized stock compensation expense related to share-based payment awards was $4.1 million. We will recognize this amount over a weighted-average period of one year, six months. During first quarter 2015, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2013 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 or 2015 because the performance conditions had not been determined as of September 30, 2015. Outstanding share-based payment awards include dividend equivalent RSUs and restricted stock in connection with any dividend payments to stockholders.

Our stock option activity during the nine months ended September 30, 2015 was as follows:

	Employee options and non-employee director options				Prior 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	148,556		12.74	2.0	20,000	63.00	—
Exercised	(38,299	)	9.51	0.3	—	—	—
Expired	(5,659	)	7.98	—	—	—	—
Outstanding, September 30, 2015	104,598		14.19	—	20,000	63.00	—
Fully vested and exercisable, September 30, 2015 (weighted-average remaining contractual term of 2.7 years and 2.1 years, respectively)	104,598		14.19	—	20,000	63.00	—

⁽¹⁾  Options that were not in-the-money at September 30, 2015 and December 31, 2014, and therefore have a negative intrinsic value, have been excluded from intrinsic value calculations.

28

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

Restricted stock and RSU equity award activity during the nine months ended September 30, 2015 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	167,726		—	58,951		—	24,742	—	117,057
Granted	179,154		16.61	—		—	—	—	73,700
Grant date determined during the period	—		—	57,349		20.86	—	—	(57,349	)
Dividend equivalent units granted	2,213		12.39	650		13.69	267	13.08	1,149
Vested (aggregate intrinsic value of $2.2 million)	(136,173	)	28.47	(18,594	)	74.20	—	—	(2,594	)
Forfeited	(8,705	)	26.24	(3,014	)	51.02	—	—	(3,794	)
Cancelled	—		—	(41,259	)	80.25	—	—	—
Non-vested, September 30, 2015 (aggregate intrinsic value of $0.7 million)	204,215			54,083			25,009		128,169

During the second quarter of 2013, we granted performance-based restricted stock with market price vesting conditions to certain senior level employees under our 2010 Incentive Award Plan. This performance-based restricted stock vests upon the achievement of a specified market price per share of the Company’s common stock during 20 consecutive trading days ending within the three year performance period. This restricted stock also is subject to a three-year continued service vesting provision, with earlier vesting permitted under certain circumstances, such as upon a change of control of the Company.

We determined the grant date fair value of our service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For performance-based, market price vesting restricted stock, the fair value of the awards on the date of grant was calculated using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on assumptions regarding 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 each of the first three anniversaries 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 September 30, 2015 for performance-vesting awards granted in 2014 or 2015 because the performance conditions had not yet been determined.

During the second quarter of 2015 our previous principal stockholders, Apollo Management VI, L.P. (“AIFVI”) and Noranda Holdings, L.P. (collectively with AIFVI, the “Apollo Funds”), sold all of their Company common shares. See Note 18, “Related Party Transactions”. We previously granted to Apollo Management VI, L.P. and Apollo Alternative Assets, L.P., affiliates of the Apollo Funds, cash-settled, service-vesting RSUs, which are treated for accounting purposes as liability awards, in lieu of RSUs that would otherwise be granted under the director compensation program. The holders of the cash settled RSUs forfeited these awards upon the closing of the sale of our common shares by the Apollo Funds on May 15, 2015.

29

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

RSU liability award activity was as follows:

	RSUs
	#
Non-vested, December 31, 2014	8,603
Granted	—
Dividend equivalent units granted	34
Vested	—
Shares forfeited	(8,571	)
Dividend equivalent units forfeited	(66	)
Non-vested, September 30, 2015	—

16.NET LOSS PER SHARE

Basic and diluted net loss per common share (“EPS”) for the three and nine months ended September 30, 2015 and 2014 were calculated as follows (in millions, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Net loss	$	(175.1	)	$	(3.9	)	$	(203.2	)	$	(28.3	)
Weighted-average common shares outstanding*:
Basic	10.01			9.84			9.93			9.80
Diluted	10.01			9.84			9.93			9.80
Net loss per common share:
Basic	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Diluted	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)

* The Net loss per common share and Weighted-average shares outstanding amount for all periods presented reflect the 1-for-7 reverse stock split of our common stock that became effective on August 25, 2015.

Certain share-based payment awards whose terms and conditions are described in Note 15, “Share-Based Payments,” could potentially be dilutive in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. The following table provides information regarding the type and weighted average number of antidilutive securities outstanding during the three and nine months ended September 30, 2015 and 2014 (in millions):

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
Options	0.13	1.19	0.15	1.23
Service-vesting restricted stock and RSUs and Dividend equivalent units	0.21	1.23	0.18	1.00
Performance-vesting restricted stock and RSUs and Dividend equivalent units	0.03	0.24	0.02	0.20
Antidilutive securities	0.37	2.66	0.35	2.43

17.INCOME TAXES

Our effective income tax rate was approximately 13.3% for the three months ended September 30, 2015 and (5.4)% for the three months ended September 30, 2014. The effective income tax rate for the three months ended September 30, 2015 was primarily impacted by state income taxes, goodwill impairment, and a foreign deferred tax asset valuation allowance.The effective tax rate for the three months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

Our effective income tax rate was approximately 14.4% for the nine months ended September 30, 2015 and 24.7% for the nine months ended September 30, 2014. The effective income tax rate for the nine months ended September 30, 2015 was primarily impacted by state income taxes, goodwill impairment, a foreign deferred tax asset valuation allowance, release of previously unrecognized tax benefits, and a stock-based compensation shortfall. As to the stock-based compensation shortfall, for the nine months ended September 30, 2015, we recognized $1.0 million of income tax expense because we are required to record a shortfall in the period in which it occurred.

30

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

The effective tax rate for the nine months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

18.RELATED PARTY TRANSACTIONS

On May 15, 2015, the Apollo Funds sold 3,262,857 shares of our common stock in a public offering. Subsequent to the offering, the Apollo Funds no longer owned any shares of the Company’s common stock, and is no longer deemed to be a related party.

19.NON-CONTROLLING INTEREST

We conduct the St. Ann bauxite mining operations through Noranda Bauxite Limited (“NBL”), a Jamaican limited liability company that is a wholly-owned subsidiary of Noranda HoldCo. NBL holds 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; the majority of the remaining mined bauxite was sold to Sherwin Alumina Company.

NBL is a party to several agreements (collectively, the “Mining Agreements”) with the GOJ. NBL and the GOJ have equal voting rights in NJBP’s executive committee. NBL manages the mining operations under a management agreement. NBL 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 regime between the GOJ and NBL. NBL also has a mining lease provided by the GOJ for the supply of bauxite. The lease ensures access to sufficient reserves in a specified concession area to enable NBL to ship annually 4.5 million dry metric tonnes (“DMT”) of bauxite from mining operations through September 30, 2030. In 2013, the GOJ provided to NBL 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, NBL is required to pay fees specified in the establishment agreement, as amended, consisting of a dedication fee, depletion fee, asset usage fee, production levy and royalty. As of September 30, 2015 and December 31, 2014, we recorded accrued liabilities of $11.7 million and $5.9 million, respectively, for these fees.

Under the agreements with the GOJ, NBL committed 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 NBL 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. NBL applied $1.3 million of these prepaid income taxes to its income tax liability in 2011, leaving a balance of $12.7 million at both September 30, 2015 and December 31, 2014. These prepaid taxes can be used in perpetuity, subject to an annual limitation.

NBL has attempted to negotiate a new fiscal regime with the GOJ. The previous fiscal regime, which became effective as of January 1, 2009, expired on December 31, 2014, and the GOJ and NBL have been engaged in negotiations regarding the terms of NBL’s payment obligations to the GOJ through 2019. However, a dispute arose concerning production levy payments payable to the GOJ, and, on March 16, 2015, in accordance with the terms of the establishment agreement, NBL submitted a notice requesting arbitration to resolve the dispute.

In NBL’s Statement of Case, submitted to the arbitration panel on July 2, 2015, NBL has alleged, among other things, that in breach of the establishment agreement and/or other commitments by the GOJ, (i) the GOJ has failed to afford NBL treatment at least as favorable as that afforded to other bauxite and alumina producers in Jamaica with respect to, among other things, the production levy (the “equal treatment claim”) and (ii) the GOJ has failed to keep in effect, through December 31, 2017, the production levy structure that was in effect prior to January 1, 2015. NBL also has alleged that, under the Jamaica Bauxite and Alumina (Special Provisions) Act of 1977 (the “Special Provisions Act”), NBL is entitled to offset certain income taxes paid against the production levy. NBL seeks, among other things, relief from the production levy and a refund of levy payments previously made, or damages, with respect to the equal treatment claim; a declaratory order that would, in essence, provide that NBL’s obligation to pay the production levy in the 2015-2017 period be calculated in accordance with the production levy rate in effect during 2012-2014; and declaratory relief confirming NBL’s entitlement, under the Special Provisions Act, to income tax offsets against the production levy previously paid, as claimed by NBL. In addition, NBL seeks interest and costs.

In the GOJ’s Statement of Defense, submitted to the arbitration panel on July 22, 2015, the GOJ has essentially denied NBL’s claims, based on, among other things, its assertion that several documents relied on by NBL did not constitute binding agreements; that the effect of a 2010 amendment to the establishment agreement was that NBL would not rely on the Special Provisions Act to claim a credit of paid income taxes against the production levy and that, in any event, the Special Provisions Act claim was not arbitrable or justiciable. In addition, the GOJ asserted a counterclaim against NBL, alleging that effective January 1, 2015, NBL is required to pay the production levy in accordance with the provisions of the 2010 amendment to the establishment agreement. The GOJ seeks declaratory

31

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

relief confirming the production levy rate claimed by the GOJ, and payment by NBL to the GOJ of (or, alternatively, damages to be assessed of) an amount equal to the portion of the approximately $17.8 million alleged production levy from January 1 to June 30, 2015 that the GOJ alleges remains unpaid, subject to adjustment at 2015 year-end.

The arbitration hearing has been scheduled for December 12-14, 2015.

The terms of any new fiscal regime are, to a significant extent, subject to the determination by the arbitration panel of NBL’s rights and obligations related to the production levy. Nevertheless, our operations in Jamaica currently are continuing in the normal course.

On June 9, 2015, NBL entered into an interim agreement with the GOJ related to the dispute regarding the production levy. The interim agreement addresses payments of the production levy to the GOJ until the earlier of December 31, 2015 or the date on which an arbitration award is delivered in the pending arbitration proceeding related to the production levy. Under the terms of the interim agreement, NBL provides US $5.00 per DMT (US $3.75 per DMT in cash and US $1.25 of irrevocable letters of credit) as an interim levy on all bauxite it exports from Jamaica. NBL paid $8.9 million in cash and provided $3.9 million in letters of credit during the nine months ended September 30, 2015 pursuant to the interim agreement, in payment of its interim production levy obligations for the first, second and third quarters of 2015. The production levy payment rate under the interim agreement exceeds the rate in effect during 2014, and we estimate that payments under the interim agreement during the fourth quarter of 2015 through the earlier of December 31, 2015 or the date on which an arbitration award is delivered will continue to increase cost of sales, as compared to corresponding quarters in the prior year, at the rate of approximately $3.0 million per quarter. However, the final production levy will be determined through the arbitration process, and production levy payments under the interim agreement are subject to refund if NBL is successful in the arbitration.

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

	September 30, 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	0.7		—		0.7		0.8		—		0.8
Accounts receivable, net	11.4		(11.4	)	—		13.5		(13.5	)	—
Inventories, net (consisting of maintenance supplies, inventory and fuel)	10.5		—		10.5		14.3		—		14.3
Other current assets	9.7		—		9.7		8.1		—		8.1
Property, plant and equipment, net	46.9		—		46.9		45.0		—		45.0
Other assets	8.8		—		8.8		7.4		—		7.4
Accounts payable	(69.9	)	56.8		(13.1	)	(71.8	)	55.5		(16.3	)
Accrued liabilities	(4.6	)	—		(4.6	)	(3.9	)	—		(3.9	)
Environmental, land and reclamation liabilities	(1.8	)	—		(1.8	)	(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		45.4		51.1		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.

NBL receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all obligations to the GOJ are provided through the payments from NBL 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 a lower of cost or market or asset impairment scenario.

32

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

20. CONDENSED CONSOLIDATED SUBSIDIARY ISSUER AND PARENT AND SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

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 Capital LLC, a domestic subsidiary in which we have a 100% ownership interest, and NBL are not guarantors of the senior secured credit facilities or 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 described in Note 1, “Accounting Policies” to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to eliminate (i) intercompany transactions between or among the Issuer, the Parent Guarantor, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (ii) investments in the Issuer and subsidiaries.

33

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of September 30, 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	0.1		6.5		0.8		1.5		—		8.9
Accounts receivable, net:
Trade	—		—		88.1		4.1		—		92.2
Affiliates	19.8		11.9		11.6		—		(43.3	)	—
Inventories, net	—		—		139.8		22.8		—		162.6
Other current assets	6.9		2.3		16.7		13.0		—		38.9
Total current assets	26.8		20.7		257.0		41.4		(43.3	)	302.6
Investments in affiliates	(64.4	)	1,162.3		—		—		(1,097.9	)	—
Advances due from affiliates	137.0		215.5		857.2		63.5		(1,273.2	)	—
Property, plant and equipment, net	—		—		622.2		70.2		—		692.4
Goodwill	—		—		—		—		—		—
Other intangible assets, net	—		—		44.5		—		—		44.5
Other assets	—		4.3		43.9		33.8		—		82.0
Total assets	99.4		1,402.8		1,824.8		208.9		(2,414.4	)	1,121.5
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		104.1		13.7		—		117.8
Affiliates	—		19.8		—		23.5		(43.3	)	—
Accrued liabilities	—		7.2		53.5		26.7		—		87.4
Deferred tax liabilities	—		—		—		—		—		—
Current portion of long-term debt and lease financing	—		4.9		6.1		5.6		—		16.6
Total current liabilities	—		31.9		163.7		69.5		(43.3	)	221.8
Long-term debt and lease financing, net	—		636.0		12.0		12.7		—		660.7
Pension and other post-retirement liabilities	—		—		184.6		7.9		—		192.5
Other long-term liabilities	—		—		35.8		8.7		—		44.5
Advances due to affiliates	199.6		776.4		292.1		5.1		(1,273.2	)	—
Long-term deferred tax liabilities	29.5		22.9		72.9		0.4		—		125.7
Stockholders’ equity:
Common stock	0.1		—		—		—		—		0.1
Capital in excess of par value	246.7		352.1		1,122.3		83.8		(1,558.2	)	246.7
Accumulated earnings (deficit)	(273.0	)	(313.0	)	40.7		19.1		253.2		(273.0	)
Accumulated other comprehensive income (loss)	(103.5	)	(103.5	)	(99.3	)	(4.3	)	207.1		(103.5	)
Total stockholders’ equity (deficit)	(129.7	)	(64.4	)	1,063.7		98.6		(1,097.9	)	(129.7	)
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity (deficit)	(129.7	)	(64.4	)	1,063.7		104.6		(1,097.9	)	(123.7	)
Total liabilities and equity	99.4		1,402.8		1,824.8		208.9		(2,414.4	)	1,121.5

34

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 and lease financing	—		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 and lease financing, net	—		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
Stockholders’ equity:
Common stock	0.1		—		—		—		—		0.1
Capital in excess of par value	244.2		352.1		1,199.7		83.8		(1,635.6	)	244.2
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 stockholders’ 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

35

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended September 30, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		294.7		33.6		(18.8	)	309.5
Operating costs and expenses:
Cost of sales	—		—		322.2		32.6		(18.8	)	336.0
Selling, general and administrative	0.9		0.3		20.5		4.2		—		25.9
Goodwill and other intangibles impairment	—		—		137.9		—		—		137.9
Other recoveries	—		—		(8.7	)	—		—		(8.7	)
Total operating costs and expenses	0.9		0.3		471.9		36.8		(18.8	)	491.1
Operating loss	(0.9	)	(0.3	)	(177.2	)	(3.2	)	—		(181.6	)
Other (income) expense:
Interest expense (income), net	(0.1	)	12.6		0.1		0.4		—		13.0
Loss on hedging activities, net	—		—		7.3		—		—		7.3
Total other (income) expense, net	(0.1	)	12.6		7.4		0.4		—		20.3
Loss before income taxes	(0.8	)	(12.9	)	(184.6	)	(3.6	)	—		(201.9	)
Income tax (benefit) expense	0.3		3.1		(30.2	)	—		—		(26.8	)
Equity in net income (loss) of subsidiaries	(174.0	)	(158.0	)	—		—		332.0		—
Net income (loss)	(175.1	)	(174.0	)	(154.4	)	(3.6	)	332.0		(175.1	)
Other comprehensive income (loss)	2.2		2.2		2.0		—		(4.2	)	2.2
Total comprehensive income (loss)	(172.9	)	(171.8	)	(152.4	)	(3.6	)	327.8		(172.9	)

36

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended September 30, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		349.5		30.8		(18.9	)	361.4
Operating costs and expenses:
Cost of sales	—		—		323.3		31.1		(18.9	)	335.5
Selling, general and administrative	1.3		0.1		14.6		3.6		—		19.6
Total operating costs and expenses	1.3		0.1		337.9		34.7		(18.9	)	355.1
Operating income (loss)	(1.3	)	(0.1	)	11.6		(3.9	)	—		6.3
Other (income) expense:
Interest expense (income), net	(0.1	)	12.4		—		0.3		—		12.6
Gain on hedging activities, net	—		—		(2.6	)	—		—		(2.6	)
Total other (income) expense, net	(0.1	)	12.4		(2.6	)	0.3		—		10.0
Income (loss) before income taxes	(1.2	)	(12.5	)	14.2		(4.2	)	—		(3.7	)
Income tax (benefit) expense	(0.5	)	(4.2	)	4.9		—		—		0.2
Equity in net income (loss) of subsidiaries	(3.2	)	5.1		—		—		(1.9	)	—
Net income (loss)	(3.9	)	(3.2	)	9.3		(4.2	)	(1.9	)	(3.9	)
Other comprehensive income (loss)	0.7		0.7		0.7		—		(1.4	)	0.7
Total comprehensive income (loss)	(3.2	)	(2.5	)	10.0		(4.2	)	(3.3	)	(3.2	)

37

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Nine months ended September 30, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		950.8		95.6		(58.6	)	987.8
Operating costs and expenses:
Cost of sales	—		—		935.4		94.7		(58.6	)	971.5
Selling, general and administrative	3.1		0.6		56.0		15.0		—		74.7
Goodwill and other intangibles impairment	—		—		137.9		—		—		137.9
Other recoveries	—		—		(8.7	)	—		—		(8.7	)
Total operating costs and expenses	3.1		0.6		1,120.6		109.7		(58.6	)	1,175.4
Operating loss	(3.1	)	(0.6	)	(169.8	)	(14.1	)	—		(187.6	)
Other (income) expense:
Interest expense (income), net	(0.3	)	38.3		0.2		1.2		—		39.4
Loss on hedging activities, net	—		—		10.5		—		—		10.5
Total other (income) expense, net	(0.3	)	38.3		10.7		1.2		—		49.9
Loss before income taxes	(2.8	)	(38.9	)	(180.5	)	(15.3	)	—		(237.5	)
Income tax (benefit) expense	0.8		(6.1	)	(29.0	)	—		—		(34.3	)
Equity in net income (loss) of subsidiaries	(199.6	)	(166.8	)	—		—		366.4		—
Net income (loss)	(203.2	)	(199.6	)	(151.5	)	(15.3	)	366.4		(203.2	)
Other comprehensive income (loss)	6.5		6.5		6.2		0.1		(12.8	)	6.5
Total comprehensive income (loss)	(196.7	)	(193.1	)	(145.3	)	(15.2	)	353.6		(196.7	)

38

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Nine months ended September 30, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		982.4		90.9		(54.4	)	1,018.9
Operating costs and expenses:
Cost of sales	—		—		930.0		87.3		(54.4	)	962.9
Selling, general and administrative	3.5		0.6		42.7		11.3		—		58.1
Total operating costs and expenses	3.5		0.6		972.7		98.6		(54.4	)	1,021.0
Operating income (loss)	(3.5	)	(0.6	)	9.7		(7.7	)	—		(2.1	)
Other (income) expense:
Interest expense (income), net	(0.3	)	37.1		0.1		0.8		—		37.7
Gain on hedging activities, net	—		—		(2.2	)	—		—		(2.2	)
Total other (income) expense, net	(0.3	)	37.1		(2.1	)	0.8		—		35.5
Income (loss) before income taxes	(3.2	)	(37.7	)	11.8		(8.5	)	—		(37.6	)
Income tax expense (benefit)	(0.7	)	(12.7	)	4.1		—		—		(9.3	)
Equity in net income (loss) of subsidiaries	(25.8	)	(0.8	)	—		—		26.6		—
Net income (loss)	(28.3	)	(25.8	)	7.7		(8.5	)	26.6		(28.3	)
Other comprehensive income (loss)	2.3		2.3		2.4		—		(4.7	)	2.3
Total comprehensive income (loss)	(26.0	)	(23.5	)	10.1		(8.5	)	21.9		(26.0	)

39

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 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	(0.3	)	8.8		20.0		(3.5	)	—	25.0
INVESTING ACTIVITIES
Capital expenditures	—		—		(53.0	)	(4.6	)	—	(57.6	)
Insurance proceeds from casthouse and other	—		—		1.7		—		—	1.7
Proceeds from corporate owned life insurance policy	—		—		6.4		—		—	6.4
Proceeds from sale of property, plant and equipment	—		—		2.2		—		—	2.2
Cash used in investing activities	—		—		(42.7	)	(4.6	)	—	(47.3	)
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 stockholders	(1.4	)	—		—		—		—	(1.4	)
Repayments on revolving credit facility	—		(226.0	)	—		—		—	(226.0	)
Borrowings on revolving credit facility	—		226.0		—		—		—	226.0
Repayments of long-term debt and lease financing	—		(7.9	)	(0.8	)	—		—	(8.7	)
Borrowings on long-term debt and lease financing	—		—		17.4		—		—	17.4
Distribution (to parent) from subsidiary	1.5		(1.5	)	—		—		—	—
Short-term product financing	—		—		3.6		—		—	3.6
Cash provided by (used in) financing activities	(0.1	)	(9.4	)	20.2		—		—	10.7
Change in cash and cash equivalents	(0.4	)	(0.6	)	(2.5	)	(8.1	)	—	(11.6	)
Cash and cash equivalents, beginning of period	0.5		7.1		3.3		9.6		—	20.5
Cash and cash equivalents, end of period	0.1		6.5		0.8		1.5		—	8.9

40

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Notes to Unaudited Condensed Consolidated Financial Statements

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 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	0.4		(45.5	)	53.7		(4.4	)	—	4.2
INVESTING ACTIVITIES
Capital expenditures	—		—		(52.5	)	(7.4	)	—	(59.9	)
Proceeds from sale of property, plant and equipment	—		—		0.2		—		—	0.2
Cash used in investing activities	—		—		(52.3	)	(7.4	)	—	(59.7	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(1.1	)	—		—		—		—	(1.1	)
Dividends paid to stockholders	(2.1	)	—		—		—		—	(2.1	)
Repayments of long-term debt and lease financing	—		(3.6	)	—		—		—	(3.6	)
Borrowings on long-term debt and lease financing	—		(7.0	)	—		14.2		—	7.2
Repayments on revolving credit facility	—		(86.0	)	—		—		—	(86.0	)
Borrowings on revolving credit facility	—		86.0		—		—		—	86.0
Distribution (to parent) from subsidiary	2.8		(2.8	)	—		—		—	—
Cash provided by (used in) financing activities	(0.4	)	(13.4	)	—		14.2		—	0.4
Change in cash and cash equivalents	—		(58.9	)	1.4		2.4		—	(55.1	)
Cash and cash equivalents, beginning of period	0.4		66.7		1.1		11.2		—	79.4
Cash and cash equivalents, end of period	0.4		7.8		2.5		13.6		—	24.3

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

Except as otherwise indicated in this report or as the context otherwise requires, (a) Noranda HoldCo refers only to Noranda Aluminum Holding Corporation, a Delaware corporation, excluding its subsidiaries, (b) Noranda AcquisitionCo refers 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” refers 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 near St. Ann, Jamaica, which we refer to as “St. Ann” and alumina refinery in Gramercy, Louisiana, which we refer to as “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 International Limited. 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.

As an integrated primary aluminum producer, our revenues are significantly affected by changes in the Midwest Transaction Price (“MWTP”) (comprised of London Metal Exchange (“LME”) and Midwest Transaction Premium aluminum prices). Our significant cost components for producing primary aluminum, are captured in a metric we refer to as our integrated primary aluminum net cash cost (“Net Cash Cost”). These costs, specifically the cost of alumina used in our operations, which we provide internally, and the cost of electricity for our New Madrid smelter are not directly tied to the LME aluminum price. As a result, when the MWTP declines or remains at low levels for an extended period, we can see a negative impact to our financial condition, results of operations and cash flows unless we are able to mitigate that negative impact by reducing our Net Cash Cost.

Key third quarter2015 metrics were as follows:

• The average realized MWTP decreased to $0.79 in third quarter 2015 from $1.08 in third quarter 2014.

• Integrated primary aluminum net cash cost Net Cash Cost was $1.06 per pound compared to $0.90 per pound in the third quarter of 2014. The $0.16 per poundincrease in Net Cast Cost was primarily due to the negative impact of operating the smelter below capacity (8 cents per pound), pricing adjustments (3 cents per pound) and lower value-added shipments at Primary (2 cents per pound).

• Total segment loss was $26.4 million, compared to total segment profit of $36.6 million in the third quarter 2014.

• During the third quarter of 2015 we recorded a non-cash impairment to our Primary segment’s goodwill for the full carrying amount of $137.6 million which resulted in a zero balance for goodwill as of September 30, 2015. See “Critical Accounting Policies and Estimates - Goodwill and Other Intangibles Impairment” below for additional information.

Our Actions in a Challenging Aluminum Price Environment

We are confronting an extremely difficult aluminum price environment. The MWTP declined to a post-global financial crisis low of 75 cents per pound during the third week of August 2015; although the MWTP recovered slightly to 78 cents per pound at quarter-end, it subsequently declined to 75 cents as of November 6, 2015. Aluminum prices at these levels challenge the financial resources of substantially all aluminum producers, not just Noranda. Recently, other aluminum producers operating in the U.S. have announced the idling of facilities accounting for over 700 million metric tonnes of annual aluminum production

In this price environment we have an on-going process for evaluating our smelter production capacity. Following our initial assessments we have continued to operate all three of our pot lines. We have followed this course because our analysis has shown this to have best impact on cash flow and liquidity for the enterprise. However, the process is on-going and involves the consideration of multiple variables and scenarios. We are routinely re-evaluating whether any curtailment is necessary.

We are working to stabilize our operations at the aluminum smelter where production issues have had a negative impact on Net Cash Cost since third quarter 2014. We are also working to reduce operating costs across the integrated upstream platform, and to tightly manage our balance sheet to free up cash. These actions are designed to achieve sustainable operations and targeted cost structure improvements so that we can generate positive cash flow even during the troughs of the aluminum pricing cycle. However, in light of the significant challenges we confront, including the unpredictability of aluminum prices, we cannot assure that our efforts will be successful.

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Production Issues at the Smelter

Since the third quarter of 2014 we have experienced an unusually high concentration of reduction cell failures at our New Madrid smelter. Despite our attempts to rebuild and replace failed cells, our timetable for returning the smelter to full production has been delayed.

Among other things, reduction cell failures and rebuilds affected other aspects of the production process, requiring the reallocation of personnel effort towards stabilizing the entire production process. In addition, since the rebuilding of reduction cells requires significant investment in labor and materials the sharp drop in aluminum prices that began in May 2015 adversely affected the economics of ramping up production. Moreover, peak power surcharges in effect from June through September had a further negative impact on the economics of ramping up production.

As a result, in third quarter we placed emphasis on addressing the process and equipment bottlenecks that limited the effectiveness of our previous efforts to restart a large number of pots. Although much work remains before we have eliminated the costs of reliability issues from the smelter, during third quarter we were successful at returning the majority of those processes to a steady-state operation.

The challenges confronting the New Madrid smelter were exacerbated when on August 4, 2015, an explosion occurred at the smelter’s casthouse. Although the incident affected our production of extrusion billet, it did not affect our molten aluminum production, and we have redirected the molten aluminum output to other saleable products such as redraw rod and aluminum ingot. Nevertheless, our inability to produce extrusion billet has adversely affected Primary segment operation results. We have completed the cleanup of the facility and have made a preliminary damage assessment. We have developed a dynamic working plan for restoring billet production as soon as practicable given market conditions and equipment lead times. We anticipate that a substantial portion of the loss resulting from the incident will be covered by our property and business interruption insurance. As of September 30, 2015, we have received $6.4 million from our property insurance, $1.0 million of which has been allocated towards capital expenditures.

Transforming Our Business and Reducing Our Costs

On October 30, 2013, we announced a productivity program covering the three year period from 2014 to 2016 whose goal was to achieve $85 million of gains from functional streamlining, improving production processes, and changes in strategic sourcing of input costs. We have now either realized or begun to realize savings on 55% of our $85 million three year productivity target, and have made substantial progress on another 18% of that target.

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, beginning in April 2015, enabled Noranda to load approximately 10-15% more bauxite onto vessels used to transport our bauxite. As a result, we expect to reduce shipping costs in the Bauxite and Alumina segments by more than $5 million per year. The project also provides the opportunity to increase the volume of our third party bauxite sales, subject to demand at a sufficient price and approval by the GOJ.

On April 29, 2015 the Missouri Public Service Commission (the “PSC”) issued an order approving a 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 became effective on June 1, 2015 and will remain effective for at least three years. The PSC’s order 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) refraining from paying special dividends. If the PSC determines that we have materially violated the conditions, and no exception is available under the Report and Order, rates at the smelter would revert to the previous rate structure on a prospective basis. In June 2015, Ameren Missouri filed a notice of appeal to the PSC’s ruling with the Missouri Court of Appeals, Western District, reserving the right to appeal various aspects of the ruling, including the reduction to Noranda’s electric rates.

