Exhibit 99.1

[IMCO RECYCLING INC. LOGO]

For Information: Paul V. Dufour	For Immediate Release
Telephone: (972) 401-7391	August 4, 2004

IMCO RECYCLING REPORTS HIGHER VOLUME AND SEGMENT

INCOME BUT LOWER NET EARNINGS IN 2004’S SECOND QUARTER

Irving, Texas – – IMCO Recycling Inc. (NYSE:IMR) today reported second quarter 2004 net earnings of $288,000 or $.02 per common diluted share. As previously announced, the company’s second quarter results include severance and associated costs of $2.3 million ($3.7 million before tax) or $.15 per share related to the April retirement of its former chairman and chief executive officer. Excluding those costs, IMCO’s earnings in the period would have been $2.6 million or $.17 per share.

The company’s net earnings in the second quarter of 2003 were $2.5 million or $.17 per share.

Richard L. Kerr, president and chief executive officer, said, “IMCO’s total processing volume was nine percent higher in 2004’s second quarter than in the same period last year. Overall segment income of our domestic aluminum, international aluminum and zinc businesses also was greater than in the second quarter of 2003, but this improvement was offset by higher interest expense and an increase in selling, general and administrative (SG & A) expense which included severance costs.”

Mr. Kerr said the recovery in U.S. industrial activity and a stronger overall aluminum market raised the operating rates of IMCO’s domestic aluminum recycling plants in the second quarter. Income of that segment increased by 73 percent compared with the same period of 2003, and its processing volume rose by six percent.

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Second quarter 2004 processing volume of the international aluminum segment was 18 percent higher than in the comparable 2003 period because volume increased at the company’s facilities in both Europe and Latin America. The profitability of the Latin American plants which are located in Mexico and Brazil rose significantly in 2004’s second quarter. Total income of the international segment declined by 21 percent to $5.0 million from $6.3 million, however, as margins in Europe decreased from those of 2003’s second quarter.

Mr. Kerr said that VAW-IMCO of Germany, a consolidated subsidiary which is a major supplier of specialty alloys to the European auto industry, “is continuing to experience strong demand for its products and services that is being met through an expansion of its capacity which was completed last year.”

The zinc segment’s second quarter processing volume about equaled that of the same period of 2003 but its income increased to $2.9 million from $1.4 million because of a rise in the zinc price which resulted from that industry’s better supply/demand balance.

Commenting on the company’s third quarter outlook, Mr. Kerr said, “We expect our processing volume to improve from the year-ago level even though our domestic specialty alloys plants and VAW-IMCO will be affected in the period by the traditional shutdown of auto manufacturing facilities for model changeovers. Partially because of the anticipated higher volume, which is to some extent dependent upon continued strength in U.S. industrial activity, we believe our net earnings in the third quarter of 2004 will be in the range of $.11 to $.13 per share. This estimate includes a nonrecurring gain in Brazil of about $600,000 net of tax or $.04 per share from settlement of a

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contractual obligation related to a supply agreement. In last year’s third quarter IMCO had a net loss of $.02 per share due mainly to weak volume in the domestic aluminum segment and an unrealized mark-to-market aluminum hedge loss at VAW-IMCO.”

IMCO began reporting separate segment results for its international aluminum activities effective March 1, 2003 because of its deemed acquisition on that date of effective full ownership of VAW-IMCO. Previously, the financial results of VAW-IMCO, which had been 50 percent-owned, were reported under the equity method of accounting.

SG & A expense increased in the second quarter of 2004 due to severance costs, costs related to the company’s proposed merger with Commonwealth Industries, Inc. (NASDAQ/NM:CMIN) that was announced on June 17, and a rise in legal fees. SG & A expense was higher in the first half of 2004 for those reasons and because of the consolidation of VAW-IMCO’s operations.

Interest expense rose in the second quarter and first half of 2004 due to a greater level of debt resulting from full ownership of VAW-IMCO and to higher interest rates on long-term debt facilities that were part of IMCO’s October 2003 refinancing.

