EXHIBIT 99.1

For Information: Paul V. Dufour	For Immediate Release
Telephone:(972) 401-7391	October 29, 2003

IMCO RECYCLING RECORDED A SMALL

NET LOSS IN 2003’S THIRD QUARTER

Irving, Texas—- IMCO Recycling Inc. (NYSE:IMR) today reported a net loss of $342,000 or $.02 per common diluted share for the third quarter of 2003.

In the same period of 2002 the company recorded net earnings of $2.5 million or $.17 per share.

The major factors affecting IMCO’s financial results in the third quarter of 2003 are as follows.

• The company began reporting separate segment results for its aluminum-international activities in 2003 because of the March 1 acquisition of effective full ownership in VAW-IMCO of Germany whose financial results had previously been reported under the equity method of accounting but are now consolidated into the company’s accounts. Third quarter income of the aluminum-international segment was $2.4 million including a mark-to-market aluminum hedge loss of $1.3 million. This unrealized loss was recorded because the LME aluminum price and the relative value of the dollar both declined at the end of the third quarter. VAW-IMCO’s metal hedging program does not currently qualify for hedge accounting under FAS 133 and therefore the subsidiary was required to mark its aluminum hedge contracts to market. At the current LME price and foreign exchange rate the unrealized hedge loss would not have occurred. Third quarter 2003 income of the aluminum-international segment

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decreased by $3.9 million or 62 percent compared with that of the second quarter due to a decline in processing volume caused by seasonal shutdowns of customers’ manufacturing facilities and to the unrealized hedge loss.

• Income of the company’s aluminum-domestic segment was $3.8 million, a decrease of 63 percent compared with 2002’s third quarter. This decline was due to a 16 percent decrease in processing volume at U.S. aluminum recycling and specialty alloys plants, to a reduction in profit margins that mainly resulted from the scarcity and high cost of scrap, and to greater natural gas costs. Processing volume at IMCO’s aluminum recycling facilities has been depressed for nearly three years by the continued low level of U.S. industrial activity, a decrease in the beverage can recycling rate and other factors.

• Income of the company’s zinc segment was $1.6 million, an increase of 87 percent compared with 2002’s third quarter. This improvement occurred because processing volume at these facilities rose and the zinc price moved higher.

Don V. Ingram, chairman and chief executive officer, said he believes that in the third quarter IMCO’s aluminum-domestic segment “reached a bottom in terms of both volume and profitability and that we are seeing improvement in aluminum industry conditions. Aluminum and zinc commodity prices have moved higher in recent weeks indicating a strengthening market. We also expect better results from our European and Latin American operations in the fourth quarter.

“Going forward, we will benefit from the recent refinancing of virtually all of our outstanding debt because it simplifies

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our capital structure, consolidates our debt into a long-term arrangement and makes funds available for future growth.”

Mr. Ingram said the anticipated improvement in the company’s operating profitability in the current period is likely to be offset by higher interest costs resulting from the refinancing and that IMCO’s fourth quarter per share results are expected to be similar to those of the third quarter.

In the fourth quarter of 2002 the company had net earnings of $1.5 million or $.10 per share.

In the third quarter and first nine months of 2003, IMCO Recycling’s processing volume, revenues, cost of sales, selling, general and administrative expense and borrowing costs all increased from year ago-levels because of the consolidation of VAW-IMCO’s operations and greater production at the company’s Brazilian and Mexican facilities. Revenues rose more than processing volume because the majority of VAW-IMCO’s volume is based on product sales that include the cost of metal purchased, processed and sold.

Total third quarter processing volume was 741.5 million pounds, 14 percent above volume of 651.0 million pounds in the same period last year.

Revenues rose 21 percent to $219.6 million from $180.9 million in the third quarter of 2002.

IMCO Recycling’s net earnings in the first nine months of 2003 totaled $3.4 million or $.24 per share. In the same period of 2002, net earnings were $5.4 million or $.37 per share before the cumulative effect of a required accounting change regarding valuation of goodwill that was adopted effective January 1, 2002. After the effect of the accounting change, the company recorded a net loss of $53.3 million or $3.63 per share for the first three quarters of 2002.

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Processing volume in the first nine months of 2003 increased 15 percent to 2.17 billion pounds from 1.88 billion pounds in the same period last year.

Revenues rose 26 percent to $654.1 million from $519.3 million in the first three quarters of 2002.

The public and media are invited to listen to IMCO Recycling’s conference call that will begin at 10:30 A.M.(ET) tomorrow. To access the call, log on to the web at http://www.firstcallevents.com/service/ajwz391970789gf12.htmlIf you are unable to access the call on a live basis, it will be archived on the website www.imcorecycling.com. To access the replay, click on For The Investor.

IMCO Recycling Inc. is one of the world’s largest recyclers of aluminum and zinc. The company has 22 U.S. production plants and five international facilities located in Brazil, Germany, Mexico and Wales. IMCO Recycling’s headquarters office is in Irving, Texas.

