UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

FORM 8-K  

CURRENT REPORTPursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934 

Date of Report: March 13, 2017 

Real Industry, Inc.

Delaware 001-08007 46-3783818(State or other Jurisdiction of

Incorporation) (Commission File Number) (IRS Employer Identification No.)

15301 Ventura Boulevard, Suite 400Sherman Oaks, California 91403

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (805) 435-1255

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the followingprovisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition. On March 13, 2017, Real Industry, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and fiscal year ended December 31,2016. A copy of the Company’s March 13, 2017 press release is attached hereto as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information contained in Exhibit 99.1 furnished as an exhibit hereto shall not be deemed “filed” forpurposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and shall not be deemed incorporated byreference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as shall be expressly set forth by specificreference in such filing or document.

Exhibit 99.1 contains certain non-GAAP financial information. The reconciliation of such non-GAAP financial information to GAAP financial measures isincluded in Exhibit 99.1. Further, Exhibit 99.1 contains statements intended as “forward-looking statements,” all of which are subject to the cautionary statementsabout forward-looking statements set forth therein. Item 7.01 Regulation FD Disclosure.

On March 14, 2017, the Company’s North American operating subsidiary, Real Alloy Holding, Inc. (“Real Alloy”), together with certain of its U.S. and Canadiansubsidiaries, executed a Revolving Credit Agreement (the “ABL Agreement”) with Bank of America, N.A. that provides Real Alloy with a new $110 million seniorsecured revolving asset-based credit facility (“ABL Facility”). The ABL Facility will terminate on the earlier of March 14, 2022 or 90 days prior to the earlier ofthe maturity date for the Real Alloy 10% Senior Secured Notes (January 15, 2019) or the maturity date for the Company’s preferred stock (March 22, 2020), unlesssuch maturity dates are extended. Concurrent with entry into the ABL Agreement, Real Alloy has terminated its existing $110 million Revolving Credit Agreementwith Wells Fargo Bank, N.A., dated February 27, 2015, as amended (the “Existing Facility”).

The ABL Agreement is intended to provide Real Alloy with additional borrowing capacity, based principally on the accounts receivable of Real Alloy’s Mexicanoperations, as well as improved advance rates and more flexible operational, intercompany and transactional covenants. In addition, the ABL Facility is comprisedof a U.S. sub-facility and Canadian sub-facility. The borrowing base under the ABL Facility will be determined based on eligible accounts receivable and eligibleinventory of the Real Alloy business in the United States (in the case of the US sub-facility) and eligible accounts receivable and eligible inventory of the RealAlloy business in Canada (in the case of the Canadian sub-facility). The proceeds of the ABL Facility will be used for Real Alloy’s working capital and generalcorporate purposes.

The Company will file a Current Report on Form 8-K with the SEC no later than March 20, 2017, which will disclose the material terms of the ABL Agreementand termination of the Existing Facility.

On March 14, 2017, the Company updated its investor presentation deck on its corporate website, www.realindustryinc.com . The presentation deck is attachedhereto as Exhibit 99.2.

The information set forth in Item 2.02 above and in Exhibit 99.1 to this Current Report on Form 8-K is incorporated into this Item 7.01 by reference .

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 7.01 and in Exhibit 99.2 furnished as an exhibit hereto shall not bedeemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and shall not bedeemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as shall be expresslyset forth by specific reference in such filing or document. Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Real Industry, Inc. Earnings Press Release dated March 13, 2017.

99.2

Real Industry, Inc. Investor Presentation Deck dated March 14, 2017.

    

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersignedthereunto duly authorized. REAL INDUSTRY, INC.

  Date: March 14 , 2017 By: /S/ KELLY G. HOWARD

Name: Kelly G. Howard Title: Executive Vice President and

General Counsel

INDEX TO EXHIBITS Exhibit No. Description

99.1

Real Industry, Inc. Earnings Press Release dated March 13, 2017.

99.2

Real Industry, Inc. Investor Presentation Deck dated March 14, 2017.