The company’s net earnings in the first half of 2004 were $3.0 million or $.20 per share compared with $3.8 million or $.26 per share in the first six months of 2003. Excluding the severance and associated costs recorded in the second quarter, IMCO’s net earnings in the first half of 2004 would have been $5.3 million or $.35 per share.

Total aluminum and zinc processing volume in 2004’s second quarter was 840.1 million pounds, nine percent above volume of 768.2 million pounds in the same period of 2003.

Revenues in the second quarter were $292.4 million, up 22

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percent from revenues of $239.5 million in the 2003 quarter. Revenues rose more than volume because of higher metal prices and because the majority of VAW-IMCO’s volume is based on product sales that include the cost of metal purchased, processed and sold.

Processing volume in the first six months of 2004 increased 17 percent to 1.70 billion pounds from volume of 1.43 billion pounds in the same period of 2003.

Revenues in the first half rose 31 percent to $570.9 million from revenues of $434.5 million in the first six months of 2003.

With regard to the company’s proposed merger with Commonwealth Industries, IMCO Recycling has filed a Form S-4 with the Securities and Exchange Commission and pre-merger notifications under the Hart-Scott-Rodino Antitrust Improvement Act. Several teams of employees from both companies are engaged in integration planning to provide efficient operation of the combined company the day after the merger is completed. The teams are also analyzing courses of action designed to achieve estimated annual synergy savings of $25 million within 18 to 24 months following the close of the merger. Expected principal synergies are in the areas of procurement, integration of complementary operations, reductions in SG & A costs and the application of best practices in plant operations. The company anticipates completion of the merger in the fourth quarter. Completion of the merger is conditioned on stockholder approval for both companies, regulatory consents and approvals, obtaining adequate assurances of refinancing certain debt of the two companies and other customary closing conditions.

The public and media are invited to listen to IMCO’s conference call that will begin at 10:30 A.M.(ET) tomorrow. To

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access the call, log on to the web at http://www.firstcallevents.com/service/ajwz408605860gf12.html. If 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 21 U.S. production plants and five international facilities located in Brazil, Germany, Mexico and Wales. IMCO Recycling’s headquarters office is in Irving, Texas.

SECOND QUARTER 2004 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 include statements regarding increased earnings and earnings per share, improvements in processing volumes expected in the third quarter of 2004, the anticipated continuation of strengthened U.S. industrial activity resulting in increased plant operating rates, expected cost savings through estimated synergies, and the date of completion of the merger. 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, longer-than-expected shutdowns of auto manufacturing facilities for model changeovers or for other reasons; additional severance or similar costs incurred prior to completion of the merger; the success of IMCO and Commonwealth in securing sufficient financing on adequate terms to refinance certain of their outstanding debt; future utilized capacity of the company’s various facilities; the availability at favorable cost of aluminum scrap and other metal supplies that the company processes; restrictions in place on the company’s capital expenditures and future growth imposed by its credit facilities; the ability of the company to enter into effective metals, natural gas and other commodity derivatives; the continuation of, or further declines in, the U.S. can recycling rate; future natural gas and other fuel costs of the company; a weakening in industrial demand resulting from a decline in U.S. or world economic conditions caused by terrorist activities or other unanticipated events; future downturns in the 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; the financial condition of its customers and the retention of its major customers; the timing and amounts of collections; the future mix of product sales vs. tolling business; currency 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, 2003, and on Form 10-Q (to be filed) for the quarter ended June 30, 2004, particularly the sections entitled “Cautionary Statements For Purposes of Forward-Looking Statements” contained therein.

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IMCO Recycling Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	For the three months ended June 30,					For the six months Ended June 30,
	2004		2003			2004		2003
REVENUES	$	292,439	$	239,452		$	570,947	$	434,535
Cost of sales		270,023		221,613			525,384		404,789
GROSS PROFIT		22,416		17,839			45,563		29,746
Selling, general and administrative expense		14,717		9,452			26,648		17,457
Fees on receivables		—		291			—		581
Interest expense		6,861		3,704			13,305		6,053
Interest and other (income		41		(45	)		184		22
Equity in loss (earnings) of affiliates		62		14			45		(911	)
		21,681		13,416			40,182		23,202
Earnings before provision for income taxes, and minority interests		735		4,423			5,381		6,544
Provision for income taxes		387		1,847			2,295		2,493
Earnings before minority interest		348		2,576			3,086		4,051
Minority interests, net of provision for income taxes		60		113			87		265
Net earnings	$	288	$	2,463		$	2,999	$	3,786