THIRD QUARTER 2003 SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements made in this news release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding expected improvements in estimated fourth quarter operating results, volumes and profitability, projected strengthening markets, expected better results from European and Latin American operations, future benefits from refinancing the company’s credit facilities and the likelihood that higher interest costs will offset anticipated improvement in the company’s operating profitability. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and that actual results could differ materially from those described therein. These risks and uncertainties would include, without limitation, a continuation of weak demand from U.S. and worldwide economic conditions; risks related to the price of aluminum and zinc on world and U.S. markets; future natural gas and other fuel costs of the company; the financial condition of its customers and the retention of its major customers; the timing and amounts of collections; utilized capacity of the company’s various facilities; future declines in the U.S. can recycling rate; future downturns in automotive markets in the U.S. and Europe; future decreases in recycling outsourcing by primary producers; future levels and timing of capital expenditures; fluctuations in operating margins for the products and services the company provides; availability of aluminum scrap and other metal supplies that the company processes; the ability of the company to enter into effective metals, natural gas and other commodity derivatives; the future mix of product sales vs. tolling business; currency

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exchange fluctuations; future writedowns or impairment charges which may be required because of the occurrence of some of the uncertainties listed above; and other risks listed in the company’s filings with the Securities and Exchange Commission, including but not limited to the reports on Form 10-K for the fiscal year ended December 31, 2002 and Form 10-Q for the quarter ended September 30, 2003, particularly the sections entitled “Cautionary Statements For Purposes of Forward-Looking Statements” contained therein.

IMCO Recycling Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	For the three months ended September 30,						For the nine months ended September 30,
	2003			2002			2003			2002
REVENUES	$	219,552		$	180,866		$	654,087		$	519,276
Cost of sales		206,314			167,491			611,103			483,340
GROSS PROFIT		13,238			13,375			42,984			35,936
Selling, general and administrative expense		9,616			6,426			27,073			19,185
Fees on receivables sale		240			460			821			1,312
Interest expense		3,466			2,737			9,519			7,492
Interest and other (income)		405			99			427			(194	)
Equity in loss (earnings) of affiliates		64			(460	)		(847	)		(1,103	)
		13,791			9,262			36,993			26,692
Earnings before provision for income taxes, minority interests and accounting change		(553	)		4,113			5,991			9,244
Provision for income taxes (benefit)		(319	)		1,443			2,174			3,426
Earnings before minority interests and accounting change		(234	)		2,670			3,817			5,818
Minority interests, net of provision for income taxes		108			177			373			409
Earnings before accounting change		(342	)		2,493			3,444			5,409
Cumulative effect of accounting change (after tax)		—			—			—			(58,730	)
Net earnings (loss)	$	(342	)	$	2,493		$	3,444		$	(53,321	)

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	For the three months ended September 30,						For the nine months ended September 30,
	2003			2002(1)			2003			2002(1)
Net Earnings (Loss) Per Common Share:
Basic earnings before accounting change	$	(0.02	)	$	0.17		$	0.24		$	0.37
Cumulative effect of accounting change		—			—			—			(4.03	)
Basic earnings (loss) per share	$	(0.02	)	$	0.17		$	0.24		$	(3.66	)
Diluted earnings before accounting change	$	(0.02	)	$	0.17		$	0.24		$	0.37
Cumulative effect of accounting change		—			—			—			(4.00	)
Diluted earnings (loss) per share	$	(0.02	)	$	0.17		$	0.24		$	(3.63	)
Weighted Average Shares Outstanding:
Basic		14,463			14,492			14,474			14,565
Diluted		14,539			14,594			14,534			14,685
Supplementary Information:
Depreciation . and amortization	$	6,709		$	6,173		$	20,000		$	17,741
Capital spending	$	5,854		$	4,386		$	13,577		$	9,232
Segment Reporting:
Volume (pounds):
Aluminum-Domestic		462,109			549,170			1,436,976			1,605,126
Aluminum-International		214,271			42,524			554,638			104,736
Zinc		65,150			59,371			181,344			172,803
		741,530			651,065			2,172,958			1,882,665
Percent Tolled:		56	%		56	%		55	%		59	%
Revenues:
Aluminum-Domestic	$	110,402		$	134,111		$	359,376		$	381,915
Aluminum-International		69,895			5,827			183,717			17,350
Zinc		39,255			40,928			110,994			120,011
	$	219,552		$	180,866		$	654,087		$	519,276
Segment Income:
Aluminum-Domestic	$	3,840		$	10,271		$	15,017		$	26,845
Aluminum-International		2,392			119			11,616			691
Zinc		1,550			830			4,060			3,283
	$	7,782		$	11,220		$	30,693		$	30,819

(1) Certain reclassifications have been made to 2002 segment information to conform to the current year presentation.

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IMCO Recycling Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands)

(unaudited)

	September 30, 2003		December 31, 2002
ASSETS
Current Assets:
Cash	$	31,391	$	6,875
Accounts Receivable, Net		64,274		24,501
Inventories		66,133		42,730
Other Current Assets		12,718		16,565
Total Current Assets		174,516		90,671
PP&E, Net		213,281		187,451
Goodwill, Net		67,664		51,118
Investments		1,039		17,467
Other Assets, Net		6,670		4,703
TOTAL ASSETS	$	463,170	$	351,410
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable	$	80,747		77,682
Accrued Liabilities		22,738		18,589
Short-Term Notes Payable		7,196		7,420
Current Maturities Of L-T Debt		126,067		94,075
Total Current Liabilities		236,748		197,766
Long-Term Debt		59,067		14,550
Deferred Income Taxes Payable		18,541		10,883
Other Long-Term Liabilities		27,023		11,347
Stockholders’ Equity		121,791		116,864
TOTAL LIABILITIES AND EQUITY	$	463,170	$	351,410

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