Other Developments

On May 27, 2015, we received a notice of termination from Union Electric Company d/b/a/Ameren Missouri (“Ameren, Missouri”), advising that, effective June 1, 2020, Ameren Missouri is terminating the December 14, 2004 agreement between Ameren Missouri and the Company, under which we agreed to purchase substantially all of the New Madrid smelter’s electrical requirements (“power supply contract”). We have not yet determined the course of action we will pursue in response to Ameren Missouri’s notice of termination. However, we believe that, even if the contract terminates in 2020, Ameren Missouri maintains a legal obligation to supply electricity to the New Madrid smelter, at rates approved by the PSC, under a Certificate of Convenience and Necessity issued by the PSC in 2005 (the “Certificate”). The Certificate expanded Ameren Missouri’s service area to encompass the New Madrid smelter. Ameren Missouri may not remove the New Madrid smelter from its service area without the express approval of the PSC. Moreover, during the remaining period that the power supply contract will remain in effect, we may seek to negotiate a new agreement with Ameren Missouri. Alternatively, and as permitted by Section 91.026 of the Missouri Revised Statutes, we may seek to enter into an agreement with another provider of electric power, wherever located, to purchase electricity for our New Madrid operations.

As previously disclosed, the Company received a notice from Ameren Missouri, during the second quarter of 2015, demanding an additional security deposit as collateral for future invoices under the power supply contract. During the third quarter of 2015, the

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Company and Ameren Missouri reached an agreement under which, among other things, the timing of payments by the Company to Ameren Missouri for electricity has been modified, and Ameren Missouri has, in effect, withdrawn its demand.

One June 9, 2015; Noranda Bauxite Limited (“NBL”), w wholly-owned subsidiary of Noranda HoldCo entered into an interim agreement with the GOJ related to the dispute regarding the NBL’s production levy payments to the GOJ. The interim agreement addresses payments of the production levy to the GOJ until the earlier of December 31, 2015 or the date on which an arbitration award is delivered in the pending arbitration proceeding related to the production levy. Under the terms of the interim agreement, NBL provides US $5.00 per DMT (US $3.75 per DMT in cash and US $1.25 of irrevocable letters of credit) as an interim levy on all bauxite it exports from Jamaica. NBL paid $8.9 million in cash and provided $3.9 million in letters of credit during the nine months ended September 30, 2015 pursuant to the interim agreement, in payment of its interim production levy obligations for the first, second and third quarters of 2015. The production levy payment rate under the interim agreement exceeds the rate in effect during 2014, and we estimate that payments under the interim agreement during the fourth quarter of 2015 through the earlier of December 31, 2015 or the date on which an arbitration award is delivered will continue to increase cost of sales, as compared to corresponding quarters in the prior year, at the rate of approximately $3.0 million per quarter. However, the final production levy will be determined through the arbitration process, and production levy payments under the interim agreement are subject to refund if NBL is successful in the arbitration. See Note 19, “Non-Controlling Interest,” to the unaudited condensed consolidated financial statements included in this report for additional information

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, including, without limitation, anticipated reductions in shipping costs as a result of our port expansion project in Jamaica; the timing of our efforts to achieve operating stability at New Madrid; our expectation that a substantial portion of the loss resulting from the explosion and fire at the casthouse on the site of our New Madrid smelter will be covered by our property and business interruption insurance; our estimate of the rate of production levy payments under the interim agreement with the GOJ during the fourth quarter of 2015; our belief that cash flow from operations, available cash and borrowings will be adequate to meet our short-term liquidity needs; our anticipated costs, remaining expenditures and commencement of production with respect to our new rod mill in New Madrid; and the anticipated period during which the casthouse will return to normal production of extrusion billet. 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; our inability to address production issues at New Madrid in accordance with our expectations; unanticipated limitations on insurance coverage and delays in repairs with respect to the incident at New Madrid; the inability of our optimization strategy to achieve anticipated cost savings and operational improvements; delays in implementation of cost-saving projects; 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 our business’ 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. 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 also disclosed in this report in Part II, Item 1A, “Risk Factors,” and in our Annual Report on Form 10-K for the year ended December 31, 2014 in Part I, Item 1A, “Risk Factors.”. 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. 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

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judgments and estimates. See Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” and Note 1, “Accounting Policies” in our consolidated financial statements, in each case included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a discussion of our critical accounting policies and estimates. The following discussion provides updated information regarding goodwill impairment and inventory valuation.

Goodwill and Other Intangibles 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 annually perform an initial qualitative assessment to determine if a triggering event has occurred. Nevertheless, we elected to continue to evaluate goodwill and other indefinite-lived intangible assets annually for impairment using a quantitative assessment that entails a two-step process. 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.

We have monitored our Primary segment’s expected future cash flows on a quarterly basis for risk of impairment. In connection with our third quarter 2015 assessment of the Primary segment’s expected future cash flows, we considered, among other factors, a decrease in the MWTP below the Company’s Net Cash Cost per pound, the effects of the casthouse explosion at New Madrid on the Company’s production of value-added products such as billet over the near term, and the 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. Negative factors specific to the third quarter included a decrease in the MWTP below the Company’s Net Cash Cost per pound and the effects of the cast house explosion on the Company’s production of value-added products such as billet over the near term. Based on our evaluation of the above factors during our analysis, which entailed an assessment of both negative and positive evidence, we determined that it was necessary to perform interim goodwill impairment testing during the quarter ended September 30, 2015. We also determined that it was necessary to perform interim impairment testing of other indefinite-lived intangible assets.

As a result of our quantitative analysis, we determined that the Primary segment’s goodwill was fully impaired, and we recognized a non-cash impairment charge of $137.6 million (the carrying amount of the Primary segment’s goodwill prior to the recognition of the impairment charge) as of September 30, 2015. We also recognized a non-cash impairment charge of $0.3 million related to other indefinite-lived intangible assets as of September 30, 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, the final year-end LIFO inventory valuation could significantly differ from the 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 nine months ended September 30, 2015, as a result of specified changes in inventory costs:

Inventory item	Sensitivity	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	1.6
Flat-Rolled segment:
Metal	$0.10 increase in LME per pound	4.2

Recent Relevant Accounting Pronouncements

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

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Results of Operations

To aid the reader in understanding the results of operations of each reported period and financial condition at the end of each reported period, we have provided the following discussion. You should read the following discussion together with the unaudited condensed consolidated financial statements and related notes included in this report.

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Results of Operations

The following table sets forth certain unaudited condensed consolidated financial information for the three and nine months ended September 30, 2015 and 2014 (in millions, except per share data and where noted):

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Statements of operations data:
Sales	$	309.5		$	361.4		$	987.8		$	1,018.9
Operating costs and expenses:
Cost of sales	336.0			335.5			971.5			962.9
Selling, general and administrative	25.9			19.6			74.7			58.1
Goodwill and other intangibles impairment	137.9			—			137.9			—
Other recoveries	(8.7		)	—			(8.7		)	—
Total operating costs and expenses	491.1			355.1			1,175.4			1,021.0
Operating income (loss)	(181.6		)	6.3			(187.6		)	(2.1		)
Other expense:
Interest expense, net	13.0			12.6			39.4			37.7
Loss on derivatives	7.3			(2.6		)	10.5			(2.2		)
Total other expense, net	20.3			10.0			49.9			35.5
Loss before income taxes	(201.9		)	(3.7		)	(237.5		)	(37.6		)
Income tax expense (benefit)	(26.8		)	0.2			(34.3		)	(9.3		)
Net loss	$	(175.1	)	$	(3.9	)	$	(203.2	)	$	(28.3	)
Net loss per common share*:
Basic	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Diluted	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Weighted-average common shares outstanding*:
Basic (shares, in millions)	10.01			9.84			9.93			9.80
Diluted (shares, in millions)	10.01			9.84			9.93			9.80
Cash dividends declared per common share*	$	—		$	0.07		$	0.07		$	0.21
External sales by segment:
Bauxite	$	14.7		$	11.9		$	37.0		$	36.5
Alumina	64.3			57.3			171.6			150.4
Primary	89.3			135.0			337.0			391.4
Flat-Rolled	141.2			157.2			442.2			440.6
Total	$	309.5		$	361.4		$	987.8		$	1,018.9
Segment profit (loss):
Bauxite	$	0.5		$	(1.5	)	$	(0.5	)	$	(0.3	)
Alumina	2.2			6.5			14.3			(8.6		)
Primary	(38.8		)	20.4			(11.9		)	63.9
Flat-Rolled	18.1			17.6			47.2			43.6
Corporate	(8.9		)	(6.0		)	(23.7		)	(20.0		)
Eliminations	0.5			(0.4		)	1.5			(0.9		)
Total	$	(26.4	)	$	36.6		$	26.9		$	77.7
Financial and other data:
Average realized Midwest transaction price (per pound)	$	0.79		$	1.08		$	0.93		$	1.00
Net Cash Cost (per pound shipped)	$	1.06		$	0.90		$	0.92		$	0.88
Shipments:
External shipments:
Bauxite (kMts)	568.1			543.7			1,566.9			1,664.7
Alumina (kMts)	211.7			178.7			547.6			482.5
Primary (pounds, in millions)	99.6			113.2			316.8			346.3
Flat-Rolled (pounds, in millions)	101.2			103.0			296.1			297.3
Intersegment shipments:
Bauxite (kMts)	657.0			658.1			2,082.1			1,938.8
Alumina (kMts)	59.3			129.9			292.6			378.7
Primary (pounds, in millions)	34.4			27.6			76.6			79.6

* The Net loss per common share, Weighted-average shares outstanding, and Cash dividends declared per common share amounts for all periods presented reflect the 1-for-7 reverse stock split of the Company’s common stock that became effective on August 25, 2015.

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Discussion of consolidated operating results for the three months ended September 30, 2015 compared to the three months ended September 30, 2014

Sales

Sales for the three months ended September 30, 2015 were $309.5 million compared to $361.4 million in the three months ended September 30, 2014, a decrease of 14.4%. This decrease was primarily due to lower selling prices due to the decrease in the MWTP and lower external shipments at Primary as a result of the production instabilities discussed above under “Overview and Recent Developments” partially offset by higher external shipments by Alumina.

Sales to external customers from our Primary segment decreased to $89.3 million in the three months ended September 30, 2015 from $135.0 million in the three months ended September 30, 2014. This $45.7 million decrease in sales resulted from lower realized MWTP, which reduced external sales by $29.5 million, and lower external shipments, which reduced external sales by $16.2 million.

• Our average realized MWTP for the three months ended September 30, 2015 was $0.79 per pound, compared to $1.08 per pound in the three months ended September 30, 2014.

Sales to external customers from our Alumina segment in the three months ended September 30, 2015 increased to $64.3 million from $57.3 million in the three months ended September 30, 2014, driven primarily by higher volumes, which increased external sales by $10.6 million, partially offset by the $3.6 million effect of lower sales prices.

Sales to external customers from our Bauxite segment in the three months ended September 30, 2015 increased to $14.7 million from $11.9 million in the three months ended September 30, 2014, primarily as a result of higher external sales prices which increased external sales by $2.3 million, and an increase in external shipment volume, resulting in a $0.5 million external sales increase.

Sales to our external customers in our Flat-Rolled segment decreased to $141.2 million during the three months ended September 30, 2015 from $157.2 million in the three months ended September 30, 2014, primarily due to lower flow-through metal prices.

Cost of sales

Cost of sales for the three months ended September 30, 2015 was $336.0 million compared to $335.5 million in the three months ended September 30, 2014.

Total cost of sales in the Primary segment increased to $162.1 million for third quarter 2015 from $153.2 million for third quarter 2014. The increase primarily related to the negative impact of higher usage rates resulting from operating the smelter below capacity due to the production instabilities and the casthouse explosion discussed above under “Overview and Recent Developments.”

Total cost of sales in the Alumina segment was $80.5 million for third quarter 2015 compared to $89.5 million for third quarter 2014. The decrease in cost of sales was primarily due to favorable natural gas prices and improvements in key raw material usages.

Total cost of sales in the Bauxite segment was $32.6 million for third quarter 2015 compared to $31.1 million for third quarter 2014. The increase in cost of sales was primarily a result of the additional production levy of $3.0 million, partially offset by lower fuel costs.

Flat-Rolled segment cost of sales decreased to $120.2 million for third quarter 2015 from $146.7 million for third quarter 2014. The decrease related primarily to lower flow-through metal prices.

Selling, general and administrative expenses

Selling, general and administrative expenses in the three months ended September 30, 2015 increased to $25.9 million from $19.6 million in the three months ended September 30, 2014, primarily due to higher legal and other professional fees of $2.8 million and higher benefit costs of $1.7 million.

Goodwill and other intangibles impairment

During the three months ended September 30, 2015, we recognized a $137.6 million non-cash goodwill impairment charge and a $0.3 million non-cash impairment charge with respect to other intangibles. See “Critical Accounting Policies and Estimates - Goodwill and Other Intangibles Impairment” for additional information.

Other recoveries

During the three months ended September 30, 2015 we received property insurance proceeds related to the New Madrid casthouse explosion that occurred during the third quarter of 2015.

Operating loss (income)

Operating loss for the three months ended September 30, 2015 was $181.6 million compared to operating income of $6.3 million in the three months ended September 30, 2014. The decrease in operating income primarily resulted from the $137.6 million non-cash goodwill impairment charge, lower external shipments by the Primary segment, lower realized MWTP and higher selling, general and administrative expenses partially offset by higher external shipments by the Alumina segment.

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Interest expense, net

Interest expense in the three months ended September 30, 2015 was $13.0 million compared to $12.6 million in the three months ended September 30, 2014. The increase in interest expense results primarily from interest on our asset based loan (“ABL”) and project specific financing. Our average outstanding indebtedness increased to $708.6 million during the third quarter of 2015 from $677.6 million in the third quarter of 2014.

(Gain) loss on hedging activities, net

Loss on hedging activities was $7.3 million in the three months ended September 30, 2015 compared to a gain of $2.6 million in the three months ended September 30, 2014. The increase in loss on hedging activities primarily results from the decrease in forward rates on LME aluminum and Midwest premium prices.

Loss before income taxes

Loss before income taxes was $201.9 million in the three months ended September 30, 2015, compared to loss before income taxes of $3.7 million in the three months ended September 30, 2014. The special items outlined below impacted the comparability of our pre-tax income for the three months ended September 30, 2015 and 2014 as follows (in millions):

	Three months ended September 30,
	2015		2014
	$		$
	Increase (decrease) to net income
Special items:
Gain (loss) on hedging activities: (1)
GAAP mark-to-market	(7.3	)	2.6
Cash settlements received (paid)	(6.8	)	2.7
Amount treated as special item	(0.5	)	(0.1	)
Other termination expenses	(0.5	)	(0.7	)
Non-recurring consulting fees	(1.4	)	—
Non-recurring employee benefits	—		—
Goodwill and other intangibles impairment	(137.9	)	—
Excess insurance recoveries	5.1		—
Other, net	0.2		(0.2	)
Total special items (pre-tax)	(135.0	)	(1.0	)

⁽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 benefit was $26.8 million in the three months ended September 30, 2015, compared to income tax expense of $0.2 million in the three months ended September 30, 2014.

Our effective income tax rate was approximately 13.3% for the three months ended September 30, 2015 and (5.4)% for the three months ended September 30, 2014. The effective income tax rate for the three months ended September 30, 2015 was primarily impacted by state income taxes, non-deductibility of our goodwill impairment, and a foreign deferred tax asset valuation allowance. The effective income tax rate for the three months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

Net loss

Net loss was $175.1 million in the three months ended September 30, 2015, compared to net loss of $3.9 million in the three months ended September 30, 2014. The $171.2 million increase in net loss resulted from the $187.9 milliondecrease in operating income (reflecting the $137.6 million impairment charge), $9.9 million increase in loss on derivatives, and a $0.4 million increase in interest, partially offset by a $27.0 millionincrease in income tax benefit.

Discussion of quarterly segment results

Bauxite

Bauxite segment sales, including intersegment sales, for the three months ended September 30, 2015 were $33.5 million, compared to $30.8 million for the three months ended September 30, 2014. Higher realized pricing increased sales by $2.1 million and higher shipment volume increased sales by $0.5 million.

Segment profit in the three months ended September 30, 2015 was $0.5 million compared to a $1.5 million loss in the three months ended September 30, 2014. Bauxite results reflect $3.5 million lower fuel costs, a $1.0 million currency benefit and lower demurrage fees, partially offset by the $3.0 million additional production levy.

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Alumina

Alumina segment sales, including intersegment sales, for the three months ended September 30, 2015 were $78.0 million compared to $92.7 million for the three months ended September 30, 2014. Of this decrease, $11.2 million resulted from lower volume, and the remaining decrease resulted from lower selling prices.

Segment profit in the three months ended September 30, 2015 was $2.2 million compared to a profit of $6.5 million in the three months ended September 30, 2014. Alumina segment results reflect the lower prices for alumina and lower internal shipments, partially offset by the favorable $5.5 million benefit from lower natural gas prices and improvements in key raw material usages. Internal shipments of alumina to the Primary segment were lower during the three months ended September 30, 2015 due to our entry into a more favorable sales agreement for multi-shipment exports to an aluminum smelter in China. During the three months ended September 30, 2015 the Alumina segment exported approximately 60 kilometric tonnes of smelter grade alumina.

Primary

Primary segment sales, including intersegment sales, decreased to $115.8 million in the three months ended September 30, 2015 from $166.2 million in the three months ended September 30, 2014. This decrease in sales resulted from lower realized MWTP, which reduced sales by $42.4 million, and lower external shipments, which reduced sales by $16.2 million partially offset by higher internal shipments.

• Our average realized MWTP decreased by 26.9%, to $0.79 per pound, in the three months ended September 30, 2015 compared to $1.08 per pound in the three months ended September 30, 2014.

Segment loss in the three months ended September 30, 2015 was $38.8 million compared to segment income of $20.4 million in the three months ended September 30, 2014. The decline in Primary segment results is primarily due to the lower MWTP, which accounted for $42.4 million of the decrease, and the negative impact of operating the smelter below capacity and lower external value-added shipments at the Primary segment, which resulted in a decrease of $4.6 million.

Flat-Rolled Products

Sales in our Flat-Rolled Products segment were $141.2 million in the three months ended September 30, 2015 compared to $157.2 million in the three months ended September 30, 2014. The sales decrease was due to $13.2 million of lower pricing and $2.7 million of lower sales volume.

Segment profit in three months ended September 30, 2015 was $18.1 million compared to $17.6 million in the three months ended September 30, 2014. Flat-Rolled results improved primarily due to favorable operating performance at the rolling mills.

Corporate

Corporate expenses were $8.9 million in the three months ended September 30, 2015 compared to $6.0 million in the three months ended September 30, 2014. The increase is primarily due to a $1.9 million increase in accruals for employee benefits costs and higher legal and professional fees.

Discussion of consolidated operating results for the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014

Sales

Sales for the nine months ended September 30, 2015 were $987.8 million compared to $1,018.9 million in the nine months ended September 30, 2014, a decrease of 3.1%. This decrease was primarily due to lower average MWTP, which accounted for a $14.1 million decrease in sales and lower external shipments at the Primary segment that resulted in a $54.4 million decrease in sales, were partially offset by increased external shipments at the Alumina segment that accounted for a $20.3 million increase in sales.

Sales to external customers from our Primary segment decreased to $337.0 million in the nine months ended September 30, 2015 from $391.4 million in the nine months ended September 30, 2014. The $54.4 million decrease in external sales was primarily driven by lower external shipments which resulted in a decrease of $33.3 million and lower realized MWTP which decreased sales by $21.1 million.

• Our average realized MWTP for the nine months ended September 30, 2015 was $0.93 per pound, compared to $1.00 per pound in the nine months ended September 30, 2014.

Sales to external customers from our Alumina segment in the nine months ended September 30, 2015 were $171.6 million compared to $150.4 million in the nine months ended September 30, 2014. The increase was almost entirely due to higher sales volumes.

Sales to external customers from our Bauxite segment in the nine months ended September 30, 2015 were $37.0 million compared to $36.5 million in the nine months ended September 30, 2014. Higher sales prices of $2.6 million more than offset the $2.1 million sales decrease from lower external shipment volumes.

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Sales to our external customers in our Flat-Rolled segment were $442.2 million during the nine months ended September 30, 2015 compared to $440.6 million in the nine months ended September 30, 2014. Higher sales prices of $3.4 million more than offset the $1.8 million sales decrease from lower external sales volume.

Cost of sales

Cost of sales for the nine months ended September 30, 2015 was $971.5 million compared to $962.9 million in the nine months ended September 30, 2014.

Total cost of sales in Primary increased to $440.4 million for nine months ended September 30, 2015 from $430.2 million for nine months ended September 30, 2014. The increase primarily related to the negative impact of higher usage rates from operating the smelter below capacity as a result of the production instabilities and the casthouse explosion discussed above under “Overview and Recent Developments.”

Total cost of sales in the Alumina segment was $242.3 million for nine months ended September 30, 2015 compared to $267.4 million for nine months ended September 30, 2014. The decrease in cost of sales was primarily due to favorable natural gas prices and improvements in key raw material usages.

Total cost of sales in the Bauxite segment was $94.7 million for nine months ended September 30, 2015 compared to $87.3 million for nine months ended September 30, 2014. The increase in cost of sales was primarily a result of the $8.9 million additional bauxite production levy.

Flat-Rolled cost of sales decreased to $393.7 million for nine months ended September 30, 2015 from $409.4 million for nine months ended September 30, 2014. The decrease was primarily due to lower aluminum prices.

Selling, general and administrative expenses

Selling, general and administrative expenses in the nine months ended September 30, 2015 were $74.7 million, compared to $58.1 million in the nine months ended September 30, 2014. Selling, general and administrative expenses increased primarily due to higher benefit and severance costs and increased legal and other professional fees.

Goodwill and other intangibles impairment

During the nine months ended September 30, 2015,we recognized a $137.6 million non-cash goodwill impairment charge and a $0.3 million non-cash impairment charge with respect to other intangibles. See “Critical Accounting Policies and Estimates - Goodwill and Other Intangibles Impairment” for additional information.

Other recoveries

During the nine months ended September 30, 2015 we received $6.4 million of property insurance proceeds related to the New Madrid casthouse explosion that occurred during the third quarter of 2015.

Operating income (loss)

Operating loss for the nine months ended September 30, 2015 was $187.6 million compared to operating loss of $2.1 million in the nine months ended September 30, 2014. The increase in operating loss primarily resulted from the $137.6 million non-cash goodwill impairment charge, lower external shipments at the Primary segment, lower realized MWTP and higher selling, general and administrative expenses, partially offset by higher external shipments by the Alumina segment.

Interest expense, net

Interest expense in the nine months ended September 30, 2015 was $39.4 million compared to $37.7 million in the nine months ended September 30, 2014. The increase in interest expense results primarily from interest on the ABL and project specific financing in the first nine months of 2015. Our average outstanding indebtedness increased to $693.6 million during the nine months ended September 30, 2015 from $670.8 million in the nine months ended September 30, 2014.

(Gain) loss on hedging activities, net

Loss on hedging activities was $10.5 million in the nine months ended September 30, 2015 compared to a gain on hedging activities of $2.2 million in the nine months ended September 30, 2014. The increase in loss on hedging activities primarily results from the decrease in MWTP.

Loss before income taxes

Loss before income taxes was $237.5 million in the nine months ended September 30, 2015, compared to loss before income taxes of $37.6 million in the nine months ended September 30, 2014. The special items outlined below impacted the comparability of our pre-tax income for the nine months ended September 30, 2015 and 2014 as follows (in millions):

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	Nine months ended September 30,
	2015		2014
	$		$
	Increase (decrease) to net income
Special items:
Gain (loss) on hedging activities: (1)
GAAP mark-to-market	(10.5	)	2.2
Cash settlements received (paid)	(12.4	)	3.0
Amount treated as special item	1.9		(0.8	)
Other termination expenses	(5.1	)	(0.2	)
Non-recurring consulting fees	(3.0	)	(1.0	)
Non-recurring employee benefits	(0.7	)	—
Goodwill and other intangibles impairment	(137.9	)	—
Excess insurance recoveries	5.1		—
Other, net	0.3		(0.4	)
Total special items (pre-tax)	(139.4	)	(2.4	)

⁽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

Income tax benefit was $34.3 million in the nine months ended September 30, 2015, compared to income tax benefit of $9.3 million in the nine months ended September 30, 2014.

Our effective income tax rate was approximately 14.4% for the nine months ended September 30, 2015 and 24.7% for the nine months ended September 30, 2014. The effective income tax rate for the nine months ended September 30, 2015 was primarily impacted by state income taxes, non-deductibility of our goodwill impairment, 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 nine months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

Net loss

Net loss was $203.2 million in the nine months ended September 30, 2015, compared to net loss of $28.3 million in the nine months ended September 30, 2014. The higher net loss resulted from the $185.5 million decrease in operating income a $12.7 million increase in loss on derivatives, and a $1.7 million increase in interest, partially offset by a $25.0 millionincrease in income tax benefit.

Discussion of year-to-date segment results

Bauxite

Bauxite segment sales, including intersegment sales, for the nine months ended September 30, 2015 were $95.6 million, compared to $90.9 million for the nine months ended September 30, 2014. Higher realized pricing increased sales by $3.6 million and higher total shipment volume increased sales by $1.1 million.

Segment loss in the nine months ended September 30, 2015 was $0.5 million compared to a $0.3 million loss in the nine months ended September 30, 2014. The decrease in segment performance is due to the additional $8.9 million production levy, largely offset by lower fuel prices and higher sales prices.

Alumina

Alumina segment sales, including intersegment sales, for the nine months ended September 30, 2015 were $245.2 million compared to $247.7 million for the nine months ended September 30, 2014. This decrease was primarily related to lower internal sales to New Madrid mostly offset by higher external shipment volumes, which increased sales by $20.3 million, and higher sales prices on external shipments, which increased sales by $0.9 million.

Segment profit in the nine months ended September 30, 2015 was $14.3 million compared to segment loss of $8.6 million in the nine months ended September 30, 2014, primarily due to the $20.9 million impact of a reduction in natural gas prices and improvements in key raw material usages.

Primary

Primary Aluminum segment sales, including intersegment sales, decreased to $404.1 million in the nine months ended September 30, 2015 from $471.6 million in the nine months ended September 30, 2014.

• The average realized MWTP decreased 7.0% in the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014.

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• Lower external shipments decreased sales by $33.3 million in the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014.

Segment loss in the nine months ended September 30, 2015 was $11.9 million compared to segment income of $63.9 million in the nine months ended September 30, 2014. This decrease is primarily due to the lower MWTP and the negative impact of higher costs associated with operating the smelter below capacity as a result of the production instabilities discussed above under “Overview and Recent Developments.”

Flat-Rolled Products

Sales in our Flat-Rolled Products segment were $442.2 million in the nine months ended September 30, 2015 compared to $440.6 million in the nine months ended September 30, 2014. The sales increase was primarily due to $3.4 million from higher pricing partially offset by $1.8 million from lower volume.

Segment profit in nine months ended September 30, 2015 was $47.2 million compared to $43.6 million in the nine months ended September 30, 2014. Segment profit increased primarily due to a $2.2 million reduction in natural gas costs, as well as productivity savings.

Corporate

Corporate expenses were $3.7 million higher in the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014, due primarily to increased accruals for employee benefit costs and higher legal and professional fees.

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 September 30, 2015, available borrowing capacity under the Company’s asset-based revolving credit facility was $103.8 million, which is net of $44.2 million in outstanding letters of credit. The Company’s total available liquidity as of September 30, 2015 was $112.7 million, a $46.4 million decrease from total liquidity at June 30, 2015. There were no outstanding borrowings under the Company’s asset-based revolving credit facility as of September 30, 2015.

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 and (iii) meet pension funding requirements. Based on our current level of operations and the current level of the MWTP, we believe that 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 refinance our indebtedness, or 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. On June 18, 2015, the Board suspended dividend payments.

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

	Nine months ended September 30,
	2015		2014
	$		$
Cash provided by operating activities	25.0		4.2
Net cash used in investing activities	(47.3	)	(59.7	)
Cash provided by financing activities	10.7		0.4
Change in cash and cash equivalents	(11.6	)	(55.1	)

Operating activities

Operating activities provided $25.0 million of cash in the nine months ended September 30, 2015 compared to $4.2 million in the nine months ended September 30, 2014. In the nine months ended September 30, 2015, we produced $26.9 million of segment profit. As summarized in the table below, the variability in operating cash flow during the nine months ended September 30, 2015 and 2014 results from different levels of segment profit and working capital management in each period (in millions):

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	Nine months ended September 30,
	2015			2014
	$			$
Segment profit	$	26.9		$	77.7
Prepaid expenses and other	3.1			(17.5		)
Interest paid	(33.9		)	(32.5		)
Taxes paid	(3.9		)	(6.9		)
Operating working capital (deficit)	32.8			(16.6		)
Cash provided by operating activities	$	25.0		$	4.2

Investing activities

Capital expenditures were $57.6 million in the nine months ended September 30, 2015 and $59.9 million in the nine months ended September 30, 2014. We received insurance proceeds during the third quarter of 2015 related to the explosion that occurred in the casthouse at our New Madrid smelter in August 2015. Of those proceeds received, $1.7 million related to capital expenditures and are shown as investing activities for the nine months ended September 30, 2015.

During the nine months ended September 30, 2015, our investing cash flows from investing activities also reflected proceeds of $6.4 million resulting from our surrender of paid-up additions on our corporate-owned life insurance policies.

Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $11.9 million for the nine months ended September 30, 2015 and $1.7 million for the nine months ended September 30, 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 nine months ended September 30, 2015, our financing cash flows reflected our quarterly Term B Loan and project specific financing repayments of $3.6 million and $4.2 million, respectively, and dividend payments to stockholders totaling $1.4 million. On June 18, 2015 the Board of Directors suspended the quarterly dividend.

During the second quarter of 2015, we entered into a lease agreement for $14.8 million with a third party to finance certain equipment at the new rod mill in New Madrid. The Company expects the new rod mill to cost approximately $55 million, of which approximately $5 million represents anticipated future expenditures. The Company expects production at the rod mill to begin during the second quarter of 2016.