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	For the three months ended June 30,						For the six months ended June 30,
	2004			2003			2004			2003
Net Earnings Per Common Share:
Basic earnings	$	0.02		$	0.17		$	0.20		$	0.26
Diluted earnings	$	0.02		$	0.17		$	0.20		$	0.26
Weighted Average Shares Outstanding:
Basic		14,814			14,457			14,658			14,480
Diluted		15,313			14,519			15,097			14,533
Supplementary Information:
Depreciation and amortization	$	7,082		$	6,986		$	14,197		$	13,291
Capital spending	$	4,937		$	5,331		$	12,563		$	7,723
Segment Reporting:
Volume (pounds):
Domestic Aluminum		517,844			487,109			1,036,421			974,867
International Aluminum		259,333			219,174			514,427			340,366
Zinc		62,882			61,898			119,075			116,194
		840,059			768,181			1,669,923			1,431,427
Percent Tolled		58	%		53	%		58	%		54	%
Revenues:
Domestic Aluminum	$	143,931		$	121,857		$	281,610		$	248,974
International Aluminum		92,594			80,558			183,267			113,822
Zinc		55,914			37,037			106,070			71,739
	$	292,439		$	239,452		$	570,947		$	434,535
Segment Income:
Domestic Aluminum	$	9,267		$	5,363		$	15,887		$	11,176
International Aluminum		4,986			6,316			11,943			9,225
Zinc		2,884			1,404			6,777			2,510
	$	17,137		$	13,083		$	34,607		$	22,911

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IMCO Recycling Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited – in thousands)

	June 30, 2004		December 31, 2003
ASSETS
Current Assets:
Cash	$	13,934	$	14,760
Accounts Receivable, Net		132,538		112,128
Restricted Cash		18,917		—
Inventories		82,514		78,270
Other Current Assets		25,512		23,611
Total Current Assets		273,415		228,769
PP&E, Net		212,829		219,668
Goodwill, Net		69,239		69,049
Restricted Cash		—		24,846
Investments		831		976
Other Assets, Net		14,225		13,209
TOTAL ASSETS	$	570,539	$	556,517
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable	$	88,870		96,207
Accrued Liabilities		37,384		30,955
Current Maturities Of L-T Debt		30		26
Total Current Liabilities		126,284		127,188
Long-Term Debt		266,516		256,167
Deferred Income Taxes Payable		20,618		20,390
Other Long-Term Liabilities		25,705		25,244
Stockholders’ Equity		131,416		127,528
TOTAL LIABILITIES AND EQUITY	$	570,539	$	556,517

Reconciliation of Earnings Before Interest,

Taxes, Depreciation and Amortization (EBITDA)

	For the three months ended June 30,				For the six months ended June 30,
	2004		2003		2004		2003
EBITDA (1)	$	14,618	$	15,000	$	32,796	$	25,623
Interest expense		6,861		3,704		13,305		6,053
Income taxes		387		1,847		2,295		2,493
Depreciation and amortization		7,082		6,986		14,197		13,291
Net earnings	$	288	$	2,463	$	2,999	$	3,786

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(1) EBITDA represents net earnings before interest expense, provision for taxes, depreciation and amortization. EBITDA is a non-GAAP measure which is presented because we believe that it is a useful indicator of our ability to incur and service debt. EBITDA should not be construed as an alternative to net earnings or operating earnings as an indicator of our performance, or as an alternative to cash flow from operating activities, investing activities or financing activities as a measure of liquidity, in each case as such a measure is determined in accordance with GAAP.

The company also uses EBITDA because its revolving credit agreement and indenture use EBITDA with additional adjustments to measure its compliance with covenants such as interest coverage, leverage ratio and debt incurrence. EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of IMCO’s financial results prepared in accordance with generally accepted accounting principles, or GAAP.

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