Exhibit 99.1

REAL INDUSTRY REPORTS FISCAL 2016 FOURTH QUARTER AND YEAR-END RESULTS

Company to host conference call on March 14, 2017, at 1:00 p.m. ET

SHERMAN OAKS, California, March 13, 2017 -- Real Industry, Inc. (NASDAQ: RELY) (“Real Industry” or the “Company”)today reported financial results for its fiscal fourth quarter and year ended December 31, 2016. As a result of the Real Alloyacquisition in February 2015, the Company’s results of operations and any other performance metric for its two reportablesegments for fiscal 2016 compare only to approximately 10 months of performance (February 27, 2015 through December 31,2015) in fiscal 2015. FY 2016 Summary:- Revenues of $1.2 billion, compared to $1.1 billion in fiscal 2015 (10-month period)- Net loss of $102.6 million and net loss available to common stockholders of $105.9 million, significantly attributable to a one-

time noncash $61.8 million goodwill impairment charge in Real Alloy North America (“RANA”)- Segment Adjusted EBITDA of $67.9 million, compared to $70.3 million in fiscal 2015 (10-month period)- Liquidity remains solid at $85.9 million at year-end- Strategic bolt-on acquisition of Beck Aluminum integrated and right-sized for profitability in 2017- Invested in our corporate mergers and acquisitions team, while accounting and finance functions have been streamlined and

integrated with our Real Alloy staff, resulting in improved efficiency and a reduction in ongoing operating costs Fourth Quarter 2016 Operating and Financial Highlights:- Revenues were $304.5 million, compared to $300.5 million in the prior-year period and $314.9 million sequentially from the

fiscal 2016 third quarter- Net loss of $80.6 million and net loss available to common stockholders of $81.2 million were primarily driven by the

goodwill impairment charge- Segment Adjusted EBITDA was $11.8 million, down from $17.1 million in the prior-year period and $16.9 million sequentially

from the fiscal 2016 third quarter, driven by weaker results in RANA 2017 Outlook:- LME and aluminum alloy prices have risen considerably in the early part of 2017 from fiscal 2016 third quarter and fourth

quarter prices, which directionally serve as a positive indicator for our Real Alloy business- Expect invoiced volumes in 2017 to be stable to slightly positive year over year Management CommentaryMr. Kyle Ross, President, Interim Chief Executive Officer and Chief Investment Officer of Real Industry, stated, “2016 was a yearin which Real Alloy navigated a challenging market environment by leveraging its leading size, diversified operations, productivityfocus and liquidity position. We have responded proactively to these difficult market conditions, and we feel well-positioned tobenefit from the expected market recovery in 2017. During the year, our Real Alloy Europe (“RAEU”) segment deliveredconsistent performance, including the highest Segment Adjusted EBITDA in five years. RAEU is already off to a strong start in2017, and market conditions are indicating another solid year ahead. Furthermore, we believe our recent multi-million dollarinvestment in our Norwegian operation has positioned that part of the business for a successful long-term future. In RANA themetal price environment created challenges that our productivity initiatives and flexible cost structure were unable to fully offset.As previously reported, primary aluminum prices caused some customers to substitute away from secondary alloys, leading toreductions in our tolling business in 2016, and the scrap spread environment continued to tighten throughout the second half ofthe year, ultimately resulting in the lowest Segment Adjusted EBITDA for RANA over a six-month period since 2009. This lowerperformance resulted in the goodwill impairment charge we incurred