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Adjusted EBITDA

“Adjusted EBITDA”, referred to as “EBITDA” in the Company’s debt agreements, is relevant to several material covenants in the debt agreements addressing our ability to enter into specified transactions and incur additional indebtedness. The Company’s debt agreements do not require it 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 asset-based revolving credit facility, to its 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 September 30,				Nine months ended September 30,				Twelve months ended
	2015		2014		2015		2014		September 30, 2015		December 31, 2014
	$		$		$		$		$		$
Adjusted EBITDA	(26.4	)	36.6		26.9		77.7		76.5		127.3
Last in, first out and lower of cost or market inventory adjustments (a)	0.8		(2.2	)	(0.3	)	(3.2	)	(2.0	)	(4.9	)
Gain (loss) on disposal of assets	1.1		(0.1	)	1.6		(0.2	)	1.4		(0.4	)
Goodwill and other intangibles impairment	(137.9	)	—		(137.9	)	—		(137.9	)	—
Non-cash pension, accretion and stock compensation	(4.2	)	(2.4	)	(13.3	)	(7.1	)	(15.8	)	(9.6	)
Restructuring, relocation and severance	(0.5	)	(0.7	)	(5.1	)	(0.3	)	(6.1	)	(1.3	)
Consulting fees	(1.4	)	—		(3.0	)	(0.3	)	(3.4	)	(0.7	)
Non-cash derivative gains (losses)(b)	(0.5	)	(0.1	)	1.9		(0.8	)	2.4		(0.3	)
Excess insurance recoveries	5.1		—		5.1		—		5.1		—
Other, net	(1.1	)	(0.5	)	(3.6	)	—		(2.5	)	1.1
Depreciation and amortization	(23.9	)	(21.7	)	(70.4	)	(65.7	)	(94.2	)	(89.5	)
Interest expense, net	(13.0	)	(12.6	)	(39.4	)	(37.7	)	(52.1	)	(50.4	)
Income tax (expense) benefit	26.8		(0.2	)	34.3		9.3		27.1		2.1
Net loss	(175.1	)	(3.9	)	(203.2	)	(28.3	)	(201.5	)	(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 September 30,			Nine months ended September 30,			Twelve months ended
	2015	2014		2015	2014		September 30, 2015	December 31, 2014
	$	$		$	$		$	$
Variable-price aluminum offset swaps and other	6.8	(2.7	)	12.4	(3.0	)	10.4	(5.0	)
Total	6.8	(2.7	)	12.4	(3.0	)	10.4	(5.0	)

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 the Company’s 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 the Company’s results as reported under U.S. GAAP. For example, Adjusted EBITDA excludes certain tax payments that may represent a reduction in cash available to the Company; 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, the Company’s working capital needs; and does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on the Company’s indebtedness. Adjusted EBITDA also includes incremental stand-alone costs and eliminates the effect of 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

55

could be used for other corporate purposes. You should not consider the Company’s Adjusted EBITDA as an alternative to operating income or net income determined in accordance with U.S. GAAP, as an indicator of the Company’s operating performance, an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of the Company’s cash flows or as a measure of liquidity.

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

	Three months ended September 30,				Nine months ended September 30,				Twelve months ended
	2015		2014		2015		2014		September 30, 2015		December 31, 2014
	$		$		$		$		$		$
Adjusted EBITDA	(26.4	)	36.6		26.9		77.7		76.5		127.3
Share-based compensation expense	0.7		0.9		2.3		2.5		3.2		3.4
Changes in other assets	(1.2	)	(1.6	)	(3.6	)	(5.7	)	(8.3	)	(10.4	)
Changes in pension, other post-retirement liabilities and other long-term liabilities	0.7		(3.4	)	5.7		(4.4	)	7.7		(2.4	)
Changes in current operating assets and liabilities	25.6		14.4		50.1		(0.5	)	32.0		(18.6	)
Changes in current income taxes	1.9		(9.4	)	(1.7	)	(20.4	)	9.2		(9.5	)
Changes in accrued interest	(12.3	)	(11.9	)	(37.3	)	(35.7	)	(49.3	)	(47.7	)
Non-cash pension, accretion and stock compensation	(4.2	)	(2.4	)	(13.3	)	(7.1	)	(15.8	)	(9.6	)
Restructuring, relocation and severance	(0.5	)	(0.7	)	(5.1	)	(0.3	)	(6.1	)	(1.3	)
Consulting fees	(1.4	)	—		(3.0	)	(0.3	)	(3.4	)	(0.7	)
Excess insurance recoveries	5.1		—		5.1		—		5.1		—
Other, net	(1.0	)	(1.1	)	(1.1	)	(1.6	)	0.6		0.1
Cash provided by (used in) operating activities	(13.0	)	21.4		25.0		4.2		51.4		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, for the year ended December 31, 2014.

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 September 30, 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 September 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II    OTHER INFORMATION

Item 1. Legal Proceedings

See the description of a pending arbitration proceeding relating to a dispute between Noranda Bauxite Limited (“NBL”) and the Government of Jamaica (“GOJ”) regarding the amount of the production levy payable by NBL to the GOJ in Note 19, “Non-Controlling Interest,” to the condensed consolidated financial statement included in this report, which is incorporated herein by reference.

Item 1A.    Risk Factors

Our operations have been and will continue to be exposed to various business and other risks, changes in conditions and events beyond our control in foreign countries.

We have production activities outside the United States via our bauxite mining operation in St. Ann, Jamaica. We are, and will continue to be, subject to financial, political, economic and business risks in connection with our foreign operations. These risks include those associated with political or financial instability, expropriation, renegotiation or nullification of agreements, and changes in local government laws, regulations and policies, including those related to taxation, employment regulations and repatriation of earnings. While the impact of these factors is difficult to predict and beyond our control, any one or more of them could materially and adversely affect our business, financial condition or operating results. In addition to the business risks inherent in operating outside the United States, economic conditions may be more volatile, legal and regulatory systems less developed and predictable and the possibility of various types of adverse governmental action more pronounced. We have been attempting to negotiate with the GOJ a new fiscal structure. However, we are in a dispute with the GOJ with regard to the amount of production levy payments payable to the GOJ. The dispute has been submitted to arbitration, and an arbitration hearing will be conducted in December 2015. See Note 19, “Non-Controlling Interest” to the condensed consolidated financial statements included in this report for additional information regarding the arbitration proceeding. An unfavorable outcome in the arbitration could materially and adversely affect our business, financial condition, results of operations and cash flows.

In addition, our revenues, expenses, cash flows and results of operations could be affected by matters in foreign countries that more generally affect the global market for primary aluminum products, including inflation, fluctuations in currency and interest rates, competitive factors, civil unrest and labor problems. Our operations and the commercial markets for our products could also be materially and adversely affected by acts of war, terrorism or the threat of any of these events as well as government actions such as controls on imports, exports and prices, tariffs, new forms of taxation or changes in fiscal regimes and increased government regulation in countries engaged in the manufacture or consumption of aluminum products. Unexpected or uncontrollable events or circumstances in any of these markets could materially and adversely affect our business, financial condition, results of operations or cash flows.

Our operations present significant risk of injury or death. We may be subject to claims that are not covered by or exceed our insurance.

Because of the heavy industrial activities conducted at our facilities, there exists a risk of injury or death to our employees or other visitors, notwithstanding the safety precautions we take. Our operations are subject to regulation by various federal, state and local agencies responsible for employee health and safety, including the Occupational Safety and Health Administration (“OSHA”) and Mine Safety and Health Administration, which in the past has levied fines against us for certain isolated incidents. While we have in place policies to minimize such risks, we may nevertheless be unable to avoid material liabilities for any employee death or injury that may occur in the future. These types of incidents may not be covered by or may exceed our insurance coverage and could materially and adversely effect on our business, financial condition, results of operations and cash flows.

On August 4, 2015, an explosion occurred at the casthouse on the site of our New Madrid smelter. Promptly after the explosion, our on-site emergency action team, joined by local emergency response units, secured the area and provided medical assistance. No serious injuries resulted; however, a portion of the casthouse has suffered extensive damage. Although the incident affected our production of extrusion billet, it did not affect our molten aluminum production, and we are redirecting the molten aluminum output to other saleable products such as redraw rod and aluminum ingot. We are not yet able to estimate the financial impact of this incident, as we are continuing to assess the extent of the damage and the measures required to repair the facility and restore operations. However, we anticipate that a substantial portion of the loss resulting from the incident will be covered by our property and business interruption insurance. OHSA is investigating the incident, and at this early stage, we are unable to predict whether any administrative or other actions will result. Any such action or any material shortfall in insurance coverage with respect to the incident could materially and adversely effect on our business, financial condition, results of operations and cash flows.

57

Delays in restoring our New Madrid casthouse to its full production capacity of extrusion billet could materially and adversely affect our business, financial condition, results of operations and cash flows.

On August 4, 2015, an explosion occurred at the casthouse on the site of our New Madrid smelter. Although the incident affected our production of extrusion billet, it did not affect our molten aluminum production, and we are redirecting the molten aluminum output to other saleable products such as redraw rod and aluminum ingot. Nevertheless, our inability to produce extrusion billet has adversely affected Primary segment operation results. Our plan for restoring billet production will be dependent on market conditions and equipment lead times.

We may not be able to maintain the listing of our common stock on the New York Stock Exchange.

On July 22, 2015, we were notified by NYSE Regulation, Inc. that we were no longer in compliance with the New York Stock Exchange (“NYSE”) listing standards because the average closing price of our common stock had fallen below $1.00 per share over a period of 30 consecutive trading days.

We notified the NYSE on July 31, 2015 that we intended to cure the deficiency. In this regard, on August 25, 2015, we filed an amendment to our amended and restated certificate of incorporation that, among other things, effected a 1-for-7 reverse stock split of our common stock. On October 2, 2015, we were notified by the NYSE that our average stock price for the 30 consecutive trading days ended September 30, 2015 indicated that the Company’s stock price was above $1.00 per share and, therefore the Company has regained compliance with the applicable NYSE continued listing requirement. However, we cannot assure that our stock price will continue to remain in compliance with this standard. Our stock price may be adversely affected due to, among other things, our financial results, market conditions and market perception of our business.

In addition, on August 7, 2015, the Company received another notice from NYSE Regulation, Inc. stating that we also were not in compliance with NYSE listing standards because our average market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, stockholders’ equity was less than $50 million. In September 2015, we submitted a plan to the NYSE that articulates steps we plan to take to regain compliance with the listing standard within 18 months following receipt of the notice. The NYSE has accepted our plan of compliance for continued listing on the NYSE.  As a result, Noranda’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE to monitor the Company’s progress against the plan. If we fail to meet any material aspects of the plan or any quarterly milestones, or if we do not regain compliance within the 18 month period, we will be subject to suspension and delisting procedures. There is no assurance that we will regain compliance with the listing standard.

If we are not able to regain compliance with NYSE listing standards, our common stock will be delisted from trading on the NYSE. The delisting of our stock from trading on the NYSE could result in a reduction in the liquidity of our stock, due to factors such as a reduction in the number of investors that will consider investing in our securities, the number of market makers in the securities, reduction in securities analyst and news media coverage, and lower market prices than might otherwise be obtained. Moreover, delisting from the NYSE could, among other things, have a negative impact on our relationships with stockholders, businesses and lenders, our access to debt and equity financing, and our ability to attract and retain personnel through our use of equity compensation. Any of these events could materially and adversely affect our business, financial condition and results of operations.

Except as set forth above, there have been no additional material changes to the risk factors previously disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2014 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.

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

None.

Item 3. Defaults upon Senior Securities

None.

58

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

Exhibit number	Description
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)
3.1.1	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Noranda Aluminum Holding Corporation (incorporated by reference to Exhibit 3.1 of the Noranda Aluminum Holding Corporation’s Current Report on Form 8-K filed on August 25, 2015)
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)
10.1	Management Incentive Term Sheet, dated May 12, 2015, between Noranda Aluminum Holding Corporation and Julio C. D. Costa
12.1	Computation of Ratio of Earnings to Fixed Charges
31.1	Chief Executive Officer Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
31.2	Chief Financial Officer Certification pursuant to Rule 13a-14(a) under the Exchange Act
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act
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

59

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
November 9, 2015	/s/ LAYLE K. SMITH
	Layle K. Smith Chief Executive Officer (Principal Executive Officer)

60

INDEX TO EXHIBITS

Exhibit number	Description
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)
3.1.1	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Noranda Aluminum Holding Corporation (incorporated by reference to Exhibit 3.1 of the Noranda Aluminum Holding Corporation’s Current Report on Form 8-K filed on August 25, 2015)
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)
10.1	Management Incentive Term Sheet, dated May 12, 2015, between Noranda Aluminum Holding Corporation and Julio C. D. Costa
12.1	Computation of Ratio of Earnings to Fixed Charges
31.1	Chief Executive Officer Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
31.2	Chief Financial Officer Certification pursuant to Rule 13a-14(a) under the Exchange Act
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act
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

61

EX-10.1

Exhibit 10.1

May 12, 2015

Julio C. D.Costa

16 McCullock Rise

Western Australia, 6149

Management Incentive Termsheet

Name : Julio C. D.Costa

Effective Date: on or before June 01, 2015 or as soon as VISA is obtained, whichever comes first

Term of Employment: Three years, commencing on the Effective Date, subject to earlier termination by either party; term of employment shall automatically be renewed for consecutive one-year terms at the end of the initial term unless either party gives at least 90 days’ written notice of its intention not to renew prior to the expiration of a term (provided that no notice of non-renewal may be given during the 18-month period following a Change in Control (as defined below) or prior to a Change in Control but in connection with a pending Change in Control and at the request of a third-party attempting to effectuate such a Change in Control).

Position: President – Bauxite & Refinery

Reports to: Chief Executive Officer

Location: You will be based out of the headquarters of Noranda Aluminum, Inc. (the “Company”) in Franklin, Tennessee during the regular work week (i.e., Monday to Friday) except for travel on Company business or during holidays.

Annual Base Salary: $395,000 USD

Annual Incentive Bonus: Targeted annual bonus is 60% of base salary, with target payout primarily dependent upon achievement of the targets set forth for you in the Company’s bonus plan.

Employee Benefits: You will participate in the employee benefits plans made available to senior executives of the Company

Vacation: You will be entitled to four weeks per annum of paid vacation (or longer if provided for under the Company’s vacation policy).

Change in Control: For purposes of this termsheet, “Change in Control” shall have the meaning ascribed to it in the Noranda Aluminum Holding Corporation 2015 Incentive Award Plan (as in effect on the Effective Date) (the “LTIP”).

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If the Executive’s employment is terminated prior to a Change in Control and the Executive demonstrates that such termination (i) was at the request of a third party who had indicated an intention or taken steps reasonably calculated to effect a Change in Control and who effectuates a Change in Control or (ii) otherwise occurred in connection with, or in anticipation of, a Change in Control which actually occurs, then for all purposes of this Agreement, the date of the Change in Control with respect to the Executive shall mean the date immediately prior to the date of such termination of the Executive’s employment.

If, during the term of this Agreement, the Executive’s employment with the Company shall be terminated within 18 months following a Change in Control, the Executive shall be entitled to the following compensation and benefits:

(a) If the Executive’s employment with the Company and its affiliates shall be terminated (1) by the Company for Cause or Disability (as defined in the LTIP, (2) by reason of the Executive’s death, or (3) by the Executive other than for Good Reason, the Company shall pay to the Executive any and all accrued compensation up to the date of termination and, if such termination is other than by the Company for Cause, a pro rata bonus for the year of termination strictly in accordance with the Company’s incentive plan (payable at the time annual bonuses are generally distributed for applicable fiscal year).

(b) If the Executive’s employment with the Company and its affiliates shall be terminated for any reason other than as specified in (a) above, the Executive shall, subject to the Executive’s execution (within 50 days of the date of termination) and non-revocation of a release of claims in a form reasonably acceptable to the Company, be entitled to the following:

i. The Company shall pay the Executive all accrued compensation and a pro rata bonus for the year of termination strictly in accordance with the Company’s incentive plan (payable at the time annual bonuses are generally distributed for the allocable fiscal year);

ii. The company shall pay the Executive, as severance pay and in lieu of any further compensation for periods subsequent to the termination date, in a single payment to be made on the 60^th day following the date of termination, an amount in cash equal to two times the sum of (A) the Executive’s base salary on the date of the Change in Control or on the date of termination, whichever is greater, and (B) the Executive’s target annual bonus amount, based on the salary and bonus percentage in effective on the date of the Change in Control or on the date of termination, in each case, whichever is greater;

iii. The Company will also provide you (and your eligible dependents) continued health benefits for an 18-month period or until you and your dependents are eligible to be covered by a successor employer’s comparable plans, whichever is sooner.

Severance: For circumstances other than those involving a Change in Control, in the event that your employment is terminated by the Company without Cause or you resign your employment for Good Reason, subject to your execution (within 50 days of the date of termination) and non-revocation of a release of

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claims in a form reasonably acceptable to the Company, the Company will pay you (i) severance in an amount equal to your then-current base salary plus target bonus for a period of 12 months, and (ii) a pro rata portion of your annual bonus with respect to the portion of the year in which your termination occurs based on the Company’s actual performance for such full year and payable at such time as annual bonuses are otherwise paid by the company. Amounts owed under (i) of this paragraph shall be payable in accordance with the Company’s regular payroll practices as of the date of termination in the same amounts per payroll cycle in effect immediately prior to termination until the end of the calendar year in which termination occurs and then in a lump sum payable in the first month of the year following termination. The Company will also provide you (and your eligible dependents) continued health benefits for a 12-month period, or until you and your dependents are eligible to be covered by a successor employer’s comparable plans, whichever is sooner, in the case of a termination entitling you to severance under this paragraph.

You will not be entitled to any severance (other than accrued and unpaid Base Salary) in the event that your employment with the Company is terminated for Cause or you resign without Good Reason.

Golden Parachute Cutback:Anything herein to the contrary notwithstanding, in the event Accounting Firm (as defined below) shall determine that receipt of all Payments (as defined below) would subject the Executive to the excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to the Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Accounting Firm determines that the Executive would have a greater net After-Tax Receipt (as defined below) of aggregate payments if the Agreement Payments were so reduced. If the Accounting Firm determines that the Executive would not have a greater Net After-Tax Receipt of aggregate Payments if the Agreement Payments were so reduced, the Executive shall receive all Agreement Payments to which the Executive is entitled hereunder. For purposes hereof, the “Accounting Firm” shall mean a nationally recognized certified public accounting firm that is selected by the Company for purposes of making the applicable determinations hereunder and reasonably acceptable to the Executive.

If the Accounting Firm determines that aggregate Agreement Payments should be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm hereunder shall be binding upon the Company and the Executive. For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the cash payments (to the extent such amounts are considered Payments) under the following sections in the following under: (x) cash severance payments, (y) prorated bonus payments and (z) any other cash Agreement

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Payments that would be made upon a termination of the Executive’s employment, beginning with payments that would be made last in time. All fees and expenses of the Accounting Firm shall be borne solely by the Company.

As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible the amounts will have been paid or distributed by the Company to or for the benefit of the Executive that should not have been so paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Safe Harbor Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or the Executive that the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, the Executive shall promptly (and in no event later than 60 days following the date on which the Overpayment is determined) repay any such Overpayment to the Company together with interest at the applicable federal short-term rate provided for in Section 7872(f)(2)(A) of the Code compounded semiannually; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the underpayment is determined) by the Company to or for the benefit of the Executive together with interest at the applicable federal short-term rate provided for in Section 7872(f)(2)(A) of the Code compounded semiannually.

To the extent requested by the Executive, the Company shall cooperate with the Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services provide or to be provided by the Executive (including without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant) before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code.

For purposes hereof, (i) “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under

Page 4 of 8

Section 1 of the Code and under state and local laws that applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Account Firm determined to be likely to apply to the Executive in the relevant tax year(s), (ii) “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of the Code of portion of such payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what extent the excise tax under Section 4999 of the Code will apply to such Payment, (iii) “Payment” shall mean any payment, distribution or benefit in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to the Agreement or otherwise, and (iv) “Safe Harbor Amount” means (x) 3.0 times the Executive’s “base amount,” within the meaning of Section 280G(3) of the Code, minus (y) $1.00.

Restrictive Covenants: You shall be subject to a noncompetition obligation with respect to the Company and a “no hire” and non-solicitation obligation with respect to the Company’s and its affiliates’ employees, independent contractors and customers (including former employees and independent contractors) as set forth in Section 9 of Parent’s Securityholders Agreement (the “Securityholders Agreement”), except that the “Restricted Period” shall apply while you are employed by the Company and for a period of twelve months after termination of employment for any reason. You agree that the terms of such Section 9 of the Securityholders Agreement, as modified hereby, are deemed incorporated herein, and shall survive any termination of the Securityholders Agreement.

You agree that you shall not, directly or indirectly, use, make available, sell, disclose, or otherwise communicate to any person, other than in the course of any assigned duties and for the benefit of the Company, either during your period of employment, or at any time thereafter, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated companies or businesses, or Parent, which shall have been obtained by you during your employment by the Company or subsidiary.

For the avoidance of doubt, these “Restrictive Covenants” shall survive termination of the term of employment.

Cause: For purposes of the foregoing, “Cause” means a termination of your employment by the Company or any of its subsidiaries based on (i) your commission of a felony crime or a crime of moral turpitude, (ii) your willful commission of a material act of dishonesty involving the Company or any of its affiliates or subsidiaries (iii) your material breach of your obligations under any agreement entered into between you and the Company or any of its subsidiaries and affiliates, (iv) your willful or continued failure to perform your material duties, (v) your material breach of the policies or procedures of the Company or any of its subsidiaries, or (vi) any other willful misconduct which causes material harm to the Company or any of its affiliates or subsidiaries or their business reputations, including due to any adverse publicity; provided, however, that none of the events described in the foregoing

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clauses (iii), (iv), (v) or (vi) shall constitute Cause unless the Company, or its applicable subsidiary that employs you, has notified you in writing describing the events which constitute Cause and then only if you fail to cure such events within fifteen
(15) days after receipt of such written notice (provided that, in the event such breach is not curable, no notice period shall be required).

Good Reason: For purposes of the foregoing, “Good Reason” means your voluntary resignation after any of the following actions are taken by the Company or any of its subsidiaries without your consent (i) a material reduction in your base salary or bonus potential (but not including any pre-Change in Control diminution related to an across-the-board compensation reduction applying to senior management of the Company and its subsidiaries generally), (ii) a material adverse change in your title, duties, or responsibilities each as in effect immediately after the Effective Date (iii) a requirement that you relocate your principal place of employment by more than 50 miles (other than in connection with a pre-Change in Control relocation of the Company’s headquarters, if you are relocated to the new headquarters), or (iv) a notice by the Company of non-extension of the term of employment (other than under circumstances where your employment is to be continued subsequent to such non-extension with terms of employment and severance protections that are consistent with peer group market practice, as determined by the Company in reasonable good faith); provided, however, that no termination shall be for Good Reason unless (x) you notify the Company, or its applicable subsidiary that employs you in within 60 days of the occurrence of the applicable event which constitutes Good Reason, (y) the Company or such subsidiary fails to cure such event within 30 days after receipt of such written notice, and (z) you terminate for Good Reason within 60 days of the conclusion of such cure period.

Miscellaneous: Your eligibility for severance hereunder serves in lieu of participation in any other severance plan, program, or arrangement of the Company and its affiliates, and you hereby waive any rights to participate in any such plans, programs, or arrangements.

In the event that you receive severance payments hereunder prior to execution and non-revocation of the required release of claims, and subsequently fail to execute within the requisite period, or revoke, such release of claims, the Company may require you to return an amount equal to all severance payments previously paid to you hereunder.

This termsheet is intended to comply with the requirements of Section 409A of the Code or an exception or exclusion therefrom and shall in all respects be administered in accordance with Section 409A of the Code. Severance payments are intended to be excluded from coverage under Section 409A of the Code. Notwithstanding the foregoing, in the event that such payments are deemed to be “nonqualified deferred compensation” for purposes of Section 409A of the Code and the Executive is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the date of termination), severance amounts that would otherwise be payable during the six-month period immediately following the Executive’s date of termination of employment shall instead be paid, with interest on any delayed payment at

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the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code determined as of such date, on the first business day after the date that is six months following such date. Each payment hereunder shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made hereunder. The Company and the Executive shall cooperate to ensure that the date of termination of employment coincides with the date of the Executive’s “separation from service” within the meaning of Section 409A of the Code, to the extent necessary for purposes of compliance with section 409A of the Code.

All reimbursements and in-kind benefits provided hereunder that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements by the Company hereunder be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses are incurred, provided that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred, (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year (other than medical reimbursements described in Treas. Reg. 1.409A-3(i)(1)(iv)(B)) shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year, (iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit, and (iv) in no event has the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or in longer, through the 20^th anniversary of the Effective Date).

To the extent permitted by the applicable Treasury regulations, the Company may, in consultation with the Executive, modify the terms hereof, in the least restrictive manner necessary and without any material diminution in the value of the rights of the Executive, in order to cause the provisions hereof to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A of the Code.

By signing below, the parties agree that this termsheet will be binding upon the parties and

constitutes a bonding commitment on the part of the undersigned Executive.

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NORANDA ALUMINUM, INC.
BY:	/s/ Gail E. Lehman
	Name: Gail E. Lehman Title: Chief Administrative Officer, Vice President HR & General Counsel
NORANDA ALUMINUM HOLDING CORPORATION
BY:	/s/ Gail E. Lehman
	Name: Gail E. Lehman Title: Chief Administrative Officer, Vice President HR & General Counsel

/s/ Julio. C. D. Costa

Julio C. D.Costa

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EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Computation of earnings:
Loss before income taxes	(201.9	)	(3.7	)	(237.5	)	(37.6	)
Plus: fixed charges	14.8		13.7		42.9		40.8
Less: capitalized interest	(1.2	)	(0.6	)	(1.6	)	(1.5	)
Earnings	(188.3	)	9.4		(196.2	)	1.7
Computation of fixed charges
Interest expense, net	13.0		12.6		39.4		37.7
Capitalized interest	1.2		0.6		1.6		1.5
Interest portion of operating lease expense	0.6		0.5		1.9		1.6
Fixed charges	14.8		13.7		42.9		40.8
Ratio of earnings to fixed charges	(12.7	)	0.7		(4.6	)	0.0
(a) When the ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected period is presented below.
	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Coverage deficiency - earnings to fixed charges	203.1		—		239.1		—

EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Layle K. Smith, certify that:

1. I have reviewed this Quarterly Report on Form 10‑Q for the period ended September 30, 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.

November 9, 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 Quarterly Report on Form 10‑Q for the period ended September 30, 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.

November 9, 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 Quarterly Report of Noranda Aluminum Holding Corporation (the “Company”) on Form 10‑Q for the period ended September 30, 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.

November 9, 2015	/s/ LAYLE K. SMITH
	Layle K. Smith
	Chief Executive Officer
November 9, 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, Louisiana (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 three months ended September 30, 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	1	—	—	—	—	—	—	No	No	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 three months ended September 30, 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 September 30, 2015, Noranda had three contest and/or civil penalty proceedings pending before the Commission.

