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Derivative Financial Instruments and Related Hedging Programs (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of realized and unrealized gains and losses
Realized and unrealized (losses) gains associated with all derivative contracts consisted of the following, for each period presented:
 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
Realized (losses) gains:
 
 
 
 
 
 
Aluminum
 
$
(5.5
)
 
$
(9.0
)
 
$
9.6

Natural Gas
 
(1.8
)
 
(6.7
)
 
(5.2
)
Electricity
 
0.8

 
(3.4
)
 
—

Total realized (losses) gains:
 
$
(6.5
)
 
$
(19.1
)
 
$
4.4

Unrealized gains (losses):
 
 
 
 
 
 
Aluminum
 
$
(3.1
)
 
$
10.1

 
$
(26.5
)
Natural Gas
 
2.6

 
4.3

 
(1.6
)
Electricity
 
1.1

 
0.8

 
(1.8
)
Foreign Currency
 
0.1

 
—

 
—

Call Options relating to the Convertible Notes
 
24.2

 
9.0

 
(2.1
)
Bifurcated Conversion Feature of the Convertible Notes
 
(21.0
)
 
(8.2
)
 
6.1

Total unrealized gains (losses)
 
$
3.9

 
$
16.0

 
$
(25.9
)
Summary of material derivative positions
The following table summarizes the Company's material derivative positions at December 31, 2013:

 
 
 
 
Notional
Amount of
Contracts
Commodity
 
Maturity Period
 
(mmlbs)
Aluminum —
 
 
 
 
Fixed priced purchase contracts
 
1/14 through 12/15
 
64.4

Midwest premium swap contracts1
 
1/14 through 12/15
 
60.1


 
 
 
 
Notional
Amount
of Contracts
Energy
 
Maturity Period
 
(mmbtu)
Natural gas —2
 
 
 
 
Fixed priced purchase contracts
 
1/14 through 12/16
 
6,240,000


 
 
 
 
Notional
Amount
of Contracts
Electricity
 
Maturity Period
 
(Mwh)
Fixed priced purchase contracts
 
1/14 through 12/15
 
394,200


 
 
 
 
Notional Amount of Contracts
Currency
 
Maturity Period
 
 (as shown)
Euro —
 
 
 
 
Fixed priced purchase contracts
 
1/14 through 1/14
 
€
674,483

GBP —
 
 
 
 
Fixed priced purchase contracts
 
1/14 through 5/14
 
£
44,106


 
 
 
 
Notional
Amount
of Contracts
Hedges Relating to the Convertible Notes
 
Contract Period
 
(Common Shares)
Bifurcated Conversion Feature3
 
3/10 through 3/15
 
3,638,303

Call Options3
 
3/10 through 3/15
 
3,638,303

_________________________
1 
Regional premiums represent the premium over the London Metal Exchange price for primary aluminum which is incurred on the Company's purchases of primary aluminum.
2 
As of December 31, 2013, the Company's exposure to fluctuations in natural gas prices had been substantially reduced for approximately 82%, 64% and 6% of the expected natural gas purchases for 2014, 2015 and 2016, respectively.
3 
The Bifurcated Conversion Feature represents the cash conversion feature of the Convertible Notes. To hedge against the potential cash outflows associated with the Bifurcated Conversion Feature, the Company purchased cash-settled Call Options. The Call Options have an exercise price equal to the conversion price of the Convertible Notes, subject to anti-dilution adjustment provisions substantially similar to the Convertible Notes, which may cause the exercise price to decrease and the notional amount of shares relating thereto to increase. The Call Options will expire upon the maturity of the Convertible Notes. Although the fair value of the Call Options is derived from a notional number of shares of the Company's common stock, the Call Options may only be settled in cash.
Schedule of Offsetting Derivative Instruments by Counterparty [Table Text Block]
The following tables present offsetting information regarding the Company's derivatives by type of counterparty as of December 31, 2013:
Derivative Assets and Collateral Held by Counterparty
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Counterparty (with Netting Agreements)
$
1.0

 
$
—

 
$
1.0

 
$
0.8

 
$
—

 
$
0.2

Counterparty (without Netting Agreements)1
80.4

 
—

 
80.4

 
—

 
—

 
80.4

Counterparty (with partial Netting Agreements)
0.4

 
—

 
0.4

 
0.4

 
—

 
—

Total
$
81.8

 
$
—

 
$
81.8

 
$
1.2

 
$
—

 
$
80.6

Derivative Liabilities and Collateral Held by Counterparty
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Pledged
 
Net Amount
Counterparty (with Netting Agreements)
$
(1.6
)
 
$
—

 
$
(1.6
)
 
$
(0.8
)
 
$
—

 
$
(0.8
)
Counterparty (without Netting Agreements)1
(83.2
)
 
—

 
(83.2
)
 
—

 
—

 
(83.2
)
Counterparty (with partial Netting Agreements)
(1.3
)
 
—

 
(1.3
)
 
(0.4
)
 
—

 
(0.9
)
Total
$
(86.1
)
 
$
—

 
$
(86.1
)
 
$
(1.2
)
 
$
—

 
$
(84.9
)
_________________
1 
Such amounts include the fair value of the Bifurcated Conversion Feature and Call Options at December 31, 2013 (see Note 12).

The following tables present offsetting information regarding the Company’s derivatives by type of counterparty as of December 31, 2012:
Derivative Assets and Collateral Held by Counterparty
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Counterparty (with Netting Agreements)
$
2.3

 
$
—

 
$
2.3

 
$
1.0

 
$
—

 
$
1.3

Counterparty (without Netting Agreements)1
55.9

 
—

 
55.9

 
—

 
—

 
55.9

Counterparty (with partial Netting Agreements)
0.3

 
—

 
0.3

 
0.2

 
—

 
0.1

Total
$
58.5

 
$
—

 
$
58.5

 
$
1.2

 
$
—

 
$
57.3

Derivative Liabilities and Collateral Held by Counterparty
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Pledged
 
Net Amount
Counterparty (with Netting Agreements)
$
(1.7
)
 
$
—

 
$
(1.7
)
 
$
(1.0
)
 
$
—

 
$
(0.7
)
Counterparty (without Netting Agreements)1
(63.8
)
 
—

 
(63.8
)
 
—

 
—

 
(63.8
)
Counterparty (with partial Netting Agreements)
(1.2
)
 
—

 
(1.2
)
 
(0.2
)
 
—

 
(1.0
)
Total
$
(66.7
)
 
$
—

 
$
(66.7
)
 
$
(1.2
)
 
$
—

 
$
(65.5
)
_________________
1 
Such amounts include the fair value of the Bifurcated Conversion Feature and Call Options at December 31, 2012 (see Note 12).