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Derivative Financial Instruments Schedule of Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative [Line Items]

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

The following tables provide information as to the gross components of our net derivative balances as of September 30, 2015 and December 31, 2014 (in millions):

	As of September 30, 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	—	—	—	8.7	8.7
Total current derivative assets	—	—	—	8.7	8.7

	As of September 30, 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	(3.6	)	—	(3.6	)	—		(3.6	)
Master netting arrangement with counterparty four	(2.0	)	—	(2.0	)	—		(2.0	)
Various counterparties not subject to a master netting arrangement	—		—	—		(2.5	)	(2.5	)
Total current derivative liabilities	(5.6	)	—	(5.6	)	(2.5	)	(8.1	)

	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, as of September 30, 2015 and December 31, 2014, the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions):

	September 30, 2015		December 31, 2014
	$		$
Fixed-price aluminum customer contracts	8.7		2.4
Variable-price aluminum offset swaps	(5.6	)	(4.3	)
Variable-price MWP contracts	(2.5	)	3.3
Total	0.6		1.4

The following table presents the effect of our hedging activities on our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions):

	Three months ended September 30,
	2015	2014
	$	$
Fixed-price aluminum customer contracts	3.3	(0.3	)
Variable-price aluminum offset swaps	3.3	(0.5	)
Variable-price MWP contracts	0.7	(1.8	)
Loss on hedging activities, net	7.3	(2.6	)

	Nine months ended September 30
	2015		2014
	$		$
Fixed-price aluminum customer contracts	(6.3	)	5.1
Variable-price aluminum offset swaps	8.5		(0.1	)
Variable-price MWP contracts	8.3		(7.2	)
Loss on hedging activities, net	10.5		(2.2	)

Fixed Price Aluminum Customer Contracts [Member]

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

As of September 30, 2015, our outstanding fixed-price aluminum customer contracts were as follows:

	Average price per pound	Pounds
Year	$	(in millions)
2015	1.07	11.6
2016	0.92	26.8

Variable Price Aluminum Offset Swaps [Member]

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

As of September 30, 2015, our outstanding variable-price aluminum offset swaps were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.86	13.5
2016	0.81	28.6

Variable MWP Contract [Member]

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

As of September 30, 2015, our outstanding variable-price MWP contracts were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.16	13.1
2016	0.09	28.7

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Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Current foreign deferred tax assets	$ 3.7	$ 0.4
Employee loans receivable, net	1.8	2.1
Current derivative assets	8.7	6.3
Income Taxes Receivable	5.9	4.0
Prepaid Expense and Other Assets, Noncurrent	5.8	4.5
Restricted Cash and Cash Equivalents, Noncurrent	0.1	0.1
Other current assets	12.9	10.0
Other current assets	$ 38.9	$ 27.4

XML

Segments (Schedule of Segment Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,121.5	$ 1,318.1
Bauxite [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	145.8	149.9
Alumina [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	221.7	229.8
Primary Aluminum [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	402.9	561.5
Flat Rolled Products [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	311.0	335.1
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	60.6	65.5
Eliminations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (20.5)	$ (23.7)

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Asset Retirement and Other Obligations (Land Obligation) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Land obligation, beginning of period	$ 10.5
Land Obligation, Additional liabilities incurred	0.2
Land Obligation, Liabilities settled	(0.2)
Land Obligation, Revisions to obligation	(0.5)
Land obligation, end of period	$ 10.0

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Deferred financing costs, net of amortization	$ 4.3	$ 5.8
Cash surrender value of life insurance	22.1	29.3
Pension asset	6.8	6.5
Restricted cash	14.2	14.0
Supplies	5.9	5.0
Prepaid Jamaican income taxes	12.7	12.7
Derivative assets	0.0	0.2
Other	16.0	15.6
Total other assets	$ 82.0	$ 89.1

XML

Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains and Losses on Hedging Activities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ 7.3	$ (2.6)	$ 10.5	$ (2.2)
Fixed Price Aluminum Customer Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	3.3	(0.3)	(6.3)	5.1
Variable Price Aluminum Offset Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	3.3	(0.5)	8.5	(0.1)
Variable MWP Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ 0.7	$ (1.8)	$ 8.3	$ (7.2)

XML

Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015 segments
Segment Reporting, Measurement Disclosures [Abstract]
Number of Operating Segments	5

XML

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment, Net [Abstract]

Schedule of property, plant and equipment

Property, plant and equipment, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	Estimated useful lives in years			September 30, 2015		December 31, 2014
				$		$
Land				51.8		51.9
Buildings and improvements	10	—	47	170.8		163.0
Machinery and equipment	3	—	50	947.4		927.1
Construction in progress				84.8		86.2
Property, plant and equipment, at cost				1,254.8		1,228.2
Accumulated depreciation				(562.4	)	(533.2	)
Total property, plant and equipment, net				692.4		695.0

XML

Shareholders' Equity Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Dividends Disclosures [Line Items]
Common Stock, Shares Authorized		200,000,000	30,000,000	30,000,000
Stock Issued During Period, Shares, Reverse Stock Splits		30,000,000
Regular Quarterly Dividend [Member]
Dividends Disclosures [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.01	$ 0.01
Payments of Dividends	$ 0.7	$ 0.7

XML

Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4.2	$ 3.5	$ 12.6	$ 10.3
Interest cost	5.0	4.7	15.0	14.6
Expected return on plan assets	(5.7)	(5.6)	(17.1)	(17.0)
Recognized actuarial loss	3.0	1.0	9.0	2.9
Prior service costs	0.3	0.3	0.8	0.8
Net periodic cost (benefit)	6.8	3.9	20.3	11.6
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.2	0.4	0.5
Interest cost	0.4	0.3	1.2	1.1
Expected return on plan assets	(0.5)	(0.5)	(1.5)	(1.4)
Recognized actuarial loss	0.0	0.0	0.0	0.0
Prior service costs	0.1	0.1	0.2	0.2
Net periodic cost (benefit)	0.1	0.1	0.3	0.4
Other post-retirement benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1	0.3	0.3
Interest cost	0.2	0.1	0.5	0.4
Net periodic cost (benefit)	0.3	0.2	0.8	0.7
Domestic Pension Plan of Foreign Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.0	0.3	0.1
Interest cost	0.1	0.1	0.3	0.3
Net periodic cost (benefit)	$ 0.2	$ 0.1	$ 0.6	$ 0.4

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Subsidiary Issuer of Guaranteed Notes (Consolidating Income Statements) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Guarantor Obligations [Line Items]
Sales	$ 309.5	$ 361.4	$ 987.8	$ 1,018.9
Operating costs and expenses:
Cost of sales	336.0	335.5	971.5	962.9
Selling, General and Administrative Expense	25.9	19.6	74.7	58.1
Goodwill and Other Intangibles Impairment	137.9	0.0	137.9	0.0
Other Recoveries	(8.7)	0.0	(8.7)	0.0
Total operating costs and expenses, net	491.1	355.1	1,175.4	1,021.0
Operating income (loss)	(181.6)	6.3	(187.6)	(2.1)
Other (income) expense: [Abstract]
Interest expense, net	13.0	12.6	39.4	37.7
Loss (Gain) on Derivatives	7.3	(2.6)	10.5	(2.2)
Total other income, net	20.3	10.0	49.9	35.5
Income (loss) before income taxes	(201.9)	(3.7)	(237.5)	(37.6)
Income tax expense (benefit)	(26.8)	0.2	(34.3)	(9.3)
Equity in net income (loss) of subsidiaries	0.0	0.0	0.0	0.0
Net income (loss)	(175.1)	(3.9)	(203.2)	(28.3)
Total other comprehensive income, net of tax	2.2	0.7	6.5	2.3
Total comprehensive income (loss)	(172.9)	(3.2)	(196.7)	(26.0)
Parent guarantor [Member]
Guarantor Obligations [Line Items]
Sales	0.0	0.0	0.0	0.0
Operating costs and expenses:
Cost of sales	0.0	0.0	0.0	0.0
Selling, General and Administrative Expense	0.9	1.3	3.1	3.5
Goodwill and Other Intangibles Impairment	0.0		0.0
Other Recoveries	0.0		0.0
Total operating costs and expenses, net	0.9	1.3	3.1	3.5
Operating income (loss)	(0.9)	(1.3)	(3.1)	(3.5)
Other (income) expense: [Abstract]
Interest expense, net	(0.1)	(0.1)	(0.3)	(0.3)
Loss (Gain) on Derivatives	0.0	0.0	0.0	0.0
Total other income, net	(0.1)	(0.1)	(0.3)	(0.3)
Income (loss) before income taxes	(0.8)	(1.2)	(2.8)	(3.2)
Income tax expense (benefit)	0.3	(0.5)	0.8	(0.7)
Equity in net income (loss) of subsidiaries	(174.0)	(3.2)	(199.6)	(25.8)
Net income (loss)	(175.1)	(3.9)	(203.2)	(28.3)
Total other comprehensive income, net of tax	2.2	0.7	6.5	2.3
Total comprehensive income (loss)	(172.9)	(3.2)	(196.7)	(26.0)
Issuer [Member]
Guarantor Obligations [Line Items]
Sales	0.0	0.0	0.0	0.0
Operating costs and expenses:
Cost of sales	0.0	0.0	0.0	0.0
Selling, General and Administrative Expense	0.3	0.1	0.6	0.6
Goodwill and Other Intangibles Impairment	0.0		0.0
Other Recoveries	0.0		0.0
Total operating costs and expenses, net	0.3	0.1	0.6	0.6
Operating income (loss)	(0.3)	(0.1)	(0.6)	(0.6)
Other (income) expense: [Abstract]
Interest expense, net	12.6	12.4	38.3	37.1
Loss (Gain) on Derivatives	0.0	0.0	0.0	0.0
Total other income, net	12.6	12.4	38.3	37.1
Income (loss) before income taxes	(12.9)	(12.5)	(38.9)	(37.7)
Income tax expense (benefit)	3.1	(4.2)	(6.1)	(12.7)
Equity in net income (loss) of subsidiaries	(158.0)	5.1	(166.8)	(0.8)
Net income (loss)	(174.0)	(3.2)	(199.6)	(25.8)
Total other comprehensive income, net of tax	2.2	0.7	6.5	2.3
Total comprehensive income (loss)	(171.8)	(2.5)	(193.1)	(23.5)
Guarantor Subsidiaries [Member]
Guarantor Obligations [Line Items]
Sales	294.7	349.5	950.8	982.4
Operating costs and expenses:
Cost of sales	322.2	323.3	935.4	930.0
Selling, General and Administrative Expense	20.5	14.6	56.0	42.7
Goodwill and Other Intangibles Impairment	137.9		137.9
Other Recoveries	(8.7)		(8.7)
Total operating costs and expenses, net	471.9	337.9	1,120.6	972.7
Operating income (loss)	(177.2)	11.6	(169.8)	9.7
Other (income) expense: [Abstract]
Interest expense, net	0.1	0.0	0.2	0.1
Loss (Gain) on Derivatives	7.3	(2.6)	10.5	(2.2)
Total other income, net	7.4	(2.6)	10.7	(2.1)
Income (loss) before income taxes	(184.6)	14.2	(180.5)	11.8
Income tax expense (benefit)	(30.2)	4.9	(29.0)	4.1
Equity in net income (loss) of subsidiaries	0.0	0.0	0.0	0.0
Net income (loss)	(154.4)	9.3	(151.5)	7.7
Total other comprehensive income, net of tax	2.0	0.7	6.2	2.4
Total comprehensive income (loss)	(152.4)	10.0	(145.3)	10.1
Subsidiary non-guarantor [Member]
Guarantor Obligations [Line Items]
Sales	33.6	30.8	95.6	90.9
Operating costs and expenses:
Cost of sales	32.6	31.1	94.7	87.3
Selling, General and Administrative Expense	4.2	3.6	15.0	11.3
Goodwill and Other Intangibles Impairment	0.0		0.0
Other Recoveries	0.0		0.0
Total operating costs and expenses, net	36.8	34.7	109.7	98.6
Operating income (loss)	(3.2)	(3.9)	(14.1)	(7.7)
Other (income) expense: [Abstract]
Interest expense, net	0.4	0.3	1.2	0.8
Loss (Gain) on Derivatives	0.0	0.0	0.0	0.0
Total other income, net	0.4	0.3	1.2	0.8
Income (loss) before income taxes	(3.6)	(4.2)	(15.3)	(8.5)
Income tax expense (benefit)	0.0	0.0	0.0	0.0
Equity in net income (loss) of subsidiaries	0.0	0.0	0.0	0.0
Net income (loss)	(3.6)	(4.2)	(15.3)	(8.5)
Total other comprehensive income, net of tax	0.0	0.0	0.1	0.0
Total comprehensive income (loss)	(3.6)	(4.2)	(15.2)	(8.5)
Consolidation, Eliminations [Member]
Guarantor Obligations [Line Items]
Sales	(18.8)	(18.9)	(58.6)	(54.4)
Operating costs and expenses:
Cost of sales	(18.8)	(18.9)	(58.6)	(54.4)
Selling, General and Administrative Expense	0.0	0.0	0.0	0.0
Goodwill and Other Intangibles Impairment	0.0		0.0
Other Recoveries	0.0		0.0
Total operating costs and expenses, net	(18.8)	(18.9)	(58.6)	(54.4)
Operating income (loss)	0.0	0.0	0.0	0.0
Other (income) expense: [Abstract]
Interest expense, net	0.0	0.0	0.0	0.0
Loss (Gain) on Derivatives	0.0	0.0	0.0	0.0
Total other income, net	0.0	0.0	0.0	0.0
Income (loss) before income taxes	0.0	0.0	0.0	0.0
Income tax expense (benefit)	0.0	0.0	0.0	0.0
Equity in net income (loss) of subsidiaries	332.0	(1.9)	366.4	26.6
Net income (loss)	332.0	(1.9)	366.4	26.6
Total other comprehensive income, net of tax	(4.2)	(1.4)	(12.8)	(4.7)
Total comprehensive income (loss)	$ 327.8	$ (3.3)	$ 353.6	$ 21.9

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Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Reserve for uncertain tax positions	$ 0.6	$ 0.7
Workers' compensation	16.1	15.3
Asset retirement obligations	13.8	13.7
Land obligation	6.5	6.8
Environmental remediation obligations	1.1	1.1
Long-term derivative liabilities, gross	0.0	0.1
Deferred compensation and other	6.4	8.2
Total other long-term liabilities	$ 44.5	$ 45.9

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Derivative Financial Instruments Derivative Financial Instruments (Schedule of Carrying Values at FV) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		$ 0.6	$ 1.4
Fixed Price Aluminum Customer Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		8.7	2.4
Variable Price Aluminum Offset Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		(5.6)	(4.3)
Midwest premium contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ (2.5)	$ (2.5)	$ 3.3

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Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) t in Millions, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2015 USD ($) t	Dec. 31, 2014 USD ($)	Dec. 31, 2013 t
Noncontrolling Interest [Line Items]
Other Commitments, Description		$ 17.8	$ 12.7
Fees under mining operations contract with local government, unit		5.00
Annual Shipping Under Contract, Mass | t				5.1
Obligations to the Government	$ 11.7	$ 11.7	5.9
Required prepayment of foreign income taxes over next four years	14.0	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	$ 12.7
Maximum [Member]
Noncontrolling Interest [Line Items]
Annual Shipping Under Contract, Mass | t		5.4
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 | t		4.5
Subsidiary [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%	49.00%
Parent Of Subsidiary [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	51.00%	51.00%
Foreign Government Debt Securities [Member]
Noncontrolling Interest [Line Items]
Other Commitments, Description		$ 3.0
Line of Credit [Member]
Noncontrolling Interest [Line Items]
Other Commitments, Description	$ 2.5
Fees under mining operations contract with local government, unit		1.25
Cash [Member]
Noncontrolling Interest [Line Items]
Other Commitments, Description	$ 6.8
Fees under mining operations contract with local government, unit		3.75

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Share-Based Payments (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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		2 years 7 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	104,598	148,556
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 14.19	$ 12.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 0.0	$ 2.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(38,299)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 9.51
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 0.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	(5,659)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 7.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	104,598
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 14.19
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 0.0
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	20,000	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 63.00	$ 63.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 0.0	$ 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	$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 63.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 0.0
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 1 month

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Non-Controlling Interest (Schedule of Balance Sheet Components Related to Non-Controlling Interest) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Cash and cash equivalents	$ 8.9	$ 20.5	$ 24.3	$ 79.4
Accounts receivable, net	92.2	102.5
Inventories, net	162.6	196.7
Other current assets	38.9	27.4
Property, plant and equipment, net	692.4	695.0
Other assets	82.0	89.1
Accounts payable	(117.8)	(122.6)
Accrued liabilities	(87.4)	(59.1)
Non-controlling interest	(6.0)	(6.0)
Subsidiary balances [Member]
Noncontrolling Interest [Line Items]
Cash and cash equivalents	0.7	0.8
Accounts receivable, net	11.4	13.5
Inventories, net	10.5	14.3
Other current assets	9.7	8.1
Property, plant and equipment, net	46.9	45.0
Other assets	8.8	7.4
Accounts payable	(69.9)	(71.8)
Accrued liabilities	(4.6)	(3.9)
Environmental, land and reclamation liabilities	(1.8)	(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	0.0
Accounts receivable, net	(11.4)	(13.5)
Inventories, net	0.0	0.0
Other current assets	0.0	0.0
Property, plant and equipment, net	0.0	0.0
Other assets	0.0	0.0
Accounts payable	56.8	55.5
Accrued liabilities	0.0	0.0
Environmental, land and reclamation liabilities	0.0	0.0
Non-controlling interest	0.0	0.0
St. Ann's net investment and advances to NJBP	45.4	42.0
Impact on consolidated balances [Member]
Noncontrolling Interest [Line Items]
Cash and cash equivalents	0.7	0.8
Accounts receivable, net	0.0	0.0
Inventories, net	10.5	14.3
Other current assets	9.7	8.1
Property, plant and equipment, net	46.9	45.0
Other assets	8.8	7.4
Accounts payable	(13.1)	(16.3)
Accrued liabilities	(4.6)	(3.9)
Environmental, land and reclamation liabilities	(1.8)	(1.5)
Non-controlling interest	(6.0)	(6.0)
St. Ann's net investment and advances to NJBP	$ 51.1	$ 47.9

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Derivative Financial Instruments Derivative Financial Instruments ((Schedule of Carry Values at Fair Value) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	$ 8.7	$ 6.3
Long-term derivative liabilities, gross	0.0	(0.1)
Derivative Asset, Noncurrent	0.0	0.2
Derivative Liability, Current	(8.1)	(5.0)
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	0.0
Current derivative liabilities, gross	0.0	0.0
Derivative Asset, Current	0.0	0.0
Long-term derivative assets, gross		0.0
Long-term derivative liabilities, gross		0.0
Derivative Asset, Noncurrent		0.0
Derivative Liability, Current	(5.6)	(4.3)
Derivative Liability, Noncurrent		0.0
Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	8.7	6.3
Derivative Asset, Noncurrent		0.2
Derivative Liability, Current	(2.5)	(0.7)
Derivative Liability, Noncurrent		(0.1)
counterparty_one [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	(3.6)	(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	0.0
Current derivative liabilities, gross	(3.6)	(2.2)
Derivative Liability, Current	(3.6)	(2.2)
counterparty_one [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	0.0	0.0
Counterparty_two [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current		(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)
Long-term derivative assets, gross		0.0
Long-term derivative liabilities, gross		0.0
Derivative Liability, Current		(0.1)
Derivative Liability, Noncurrent		0.0
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)
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)
Derivative Liability, Current		(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	(2.0)	(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	0.0
Current derivative liabilities, gross	(2.0)	(1.9)
Derivative Liability, Current	(2.0)	(1.9)
Counterparty_four [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	0.0	0.0
other counterparty [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	8.7	6.3
Derivative Asset, Noncurrent		0.2
Derivative Liability, Current	(2.5)	(0.7)
other counterparty [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets, gross	0.0	0.0
Current derivative liabilities, gross	0.0	0.0
Derivative Asset, Current	0.0	0.0
Long-term derivative assets, gross		0.0
Long-term derivative liabilities, gross		0.0
Derivative Asset, Noncurrent		0.0
Derivative Liability, Current	0.0	0.0
other counterparty [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	8.7	6.3
Derivative Asset, Noncurrent		0.2
Derivative Liability, Current	(2.5)	(0.7)
derivatives, net [Member]
Derivatives, Fair Value [Line Items]
Current derivative liabilities, gross	$ (5.6)	$ (4.3)

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Asset Retirement and Other Obligations (Asset Retirement Obligations) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Asset retirement obligations [Line Items]
Asset Retirement Obligation, Balance, beginning of period	$ 16.0
Asset Retirement Obligation, Additional liabilities incurred	1.8
Asset Retirement Obligation, Liabilities Settled	(2.9)
Asset Retirement Obligation, Accretion	1.0
Asset Retirement Obligation, Balance, end of period	15.9
Land Obligations, Restricted Cash and Cash Equivalents, Noncurrent	14.2	$ 14.0
Alumina [Member]
Asset retirement obligations [Line Items]
Land Obligations, Restricted Cash and Cash Equivalents, Noncurrent	$ 10.5	$ 10.5

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Income Taxes (Footnote)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Our effective income tax rate was approximately 13.3% for the three months ended September 30, 2015 and (5.4)% for the three months ended September 30, 2014. The effective income tax rate for the three months ended September 30, 2015 was primarily impacted by state income taxes, goodwill impairment, and a foreign deferred tax asset valuation allowance.The effective tax rate for the three months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

Our effective income tax rate was approximately 14.4% for the nine months ended September 30, 2015 and 24.7% for the nine months ended September 30, 2014. The effective income tax rate for the nine months ended September 30, 2015 was primarily impacted by state income taxes, goodwill impairment, a foreign deferred tax asset valuation allowance, release of previously unrecognized tax benefits, and a stock-based compensation shortfall. As to the stock-based compensation shortfall, for the nine months ended September 30, 2015, we recognized $1.0 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 nine months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance.

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Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash Flow Data and Cash Flow Data Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Financial Statement Information [Abstract]
Interest Paid	$ 33.9	$ 32.5
U.S. Federal and state income taxes paid, net of refunds received	3.9	6.9
Capital Expenditures Incurred but Not yet Paid	11.9	1.7
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	$ 1.6	$ 1.5

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Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Schedule of related party sales transactions [Table textblock]

May 15, 2015, the Apollo Funds sold 3,262,857 shares of our common stock in a public offering. Subsequent to the offering, the Apollo Funds no longer owned any shares of the Company’s common stock, and is no longer deemed to be a related party.

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Derivative Financial Instruments Derivative Financial Instruments (Schedule and Narrative of Outstanding Derivative Instruments) (Details)	3 Months Ended
	Sep. 30, 2015 lb $ / lb
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand fourteen [Member]
Derivative [Line Items]
Underlying, Derivative	1.07
Derivative, Nonmonetary Notional Amount | lb	11.6
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand and fifteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.92
Derivative, Nonmonetary Notional Amount | lb	26.8
Variable Price Aluminum Offset Swaps [Member] | year, two thousand fourteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.86
Derivative, Nonmonetary Notional Amount | lb	13.5
Variable Price Aluminum Offset Swaps [Member] | year, two thousand and fifteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.81
Derivative, Nonmonetary Notional Amount | lb	28.6
Variable MWP Contract [Member] | year, two thousand fourteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.16
Derivative, Nonmonetary Notional Amount | lb	13.1
Variable MWP Contract [Member] | year, two thousand and fifteen [Member]
Derivative [Line Items]
Underlying, Derivative	0.09
Derivative, Nonmonetary Notional Amount | lb	28.7

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Asset Retirement and Other Obligations (Tables)

9 Months Ended

Sep. 30, 2015

Asset Retirement and Other Obligations [Abstract]

Schedule of change in reclamation obligations

Our reclamation obligation activity at St. Ann for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	1.5
Additional liabilities incurred	2.1
Liabilities settled	(1.8	)
Balance, end of period	1.8

Schedule of change in land obligation

Our St. Ann Land Obligation activity for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	10.5
Additional liabilities incurred	0.2
Liabilities settled	(0.2	)
Revisions to the obligation	(0.5	)
Balance, end of period	10.0

Schedule of change in asset retirement obligations

Our asset retirement obligations activity for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	16.0
Additional liabilities incurred	1.8
Liabilities settled	(2.9	)
Accretion	1.0
Balance, end of period	15.9

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Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Amounts Recognized in other comprehensive income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	$ 3.4	$ 1.2	$ 10.0	$ 3.7
Income tax expense related to components of other comprehensive income	1.2	0.5	3.5	1.4
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax	2.2	0.7	6.5	2.3
Selling, General and Administrative Expenses [Member]
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Actuarial gain/loss	0.7	0.3	2.0	0.7
Prior service costs	0.1	0.1	0.3	0.2
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	0.8	0.4	2.3	0.9
Cost of Sales [Member]
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items]
Actuarial gain/loss	2.3	0.7	7.0	2.2
Prior service costs	0.3	0.1	0.7	0.6
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	$ 2.6	$ 0.8	$ 7.7	$ 2.8

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Long-Term Debt (Schedule of Outstanding Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 677.3	$ 668.0
Long-term Debt, Current Maturities	16.6	11.6
Long-term debt, net	660.7	656.4
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 173.5	$ 173.3
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	$ 467.3	$ 470.7
Debt Instrument, Interest Rate at Period End	5.75%	5.75%
dredging project loan [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 18.3	$ 22.5
Debt Instrument, Interest Rate at Period End	9.00%	9.00%
Gramercy infrastructure loan [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3.8	$ 1.0
Debt Instrument, Interest Rate at Period End	8.00%	8.00%
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 14.0	$ 0.0
Debt Instrument, Interest Rate at Period End	8.50%	0.00%
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0.4	$ 0.5
Debt Instrument, Interest Rate at Period End	5.79%	5.79%

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Property Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Statement [Line Items]
Land	$ 51.8	$ 51.9
Buildings and Improvements	170.8	163.0
Machinery and Equipment	947.4	927.1
Construction in Progress	84.8	86.2
Property, plant and equipment, at cost	1,254.8	1,228.2
Accumulated depreciation	(562.4)	(533.2)
Property, plant and equipment, net	$ 692.4	$ 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

Segments (Schedule of Segment Profit Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	$ 309.5	$ 361.4	$ 987.8	$ 1,018.9
Capital expenditures	13.8	28.8	57.6	59.9
Segment profit (loss)	(26.4)	36.6	26.9	77.7
Depreciation and amortization	(23.9)	(21.7)	(70.4)	(65.7)
Last in, first out and lower of cost or market inventory adjustments	0.8	(2.2)	(0.3)	(3.2)
Gain (Loss) on disposal of assets	1.1	(0.1)	1.6	(0.2)
Goodwill and Other Intangibles Impairment	(137.9)	0.0	(137.9)	0.0
Non-cash pension, accretion and stock compensation	(4.2)	(2.4)	(13.3)	(7.1)
Restructuring, relocation and severance	(0.5)	(0.7)	(5.1)	(0.3)
Consulting fees	(1.4)		(3.0)	(0.3)
Cash settlements on hedging transactions	6.8	(2.7)	12.4	(3.0)
Gain on Business Interruption Insurance Recovery	5.1		5.1
Other, net	(1.1)	(0.5)	(3.6)	0.0
Operating income (loss)	(181.6)	6.3	(187.6)	(2.1)
Interest expense, net	13.0	12.6	39.4	37.7
Loss (Gain) on Derivatives	7.3	(2.6)	10.5	(2.2)
Total other income, net	20.3	10.0	49.9	35.5
Income (loss) before income taxes	(201.9)	(3.7)	(237.5)	(37.6)
Bauxite [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	33.5	30.8	95.6	90.9
Capital expenditures	0.9	5.1	4.6	7.4
Bauxite [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	0.5	(1.5)	(0.5)	(0.3)
Depreciation and amortization	(3.2)	(2.5)	(9.4)	(7.4)
Last in, first out and lower of cost or market inventory adjustments	0.0	0.0	0.0	0.0
Gain (Loss) on disposal of assets	0.0	0.0	0.0	0.0
Goodwill and Other Intangibles Impairment	0.0		0.0
Non-cash pension, accretion and stock compensation	0.0	0.0	(0.1)	(0.1)
Restructuring, relocation and severance	(0.2)	0.0	(3.4)	0.0
Consulting fees	(0.4)		(0.7)	0.0
Cash settlements on hedging transactions	0.0	0.0	0.0	0.0
Gain on Business Interruption Insurance Recovery	0.0		0.0
Other, net	0.0	0.0	0.0	0.0
Operating income (loss)	(3.3)	(4.0)	(14.1)	(7.8)
Alumina [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	78.0	92.7	245.2	247.7
Capital expenditures	3.0	3.9	6.2	9.0
Alumina [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	2.2	6.5	14.3	(8.6)
Depreciation and amortization	(6.0)	(5.0)	(16.4)	(15.2)
Last in, first out and lower of cost or market inventory adjustments	0.0	0.0	0.0	0.0
Gain (Loss) on disposal of assets	(0.1)	0.0	0.7	0.0
Goodwill and Other Intangibles Impairment	(0.3)		(0.3)
Non-cash pension, accretion and stock compensation	(0.3)	(0.2)	(0.8)	(0.6)
Restructuring, relocation and severance	0.0	0.0	(0.3)	0.0
Consulting fees	0.0		(0.1)	0.0
Cash settlements on hedging transactions	0.0	0.0	0.0	0.0
Gain on Business Interruption Insurance Recovery	0.0		0.0
Other, net	(0.5)	(0.2)	(0.8)	(0.4)
Operating income (loss)	(5.0)	1.1	(3.7)	(24.8)
Primary Aluminum [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	115.8	166.2	404.1	471.6
Capital expenditures	10.2	16.7	42.8	33.0
Primary Aluminum [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	(38.8)	20.4	(11.9)	63.9
Depreciation and amortization	(9.6)	(9.2)	(29.5)	(28.8)
Last in, first out and lower of cost or market inventory adjustments	0.1	(0.7)	(2.7)	(3.1)
Gain (Loss) on disposal of assets	1.2	0.0	1.1	0.1
Goodwill and Other Intangibles Impairment	(137.6)		(137.6)
Non-cash pension, accretion and stock compensation	(1.7)	(0.8)	(5.1)	(2.3)
Restructuring, relocation and severance	(0.2)	(0.6)	(0.5)	(0.7)
Consulting fees	(0.1)		(0.6)	0.0
Cash settlements on hedging transactions	0.7	(0.2)	1.3	(0.4)
Gain on Business Interruption Insurance Recovery	5.1		5.1
Other, net	(0.6)	0.0	(1.3)	0.0
Operating income (loss)	(181.5)	8.9	(181.7)	28.7
Flat Rolled Products [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	141.2	157.2	442.2	440.6
Capital expenditures	(0.3)	2.5	3.5	9.5
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)	18.1	17.6	47.2	43.6
Depreciation and amortization	(4.5)	(4.8)	(13.3)	(13.8)
Last in, first out and lower of cost or market inventory adjustments	0.7	(1.3)	2.2	0.1
Gain (Loss) on disposal of assets	0.0	(0.1)	(0.2)	(0.3)
Goodwill and Other Intangibles Impairment	0.0		0.0
Non-cash pension, accretion and stock compensation	(1.2)	(0.4)	(3.8)	(1.3)
Restructuring, relocation and severance	(0.1)	(0.1)	0.2	0.3
Consulting fees	0.0		0.0	0.0
Cash settlements on hedging transactions	6.1	(2.5)	11.1	(2.6)
Gain on Business Interruption Insurance Recovery	0.0		0.0
Other, net	0.0	(0.1)	0.0	(0.1)
Operating income (loss)	19.1	8.3	43.4	25.9
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0.0	0.0	0.0	0.0
Capital expenditures	0.0	0.6	0.5	1.0
Corporate [Member] | Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit (loss)	(8.9)	(6.0)	(23.7)	(20.0)
Depreciation and amortization	(0.6)	(0.2)	(1.8)	(0.5)
Last in, first out and lower of cost or market inventory adjustments	0.0	0.0	0.0	0.0
Gain (Loss) on disposal of assets	0.0	0.0	0.0	0.0
Goodwill and Other Intangibles Impairment	0.0		0.0
Non-cash pension, accretion and stock compensation	(1.0)	(1.0)	(3.5)	(2.8)
Restructuring, relocation and severance	0.0	0.0	(1.1)	0.1
Consulting fees	(0.9)		(1.6)	(0.3)
Cash settlements on hedging transactions	0.0	0.0	0.0	0.0
Gain on Business Interruption Insurance Recovery	0.0		0.0
Other, net	0.0	(0.3)	(0.2)	(0.1)
Operating income (loss)	(11.4)	(7.5)	(31.9)	(23.6)
Eliminations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	(59.0)	(85.5)	(199.3)	(231.9)
Capital expenditures	0.0	0.0	0.0	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)	0.5	(0.4)	1.5	(0.9)
Depreciation and amortization	0.0	0.0	0.0	0.0
Last in, first out and lower of cost or market inventory adjustments	0.0	(0.2)	0.2	(0.2)
Gain (Loss) on disposal of assets	0.0	0.0	0.0	0.0
Goodwill and Other Intangibles Impairment	0.0		0.0
Non-cash pension, accretion and stock compensation	0.0	0.0	0.0	0.0
Restructuring, relocation and severance	0.0	0.0	0.0	0.0
Consulting fees	0.0		0.0	0.0
Cash settlements on hedging transactions	0.0	0.0	0.0	0.0
Gain on Business Interruption Insurance Recovery	0.0		0.0
Other, net	0.0	0.1	(1.3)	0.6
Operating income (loss)	0.5	(0.5)	0.4	(0.5)
External customers [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	309.5	361.4	987.8	1,018.9
External customers [Member] | Bauxite [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	14.7	11.9	37.0	36.5
External customers [Member] | Alumina [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	64.3	57.3	171.6	150.4
External customers [Member] | Primary Aluminum [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	89.3	135.0	337.0	391.4
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	141.2	157.2	442.2	440.6
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	0.0	0.0	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	0.0	0.0	0.0
Internal customers [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	0.0	0.0	0.0	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	18.8	18.9	58.6	54.4
Internal customers [Member] | Alumina [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	13.7	35.4	73.6	97.3
Internal customers [Member] | Primary Aluminum [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Sales, external customers, intersegment	26.5	31.2	67.1	80.2
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	0.0	0.0	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	0.0	0.0	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	$ (59.0)	$ (85.5)	$ (199.3)	$ (231.9)

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Accounting Policies (Footnote)

9 Months Ended

Sep. 30, 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.

On August 24, 2015, our shareholders approved a Certificate of Amendment to our Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) that provided for a 1-for-7 reverse stock split of our common stock (“the Reverse Stock Split”). The Reverse Stock Split became effective upon our filing of the Certificate of Amendment with the Secretary of State of Delaware on August 25, 2015. Upon the effectiveness of the Reverse Stock Split, every seven shares of outstanding Noranda common stock were automatically combined into one share of common stock. No fractional shares were issued. In lieu of fractional shares, stockholders received a cash payment. In addition, the Certificate of Amendment reduced the number of the authorized shares of Noranda common stock from 200 million shares to 30 million shares. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and intrinsic value set forth in these notes and the accompanying consolidated financial statements have been adjusted to reflect the Reverse Stock Split.

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 is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and will affect any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. 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, separately articulated revenue recognition principles applicable to specific industries that historically existed in U.S. GAAP. The underlying principle of the new guidance 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 the business or organization expects in exchange for the goods or services. The standard also requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized, and provides additional guidance for specified transactions that were not addressed comprehensively under the prior accounting guidance. ASU 2014-09 provided alternative methods of initial adoption and was to be effective for public business entities for annual periods beginning after December 15, 2016 and interim periods within those annual periods. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers - Deferral of the Effective Date” which defers the effective date of ASU No. 2014-09 for public business entities by one year, to annual reporting periods beginning after December 15, 2017 and interim periods within that annual period. Early adoption is now permitted, but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

In August 2014, the FASB issued 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. Under this guidance, in connection with the Company’s preparation of annual and interim period financial statements, the Company’s management will be required to perform assessments of the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company must provide specified 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 ASU No. 2015-03, “Interest - Imputation of Interest”. The ASU was issued as an initiative to reduce complexity in accounting standards (the Simplification Initiative) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The Company will be required to apply the new guidance on a retrospective basis, so that the balance sheet of each individual period presented will 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.

In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” The ASU replaces the current lower of cost or market test with the lower of cost or net realizable value test. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods, and will be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements.

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Casthouse Casthouse (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accumulated Depreciation of damaged assets	$ 562.4		$ 562.4		$ 533.2
Losses in selling, general and adminstrative expesnestrative Expense	25.9	$ 19.6	74.7	$ 58.1
Total - Inventory Adjustments	(7.5)		(7.5)
Insurance receipts through September 30, 2015			(6.4)
Insurance receivable recorded at September 30, 2015	$ (1.1)		$ (1.1)
Unusual or Infrequent Item [Domain]
Accumulated Depreciation of damaged assets
Inventory written down to scrap value
Losses in selling, general and adminstrative expesnestrative Expense
Total - Inventory Adjustments	$ (4.2)		$ (4.2)
Property, Plant and Equipment [Member]
Accumulated Depreciation of damaged assets	1.4		1.4
Inventory written down to scrap value			0.4
Losses in selling, general and adminstrative expesnestrative Expense			1.5
Total - Inventory Adjustments	$ 3.3		$ 3.3
Receivable [Domain]
Accumulated Depreciation of damaged assets
Inventory written down to scrap value
Losses in selling, general and adminstrative expesnestrative Expense

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Non-Controlling Interest (Tables)

9 Months Ended

Sep. 30, 2015

Noncontrolling Interest [Line Items]

Schedule of Balance Sheet Components Related to NonControlling Interest

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

	September 30, 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	0.7		—		0.7		0.8		—		0.8
Accounts receivable, net	11.4		(11.4	)	—		13.5		(13.5	)	—
Inventories, net (consisting of maintenance supplies, inventory and fuel)	10.5		—		10.5		14.3		—		14.3
Other current assets	9.7		—		9.7		8.1		—		8.1
Property, plant and equipment, net	46.9		—		46.9		45.0		—		45.0
Other assets	8.8		—		8.8		7.4		—		7.4
Accounts payable	(69.9	)	56.8		(13.1	)	(71.8	)	55.5		(16.3	)
Accrued liabilities	(4.6	)	—		(4.6	)	(3.9	)	—		(3.9	)
Environmental, land and reclamation liabilities	(1.8	)	—		(1.8	)	(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		45.4		51.1		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.

NBL receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all obligations to the GOJ are provided through the payments from NBL 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 a lower of cost or market or asset impairment scenario.

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Segments (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting Information [Line Items]

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) for the three and nine months ended September 30, 2015 and 2014:

	Three months ended September 30, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	14.7		64.3		89.3		141.2		—		—		309.5
Intersegment	18.8		13.7		26.5		—		—		(59.0	)	—
Total sales	33.5		78.0		115.8		141.2		—		(59.0	)	309.5
Capital expenditures	0.9		3.0		10.2		(0.3	)	—		—		13.8
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	0.5		2.2		(38.8	)	18.1		(8.9	)	0.5		(26.4	)
Depreciation and amortization	(3.2	)	(6.0	)	(9.6	)	(4.5	)	(0.6	)	—		(23.9	)
Last in, first out and lower of cost or market inventory adjustments	—		—		0.1		0.7		—		—		0.8
Gain (loss) on disposal of assets	—		(0.1	)	1.2		—		—		—		1.1
Goodwill and other intangibles impairment	—		(0.3	)	(137.6	)	—		—		—		(137.9	)
Non-cash pension, accretion and stock compensation	—		(0.3	)	(1.7	)	(1.2	)	(1.0	)	—		(4.2	)
Restructuring, relocation and severance	(0.2	)	—		(0.2	)	(0.1	)	—		—		(0.5	)
Consulting fees	(0.4	)	—		(0.1	)	—		(0.9	)	—		(1.4	)
Cash settlements paid on hedging transactions	—		—		0.7		6.1		—		—		6.8
Excess insurance recoveries	—		—		5.1		—		—		—		5.1
Other, net	—		(0.5	)	(0.6	)	—		—		—		(1.1	)
Operating income (loss)	(3.3	)	(5.0	)	(181.5	)	19.1		(11.4	)	0.5		(181.6	)
Interest expense, net													13.0
Loss on hedging activities, net													7.3
Total other expense, net													20.3
Loss before income taxes													(201.9	)

	Three months ended September 30, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.9		57.3		135.0		157.2		—		—		361.4
Intersegment	18.9		35.4		31.2		—		—		(85.5	)	—
Total sales	30.8		92.7		166.2		157.2		—		(85.5	)	361.4
Capital expenditures	5.1		3.9		16.7		2.5		0.6		—		28.8
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(1.5	)	6.5		20.4		17.6		(6.0	)	(0.4	)	36.6
Depreciation and amortization	(2.5	)	(5.0	)	(9.2	)	(4.8	)	(0.2	)	—		(21.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(0.7	)	(1.3	)	—		(0.2	)	(2.2	)
Loss on disposal of assets	—		—		—		(0.1	)	—		—		(0.1	)
Non-cash pension, accretion and stock compensation	—		(0.2	)	(0.8	)	(0.4	)	(1.0	)	—		(2.4	)
Restructuring, relocation and severance	—		—		(0.6	)	(0.1	)	—		—		(0.7	)
Cash settlements received on hedging transactions	—		—		(0.2	)	(2.5	)	—		—		(2.7	)
Other, net	—		(0.2	)	—		(0.1	)	(0.3	)	0.1		(0.5	)
Operating income (loss)	(4.0	)	1.1		8.9		8.3		(7.5	)	(0.5	)	6.3
Interest expense, net													12.6
Gain on hedging activities, net													(2.6	)
Total other expense, net													10.0
Loss before income taxes													(3.7	)

	Nine months ended September 30, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	37.0		171.6		337.0		442.2		—		—		987.8
Intersegment	58.6		73.6		67.1		—		—		(199.3	)	—
Total sales	95.6		245.2		404.1		442.2		—		(199.3	)	987.8
Capital expenditures	4.6		6.2		42.8		3.5		0.5		—		57.6
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(0.5	)	14.3		(11.9	)	47.2		(23.7	)	1.5		26.9
Depreciation and amortization	(9.4	)	(16.4	)	(29.5	)	(13.3	)	(1.8	)	—		(70.4	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(2.7	)	2.2		—		0.2		(0.3	)
Gain (loss) on disposal of assets	—		0.7		1.1		(0.2	)	—		—		1.6
Goodwill and other intangibles impairment	—		(0.3	)	(137.6	)	—		—		—		(137.9	)
Non-cash pension, accretion and stock compensation	(0.1	)	(0.8	)	(5.1	)	(3.8	)	(3.5	)	—		(13.3	)
Restructuring, relocation and severance	(3.4	)	(0.3	)	(0.5	)	0.2		(1.1	)	—		(5.1	)
Consulting fees	(0.7	)	(0.1	)	(0.6	)	—		(1.6	)	—		(3.0	)
Cash settlements paid on hedging transactions	—		—		1.3		11.1		—		—		12.4
Excess insurance recoveries	—		—		5.1		—		—		—		5.1
Other, net	—		(0.8	)	(1.3	)	—		(0.2	)	(1.3	)	(3.6	)
Operating income (loss)	(14.1	)	(3.7	)	(181.7	)	43.4		(31.9	)	0.4		(187.6	)
Interest expense, net													39.4
Loss on hedging activities, net													10.5
Total other expense, net													49.9
Loss before income taxes													(237.5	)

	Nine months ended September 30, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	36.5		150.4		391.4		440.6		—		—		1,018.9
Intersegment	54.4		97.3		80.2		—		—		(231.9	)	—
Total sales	90.9		247.7		471.6		440.6		—		(231.9	)	1,018.9
Capital expenditures	7.4		9.0		33.0		9.5		1.0		—		59.9
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(0.3	)	(8.6	)	63.9		43.6		(20.0	)	(0.9	)	77.7
Depreciation and amortization	(7.4	)	(15.2	)	(28.8	)	(13.8	)	(0.5	)	—		(65.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(3.1	)	0.1		—		(0.2	)	(3.2	)
Gain (loss) on disposal of assets	—		—		0.1		(0.3	)	—		—		(0.2	)
Non-cash pension, accretion and stock compensation	(0.1	)	(0.6	)	(2.3	)	(1.3	)	(2.8	)	—		(7.1	)
Restructuring, relocation and severance	—		—		(0.7	)	0.3		0.1		—		(0.3	)
Consulting fees	—		—		—		—		(0.3	)	—		(0.3	)
Cash settlements received on hedging transactions	—		—		(0.4	)	(2.6	)	—		—		(3.0	)
Other, net	—		(0.4	)	—		(0.1	)	(0.1	)	0.6		—
Operating income (loss)	(7.8	)	(24.8	)	28.7		25.9		(23.6	)	(0.5	)	(2.1	)
Interest expense, net													37.7
Gain on hedging activities, net													(2.2	)
Total other expense, net													35.5
Loss before income taxes													(37.6	)

Schedule reconciling segment assets to consolidated assets

	September 30, 2015		December 31, 2014
Segment assets:	$		$
Bauxite	145.8		149.9
Alumina	221.7		229.8
Primary	402.9		561.5
Flat-Rolled	311.0		335.1
Corporate	60.6		65.5
Eliminations	(20.5	)	(23.7	)
Total assets	1,121.5		1,318.1

XML

Subsidiary Issuer of Guaranteed Notes (Footnote)

9 Months Ended

Sep. 30, 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 Capital LLC, a domestic subsidiary in which we have a 100% ownership interest, and NBL are not guarantors of the senior secured credit facilities or 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 described in Note 1, “Accounting Policies” to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to eliminate (i) intercompany transactions between or among the Issuer, the Parent Guarantor, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (ii) investments in the Issuer and subsidiaries.

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Balance Sheet as of September 30, 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	0.1		6.5		0.8		1.5		—		8.9
Accounts receivable, net:
Trade	—		—		88.1		4.1		—		92.2
Affiliates	19.8		11.9		11.6		—		(43.3	)	—
Inventories, net	—		—		139.8		22.8		—		162.6
Other current assets	6.9		2.3		16.7		13.0		—		38.9
Total current assets	26.8		20.7		257.0		41.4		(43.3	)	302.6
Investments in affiliates	(64.4	)	1,162.3		—		—		(1,097.9	)	—
Advances due from affiliates	137.0		215.5		857.2		63.5		(1,273.2	)	—
Property, plant and equipment, net	—		—		622.2		70.2		—		692.4
Goodwill	—		—		—		—		—		—
Other intangible assets, net	—		—		44.5		—		—		44.5
Other assets	—		4.3		43.9		33.8		—		82.0
Total assets	99.4		1,402.8		1,824.8		208.9		(2,414.4	)	1,121.5
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		104.1		13.7		—		117.8
Affiliates	—		19.8		—		23.5		(43.3	)	—
Accrued liabilities	—		7.2		53.5		26.7		—		87.4
Deferred tax liabilities	—		—		—		—		—		—
Current portion of long-term debt and lease financing	—		4.9		6.1		5.6		—		16.6
Total current liabilities	—		31.9		163.7		69.5		(43.3	)	221.8
Long-term debt and lease financing, net	—		636.0		12.0		12.7		—		660.7
Pension and other post-retirement liabilities	—		—		184.6		7.9		—		192.5
Other long-term liabilities	—		—		35.8		8.7		—		44.5
Advances due to affiliates	199.6		776.4		292.1		5.1		(1,273.2	)	—
Long-term deferred tax liabilities	29.5		22.9		72.9		0.4		—		125.7
Stockholders’ equity:
Common stock	0.1		—		—		—		—		0.1
Capital in excess of par value	246.7		352.1		1,122.3		83.8		(1,558.2	)	246.7
Accumulated earnings (deficit)	(273.0	)	(313.0	)	40.7		19.1		253.2		(273.0	)
Accumulated other comprehensive income (loss)	(103.5	)	(103.5	)	(99.3	)	(4.3	)	207.1		(103.5	)
Total stockholders’ equity (deficit)	(129.7	)	(64.4	)	1,063.7		98.6		(1,097.9	)	(129.7	)
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity (deficit)	(129.7	)	(64.4	)	1,063.7		104.6		(1,097.9	)	(123.7	)
Total liabilities and equity	99.4		1,402.8		1,824.8		208.9		(2,414.4	)	1,121.5

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 and lease financing	—		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 and lease financing, net	—		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
Stockholders’ equity:
Common stock	0.1		—		—		—		—		0.1
Capital in excess of par value	244.2		352.1		1,199.7		83.8		(1,635.6	)	244.2
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 stockholders’ 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 September 30, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		294.7		33.6		(18.8	)	309.5
Operating costs and expenses:
Cost of sales	—		—		322.2		32.6		(18.8	)	336.0
Selling, general and administrative	0.9		0.3		20.5		4.2		—		25.9
Goodwill and other intangibles impairment	—		—		137.9		—		—		137.9
Other recoveries	—		—		(8.7	)	—		—		(8.7	)
Total operating costs and expenses	0.9		0.3		471.9		36.8		(18.8	)	491.1
Operating loss	(0.9	)	(0.3	)	(177.2	)	(3.2	)	—		(181.6	)
Other (income) expense:
Interest expense (income), net	(0.1	)	12.6		0.1		0.4		—		13.0
Loss on hedging activities, net	—		—		7.3		—		—		7.3
Total other (income) expense, net	(0.1	)	12.6		7.4		0.4		—		20.3
Loss before income taxes	(0.8	)	(12.9	)	(184.6	)	(3.6	)	—		(201.9	)
Income tax (benefit) expense	0.3		3.1		(30.2	)	—		—		(26.8	)
Equity in net income (loss) of subsidiaries	(174.0	)	(158.0	)	—		—		332.0		—
Net income (loss)	(175.1	)	(174.0	)	(154.4	)	(3.6	)	332.0		(175.1	)
Other comprehensive income (loss)	2.2		2.2		2.0		—		(4.2	)	2.2
Total comprehensive income (loss)	(172.9	)	(171.8	)	(152.4	)	(3.6	)	327.8		(172.9	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended September 30, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		349.5		30.8		(18.9	)	361.4
Operating costs and expenses:
Cost of sales	—		—		323.3		31.1		(18.9	)	335.5
Selling, general and administrative	1.3		0.1		14.6		3.6		—		19.6
Total operating costs and expenses	1.3		0.1		337.9		34.7		(18.9	)	355.1
Operating income (loss)	(1.3	)	(0.1	)	11.6		(3.9	)	—		6.3
Other (income) expense:
Interest expense (income), net	(0.1	)	12.4		—		0.3		—		12.6
Gain on hedging activities, net	—		—		(2.6	)	—		—		(2.6	)
Total other (income) expense, net	(0.1	)	12.4		(2.6	)	0.3		—		10.0
Income (loss) before income taxes	(1.2	)	(12.5	)	14.2		(4.2	)	—		(3.7	)
Income tax (benefit) expense	(0.5	)	(4.2	)	4.9		—		—		0.2
Equity in net income (loss) of subsidiaries	(3.2	)	5.1		—		—		(1.9	)	—
Net income (loss)	(3.9	)	(3.2	)	9.3		(4.2	)	(1.9	)	(3.9	)
Other comprehensive income (loss)	0.7		0.7		0.7		—		(1.4	)	0.7
Total comprehensive income (loss)	(3.2	)	(2.5	)	10.0		(4.2	)	(3.3	)	(3.2	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Nine months ended September 30, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		950.8		95.6		(58.6	)	987.8
Operating costs and expenses:
Cost of sales	—		—		935.4		94.7		(58.6	)	971.5
Selling, general and administrative	3.1		0.6		56.0		15.0		—		74.7
Goodwill and other intangibles impairment	—		—		137.9		—		—		137.9
Other recoveries	—		—		(8.7	)	—		—		(8.7	)
Total operating costs and expenses	3.1		0.6		1,120.6		109.7		(58.6	)	1,175.4
Operating loss	(3.1	)	(0.6	)	(169.8	)	(14.1	)	—		(187.6	)
Other (income) expense:
Interest expense (income), net	(0.3	)	38.3		0.2		1.2		—		39.4
Loss on hedging activities, net	—		—		10.5		—		—		10.5
Total other (income) expense, net	(0.3	)	38.3		10.7		1.2		—		49.9
Loss before income taxes	(2.8	)	(38.9	)	(180.5	)	(15.3	)	—		(237.5	)
Income tax (benefit) expense	0.8		(6.1	)	(29.0	)	—		—		(34.3	)
Equity in net income (loss) of subsidiaries	(199.6	)	(166.8	)	—		—		366.4		—
Net income (loss)	(203.2	)	(199.6	)	(151.5	)	(15.3	)	366.4		(203.2	)
Other comprehensive income (loss)	6.5		6.5		6.2		0.1		(12.8	)	6.5
Total comprehensive income (loss)	(196.7	)	(193.1	)	(145.3	)	(15.2	)	353.6		(196.7	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Nine months ended September 30, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		982.4		90.9		(54.4	)	1,018.9
Operating costs and expenses:
Cost of sales	—		—		930.0		87.3		(54.4	)	962.9
Selling, general and administrative	3.5		0.6		42.7		11.3		—		58.1
Total operating costs and expenses	3.5		0.6		972.7		98.6		(54.4	)	1,021.0
Operating income (loss)	(3.5	)	(0.6	)	9.7		(7.7	)	—		(2.1	)
Other (income) expense:
Interest expense (income), net	(0.3	)	37.1		0.1		0.8		—		37.7
Gain on hedging activities, net	—		—		(2.2	)	—		—		(2.2	)
Total other (income) expense, net	(0.3	)	37.1		(2.1	)	0.8		—		35.5
Income (loss) before income taxes	(3.2	)	(37.7	)	11.8		(8.5	)	—		(37.6	)
Income tax expense (benefit)	(0.7	)	(12.7	)	4.1		—		—		(9.3	)
Equity in net income (loss) of subsidiaries	(25.8	)	(0.8	)	—		—		26.6		—
Net income (loss)	(28.3	)	(25.8	)	7.7		(8.5	)	26.6		(28.3	)
Other comprehensive income (loss)	2.3		2.3		2.4		—		(4.7	)	2.3
Total comprehensive income (loss)	(26.0	)	(23.5	)	10.1		(8.5	)	21.9		(26.0	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 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	(0.3	)	8.8		20.0		(3.5	)	—	25.0
INVESTING ACTIVITIES
Capital expenditures	—		—		(53.0	)	(4.6	)	—	(57.6	)
Insurance proceeds from casthouse and other	—		—		1.7		—		—	1.7
Proceeds from corporate owned life insurance policy	—		—		6.4		—		—	6.4
Proceeds from sale of property, plant and equipment	—		—		2.2		—		—	2.2
Cash used in investing activities	—		—		(42.7	)	(4.6	)	—	(47.3	)
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 stockholders	(1.4	)	—		—		—		—	(1.4	)
Repayments on revolving credit facility	—		(226.0	)	—		—		—	(226.0	)
Borrowings on revolving credit facility	—		226.0		—		—		—	226.0
Repayments of long-term debt and lease financing	—		(7.9	)	(0.8	)	—		—	(8.7	)
Borrowings on long-term debt and lease financing	—		—		17.4		—		—	17.4
Distribution (to parent) from subsidiary	1.5		(1.5	)	—		—		—	—
Short-term product financing	—		—		3.6		—		—	3.6
Cash provided by (used in) financing activities	(0.1	)	(9.4	)	20.2		—		—	10.7
Change in cash and cash equivalents	(0.4	)	(0.6	)	(2.5	)	(8.1	)	—	(11.6	)
Cash and cash equivalents, beginning of period	0.5		7.1		3.3		9.6		—	20.5
Cash and cash equivalents, end of period	0.1		6.5		0.8		1.5		—	8.9

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 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	0.4		(45.5	)	53.7		(4.4	)	—	4.2
INVESTING ACTIVITIES
Capital expenditures	—		—		(52.5	)	(7.4	)	—	(59.9	)
Proceeds from sale of property, plant and equipment	—		—		0.2		—		—	0.2
Cash used in investing activities	—		—		(52.3	)	(7.4	)	—	(59.7	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(1.1	)	—		—		—		—	(1.1	)
Dividends paid to stockholders	(2.1	)	—		—		—		—	(2.1	)
Repayments of long-term debt and lease financing	—		(3.6	)	—		—		—	(3.6	)
Borrowings on long-term debt and lease financing	—		(7.0	)	—		14.2		—	7.2
Repayments on revolving credit facility	—		(86.0	)	—		—		—	(86.0	)
Borrowings on revolving credit facility	—		86.0		—		—		—	86.0
Distribution (to parent) from subsidiary	2.8		(2.8	)	—		—		—	—
Cash provided by (used in) financing activities	(0.4	)	(13.4	)	—		14.2		—	0.4
Change in cash and cash equivalents	—		(58.9	)	1.4		2.4		—	(55.1	)
Cash and cash equivalents, beginning of period	0.4		66.7		1.1		11.2		—	79.4
Cash and cash equivalents, end of period	0.4		7.8		2.5		13.6		—	24.3

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Compensation and benefits	$ 25.5	$ 18.3
Workers' compensation	5.9	5.6
Other operating expenses	19.0	11.2
Accrued interest	7.3	2.3
Asset retirement obligations	2.1	2.3
Land obligation	3.5	3.7
Derivative Liability	8.1	5.0
Reclamation obligation	1.8	1.5
Environmental remediation obligation	1.7	1.7
Obligations to the Government of Jamaica	11.7	5.9
Pension and OPEB liabilities	0.8	0.8
Restructuring liability	0.0	0.8
Total accrued liabilities	$ 87.4	$ 59.1

XML

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

9 Months Ended

Sep. 30, 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 September 30, 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	0.1		6.5		0.8		1.5		—		8.9
Accounts receivable, net:
Trade	—		—		88.1		4.1		—		92.2
Affiliates	19.8		11.9		11.6		—		(43.3	)	—
Inventories, net	—		—		139.8		22.8		—		162.6
Other current assets	6.9		2.3		16.7		13.0		—		38.9
Total current assets	26.8		20.7		257.0		41.4		(43.3	)	302.6
Investments in affiliates	(64.4	)	1,162.3		—		—		(1,097.9	)	—
Advances due from affiliates	137.0		215.5		857.2		63.5		(1,273.2	)	—
Property, plant and equipment, net	—		—		622.2		70.2		—		692.4
Goodwill	—		—		—		—		—		—
Other intangible assets, net	—		—		44.5		—		—		44.5
Other assets	—		4.3		43.9		33.8		—		82.0
Total assets	99.4		1,402.8		1,824.8		208.9		(2,414.4	)	1,121.5
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	—		—		104.1		13.7		—		117.8
Affiliates	—		19.8		—		23.5		(43.3	)	—
Accrued liabilities	—		7.2		53.5		26.7		—		87.4
Deferred tax liabilities	—		—		—		—		—		—
Current portion of long-term debt and lease financing	—		4.9		6.1		5.6		—		16.6
Total current liabilities	—		31.9		163.7		69.5		(43.3	)	221.8
Long-term debt and lease financing, net	—		636.0		12.0		12.7		—		660.7
Pension and other post-retirement liabilities	—		—		184.6		7.9		—		192.5
Other long-term liabilities	—		—		35.8		8.7		—		44.5
Advances due to affiliates	199.6		776.4		292.1		5.1		(1,273.2	)	—
Long-term deferred tax liabilities	29.5		22.9		72.9		0.4		—		125.7
Stockholders’ equity:
Common stock	0.1		—		—		—		—		0.1
Capital in excess of par value	246.7		352.1		1,122.3		83.8		(1,558.2	)	246.7
Accumulated earnings (deficit)	(273.0	)	(313.0	)	40.7		19.1		253.2		(273.0	)
Accumulated other comprehensive income (loss)	(103.5	)	(103.5	)	(99.3	)	(4.3	)	207.1		(103.5	)
Total stockholders’ equity (deficit)	(129.7	)	(64.4	)	1,063.7		98.6		(1,097.9	)	(129.7	)
Non-controlling interest	—		—		—		6.0		—		6.0
Total equity (deficit)	(129.7	)	(64.4	)	1,063.7		104.6		(1,097.9	)	(123.7	)
Total liabilities and equity	99.4		1,402.8		1,824.8		208.9		(2,414.4	)	1,121.5

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 and lease financing	—		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 and lease financing, net	—		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
Stockholders’ equity:
Common stock	0.1		—		—		—		—		0.1
Capital in excess of par value	244.2		352.1		1,199.7		83.8		(1,635.6	)	244.2
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 stockholders’ 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 September 30, 2015

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		294.7		33.6		(18.8	)	309.5
Operating costs and expenses:
Cost of sales	—		—		322.2		32.6		(18.8	)	336.0
Selling, general and administrative	0.9		0.3		20.5		4.2		—		25.9
Goodwill and other intangibles impairment	—		—		137.9		—		—		137.9
Other recoveries	—		—		(8.7	)	—		—		(8.7	)
Total operating costs and expenses	0.9		0.3		471.9		36.8		(18.8	)	491.1
Operating loss	(0.9	)	(0.3	)	(177.2	)	(3.2	)	—		(181.6	)
Other (income) expense:
Interest expense (income), net	(0.1	)	12.6		0.1		0.4		—		13.0
Loss on hedging activities, net	—		—		7.3		—		—		7.3
Total other (income) expense, net	(0.1	)	12.6		7.4		0.4		—		20.3
Loss before income taxes	(0.8	)	(12.9	)	(184.6	)	(3.6	)	—		(201.9	)
Income tax (benefit) expense	0.3		3.1		(30.2	)	—		—		(26.8	)
Equity in net income (loss) of subsidiaries	(174.0	)	(158.0	)	—		—		332.0		—
Net income (loss)	(175.1	)	(174.0	)	(154.4	)	(3.6	)	332.0		(175.1	)
Other comprehensive income (loss)	2.2		2.2		2.0		—		(4.2	)	2.2
Total comprehensive income (loss)	(172.9	)	(171.8	)	(152.4	)	(3.6	)	327.8		(172.9	)

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Operations

Three months ended September 30, 2014

(in millions)

(unaudited)

	Parent guarantor (Noranda HoldCo)		Issuer (Noranda AcquisitionCo)		Subsidiary guarantors		Subsidiary non-guarantors		Eliminations		Consolidated
	$		$		$		$		$		$
Sales	—		—		349.5		30.8		(18.9	)	361.4
Operating costs and expenses:
Cost of sales	—		—		323.3		31.1		(18.9	)	335.5
Selling, general and administrative	1.3		0.1		14.6		3.6		—		19.6
Total operating costs and expenses	1.3		0.1		337.9		34.7		(18.9	)	355.1
Operating income (loss)	(1.3	)	(0.1	)	11.6		(3.9	)	—		6.3
Other (income) expense:
Interest expense (income), net	(0.1	)	12.4		—		0.3		—		12.6
Gain on hedging activities, net	—		—		(2.6	)	—		—		(2.6	)
Total other (income) expense, net	(0.1	)	12.4		(2.6	)	0.3		—		10.0
Income (loss) before income taxes	(1.2	)	(12.5	)	14.2		(4.2	)	—		(3.7	)
Income tax (benefit) expense	(0.5	)	(4.2	)	4.9		—		—		0.2
Equity in net income (loss) of subsidiaries	(3.2	)	5.1		—		—		(1.9	)	—
Net income (loss)	(3.9	)	(3.2	)	9.3		(4.2	)	(1.9	)	(3.9	)
Other comprehensive income (loss)	0.7		0.7		0.7		—		(1.4	)	0.7
Total comprehensive income (loss)	(3.2	)	(2.5	)	10.0		(4.2	)	(3.3	)	(3.2	)

Condensed Cash Flow Statement [Table Text Block]

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 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	(0.3	)	8.8		20.0		(3.5	)	—	25.0
INVESTING ACTIVITIES
Capital expenditures	—		—		(53.0	)	(4.6	)	—	(57.6	)
Insurance proceeds from casthouse and other	—		—		1.7		—		—	1.7
Proceeds from corporate owned life insurance policy	—		—		6.4		—		—	6.4
Proceeds from sale of property, plant and equipment	—		—		2.2		—		—	2.2
Cash used in investing activities	—		—		(42.7	)	(4.6	)	—	(47.3	)
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 stockholders	(1.4	)	—		—		—		—	(1.4	)
Repayments on revolving credit facility	—		(226.0	)	—		—		—	(226.0	)
Borrowings on revolving credit facility	—		226.0		—		—		—	226.0
Repayments of long-term debt and lease financing	—		(7.9	)	(0.8	)	—		—	(8.7	)
Borrowings on long-term debt and lease financing	—		—		17.4		—		—	17.4
Distribution (to parent) from subsidiary	1.5		(1.5	)	—		—		—	—
Short-term product financing	—		—		3.6		—		—	3.6
Cash provided by (used in) financing activities	(0.1	)	(9.4	)	20.2		—		—	10.7
Change in cash and cash equivalents	(0.4	)	(0.6	)	(2.5	)	(8.1	)	—	(11.6	)
Cash and cash equivalents, beginning of period	0.5		7.1		3.3		9.6		—	20.5
Cash and cash equivalents, end of period	0.1		6.5		0.8		1.5		—	8.9

NORANDA ALUMINUM HOLDING CORPORATION

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 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	0.4		(45.5	)	53.7		(4.4	)	—	4.2
INVESTING ACTIVITIES
Capital expenditures	—		—		(52.5	)	(7.4	)	—	(59.9	)
Proceeds from sale of property, plant and equipment	—		—		0.2		—		—	0.2
Cash used in investing activities	—		—		(52.3	)	(7.4	)	—	(59.7	)
FINANCING ACTIVITIES
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(1.1	)	—		—		—		—	(1.1	)
Dividends paid to stockholders	(2.1	)	—		—		—		—	(2.1	)
Repayments of long-term debt and lease financing	—		(3.6	)	—		—		—	(3.6	)
Borrowings on long-term debt and lease financing	—		(7.0	)	—		14.2		—	7.2
Repayments on revolving credit facility	—		(86.0	)	—		—		—	(86.0	)
Borrowings on revolving credit facility	—		86.0		—		—		—	86.0
Distribution (to parent) from subsidiary	2.8		(2.8	)	—		—		—	—
Cash provided by (used in) financing activities	(0.4	)	(13.4	)	—		14.2		—	0.4
Change in cash and cash equivalents	—		(58.9	)	1.4		2.4		—	(55.1	)
Cash and cash equivalents, beginning of period	0.4		66.7		1.1		11.2		—	79.4
Cash and cash equivalents, end of period	0.4		7.8		2.5		13.6		—	24.3

XML

Supplemental Financial Statement Information Supplemental Financial Statement Information (Tables)

9 Months Ended

Sep. 30, 2015

Supplemental Financial Statement Information [Abstract]

Schedule of depreciation and amortization

Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions):

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Depreciation of property, plant and equipment	20.7	18.9	60.8	57.0
Amortization of intangible assets	1.4	1.4	4.4	4.4
Amortization of other long-term assets	1.8	1.4	5.2	4.3
Total depreciation and amortization	23.9	21.7	70.4	65.7

Schedule of supplemental cash flow disclosures

Cash paid for interest and income taxes for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions):

	Nine months ended September 30,
	2015	2014
	$	$
Interest paid	33.9	32.5
U.S. Federal and state income taxes paid, net of refunds received	3.9	6.9

Schedule of changes in accumulated other comprehensive income (loss)

Changes in accumulated other comprehensive income (loss) (“AOCI”) during the nine months ended September 30, 2015 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	10.0		3.5		6.5
Balance, September 30, 2015	(162.9	)	(59.4	)	(103.5	)

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

eclassifications from AOCI into the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (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 September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Selling, general and administrative expenses (“SGA”)
Actuarial gain/loss	0.7	0.3	2.0	0.7	(1)
Prior service costs	0.1	0.1	0.3	0.2	(1)
Total pension amounts reclassified into SGA	0.8	0.4	2.3	0.9	Selling, general and administrative expenses
Cost of sales (“COS”)
Actuarial gain/loss	2.3	0.7	7.0	2.2	(1)
Prior service costs	0.3	0.1	0.7	0.6	(1)
Total pension amounts reclassified into COS	2.6	0.8	7.7	2.8	Cost of sales
Reclassification of pension and OPEB amounts realized in net loss	3.4	1.2	10.0	3.7
Income tax expense related to reclassifications of pension and OPEB amounts	1.2	0.5	3.5	1.4	Income tax expense
Reclassification of pension and OPEB amounts realized in net loss, net of tax	2.2	0.7	6.5	2.3	Net loss

⁽¹⁾  These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, “Pension and Other Post-Retirement Benefits”

Schedule of accounts receivable

Accounts receivable, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015		December 31, 2014
	$		$
Trade	92.3		102.6
Allowance for doubtful accounts	(0.1	)	(0.1	)
Total accounts receivable, net	92.2		102.5

Schedule of other current assets

Other current assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Current deferred tax asset	3.7	0.4
Employee loans receivable, net	1.8	2.1
Current derivative assets (see Note 13, “Derivative Financial Instruments”)	8.7	6.3
Taxes receivable	5.9	4.0
Prepaid assets	5.8	4.5
Restricted cash (see Note 9, “Commitments and Contingencies”)	0.1	0.1
Other current assets	12.9	10.0
Total other current assets	38.9	27.4

Schedule of other noncurrent assets

Other assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Deferred financing costs, net of amortization	4.3	5.8
Cash surrender value of life insurance	22.1	29.3
Pension asset	6.8	6.5
Restricted cash	14.2	14.0
Supplies	5.9	5.0
Prepaid Jamaican income taxes (see Note 19, “Non-Controlling Interest”)	12.7	12.7
Derivative asset (see Note 13, “Derivative Financial Instruments”)	—	0.2
Other	16.0	15.6
Total other assets	82.0	89.1

Schedule of accrued liabilities

Accrued liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Compensation and benefits	25.5	18.3
Workers’ compensation	5.9	5.6
Other operating expenses	19.0	11.2
Accrued interest	7.3	2.3
Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”)	2.1	2.3
Land obligation (see Note 11, “Asset Retirement and Other Obligations”)	3.5	3.7
Derivative liabilities (see Note 13, “Derivative Financial Instruments”)	8.1	5.0
Reclamation obligation (see Note 11, “Asset Retirement and Other Obligations”)	1.8	1.5
Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”)	1.7	1.7
Obligations to the Government of Jamaica (see Note 19, “Non-Controlling Interest”)	11.7	5.9
Pension and OPEB liabilities (see Note 12, “Pensions and Other Post-Retirement Benefits”)	0.8	0.8
Restructuring liability	—	0.8
Total accrued liabilities	87.4	59.1

Schedule of other long-term liabilities

Other long-term liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Reserve for uncertain tax positions	0.6	0.7
Workers’ compensation	16.1	15.3
Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”)	13.8	13.7
Land obligation (see Note 11, “Asset Retirement and Other Obligations”)	6.5	6.8
Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”)	1.1	1.1
Long-term derivative liabilities (see Note 13, “Derivative Financial Instruments”)	—	0.1
Deferred compensation and other	6.4	8.2
Total other long-term liabilities	44.5	45.9

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements [Abstract]

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

The tables below set forth by hierarchy level as of September 30, 2015 and December 31, 2014 the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions):

	September 30, 2015
	Level 1	Level 2		Level 3		Total
	$	$		$		$
Derivative assets	—	8.7		—		8.7
Derivative liabilities	—	(5.6	)	(2.5	)	(8.1	)
Total	—	3.1		(2.5	)	0.6

	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 during the nine months ended September 30, 2015 were included in loss on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments during the nine months ended September 30, 2015 were as follows (in millions):

	Nine months ended September 30, 2015
	$
Fair value, beginning of year	3.3
New contracts entered into during the period	(1.4	)
Changes in fair value	(6.9	)
Settlements	2.5
Fair value, end of period	(2.5	)

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income (loss)	$ (203.2)	$ (28.3)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	70.4	65.7
Non-cash interest expense	2.1	2.0
Last in, first out and lower of cost or market	0.3	3.2
Goodwill and other intangibles impairment	137.9	0.0
Gain (Loss) on disposal of assets	(1.6)	0.2
Gain on hedging activities, excluding cash settlements	0.6	(0.8)
Deferred income taxes	(36.0)	(29.7)
Share-based compensation expense	2.3	2.5
Changes in other assets	(3.6)	(5.7)
Changes in pension, other post-retirement and other long-term liabilities	5.7	(4.4)
Changes in current operating assets and liabilities:
Accounts receivable, net	10.3	(40.1)
Inventories, net	31.5	(23.7)
Taxes receivable and taxes payable	(1.9)	13.5
Other current assets	(2.6)	(3.2)
Accounts payable	(9.0)	47.2
Accrued liabilities	21.8	5.8
Cash provided by (used in) operating activities	25.0	4.2
Net Cash Provided By Used In Investing Activities Abstract
Capital expenditures	(57.6)	(59.9)
Insurance Proceeds from Casthouse and Other	1.7	0.0
Proceeds from corporate owned life insurance policies	6.4	0.0
Proceeds from Sale of Property, Plant, and Equipment	2.2	0.2
Cash Provided by (Used in) Investing Activities	(47.3)	(59.7)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements	(0.2)	(1.1)
Dividends paid to shareholders	(1.4)	(2.1)
Borrowings on revolving credit facility	226.0	86.0
Repayments on revolving credit facility	(226.0)	(86.0)
Borrowings on long-term debt and lease financing	17.4	7.2
Repayments on long-term debt and lease financing	(8.7)	(3.6)
Proceeds from Financing Revenue Received under Leases	3.6	0.0
Cash provided by (used in) financing activities	10.7	0.4
Change in cash and cash equivalents	(11.6)	(55.1)
Cash and cash equivalents, beginning of period	20.5	79.4
Cash and cash equivalents, end of period	$ 8.9	$ 24.3

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Inventories (Tables)

9 Months Ended

Sep. 30, 2015

Inventory, Net [Abstract]

Schedule of inventories

Inventories, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015		December 31, 2014
	$		$
Raw materials, at cost	58.9		73.7
Work-in-process, at cost	44.9		48.9
Finished goods, at cost	25.7		31.3
Total inventories, at cost	129.5		153.9
LIFO adjustment	31.8		14.0
LCM reserve	(31.1	)	(7.6	)
Inventories, at lower of cost or market	130.2		160.3
Supplies	32.4		36.4
Total inventories, net	162.6		196.7

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Net Income Per Common Share (Schedule of Calculation of Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ (175.1)	$ (3.9)	$ (203.2)	$ (28.3)
Weighted-average common shares outstanding:
Basic weighted-average common shares outstanding	10,010	9,840	9,930	9,800
Diluted weighted-average common shares outstanding	10,010	9,840	9,930	9,800
Net income per common share:
Basic net income per common share	$ (17.49)	$ (0.40)	$ (20.46)	$ (2.89)
Diluted net income per common share	$ (17.49)	$ (0.40)	$ (20.46)	$ (2.89)
Antidilutive securities	370	2,660	350	2,430
Equity Option [Member]
Net income per common share:
Antidilutive securities	130	1,190	150	1,230
Restricted Stock and Restricted Stock Units Equity Awards [Member]
Net income per common share:
Antidilutive securities	210	1,230	180	1,000
Performance Shares [Member]
Net income per common share:
Antidilutive securities	30	240	20	200

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Share-Based Payments Share-Based Payments (Tables)

9 Months Ended

Sep. 30, 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 September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Restricted stock and restricted stock unit equity awards	0.7	0.9	2.3	2.5
Total stock compensation expense	0.7	0.9	2.3	2.5

Schedule of stock option activity

Our stock option activity during the nine months ended September 30, 2015 was as follows:

	Employee options and non-employee director options				Prior 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	148,556		12.74	2.0	20,000	63.00	—
Exercised	(38,299	)	9.51	0.3	—	—	—
Expired	(5,659	)	7.98	—	—	—	—
Outstanding, September 30, 2015	104,598		14.19	—	20,000	63.00	—
Fully vested and exercisable, September 30, 2015 (weighted-average remaining contractual term of 2.7 years and 2.1 years, respectively)	104,598		14.19	—	20,000	63.00	—

⁽¹⁾  Options that were not in-the-money at September 30, 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 during the nine months ended September 30, 2015 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	167,726		—	58,951		—	24,742	—	117,057
Granted	179,154		16.61	—		—	—	—	73,700
Grant date determined during the period	—		—	57,349		20.86	—	—	(57,349	)
Dividend equivalent units granted	2,213		12.39	650		13.69	267	13.08	1,149
Vested (aggregate intrinsic value of $2.2 million)	(136,173	)	28.47	(18,594	)	74.20	—	—	(2,594	)
Forfeited	(8,705	)	26.24	(3,014	)	51.02	—	—	(3,794	)
Cancelled	—		—	(41,259	)	80.25	—	—	—
Non-vested, September 30, 2015 (aggregate intrinsic value of $0.7 million)	204,215			54,083			25,009		128,169

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	8,603
Granted	—
Dividend equivalent units granted	34
Vested	—
Shares forfeited	(8,571	)
Dividend equivalent units forfeited	(66	)
Non-vested, September 30, 2015	—

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Supplemental Financial Statement Information (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Supplemental Financial Statement Information [Abstract]
Trade	$ 92.3	$ 102.6
Allowance for doubtful accounts	(0.1)	(0.1)
Total accounts receivable, net	$ 92.2	$ 102.5

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Asset Retirement and Other Obligations Asset Retirement and Other Obligations (Environmental Remediation Obligations) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Environmental Remediation Obligations [Abstract]
Environmental remediation obligation	$ 1.7	$ 1.7
Environmental remediation obligations	$ 1.1	$ 1.1

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Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 8.9	$ 20.5
Accounts receivable, net	92.2	102.5
Inventories, net	162.6	196.7
Other current assets	38.9	27.4
Total current assets	302.6	347.1
Property, plant and equipment, net	692.4	695.0
Goodwill	0.0	137.6
Other intangible assets, net	44.5	49.3
Other assets	82.0	89.1
Total assets	1,121.5	1,318.1
LIABILITIES AND EQUITY
Accounts payable	117.8	122.6
Accrued liabilities	87.4	59.1
Deferred tax liabilities	0.0	11.7
Current portion of long-term debt	16.6	11.6
Total current liabilities	221.8	205.0
Long-term debt, net	660.7	656.4
Pension and other post-retirement benefit (OPEB) liabilities	192.5	195.4
Other long-term liabilities	44.5	45.9
Long-term deferred tax liabilities	125.7	143.3
Shareholders' equity:
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at September 30, 2015 and December 31, 2014)	0.0	0.0
Common stock (30.0 shares authorized; $0.01 par value; 10.0 shares issued and outstanding at September 30, 2015; 9.8 shares issued and outstanding at December 31, 2014)	0.1	0.1
Capital in excess of par value	246.7	244.2
Accumulated deficit	(273.0)	(68.2)
Accumulated other comprehensive income (loss)	(103.5)	(110.0)
Total shareholders' equity	(129.7)	66.1
Non-controlling interest	6.0	6.0
Total equity	(123.7)	72.1
Total liabilities and equity	$ 1,121.5	$ 1,318.1

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Accounting Policies Organization, Consolidation and Basis of Presentation (Details) - shares shares in Millions	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares outstanding	10.0		9.8
Common Stock, Shares Authorized	30.0	200.0	30.0

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Consolidated Statements of Equity - 9 months ended Sep. 30, 2015 - 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	$ 0.1	$ 244.2	$ (68.2)	$ (110.0)	$ 6.0
Net income (loss)	(203.2)	0.0	0.0	0.0	(203.2)	0.0	0.0
Total other comprehensive income, net of tax	6.5	0.0	0.0	0.0	0.0	6.5	0.0
Shares tendered for taxes, net of issuance of common shares for share-based payment arrangements	(0.2)	0.0	0.0	(0.2)	0.0	0.0	0.0
Stock compensation expense related to equity-based awards	2.3	0.0	0.0	2.3	0.0	0.0	0.0
Vesting of awards, share-based plans	0.2	0.0	0.0	0.4	(0.2)	0.0	0.0
Dividends to shareholders @ $0.07 per share	(1.4)	0.0	0.0	0.0	(1.4)	0.0	0.0
Balance, end of period at Sep. 30, 2015	$ (123.7)	$ 0.0	$ 0.1	$ 246.7	$ (273.0)	$ (103.5)	$ 6.0

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Inventories (Narrative) (Details)	Sep. 30, 2015	Dec. 31, 2014
Bauxite and Alumina [Member]
Inventories disclosure [Line Items]
Percentage of weighted-average cost inventory	33.00%	25.00%

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Intangible Assets Disclosure Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Finite-Lived Intangible Assets [Line Items]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	9/30/2015				December 31, 2014
	Gross Amount	Accumulated Amortization		Net Book Value	Gross Amount	Accumulated Amortization		Net Book Value
	$	$		$	$	$		$
Non-amortizable tradenames	17.4	—		17.4	17.7	—		17.7
Amortizable tradenames	71.0	(43.8	)	27.2	71.0	(39.4	)	31.6
Other amortizable intangibles	0.7	(0.7	)	—	0.7	(0.7	)	—
Total	89.1	(44.5	)	44.6	89.4	(40.1	)	49.3

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Expected amortization intangible assets for each of the next five years is as follows (in millions);

Year ended December 31	$
2016	5.5
2017	4.5
2018	4.1
2019	3.4
2020	3.4

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Intangible Assets Disclosure Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1.4	$ 1.4	$ 4.4	$ 4.4
Goodwill and Other Intangibles Impairment	(137.9)	$ 0.0	(137.9)	$ 0.0
Segment Reconciling Items [Member] | Primary Aluminum [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill and Other Intangibles Impairment	$ (137.6)		$ (137.6)

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Shareholders' Equity (Footnote)

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity Disclosure [Text Block]

The following table provides information regarding dividends declared and paid during the nine months ended September 30, 2015:

	Per share dividend amount	Date paid	Total cash payment
Declaration date	$/share		$ in millions
February 18, 2015	0.01	March 25, 2015	0.7
May 6, 2015	0.01	June 10, 2015	0.7

On June 18, 2015, the Board suspended dividend payments.

On August 24, 2015, our stockholders approved a certificate of amendment to our amended and restated certificate of incorporation providing for a1-for-7 reverse stock split of our common stock and a reduction in the number of authorized shares of our common stock from 200 million to 30 million. The reverse stock split became effective upon filing of the certificate of amendment with the Secretary of State of Delaware on August 25, 2015.

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Long-Term Debt Long Term Debt Table (Tables)

9 Months Ended

Sep. 30, 2015

Debt Instrument [Line Items]

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

The following table provides information regarding the carrying values and fair values at September 30, 2015 and December 31, 2014 of our long-term debt and lease financing (in millions):

	September 30, 2015		December 31, 2014
	Carrying value	Interest rate	Carrying value	Interest rate
	$	%	$	%
AcquisitionCo Notes, net	173.5	11.00	173.3	11.00
Term B Loan, net	467.3	5.75	470.7	5.75
Project specific financing	18.3	9.00	22.5	9.00
Mid-Stream lease financing	3.8	8.00	1.0	8.00
Rod mill lease financing	14.0	8.50	—	—
Capital lease financing	0.4	5.79	0.5	5.79
Total debt and lease financing, net	677.3		668.0
Less: Current portion	16.6		11.6
Long-term debt and lease financing, net	660.7		656.4

The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.5 million and $1.7 million, respectively, at September 30, 2015 and December 31, 2014. We estimated the Notes to have a fair value of approximately $47.5 million and $171.6 million, respectively, at September 30, 2015 and December 31, 2014.

As of September 30, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.0 million and $2.4 million, respectively. We estimated the Term B Loan to have a fair value of approximately $320.1 million and $470.7 million, respectively, at September 30, 2015 and December 31, 2014.

We estimate that the carrying values of the project specific, mid-stream lease, rod mill lease and capital lease financings approximate the fair market values.

During the second quarter of 2015, we entered into a lease agreement for $14.8 million with a third party to finance certain equipment at the new rod mill in New Madrid. The lease is for a 60 month period with monthly payments of $0.3 million.

Our asset-based loan (“ABL”) had no outstanding balance at September 30, 2015 or December 31, 2014. Outstanding letters of credit totaled $44.2 million at September 30, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity as of September 30, 2015 was $103.8 million.

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Net Income Per Common Share (Footnote)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Basic and diluted net loss per common share (“EPS”) for the three and nine months ended September 30, 2015 and 2014 were calculated as follows (in millions, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Net loss	$	(175.1	)	$	(3.9	)	$	(203.2	)	$	(28.3	)
Weighted-average common shares outstanding*:
Basic	10.01			9.84			9.93			9.80
Diluted	10.01			9.84			9.93			9.80
Net loss per common share:
Basic	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Diluted	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)

* The Net loss per common share and Weighted-average shares outstanding amount for all periods presented reflect the 1-for-7 reverse stock split of our common stock that became effective on August 25, 2015.

Certain share-based payment awards whose terms and conditions are described in Note 15, “Share-Based Payments,” could potentially be dilutive in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. The following table provides information regarding the type and weighted average number of antidilutive securities outstanding during the three and nine months ended September 30, 2015 and 2014 (in millions):

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
Options	0.13	1.19	0.15	1.23
Service-vesting restricted stock and RSUs and Dividend equivalent units	0.21	1.23	0.18	1.00
Performance-vesting restricted stock and RSUs and Dividend equivalent units	0.03	0.24	0.02	0.20
Antidilutive securities	0.37	2.66	0.35	2.43

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Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Document Period End Date	Sep. 30, 2015
Debt Instrument, Unamortized Discount	$ 1.5	$ 1.7
Property, Plant and Equipment, Net, Excluding Capital Leased Assets	$ 14.8
Description of Lessor Leasing Arrangements, Capital Leases	P60M
Debt Instrument, Payment Terms	$0.3 million.
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 47.5	171.6
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	2.0	2.4
Long-term Debt, Fair Value	320.1	470.7
Asset-Backed Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	44.2	$ 39.8
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 103.8

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Consolidated Statements of Equity Consolidated Statements of Equity (Parentheticals)	9 Months Ended
	Sep. 30, 2015 $ / shares
common shareholders [Member]
Dividends to shareholders @ $0.07 per share	$ 0.07

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Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Millions	Sep. 30, 2015	Dec. 31, 2014
Shareholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25.0	25.0
Preferred stock, shares issued	0.0	0.0
Preferred stock, shares outstanding	0.0	0.0
Common Stock, Shares Authorized	30.0	30.0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	10.0	9.8
Common stock, shares outstanding	10.0	9.8

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Commitments and Contingencies (Footnote)

9 Months Ended

Sep. 30, 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 entered into or extended subsequent to December 31, 2014:

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

• The agreement in place with the IAMAW at our Newport rolling mill was extended through May 2015. A new three year agreement was signed in April 2015 and became effective on June 1, 2015.

• The agreement at Gramercy with the USWA originally extended through September 2015. During June 2015 the agreement was extended through September 2016.

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

• A new agreement at St. Ann with the UTASP, which represents supervisory and technical salaried workers, was concluded in May 2015; the agreement expires in December 2016.

• The agreement in place with BITU expires on December 31, 2015. In September 2015, we received a claim for a new contract, and negotiations are scheduled to begin in the fourth quarter of 2015. If negotiations result in a new contract, the contract will be in effect for the period from January 1, 2016 through December 31, 2018.

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 our 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.

Arbitration Proceeding Relating to Production Levy

See Note 19, “Non-Controlling Interest” for information regarding a pending arbitration proceeding relating to a dispute between Noranda Bauxite Limited (“NBL”) and the Government of Jamaica as to the amount of the production levy payable by NBL to the Government of Jamaica.

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 related to our long-term competitive position in the primary aluminum business. We have a long-term contract with Union Electric Company d/b/a Ameren Missouri (“Ameren Missouri”) for our electricity supply at New Madrid that is effective through 2020, 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 megawatts, calculated at peak and non-peak demand charges, or approximately $7.9 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 Missouri Public Service Commission (“PSC”) based on two components: a base rate and a fuel adjustment charge. The PSC determines whether to make changes to the base rate and fuel adjustment charge.

On April 29, 2015 the PSC established a new and reduced electricity rate structure for our aluminum smelter in New Madrid, Missouri. The lower rate structure became effective on June 1, 2015 and carries a term of at least three years. Under the terms of the PSC’s order approving the new rate structure, we are required 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) refraining from paying special dividends. If the PSC determines that we have materially violated the conditions, and no exception is available under the Report and Order, rates at the smelter would revert to the previous rate structure on a prospective basis. In June 2015, Ameren Missouri filed a notice of appeal to the PSC’s ruling with the Missouri Court of Appeals, Western District, reserving the right to appeal various aspects of the ruling, including the reduction to Noranda’s electric rates.

On May 27, 2015, we received a notice of termination from Ameren Missouri, advising that, effective June 1, 2020, Ameren Missouri is terminating the power supply contract. We have not yet determined the course of action we will pursue in response to Ameren Missouri’s notice of termination. However, we believe that, even if the contract terminates in 2020, Ameren Missouri maintains a legal obligation to supply electricity to the New Madrid smelter, at rates approved by the PSC, under a Certificate of Convenience and Necessity issued by the PSC in 2005 (the “Certificate”). The Certificate expanded Ameren Missouri’s service area to encompass the New Madrid smelter. Ameren Missouri may not remove the New Madrid smelter from its service area without the express approval of the PSC. Moreover, during the five years that the power supply contract will remain in effect prior to its termination, we may seek to negotiate a new agreement with Ameren Missouri. Alternatively, and as permitted by Section 91.026 of the Missouri Revised Statutes, we may seek to enter into an agreement with another provider of electric power, wherever located, to purchase electricity for our New Madrid operations.

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Document and Entity Information - USD ($)	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015	Jun. 30, 2014
Document Information [Line Items]
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	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		10,011,803
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 22,641,688

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Long-Term Debt (Footnote)

9 Months Ended

Sep. 30, 2015

Debt Instrument [Line Items]

Long-term debt disclosure

The following table provides information regarding the carrying values and fair values at September 30, 2015 and December 31, 2014 of our long-term debt and lease financing (in millions):

	September 30, 2015		December 31, 2014
	Carrying value	Interest rate	Carrying value	Interest rate
	$	%	$	%
AcquisitionCo Notes, net	173.5	11.00	173.3	11.00
Term B Loan, net	467.3	5.75	470.7	5.75
Project specific financing	18.3	9.00	22.5	9.00
Mid-Stream lease financing	3.8	8.00	1.0	8.00
Rod mill lease financing	14.0	8.50	—	—
Capital lease financing	0.4	5.79	0.5	5.79
Total debt and lease financing, net	677.3		668.0
Less: Current portion	16.6		11.6
Long-term debt and lease financing, net	660.7		656.4

The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.5 million and $1.7 million, respectively, at September 30, 2015 and December 31, 2014. We estimated the Notes to have a fair value of approximately $47.5 million and $171.6 million, respectively, at September 30, 2015 and December 31, 2014.

As of September 30, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.0 million and $2.4 million, respectively. We estimated the Term B Loan to have a fair value of approximately $320.1 million and $470.7 million, respectively, at September 30, 2015 and December 31, 2014.

We estimate that the carrying values of the project specific, mid-stream lease, rod mill lease and capital lease financings approximate the fair market values.

During the second quarter of 2015, we entered into a lease agreement for $14.8 million with a third party to finance certain equipment at the new rod mill in New Madrid. The lease is for a 60 month period with monthly payments of $0.3 million.

Our asset-based loan (“ABL”) had no outstanding balance at September 30, 2015 or December 31, 2014. Outstanding letters of credit totaled $44.2 million at September 30, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity as of September 30, 2015 was $103.8 million.

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Share-Based Payments (Schedule of Stock Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.7	$ 0.9	$ 2.3	$ 2.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	4.1		$ 4.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 6 months
Restricted Stock and Restricted Stock Units Equity Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.7	$ 0.9	$ 2.3	$ 2.5

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Subsidiary Issuer of Guaranteed Notes (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Cash provided by (used in) operating activities			$ 25.0	$ 4.2
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment	$ (13.8)	$ (28.8)	(57.6)	(59.9)
Proceeds from Sale of Insurance Investments			1.7	0.0
Proceeds from Insurance Settlement, Investing Activities			6.4	0.0
Proceeds from Sale of Property, Plant, and Equipment			2.2	0.2
Net Cash Provided by (Used in) Investing Activities			(47.3)	(59.7)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements			(0.2)	(1.1)
Payments of Dividends			(1.4)	(2.1)
Repayments of Lines of Credit			(226.0)	(86.0)
Proceeds from Lines of Credit			226.0	86.0
Repayments on long-term debt and lease financing			(8.7)	(3.6)
Borrowings on long-term debt and lease financing			17.4	7.2
Distribution (to parent) from subsidiary			0.0	0.0
Proceeds from Financing Revenue Received under Leases			3.6	0.0
Cash provided by (used in) financing activities			10.7	0.4
Change in cash and cash equivalents			(11.6)	(55.1)
Cash and cash equivalents, beginning of period			20.5	79.4
Cash and cash equivalents, end of period	8.9	24.3	8.9	24.3
Parent guarantor [Member]
Operating Activities
Cash provided by (used in) operating activities			(0.3)	0.4
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment			0.0	0.0
Proceeds from Sale of Insurance Investments			0.0
Proceeds from Insurance Settlement, Investing Activities			0.0
Proceeds from Sale of Property, Plant, and Equipment			0.0	0.0
Net Cash Provided by (Used in) Investing Activities			0.0	0.0
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements			(0.2)	(1.1)
Payments of Dividends			(1.4)	(2.1)
Repayments of Lines of Credit			0.0	0.0
Proceeds from Lines of Credit			0.0	0.0
Repayments on long-term debt and lease financing			0.0	0.0
Borrowings on long-term debt and lease financing			0.0	0.0
Distribution (to parent) from subsidiary			1.5	2.8
Proceeds from Financing Revenue Received under Leases			0.0
Cash provided by (used in) financing activities			(0.1)	(0.4)
Change in cash and cash equivalents			(0.4)	0.0
Cash and cash equivalents, beginning of period			0.5	0.4
Cash and cash equivalents, end of period	0.1	0.4	0.1	0.4
Issuer [Member]
Operating Activities
Cash provided by (used in) operating activities			8.8	(45.5)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment			0.0	0.0
Proceeds from Sale of Insurance Investments			0.0
Proceeds from Insurance Settlement, Investing Activities			0.0
Proceeds from Sale of Property, Plant, and Equipment			0.0	0.0
Net Cash Provided by (Used in) Investing Activities			0.0	0.0
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements			0.0	0.0
Payments of Dividends			0.0	0.0
Repayments of Lines of Credit			(226.0)	(86.0)
Proceeds from Lines of Credit			226.0	86.0
Repayments on long-term debt and lease financing			(7.9)	(3.6)
Borrowings on long-term debt and lease financing			0.0	(7.0)
Distribution (to parent) from subsidiary			(1.5)	(2.8)
Proceeds from Financing Revenue Received under Leases			0.0
Cash provided by (used in) financing activities			(9.4)	(13.4)
Change in cash and cash equivalents			(0.6)	(58.9)
Cash and cash equivalents, beginning of period			7.1	66.7
Cash and cash equivalents, end of period	6.5	7.8	6.5	7.8
Guarantor Subsidiaries [Member]
Operating Activities
Cash provided by (used in) operating activities			20.0	53.7
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment			(53.0)	(52.5)
Proceeds from Sale of Insurance Investments			1.7
Proceeds from Insurance Settlement, Investing Activities			6.4
Proceeds from Sale of Property, Plant, and Equipment			2.2	0.2
Net Cash Provided by (Used in) Investing Activities			(42.7)	(52.3)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements			0.0	0.0
Payments of Dividends			0.0	0.0
Repayments of Lines of Credit			0.0	0.0
Proceeds from Lines of Credit			0.0	0.0
Repayments on long-term debt and lease financing			(0.8)	0.0
Borrowings on long-term debt and lease financing			17.4	0.0
Distribution (to parent) from subsidiary			0.0	0.0
Proceeds from Financing Revenue Received under Leases			3.6
Cash provided by (used in) financing activities			20.2	0.0
Change in cash and cash equivalents			(2.5)	1.4
Cash and cash equivalents, beginning of period			3.3	1.1
Cash and cash equivalents, end of period	0.8	2.5	0.8	2.5
Subsidiary non-guarantor [Member]
Operating Activities
Cash provided by (used in) operating activities			(3.5)	(4.4)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment			(4.6)	(7.4)
Proceeds from Sale of Insurance Investments			0.0
Proceeds from Insurance Settlement, Investing Activities			0.0
Proceeds from Sale of Property, Plant, and Equipment			0.0	0.0
Net Cash Provided by (Used in) Investing Activities			(4.6)	(7.4)
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements			0.0	0.0
Payments of Dividends			0.0	0.0
Repayments of Lines of Credit			0.0	0.0
Proceeds from Lines of Credit			0.0	0.0
Repayments on long-term debt and lease financing			0.0	0.0
Borrowings on long-term debt and lease financing			0.0	14.2
Distribution (to parent) from subsidiary			0.0	0.0
Proceeds from Financing Revenue Received under Leases			0.0
Cash provided by (used in) financing activities			0.0	14.2
Change in cash and cash equivalents			(8.1)	2.4
Cash and cash equivalents, beginning of period			9.6	11.2
Cash and cash equivalents, end of period	1.5	13.6	1.5	13.6
Consolidation, Eliminations [Member]
Operating Activities
Cash provided by (used in) operating activities			0.0	0.0
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Property, Plant, and Equipment			0.0	0.0
Proceeds from Sale of Insurance Investments			0.0
Proceeds from Insurance Settlement, Investing Activities			0.0
Proceeds from Sale of Property, Plant, and Equipment			0.0	0.0
Net Cash Provided by (Used in) Investing Activities			0.0	0.0
Financing Activities
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements			0.0	0.0
Payments of Dividends			0.0	0.0
Repayments of Lines of Credit			0.0	0.0
Proceeds from Lines of Credit			0.0	0.0
Repayments on long-term debt and lease financing			0.0	0.0
Borrowings on long-term debt and lease financing			0.0	0.0
Distribution (to parent) from subsidiary			0.0	0.0
Proceeds from Financing Revenue Received under Leases			0.0
Cash provided by (used in) financing activities			0.0	0.0
Change in cash and cash equivalents			0.0	0.0
Cash and cash equivalents, beginning of period			0.0	0.0
Cash and cash equivalents, end of period	$ 0.0	$ 0.0	$ 0.0	$ 0.0

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Sales	$ 309.5	$ 361.4	$ 987.8	$ 1,018.9
Operating costs and expenses:
Cost of sales	336.0	335.5	971.5	962.9
Selling, General and Administrative Expense	25.9	19.6	74.7	58.1
Goodwill and Other Intangibles Impairment	137.9	0.0	137.9	0.0
Other Recoveries	(8.7)	0.0	(8.7)	0.0
Total operating costs and expenses	491.1	355.1	1,175.4	1,021.0
Operating income (loss)	(181.6)	6.3	(187.6)	(2.1)
Other (income) expense: [Abstract]
Interest expense, net	13.0	12.6	39.4	37.7
Loss (Gain) on Derivatives	7.3	(2.6)	10.5	(2.2)
Total other income, net	20.3	10.0	49.9	35.5
Income (loss) before income taxes	(201.9)	(3.7)	(237.5)	(37.6)
Income tax expense (benefit)	(26.8)	0.2	(34.3)	(9.3)
Net income (loss)	$ (175.1)	$ (3.9)	$ (203.2)	$ (28.3)
Net income per common share [Abstract]
Basic	$ (17.49)	$ (0.40)	$ (20.46)	$ (2.89)
Diluted	$ (17.49)	$ (0.40)	$ (20.46)	$ (2.89)
Weighted-average common shares outstanding:
Basic (shares, in millions)	10,010	9,840	9,930	9,800
Diluted (shares, in millions)	10,010	9,840	9,930	9,800
Cash Dividends Declared per Common Share	$ 0.00	$ 0.07	$ 0.07	$ 0.21

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Fair Value Measurements (Footnote)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair value measurements disclosure

FAIR VALUE MEASUREMENTS

For a description of the fair value hierarchy, see Note 4, “Fair Value Measurements” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Valuations on a recurring basis

The tables below set forth by hierarchy level as of September 30, 2015 and December 31, 2014 the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions):

	September 30, 2015
	Level 1	Level 2		Level 3		Total
	$	$		$		$
Derivative assets	—	8.7		—		8.7
Derivative liabilities	—	(5.6	)	(2.5	)	(8.1	)
Total	—	3.1		(2.5	)	0.6

	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 nine months ended September 30, 2015.

We discuss our derivative instruments in Note 13, “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 during the nine months ended September 30, 2015 were included in loss on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments during the nine months ended September 30, 2015 were as follows (in millions):

	Nine months ended September 30, 2015
	$
Fair value, beginning of year	3.3
New contracts entered into during the period	(1.4	)
Changes in fair value	(6.9	)
Settlements	2.5
Fair value, end of period	(2.5	)

In Note 10, "Long-Term Debt and Lease Financing,”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 values of our AcquisitionCo Notes and our Term B Loan were based on recent market transactions. While the AcquisitionCo Notes and Term B Loan have quoted market prices used to determine fair value, we do not believe transactions involving those instruments occur in sufficient frequency or volume to be classified as Level 1 within the fair value hierarchy. The fair value of our project specific financing borrowings were based on interest rates available at each balance sheet date.

Valuations on a non-recurring basis

Fair value of goodwill and trade names is measured using management’s assumptions about future profitability and cash flows, using a market participant approach. Such assumptions include a combination of discounted cash flow and market-based valuations. Discounted cash flow valuations require assumptions about future profitability and cash flows, which we believe reflect the best estimates at the date the valuations are determined to be performed. These fair value measurements are classified as Level 3.

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Supplemental Financial Statement Information (Footnote)

9 Months Ended

Sep. 30, 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 for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions):

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Depreciation of property, plant and equipment	20.7	18.9	60.8	57.0
Amortization of intangible assets	1.4	1.4	4.4	4.4
Amortization of other long-term assets	1.8	1.4	5.2	4.3
Total depreciation and amortization	23.9	21.7	70.4	65.7

Cash paid for interest and income taxes for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions):

	Nine months ended September 30,
	2015	2014
	$	$
Interest paid	33.9	32.5
U.S. Federal and state income taxes paid, net of refunds received	3.9	6.9

Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $11.9 million and $1.7 million for the nine months ended September 30, 2015 and 2014, respectively, and were not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows. During thenine months ended September 30, 2015and2014, we capitalized interestof $1.6 million and $1.5 million, respectively, related to long-term capital projects.

Condensed consolidated statements of equity:

Changes in accumulated other comprehensive income (loss) (“AOCI”) during the nine months ended September 30, 2015 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	10.0		3.5		6.5
Balance, September 30, 2015	(162.9	)	(59.4	)	(103.5	)

The following table provides information relating to reclassifications from AOCI into the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (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 September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Selling, general and administrative expenses (“SGA”)
Actuarial gain/loss	0.7	0.3	2.0	0.7	(1)
Prior service costs	0.1	0.1	0.3	0.2	(1)
Total pension amounts reclassified into SGA	0.8	0.4	2.3	0.9	Selling, general and administrative expenses
Cost of sales (“COS”)
Actuarial gain/loss	2.3	0.7	7.0	2.2	(1)
Prior service costs	0.3	0.1	0.7	0.6	(1)
Total pension amounts reclassified into COS	2.6	0.8	7.7	2.8	Cost of sales
Reclassification of pension and OPEB amounts realized in net loss	3.4	1.2	10.0	3.7
Income tax expense related to reclassifications of pension and OPEB amounts	1.2	0.5	3.5	1.4	Income tax expense
Reclassification of pension and OPEB amounts realized in net loss, net of tax	2.2	0.7	6.5	2.3	Net loss

⁽¹⁾  These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, “Pension and Other Post-Retirement Benefits”

Additional Financial Information Disclosure [Text Block]

Accounts receivable, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015		December 31, 2014
	$		$
Trade	92.3		102.6
Allowance for doubtful accounts	(0.1	)	(0.1	)
Total accounts receivable, net	92.2		102.5

Other current assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Current deferred tax asset	3.7	0.4
Employee loans receivable, net	1.8	2.1
Current derivative assets (see Note 13, “Derivative Financial Instruments”)	8.7	6.3
Taxes receivable	5.9	4.0
Prepaid assets	5.8	4.5
Restricted cash (see Note 9, “Commitments and Contingencies”)	0.1	0.1
Other current assets	12.9	10.0
Total other current assets	38.9	27.4

Other assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Deferred financing costs, net of amortization	4.3	5.8
Cash surrender value of life insurance	22.1	29.3
Pension asset	6.8	6.5
Restricted cash	14.2	14.0
Supplies	5.9	5.0
Prepaid Jamaican income taxes (see Note 19, “Non-Controlling Interest”)	12.7	12.7
Derivative asset (see Note 13, “Derivative Financial Instruments”)	—	0.2
Other	16.0	15.6
Total other assets	82.0	89.1

Accrued liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Compensation and benefits	25.5	18.3
Workers’ compensation	5.9	5.6
Other operating expenses	19.0	11.2
Accrued interest	7.3	2.3
Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”)	2.1	2.3
Land obligation (see Note 11, “Asset Retirement and Other Obligations”)	3.5	3.7
Derivative liabilities (see Note 13, “Derivative Financial Instruments”)	8.1	5.0
Reclamation obligation (see Note 11, “Asset Retirement and Other Obligations”)	1.8	1.5
Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”)	1.7	1.7
Obligations to the Government of Jamaica (see Note 19, “Non-Controlling Interest”)	11.7	5.9
Pension and OPEB liabilities (see Note 12, “Pensions and Other Post-Retirement Benefits”)	0.8	0.8
Restructuring liability	—	0.8
Total accrued liabilities	87.4	59.1

Other long-term liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015	December 31, 2014
	$	$
Reserve for uncertain tax positions	0.6	0.7
Workers’ compensation	16.1	15.3
Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”)	13.8	13.7
Land obligation (see Note 11, “Asset Retirement and Other Obligations”)	6.5	6.8
Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”)	1.1	1.1
Long-term derivative liabilities (see Note 13, “Derivative Financial Instruments”)	—	0.1
Deferred compensation and other	6.4	8.2
Total other long-term liabilities	44.5	45.9

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Share-Based Payments Share-Based Payments (Footnote)

9 Months Ended

Sep. 30, 2015

Share-based Compensation [Abstract]

Share-based payments disclosure

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

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Restricted stock and restricted stock unit equity awards	0.7	0.9	2.3	2.5
Total stock compensation expense	0.7	0.9	2.3	2.5

Share-based payment awards held by employee and non-employee directors include stock options, restricted stock, and restricted stock units (“RSUs”). Restricted stock and RSUs have either service-vesting and/or performance-vesting requirements, including, with respect to some performance-vesting awards, market price-based conditions.

As of September 30, 2015, total unrecognized stock compensation expense related to share-based payment awards was $4.1 million. We will recognize this amount over a weighted-average period of one year, six months. During first quarter 2015, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2013 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 or 2015 because the performance conditions had not been determined as of September 30, 2015. Outstanding share-based payment awards include dividend equivalent RSUs and restricted stock in connection with any dividend payments to stockholders.

Our stock option activity during the nine months ended September 30, 2015 was as follows:

	Employee options and non-employee director options				Prior 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	148,556		12.74	2.0	20,000	63.00	—
Exercised	(38,299	)	9.51	0.3	—	—	—
Expired	(5,659	)	7.98	—	—	—	—
Outstanding, September 30, 2015	104,598		14.19	—	20,000	63.00	—
Fully vested and exercisable, September 30, 2015 (weighted-average remaining contractual term of 2.7 years and 2.1 years, respectively)	104,598		14.19	—	20,000	63.00	—

⁽¹⁾  Options that were not in-the-money at September 30, 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 during the nine months ended September 30, 2015 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	167,726		—	58,951		—	24,742	—	117,057
Granted	179,154		16.61	—		—	—	—	73,700
Grant date determined during the period	—		—	57,349		20.86	—	—	(57,349	)
Dividend equivalent units granted	2,213		12.39	650		13.69	267	13.08	1,149
Vested (aggregate intrinsic value of $2.2 million)	(136,173	)	28.47	(18,594	)	74.20	—	—	(2,594	)
Forfeited	(8,705	)	26.24	(3,014	)	51.02	—	—	(3,794	)
Cancelled	—		—	(41,259	)	80.25	—	—	—
Non-vested, September 30, 2015 (aggregate intrinsic value of $0.7 million)	204,215			54,083			25,009		128,169

During the second quarter of 2013, we granted performance-based restricted stock with market price vesting conditions to certain senior level employees under our 2010 Incentive Award Plan. This performance-based restricted stock vests upon the achievement of a specified market price per share of the Company’s common stock during 20 consecutive trading days ending within the three year performance period. This restricted stock also is subject to a three-year continued service vesting provision, with earlier vesting permitted under certain circumstances, such as upon a change of control of the Company.

We determined the grant date fair value of our service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For performance-based, market price vesting restricted stock, the fair value of the awards on the date of grant was calculated using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on assumptions regarding 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 each of the first three anniversaries 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 September 30, 2015 for performance-vesting awards granted in 2014 or 2015 because the performance conditions had not yet been determined.

During the second quarter of 2015 our previous principal stockholders, Apollo Management VI, L.P. (“AIFVI”) and Noranda Holdings, L.P. (collectively with AIFVI, the “Apollo Funds”), sold all of their Company common shares. See Note 18, “Related Party Transactions”. We previously granted to Apollo Management VI, L.P. and Apollo Alternative Assets, L.P., affiliates of the Apollo Funds, cash-settled, service-vesting RSUs, which are treated for accounting purposes as liability awards, in lieu of RSUs that would otherwise be granted under the director compensation program. The holders of the cash settled RSUs forfeited these awards upon the closing of the sale of our common shares by the Apollo Funds on May 15, 2015.

RSU liability award activity was as follows:

	RSUs
	#
Non-vested, December 31, 2014	8,603
Granted	—
Dividend equivalent units granted	34
Vested	—
Shares forfeited	(8,571	)
Dividend equivalent units forfeited	(66	)
Non-vested, September 30, 2015	—

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Asset Retirement and Other Obligations (Footnote)

9 Months Ended

Sep. 30, 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 for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	1.5
Additional liabilities incurred	2.1
Liabilities settled	(1.8	)
Balance, end of period	1.8

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 for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	10.5
Additional liabilities incurred	0.2
Liabilities settled	(0.2	)
Revisions to the obligation	(0.5	)
Balance, end of period	10.0

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 for the nine months ended September 30, 2015 was as follows (in millions):

	Nine months ended September 30, 2015
	$
Balance, beginning of period	16.0
Additional liabilities incurred	1.8
Liabilities settled	(2.9	)
Accretion	1.0
Balance, end of period	15.9

As of September 30, 2015 and December 31, 2014, we had deposited $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.

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 September 30, 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 at the Gramercy refinery.

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Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Percent	13.30%	(5.40%)	14.40%	24.70%
Stock or Unit Option Plan Expense			$ 1.0

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Casthouse Casthouse (Footnote)

9 Months Ended

Sep. 30, 2015

Unusual or Infrequent Item [Line Items]

Unusual or Infrequent Items Disclosure [Text Block]

On August 4, 2015, an explosion occurred at the casthouse on the site of our New Madrid smelter. Although the incident affected our production of extrusion billet, it did not affect our molten aluminum production, and we are redirecting the molten aluminum output to other saleable products such as redraw rod and aluminum ingot. We continue to estimate the financial impact and insurance recoveries from this incident, as we are continuing to assess the extent of the damage and the measures required to repair the facility and restore operations.

The total amount of losses recognized and expenses incurred at September 30, 2015 of $3.3 million has been recorded in the accompanying statements of operations and has been offset by $7.5 million recognized as proceeds from our insurance carriers. The excess receipt of $4.2 million primarily represents the differences between the timing of incurring costs and accruing for expected recoveries.

	For the three months ended September 30, 2015
	Total Spend	Insurance Proceeds		Net Impact
	$	$		$
Losses in cost of goods sold:
Accumulated depreciation of damaged assets	1.4
Inventory written down to scrap value	0.4
Losses in selling, general and administrative expenses	1.5
Total	3.3	(7.5	)	(4.2	)
Insurance receipts through September 30, 2015		(6.4	)
Insurance receivable recorded at September 30, 2015		(1.1	)

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Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory, Net [Abstract]
Raw materials, at cost	$ 58.9	$ 73.7
Work-in-process, at cost	44.9	48.9
Finished goods, at cost	25.7	31.3
Total product inventories, at cost	129.5	153.9
LIFO adjustment	31.8	14.0
Lower of cost or market (LCM) reserve	(31.1)	(7.6)
Inventories, at lower of cost or market	130.2	160.3
Supplies, current	32.4	36.4
Total inventories, net	$ 162.6	$ 196.7

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Inventories (Footnote)

9 Months Ended

Sep. 30, 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 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 33% and 25% of total inventories, at cost, at September 30, 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, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	September 30, 2015		December 31, 2014
	$		$
Raw materials, at cost	58.9		73.7
Work-in-process, at cost	44.9		48.9
Finished goods, at cost	25.7		31.3
Total inventories, at cost	129.5		153.9
LIFO adjustment	31.8		14.0
LCM reserve	(31.1	)	(7.6	)
Inventories, at lower of cost or market	130.2		160.3
Supplies	32.4		36.4
Total inventories, net	162.6		196.7

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Property, Plant and Equipment (Footnote)

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment, Net [Abstract]

Property, plant and equipment disclosure

Property, plant and equipment, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions):

	Estimated useful lives in years			September 30, 2015		December 31, 2014
				$		$
Land				51.8		51.9
Buildings and improvements	10	—	47	170.8		163.0
Machinery and equipment	3	—	50	947.4		927.1
Construction in progress				84.8		86.2
Property, plant and equipment, at cost				1,254.8		1,228.2
Accumulated depreciation				(562.4	)	(533.2	)
Total property, plant and equipment, net				692.4		695.0

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Intangible Assets Disclosure Goodwill and Other Intangible Assets (FootNote)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

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 annually perform an initial qualitative assessment to determine if a triggering event has occurred. Nevertheless, we elected to continue to evaluate goodwill and other indefinite-lived intangible assets annually for impairment using a quantitative assessment that entails a two-step process. 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.

We have monitored our Primary segment’s expected future cash flows on a quarterly basis for risk of impairment. In connection with our third quarter 2015 assessment of the Primary segment’s expected future cash flows, we considered, among other factors, a further decline in expected aluminum prices without corresponding decreases in expected prices for production inputs and a sustained decline in our stock price. Negative factors specific to the third quarter included a decrease in the MWTP below the Company’s Net Cash Cost per pound and the effects of the cast house explosion on the Company’s production of value-added products such as billet over the near term. Based on our evaluation of the above factors during our quarterly qualitative analysis, which entails an assessment of both negative and positive evidence, we determined that it was necessary to perform interim goodwill impairment testing as of August 31, 2015. We also determined that it was necessary to perform interim impairment testing of other indefinite-lived intangible assets.

As a result of our quantitative analysis, which was performed using an income approach and a market-based approach, we determined that the Primary segment’s goodwill was fully impaired, and we recognized a non-cash impairment charge of $137.6 million (the carrying amount of the Primary segment’s goodwill prior to the recognition of the impairment charge) as of September 30, 2015. We also recognized a non-cash impairment charge of $0.3 million related to tradenames within other indefinite-lived intangible assets as of September 30, 2015, which was based on an income approach.

Intangible Assets

	9/30/2015				December 31, 2014
	Gross Amount	Accumulated Amortization		Net Book Value	Gross Amount	Accumulated Amortization		Net Book Value
	$	$		$	$	$		$
Non-amortizable tradenames	17.4	—		17.4	17.7	—		17.7
Amortizable tradenames	71.0	(43.8	)	27.2	71.0	(39.4	)	31.6
Other amortizable intangibles	0.7	(0.7	)	—	0.7	(0.7	)	—
Total	89.1	(44.5	)	44.6	89.4	(40.1	)	49.3

The decrease in non-amortizable tradenames is due to the impairment of the Primary segments’ tradename owned by Alumina. Amortizable intangibles primarily include customer relationships and are amortized on a straight-line basis over their estimated useful lives of 8 to 15 years. Intangible amortization expense for each of the nine month periods ended September 31, 2015 and 2014 was approximately $4.4 million.

Expected amortization intangible assets for each of the next five years is as follows (in millions);

Year ended December 31	$
2016	5.5
2017	4.5
2018	4.1
2019	3.4
2020	3.4

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Intangible Assets Disclosure schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 89.1	$ 89.4
Finite-Lived Intangible Assets, Accumulated Amortization	(44.5)	(40.1)
Finite-Lived Intangible Assets, Net	44.6	49.3
Customer-Related Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	71.0	71.0
Finite-Lived Intangible Assets, Accumulated Amortization	(43.8)	(39.4)
Finite-Lived Intangible Assets, Net	27.2	31.6
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	0.7	0.7
Finite-Lived Intangible Assets, Accumulated Amortization	(0.7)	(0.7)
Finite-Lived Intangible Assets, Net	0.0	0.0
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	17.4	17.7
Finite-Lived Intangible Assets, Accumulated Amortization	0.0	0.0
Finite-Lived Intangible Assets, Net	$ 17.4	$ 17.7

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Related Party Transactions Related Party Transactions Disclosure (Details)	Jun. 30, 2015 shares
Related Party Transaction [Line Items]
Common Stock, Other Shares, Outstanding	3,262,857

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Commitments and Contingencies (Narrative) (Details) $ / MMBTU in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) labor_union_contracts $ / MMBTU MW
Labor commitments abstract [Abstract]
Number of labor union agreements | labor_union_contracts	7
Power contract [Member]
Power contract [Abstract]
Long-term Purchase Commitment, Minimum Quantity Required	5
Long-term Purchase Commitment, Amount | $	$ 7.9
Capital Addition Purchase Commitments [Member]
Power contract [Abstract]
Long-term Purchase Commitment, Minimum Quantity Required | $ / MMBTU	35

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Intangible Assets Disclosure Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Sep. 30, 2015 USD ($)
Schedule of Finite-lived Intangible Assets, Future Amortization Expense [Abstract]
Finite-Lived Intangible Assets, Remaining Amortization Period	$ 5.5
Finite-Lived Intangible Assets, Amortization Expense, Year Two	4.5
Finite-Lived Intangible Assets, Amortization Expense, Year Three	4.1
Finite-Lived Intangible Assets, Amortization Expense, Year Four	3.4
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 3.4

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Casthouse (Casthouse (Tables)

9 Months Ended

Sep. 30, 2015

Unusual or Infrequent Item [Line Items]

Schedule of Unusual or Infrequent Items [Table Text Block]

	For the three months ended September 30, 2015
	Total Spend	Insurance Proceeds		Net Impact
	$	$		$
Losses in cost of goods sold:
Accumulated depreciation of damaged assets	1.4
Inventory written down to scrap value	0.4
Losses in selling, general and administrative expenses	1.5
Total	3.3	(7.5	)	(4.2	)
Insurance receipts through September 30, 2015		(6.4	)
Insurance receivable recorded at September 30, 2015		(1.1	)

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Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of AOCI) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
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	(103.5)
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), before Tax1, End of Period	(162.9)
Accumulated Other Comprehensive Income (Loss) Tax, Beginning of Period	(62.9)
Accumulated Other Comprehensive Income (Loss) Tax, End of Period	(59.4)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax	10.0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), Tax	3.5
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)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(103.5)
Other Comprehensive Income Loss Reclassification Adjustments Included In Net Income Net Of Tax	$ 6.5

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Derivative Financial Instruments (Footnote)

9 Months Ended

Sep. 30, 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 September 30, 2015, our outstanding fixed-price aluminum customer contracts were as follows:

	Average price per pound	Pounds
Year	$	(in millions)
2015	1.07	11.6
2016	0.92	26.8

As of September 30, 2015, our outstanding variable-price aluminum offset swaps were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.86	13.5
2016	0.81	28.6

As of September 30, 2015, our outstanding variable-price MWP contracts were as follows:

	Average hedged price per pound	Pounds hedged
Year	$	(in millions)
2015	0.16	13.1
2016	0.09	28.7

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, as of September 30, 2015 and December 31, 2014, the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions):

	September 30, 2015		December 31, 2014
	$		$
Fixed-price aluminum customer contracts	8.7		2.4
Variable-price aluminum offset swaps	(5.6	)	(4.3	)
Variable-price MWP contracts	(2.5	)	3.3
Total	0.6		1.4

We had two counterparties as of September 30, 2015 and four counterparties as of December 31, 2014 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 our 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 tables provide information as to the gross components of our net derivative balances as of September 30, 2015 and December 31, 2014 (in millions):

	As of September 30, 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	—	—	—	8.7	8.7
Total current derivative assets	—	—	—	8.7	8.7

	As of September 30, 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	(3.6	)	—	(3.6	)	—		(3.6	)
Master netting arrangement with counterparty four	(2.0	)	—	(2.0	)	—		(2.0	)
Various counterparties not subject to a master netting arrangement	—		—	—		(2.5	)	(2.5	)
Total current derivative liabilities	(5.6	)	—	(5.6	)	(2.5	)	(8.1	)

	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 September 30, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges.

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 the effect of our hedging activities on our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions):

	Three months ended September 30,
	2015	2014
	$	$
Fixed-price aluminum customer contracts	3.3	(0.3	)
Variable-price aluminum offset swaps	3.3	(0.5	)
Variable-price MWP contracts	0.7	(1.8	)
Loss on hedging activities, net	7.3	(2.6	)

	Nine months ended September 30
	2015		2014
	$		$
Fixed-price aluminum customer contracts	(6.3	)	5.1
Variable-price aluminum offset swaps	8.5		(0.1	)
Variable-price MWP contracts	8.3		(7.2	)
Loss on hedging activities, net	10.5		(2.2	)

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Related Party Transactions (Footnote)

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related party transactions disclosure

On May 15, 2015, the Apollo Funds sold 3,262,857 shares of our common stock in a public offering. Subsequent to the offering, the Apollo Funds no longer owned any shares of the Company’s common stock, and is no longer deemed to be a related party.

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Supplemental Financial Statement Information (Schedule of Depreciation and Amortization) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Supplemental Financial Statement Information [Abstract]
Depreciation of property, plant and equipment	$ 20.7	$ 18.9	$ 60.8	$ 57.0
Amortization of Intangible Assets	1.4	1.4	4.4	4.4
Amortization of Other Deferred Charges	1.8	1.4	5.2	4.3
Total depreciation and amortization	$ 23.9	$ 21.7	$ 70.4	$ 65.7

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Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 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”) for the three and nine months ended September 30, 2015 and 2014 were calculated as follows (in millions, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Net loss	$	(175.1	)	$	(3.9	)	$	(203.2	)	$	(28.3	)
Weighted-average common shares outstanding*:
Basic	10.01			9.84			9.93			9.80
Diluted	10.01			9.84			9.93			9.80
Net loss per common share:
Basic	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)
Diluted	$	(17.49	)	$	(0.40	)	$	(20.46	)	$	(2.89	)

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

The following table provides information regarding the type and weighted average number of antidilutive securities outstanding during the three and nine months ended September 30, 2015 and 2014 (in millions):

	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
Options	0.13	1.19	0.15	1.23
Service-vesting restricted stock and RSUs and Dividend equivalent units	0.21	1.23	0.18	1.00
Performance-vesting restricted stock and RSUs and Dividend equivalent units	0.03	0.24	0.02	0.20
Antidilutive securities	0.37	2.66	0.35	2.43

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income (loss)	$ (175.1)	$ (3.9)	$ (203.2)	$ (28.3)
Other comprehensive income:
Reclassification of pension and OPEB amounts realized in net loss	3.4	1.2	10.0	3.7
Total Comprehensive Income (Loss), before Tax	3.4	1.2	10.0	3.7
Income tax expense related to components of other comprehensive income	1.2	0.5	3.5	1.4
Total other comprehensive income, net of tax	2.2	0.7	6.5	2.3
Total comprehensive income (loss)	$ (172.9)	$ (3.2)	$ (196.7)	$ (26.0)

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Subsidiary Issuer of Guaranteed Notes (Consolidating Balance Sheets) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 8.9	$ 20.5	$ 24.3	$ 79.4
Accounts receivable, net [Abstract]
Trade	92.2	102.5
Affiliates	0.0	0.0
Inventories, net	162.6	196.7
Other current assets	38.9	27.4
Total current assets	302.6	347.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0.0	0.0
Due from Affiliate, Noncurrent	0.0	0.0
Property, plant and equipment, net	692.4	695.0
Goodwill	0.0	137.6
Intangible Assets, Net (Excluding Goodwill)	44.5	49.3
Other assets	82.0	89.1
Total assets	1,121.5	1,318.1
Accounts Payable [Abstract]
Accounts payable; Trade	117.8	122.6
Accounts payable, affiliates	0.0	0.0
Accrued liabilities	87.4	59.1
Deferred tax liabilities	0.0	11.7
Current portion of long-term debt	16.6	11.6
Total current liabilities	221.8	205.0
Long-term debt, net	660.7	656.4
Pension and other post-retirement benefit (OPEB) liabilities	192.5	195.4
Other long-term liabilities	44.5	45.9
Advances due to affiliates, noncurrent	0.0	0.0
Long-term deferred tax liabilities	125.7	143.3
Shareholders' equity:
Common Stock, Value, Issued	0.1	0.1
Capital in excess of par value	246.7	244.2
Retained Earnings (Accumulated Deficit)	(273.0)	(68.2)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(103.5)	(110.0)
Total shareholders' equity	(129.7)	66.1
Stockholders' Equity Attributable to Noncontrolling Interest	6.0	6.0
Total equity	(123.7)	72.1
Total liabilities and equity	1,121.5	1,318.1
Parent guarantor [Member]
ASSETS
Cash and cash equivalents	0.1	0.5	0.4	0.4
Accounts receivable, net [Abstract]
Trade	0.0	0.0
Affiliates	19.8	19.5
Inventories, net	0.0	0.0
Other current assets	6.9	4.2
Total current assets	26.8	24.2
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(64.4)	266.1
Due from Affiliate, Noncurrent	137.0	0.0
Property, plant and equipment, net	0.0	0.0
Goodwill	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	0.0	0.0
Other assets	0.0	0.0
Total assets	99.4	290.3
Accounts Payable [Abstract]
Accounts payable; Trade	0.0	0.0
Accounts payable, affiliates	0.0	0.0
Accrued liabilities	0.0	0.0
Deferred tax liabilities	0.0	0.1
Current portion of long-term debt	0.0	0.0
Total current liabilities	0.0	0.1
Long-term debt, net	0.0	0.0
Pension and other post-retirement benefit (OPEB) liabilities	0.0	0.0
Other long-term liabilities	0.0	0.0
Advances due to affiliates, noncurrent	199.6	197.3
Long-term deferred tax liabilities	29.5	26.8
Shareholders' equity:
Common Stock, Value, Issued	0.1	0.1
Capital in excess of par value	246.7	244.2
Retained Earnings (Accumulated Deficit)	(273.0)	(68.2)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(103.5)	(110.0)
Total shareholders' equity	(129.7)	66.1
Stockholders' Equity Attributable to Noncontrolling Interest	0.0	0.0
Total equity	(129.7)	66.1
Total liabilities and equity	99.4	290.3
Issuer [Member]
ASSETS
Cash and cash equivalents	6.5	7.1	7.8	66.7
Accounts receivable, net [Abstract]
Trade	0.0	0.0
Affiliates	11.9	12.0
Inventories, net	0.0	0.0
Other current assets	2.3	0.0
Total current assets	20.7	19.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	1,162.3	1,537.3
Due from Affiliate, Noncurrent	215.5	134.0
Property, plant and equipment, net	0.0	0.0
Goodwill	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	0.0	0.0
Other assets	4.3	5.8
Total assets	1,402.8	1,696.2
Accounts Payable [Abstract]
Accounts payable; Trade	0.0	0.0
Accounts payable, affiliates	19.8	19.5
Accrued liabilities	7.2	2.3
Deferred tax liabilities	0.0	0.0
Current portion of long-term debt	4.9	4.9
Total current liabilities	31.9	26.7
Long-term debt, net	636.0	639.5
Pension and other post-retirement benefit (OPEB) liabilities	0.0	0.0
Other long-term liabilities	0.0	0.0
Advances due to affiliates, noncurrent	776.4	737.2
Long-term deferred tax liabilities	22.9	26.7
Shareholders' equity:
Common Stock, Value, Issued	0.0	0.0
Capital in excess of par value	352.1	352.1
Retained Earnings (Accumulated Deficit)	(313.0)	24.0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(103.5)	(110.0)
Total shareholders' equity	(64.4)	266.1
Stockholders' Equity Attributable to Noncontrolling Interest	0.0	0.0
Total equity	(64.4)	266.1
Total liabilities and equity	1,402.8	1,696.2
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	0.8	3.3	2.5	1.1
Accounts receivable, net [Abstract]
Trade	88.1	102.4
Affiliates	11.6	10.0
Inventories, net	139.8	168.2
Other current assets	16.7	11.4
Total current assets	257.0	295.3
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0.0	0.0
Due from Affiliate, Noncurrent	857.2	736.9
Property, plant and equipment, net	622.2	627.4
Goodwill	0.0	137.6
Intangible Assets, Net (Excluding Goodwill)	44.5	49.3
Other assets	43.9	51.6
Total assets	1,824.8	1,898.1
Accounts Payable [Abstract]
Accounts payable; Trade	104.1	112.1
Accounts payable, affiliates	0.0	0.0
Accrued liabilities	53.5	35.2
Deferred tax liabilities	0.0	11.6
Current portion of long-term debt	6.1	1.1
Total current liabilities	163.7	160.0
Long-term debt, net	12.0	0.0
Pension and other post-retirement benefit (OPEB) liabilities	184.6	187.9
Other long-term liabilities	35.8	35.9
Advances due to affiliates, noncurrent	292.1	0.0
Long-term deferred tax liabilities	72.9	89.3
Shareholders' equity:
Common Stock, Value, Issued	0.0	0.0
Capital in excess of par value	1,122.3	1,199.7
Retained Earnings (Accumulated Deficit)	40.7	330.8
Accumulated Other Comprehensive Income (Loss), Net of Tax	(99.3)	(105.5)
Total shareholders' equity	1,063.7	1,425.0
Stockholders' Equity Attributable to Noncontrolling Interest	0.0	0.0
Total equity	1,063.7	1,425.0
Total liabilities and equity	1,824.8	1,898.1
Subsidiary non-guarantor [Member]
ASSETS
Cash and cash equivalents	1.5	9.6	13.6	11.2
Accounts receivable, net [Abstract]
Trade	4.1	0.1
Affiliates	0.0	0.0
Inventories, net	22.8	28.5
Other current assets	13.0	11.8
Total current assets	41.4	50.0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0.0	0.0
Due from Affiliate, Noncurrent	63.5	63.5
Property, plant and equipment, net	70.2	67.6
Goodwill	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	0.0	0.0
Other assets	33.8	31.7
Total assets	208.9	212.8
Accounts Payable [Abstract]
Accounts payable; Trade	13.7	10.5
Accounts payable, affiliates	23.5	22.0
Accrued liabilities	26.7	21.6
Deferred tax liabilities	0.0	0.0
Current portion of long-term debt	5.6	5.6
Total current liabilities	69.5	59.7
Long-term debt, net	12.7	16.9
Pension and other post-retirement benefit (OPEB) liabilities	7.9	7.5
Other long-term liabilities	8.7	10.0
Advances due to affiliates, noncurrent	5.1	0.0
Long-term deferred tax liabilities	0.4	0.4
Shareholders' equity:
Common Stock, Value, Issued	0.0	0.0
Capital in excess of par value	83.8	83.8
Retained Earnings (Accumulated Deficit)	19.1	32.9
Accumulated Other Comprehensive Income (Loss), Net of Tax	(4.3)	(4.4)
Total shareholders' equity	98.6	112.3
Stockholders' Equity Attributable to Noncontrolling Interest	6.0	6.0
Total equity	104.6	118.3
Total liabilities and equity	208.9	212.8
Consolidation, Eliminations [Member]
ASSETS
Cash and cash equivalents	0.0	0.0	$ 0.0	$ 0.0
Accounts receivable, net [Abstract]
Trade	0.0	0.0
Affiliates	(43.3)	(41.5)
Inventories, net	0.0	0.0
Other current assets	0.0	0.0
Total current assets	(43.3)	(41.5)
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(1,097.9)	(1,803.4)
Due from Affiliate, Noncurrent	(1,273.2)	(934.4)
Property, plant and equipment, net	0.0	0.0
Goodwill	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	0.0	0.0
Other assets	0.0	0.0
Total assets	(2,414.4)	(2,779.3)
Accounts Payable [Abstract]
Accounts payable; Trade	0.0	0.0
Accounts payable, affiliates	(43.3)	(41.5)
Accrued liabilities	0.0	0.0
Deferred tax liabilities	0.0	0.0
Current portion of long-term debt	0.0	0.0
Total current liabilities	(43.3)	(41.5)
Long-term debt, net	0.0	0.0
Pension and other post-retirement benefit (OPEB) liabilities	0.0	0.0
Other long-term liabilities	0.0	0.0
Advances due to affiliates, noncurrent	(1,273.2)	(934.5)
Long-term deferred tax liabilities	0.0	0.1
Shareholders' equity:
Common Stock, Value, Issued	0.0	0.0
Capital in excess of par value	(1,558.2)	(1,635.6)
Retained Earnings (Accumulated Deficit)	253.2	(387.7)
Accumulated Other Comprehensive Income (Loss), Net of Tax	207.1	219.9
Total shareholders' equity	(1,097.9)	(1,803.4)
Stockholders' Equity Attributable to Noncontrolling Interest	0.0	0.0
Total equity	(1,097.9)	(1,803.4)
Total liabilities and equity	$ (2,414.4)	$ (2,779.3)

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Segments (Footnote)

9 Months Ended

Sep. 30, 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 is a measure used by management as a basis for resource allocation. Certain items included in Operating Income (Loss), primarily non-recurring costs or non-cash expenses, are not allocated to the segments, while certain items not included in Operating Income (Loss), primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments.

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

• Bauxite – Mines and produces, in St. Ann, Jamaica (“St. Ann”), the bauxite that is used for alumina production at our Gramercy, Louisiana refinery. The remaining bauxite is sold to third parties.

• 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 the alumina requirements at our smelter in New Madrid, Missouri (“New Madrid”). 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 at New Madrid. The products are manufactured 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” to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014.

The following tables present operating and asset information for our reportable segments (in millions) for the three and nine months ended September 30, 2015 and 2014:

	Three months ended September 30, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	14.7		64.3		89.3		141.2		—		—		309.5
Intersegment	18.8		13.7		26.5		—		—		(59.0	)	—
Total sales	33.5		78.0		115.8		141.2		—		(59.0	)	309.5
Capital expenditures	0.9		3.0		10.2		(0.3	)	—		—		13.8
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	0.5		2.2		(38.8	)	18.1		(8.9	)	0.5		(26.4	)
Depreciation and amortization	(3.2	)	(6.0	)	(9.6	)	(4.5	)	(0.6	)	—		(23.9	)
Last in, first out and lower of cost or market inventory adjustments	—		—		0.1		0.7		—		—		0.8
Gain (loss) on disposal of assets	—		(0.1	)	1.2		—		—		—		1.1
Goodwill and other intangibles impairment	—		(0.3	)	(137.6	)	—		—		—		(137.9	)
Non-cash pension, accretion and stock compensation	—		(0.3	)	(1.7	)	(1.2	)	(1.0	)	—		(4.2	)
Restructuring, relocation and severance	(0.2	)	—		(0.2	)	(0.1	)	—		—		(0.5	)
Consulting fees	(0.4	)	—		(0.1	)	—		(0.9	)	—		(1.4	)
Cash settlements paid on hedging transactions	—		—		0.7		6.1		—		—		6.8
Excess insurance recoveries	—		—		5.1		—		—		—		5.1
Other, net	—		(0.5	)	(0.6	)	—		—		—		(1.1	)
Operating income (loss)	(3.3	)	(5.0	)	(181.5	)	19.1		(11.4	)	0.5		(181.6	)
Interest expense, net													13.0
Loss on hedging activities, net													7.3
Total other expense, net													20.3
Loss before income taxes													(201.9	)

	Three months ended September 30, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	11.9		57.3		135.0		157.2		—		—		361.4
Intersegment	18.9		35.4		31.2		—		—		(85.5	)	—
Total sales	30.8		92.7		166.2		157.2		—		(85.5	)	361.4
Capital expenditures	5.1		3.9		16.7		2.5		0.6		—		28.8
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(1.5	)	6.5		20.4		17.6		(6.0	)	(0.4	)	36.6
Depreciation and amortization	(2.5	)	(5.0	)	(9.2	)	(4.8	)	(0.2	)	—		(21.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(0.7	)	(1.3	)	—		(0.2	)	(2.2	)
Loss on disposal of assets	—		—		—		(0.1	)	—		—		(0.1	)
Non-cash pension, accretion and stock compensation	—		(0.2	)	(0.8	)	(0.4	)	(1.0	)	—		(2.4	)
Restructuring, relocation and severance	—		—		(0.6	)	(0.1	)	—		—		(0.7	)
Cash settlements received on hedging transactions	—		—		(0.2	)	(2.5	)	—		—		(2.7	)
Other, net	—		(0.2	)	—		(0.1	)	(0.3	)	0.1		(0.5	)
Operating income (loss)	(4.0	)	1.1		8.9		8.3		(7.5	)	(0.5	)	6.3
Interest expense, net													12.6
Gain on hedging activities, net													(2.6	)
Total other expense, net													10.0
Loss before income taxes													(3.7	)

	Nine months ended September 30, 2015
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	37.0		171.6		337.0		442.2		—		—		987.8
Intersegment	58.6		73.6		67.1		—		—		(199.3	)	—
Total sales	95.6		245.2		404.1		442.2		—		(199.3	)	987.8
Capital expenditures	4.6		6.2		42.8		3.5		0.5		—		57.6
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(0.5	)	14.3		(11.9	)	47.2		(23.7	)	1.5		26.9
Depreciation and amortization	(9.4	)	(16.4	)	(29.5	)	(13.3	)	(1.8	)	—		(70.4	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(2.7	)	2.2		—		0.2		(0.3	)
Gain (loss) on disposal of assets	—		0.7		1.1		(0.2	)	—		—		1.6
Goodwill and other intangibles impairment	—		(0.3	)	(137.6	)	—		—		—		(137.9	)
Non-cash pension, accretion and stock compensation	(0.1	)	(0.8	)	(5.1	)	(3.8	)	(3.5	)	—		(13.3	)
Restructuring, relocation and severance	(3.4	)	(0.3	)	(0.5	)	0.2		(1.1	)	—		(5.1	)
Consulting fees	(0.7	)	(0.1	)	(0.6	)	—		(1.6	)	—		(3.0	)
Cash settlements paid on hedging transactions	—		—		1.3		11.1		—		—		12.4
Excess insurance recoveries	—		—		5.1		—		—		—		5.1
Other, net	—		(0.8	)	(1.3	)	—		(0.2	)	(1.3	)	(3.6	)
Operating income (loss)	(14.1	)	(3.7	)	(181.7	)	43.4		(31.9	)	0.4		(187.6	)
Interest expense, net													39.4
Loss on hedging activities, net													10.5
Total other expense, net													49.9
Loss before income taxes													(237.5	)

	Nine months ended September 30, 2014
	Bauxite		Alumina		Primary		Flat-Rolled		Corporate		Eliminations		Consolidated
	$		$		$		$		$		$		$
Sales:
External customers	36.5		150.4		391.4		440.6		—		—		1,018.9
Intersegment	54.4		97.3		80.2		—		—		(231.9	)	—
Total sales	90.9		247.7		471.6		440.6		—		(231.9	)	1,018.9
Capital expenditures	7.4		9.0		33.0		9.5		1.0		—		59.9
Reconciliation of segment profit (loss) to operating income (loss):
Segment profit (loss)	(0.3	)	(8.6	)	63.9		43.6		(20.0	)	(0.9	)	77.7
Depreciation and amortization	(7.4	)	(15.2	)	(28.8	)	(13.8	)	(0.5	)	—		(65.7	)
Last in, first out and lower of cost or market inventory adjustments	—		—		(3.1	)	0.1		—		(0.2	)	(3.2	)
Gain (loss) on disposal of assets	—		—		0.1		(0.3	)	—		—		(0.2	)
Non-cash pension, accretion and stock compensation	(0.1	)	(0.6	)	(2.3	)	(1.3	)	(2.8	)	—		(7.1	)
Restructuring, relocation and severance	—		—		(0.7	)	0.3		0.1		—		(0.3	)
Consulting fees	—		—		—		—		(0.3	)	—		(0.3	)
Cash settlements received on hedging transactions	—		—		(0.4	)	(2.6	)	—		—		(3.0	)
Other, net	—		(0.4	)	—		(0.1	)	(0.1	)	0.6		—
Operating income (loss)	(7.8	)	(24.8	)	28.7		25.9		(23.6	)	(0.5	)	(2.1	)
Interest expense, net													37.7
Gain on hedging activities, net													(2.2	)
Total other expense, net													35.5
Loss before income taxes													(37.6	)

	September 30, 2015		December 31, 2014
Segment assets:	$		$
Bauxite	145.8		149.9
Alumina	221.7		229.8
Primary	402.9		561.5
Flat-Rolled	311.0		335.1
Corporate	60.6		65.5
Eliminations	(20.5	)	(23.7	)
Total assets	1,121.5		1,318.1

XML

Fair Value Measurements (Schedule of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 8.7	$ 6.5
Derivative Liability	(8.1)	(5.1)
Total Fair Value Derivative Assets and Derivative Liabilities	0.6	1.4
Fair Value, Net beginning of period	1.4
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	0.0
Derivative Liability	0.0	0.0
Total Fair Value Derivative Assets and Derivative Liabilities	0.0	0.0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	8.7	3.2
Derivative Liability	(5.6)	(5.1)
Total Fair Value Derivative Assets and Derivative Liabilities	3.1	(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	0.0	3.3
Derivative Liability	(2.5)	0.0
Total Fair Value Derivative Assets and Derivative Liabilities	(2.5)	$ 3.3
Midwest premium contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net beginning of period	3.3
New contracts entered into during period	(1.4)
Changes in Fair Value, Measurement	(6.9)
Settlements	2.5
Fair Value, Net end of period	$ (2.5)

XML

Share-Based Payments (Schedules of Restricted Stock and RSU Equity and Liability Award Activity) (Details)	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rate	7.00%
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	167,726
RSUs, weighted average grant date fair value, beginning of period | $ / shares	$ 0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	179,154
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 16.61
Dividend equivalent units granted	2,213
Dividend equivalent units granted during period, weighted average grant date fair value | $ / shares	$ 12.39
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(136,173)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 28.47
RSUs forfeited during period	(8,705)
RSUs forfeited during period, weighted average forfeiture fair value | $ / shares	$ 26.24
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 | $ / shares	$ 0.00
RSUs, nonvested, end of period	204,215
RSUs, weighted average grant date fair value, end of period | $ / shares
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 | $ / shares	$ 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	58,951
RSUs, weighted average grant date fair value, beginning of period | $ / shares	$ 0.00
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 | $ / shares	$ 0.00
Dividend equivalent units granted	650
Dividend equivalent units granted during period, weighted average grant date fair value | $ / shares	$ 13.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(18,594)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 74.20
RSUs forfeited during period	(3,014)
RSUs forfeited during period, weighted average forfeiture fair value | $ / shares	$ 51.02
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	(41,259)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | $ / shares	$ 80.25
RSUs, nonvested, end of period	54,083
RSUs, weighted average grant date fair value, end of period | $ / shares
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	57,349
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 20.86
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	24,742
RSUs, weighted average grant date fair value, beginning of period | $ / shares	$ 0.00
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 | $ / shares	$ 0.00
Dividend equivalent units granted	267
Dividend equivalent units granted during period, weighted average grant date fair value | $ / shares	$ 13.08
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 | $ / shares	$ 0.00
RSUs forfeited during period	0
RSUs forfeited during period, weighted average forfeiture fair value | $ / shares	$ 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 | $ / shares	$ 0.00
RSUs, nonvested, end of period	25,009
RSUs, weighted average grant date fair value, end of period | $ / shares
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 | $ / shares	$ 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	117,057
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	73,700
Dividend equivalent units granted	1,149
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(2,594)
RSUs forfeited during period	(3,794)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period	0
RSUs, nonvested, end of period	128,169
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	(57,349)
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	8,603
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Dividend equivalent units granted	34
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
RSUs forfeited during period	(8,571)
RSUs, nonvested, end of period	0
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	(66)

XML

Asset Retirement and Other Obligations (Reclamation Obligation) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Asset Retirement and Other Obligations [Abstract]
Reclamation obligation, balance, beginning of period	$ 1.5
Reclamation Obligation, Additional liabilities incurred	2.1
Reclamation Obligation, Liabilities settled	(1.8)
Reclamation obligation, balance, end of period	$ 1.8

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Non-Controlling Interest (Footnote)

9 Months Ended

Sep. 30, 2015

Noncontrolling Interest Items [Abstract]

Non-controlling interest disclosure

We conduct the St. Ann bauxite mining operations through Noranda Bauxite Limited (“NBL”), a Jamaican limited liability company that is a wholly-owned subsidiary of Noranda HoldCo. NBL holds 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; the majority of the remaining mined bauxite was sold to Sherwin Alumina Company.

NBL is a party to several agreements (collectively, the “Mining Agreements”) with the GOJ. NBL and the GOJ have equal voting rights in NJBP’s executive committee. NBL manages the mining operations under a management agreement. NBL 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 regime between the GOJ and NBL. NBL also has a mining lease provided by the GOJ for the supply of bauxite. The lease ensures access to sufficient reserves in a specified concession area to enable NBL to ship annually 4.5 million dry metric tonnes (“DMT”) of bauxite from mining operations through September 30, 2030. In 2013, the GOJ provided to NBL 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, NBL is required to pay fees specified in the establishment agreement, as amended, consisting of a dedication fee, depletion fee, asset usage fee, production levy and royalty. As of September 30, 2015 and December 31, 2014, we recorded accrued liabilities of $11.7 million and $5.9 million, respectively, for these fees.

Under the agreements with the GOJ, NBL committed 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 NBL 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. NBL applied $1.3 million of these prepaid income taxes to its income tax liability in 2011, leaving a balance of $12.7 million at both September 30, 2015 and December 31, 2014. These prepaid taxes can be used in perpetuity, subject to an annual limitation.

NBL has attempted to negotiate a new fiscal regime with the GOJ. The previous fiscal regime, which became effective as of January 1, 2009, expired on December 31, 2014, and the GOJ and NBL have been engaged in negotiations regarding the terms of NBL’s payment obligations to the GOJ through 2019. However, a dispute arose concerning production levy payments payable to the GOJ, and, on March 16, 2015, in accordance with the terms of the establishment agreement, NBL submitted a notice requesting arbitration to resolve the dispute.

In NBL’s Statement of Case, submitted to the arbitration panel on July 2, 2015, NBL has alleged, among other things, that in breach of the establishment agreement and/or other commitments by the GOJ, (i) the GOJ has failed to afford NBL treatment at least as favorable as that afforded to other bauxite and alumina producers in Jamaica with respect to, among other things, the production levy (the “equal treatment claim”) and (ii) the GOJ has failed to keep in effect, through December 31, 2017, the production levy structure that was in effect prior to January 1, 2015. NBL also has alleged that, under the Jamaica Bauxite and Alumina (Special Provisions) Act of 1977 (the “Special Provisions Act”), NBL is entitled to offset certain income taxes paid against the production levy. NBL seeks, among other things, relief from the production levy and a refund of levy payments previously made, or damages, with respect to the equal treatment claim; a declaratory order that would, in essence, provide that NBL’s obligation to pay the production levy in the 2015-2017 period be calculated in accordance with the production levy rate in effect during 2012-2014; and declaratory relief confirming NBL’s entitlement, under the Special Provisions Act, to income tax offsets against the production levy previously paid, as claimed by NBL. In addition, NBL seeks interest and costs.

In the GOJ’s Statement of Defense, submitted to the arbitration panel on July 22, 2015, the GOJ has essentially denied NBL’s claims, based on, among other things, its assertion that several documents relied on by NBL did not constitute binding agreements; that the effect of a 2010 amendment to the establishment agreement was that NBL would not rely on the Special Provisions Act to claim a credit of paid income taxes against the production levy and that, in any event, the Special Provisions Act claim was not arbitrable or justiciable. In addition, the GOJ asserted a counterclaim against NBL, alleging that effective January 1, 2015, NBL is required to pay the production levy in accordance with the provisions of the 2010 amendment to the establishment agreement. The GOJ seeks declaratory relief confirming the production levy rate claimed by the GOJ, and payment by NBL to the GOJ of (or, alternatively, damages to be assessed of) an amount equal to the portion of the approximately $17.8 million alleged production levy from January 1 to June 30, 2015 that the GOJ alleges remains unpaid, subject to adjustment at 2015 year-end.

The arbitration hearing has been scheduled for December 12-14, 2015.

The terms of any new fiscal regime are, to a significant extent, subject to the determination by the arbitration panel of NBL’s rights and obligations related to the production levy. Nevertheless, our operations in Jamaica currently are continuing in the normal course.

On June 9, 2015, NBL entered into an interim agreement with the GOJ related to the dispute regarding the production levy. The interim agreement addresses payments of the production levy to the GOJ until the earlier of December 31, 2015 or the date on which an arbitration award is delivered in the pending arbitration proceeding related to the production levy. Under the terms of the interim agreement, NBL provides US $5.00 per DMT (US $3.75 per DMT in cash and US $1.25 of irrevocable letters of credit) as an interim levy on all bauxite it exports from Jamaica. NBL paid $8.9 million in cash and provided $3.9 million in letters of credit during the nine months ended September 30, 2015 pursuant to the interim agreement, in payment of its interim production levy obligations for the first, second and third quarters of 2015. The production levy payment rate under the interim agreement exceeds the rate in effect during 2014, and we estimate that payments under the interim agreement during the fourth quarter of 2015 through the earlier of December 31, 2015 or the date on which an arbitration award is delivered will continue to increase cost of sales, as compared to corresponding quarters in the prior year, at the rate of approximately $3.0 million per quarter. However, the final production levy will be determined through the arbitration process, and production levy payments under the interim agreement are subject to refund if NBL is successful in the arbitration.

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

	September 30, 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	0.7		—		0.7		0.8		—		0.8
Accounts receivable, net	11.4		(11.4	)	—		13.5		(13.5	)	—
Inventories, net (consisting of maintenance supplies, inventory and fuel)	10.5		—		10.5		14.3		—		14.3
Other current assets	9.7		—		9.7		8.1		—		8.1
Property, plant and equipment, net	46.9		—		46.9		45.0		—		45.0
Other assets	8.8		—		8.8		7.4		—		7.4
Accounts payable	(69.9	)	56.8		(13.1	)	(71.8	)	55.5		(16.3	)
Accrued liabilities	(4.6	)	—		(4.6	)	(3.9	)	—		(3.9	)
Environmental, land and reclamation liabilities	(1.8	)	—		(1.8	)	(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		45.4		51.1		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.

NBL receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all obligations to the GOJ are provided through the payments from NBL 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 a lower of cost or market or asset impairment scenario.

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Pension and Other Post-Retirement Benefit Plans (Employer Contributions) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Pension benefit plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Contributions by Employer	$ 13.8
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	2.4
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Contributions by Employer	0.5
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 0.1

XML

Pension and Other Post-Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 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 defined benefit pension plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions):

	Noranda Pension Plans				St. Ann Pension Plans
	Three months ended September 30,				Three months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Service cost	4.2		3.5		0.1		0.2
Interest cost	5.0		4.7		0.4		0.3
Expected return on plan assets	(5.7	)	(5.6	)	(0.5	)	(0.5	)
Recognized actuarial loss	3.0		1.0		—		—
Amortization of prior service cost	0.3		0.3		0.1		0.1
Net periodic cost	6.8		3.9		0.1		0.1

	Noranda Pension Plans				St. Ann Pension Plans
	Nine months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Service cost	12.6		10.3		0.4		0.5
Interest cost	15.0		14.6		1.2		1.1
Expected return on plan assets	(17.1	)	(17.0	)	(1.5	)	(1.4	)
Recognized actuarial loss	9.0		2.9		—		—
Amortization of prior service cost	0.8		0.8		0.2		0.2
Net periodic cost	20.3		11.6		0.3		0.4

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 during the three and nine months ended September 30, 2015 and 2014 included the following (in millions):

	Noranda OPEB Plans		St. Ann OPEB Plans
	Three months ended September 30,		Three months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.1	0.1	0.1	—
Interest cost	0.2	0.1	0.1	0.1
Net periodic cost	0.3	0.2	0.2	0.1

	Noranda OPEB Plans		St. Ann OPEB Plans
	Nine months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.3	0.3	0.3	0.1
Interest cost	0.5	0.4	0.3	0.3
Net periodic cost	0.8	0.7	0.6	0.4

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Pension and Other Post-Retirement Benefits (Footnote)

9 Months Ended

Sep. 30, 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 defined benefit pension plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions):

	Noranda Pension Plans				St. Ann Pension Plans
	Three months ended September 30,				Three months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Service cost	4.2		3.5		0.1		0.2
Interest cost	5.0		4.7		0.4		0.3
Expected return on plan assets	(5.7	)	(5.6	)	(0.5	)	(0.5	)
Recognized actuarial loss	3.0		1.0		—		—
Amortization of prior service cost	0.3		0.3		0.1		0.1
Net periodic cost	6.8		3.9		0.1		0.1

	Noranda Pension Plans				St. Ann Pension Plans
	Nine months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
	$		$		$		$
Service cost	12.6		10.3		0.4		0.5
Interest cost	15.0		14.6		1.2		1.1
Expected return on plan assets	(17.1	)	(17.0	)	(1.5	)	(1.4	)
Recognized actuarial loss	9.0		2.9		—		—
Amortization of prior service cost	0.8		0.8		0.2		0.2
Net periodic cost	20.3		11.6		0.3		0.4

Net periodic benefit costs related to the OPEB plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions):

	Noranda OPEB Plans		St. Ann OPEB Plans
	Three months ended September 30,		Three months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.1	0.1	0.1	—
Interest cost	0.2	0.1	0.1	0.1
Net periodic cost	0.3	0.2	0.2	0.1

	Noranda OPEB Plans		St. Ann OPEB Plans
	Nine months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
	$	$	$	$
Service cost	0.3	0.3	0.3	0.1
Interest cost	0.5	0.4	0.3	0.3
Net periodic cost	0.8	0.7	0.6	0.4

Expected Employer Contributions

We contributed $13.8 million and $0.5 million to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, during the nine months ended September 30, 2015. We anticipate making approximately $2.4 million and $0.1 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.