Real Industry, Inc. Page 2March 13, 2017 in the fourth quarter. LME and aluminum alloy prices have risen considerably in the early part of 2017, which directionally is verypositive for both RANA and RAEU. While this improved pricing environment is not expected to significantly impact RANA’sfinancial performance in the first quarter of 2017, due to the structure of our commercial arrangements, we are optimistic that thehigher metal prices and normal seasonal increases in scrap flow will result in improved scra p spreads and Segment AdjustedEBITDA in the second quarter and beyond.” FY 2016 Financial ResultsReal Industry reported revenues of $1.2 billion in the year ended December 31, 2016, driven by the Company’s Real Alloybusiness, which invoiced 1.2 million metric tonnes in 2016. This compares to $1.1 billion in revenues on over 1 million metrictonnes invoiced in fiscal 2015 (approximately 10 months of operation). For 2016, Real Industry reported a net loss of $102.6million and net loss available to common stockholders of $105.9 million, or a loss of $3.68 per basic and diluted share, whichincludes a one-time, noncash $61.8 million goodwill impairment charge at RANA that represents $2.15 of the per share loss.Other factors contributing to the increased net loss over the prior period are described below. In 2016, Real Alloy experienced a decline in financial performance driven by lower volume and tighter scrap spreads in its RANAsegment, while its RAEU segment delivered consistent performance from a Segment Adjusted EBITDA perspective as improvedmix and higher margins offset lower volumes on a comparable 12-month basis.    In RANA, the year-over-year volume decline was primarily due to wrought alloy tolling customers electing to purchase primealuminum rather than using as much secondary alloys as in the prior period. This reduction in tolling volume was partially offsetby increased buy/sell volumes due to commercial sales efforts. RAEU also experienced a reduction in volume year-over-yeardue to similar substitution of primary aluminum by certain customers and operational downtime from customers taking longerholiday shutdowns. However, both segments experienced very different scrap spread environments in 2016, which supports thevalue of maintaining diverse operations. RANA was negatively impacted by pricing pressure on its sales prices from importedmaterial due to the strong dollar while demand for scrap remained high, compressing margins, whereas RAEU benefitted from afavorable product mix and a consistent flow of scrap at stable margins throughout the year.    In this difficult environment, RANA achieved significant productivity gains in 2016, including reduced SG&A expenses and aseries of plant-level cost reductions. These positive actions were unable to fully offset the lower volumes and tighter scrapspreads resulting in RANA’s lowest Segment Adjusted EBITDA over a six-month period (Q3 and Q4) since 2009. In contrast,RAEU delivered its highest Segment Adjusted EBITDA in five years. In the aggregate, Real Alloy generated Segment Adjusted EBITDA of $67.9 million in 2016, compared to $70.3 million in fiscal2015 (approximately 10 months of operation). RANA’s Segment Adjusted EBITDA was $44.0 million in 2016, compared to $49.0million in fiscal 2015 (10 months), while Segment Adjusted EBITDA per tonne decreased from $73 to $56. RAEU’s SegmentAdjusted EBITDA was $23.9 million in 2016, compared to $21.3 million in the prior year (10 months) and its Segment AdjustedEBITDA per tonne was flat at $64. Largely as a result of RANA’s Segment Adjusted EBITDA in 2016 being more than 20% lower than the period prior to the RealAlloy Acquisition, the annual goodwill impairment analysis resulted in a $61.8 million noncash charge in the fourth quarter.  Fourth Quarter 2016 Consolidated Financial ResultsReal Industry reported revenues of $304.5 million in the fourth quarter of 2016, which was driven by Real Alloy’s aggregate278,900 metric tonnes invoiced. This compares to $300.5 million in revenues on an

Real Industry, Inc. Page 3March 13, 2017 aggregate 291,300 metric tonnes invoiced in the fourth quarter of 2015. Real Industry reported net loss of $80.6 million and netloss available to common stockholders of $81.2 million in the quarter ended December 31, 2016, or a loss of $2.84 per basic anddiluted share. During the period, RANA reported revenues of $207.3 million on 194,300 tonnes invoiced. The mix between buy/sell and tollingarrangements was 52% and 48%, respectively. Compared to the prior-year period, total volume was lower by 1%, but revenueswere higher by 9% driven primarily by a 7% shift in mix from tolling to buy/sell volume, which contributes substantially morerevenue per tonne than tolling arrangements, as the metal value is included in sales. The fourth quarter of 2016 includedincremental buy/sell volume from the Beck Aluminum acquisition. The reduction in tolling volume described previously drove anoverall reduction in volume from the prior period. Compared to the prior sequential quarter, revenues were 3% higher, similarlydriven by increased buy/sell volumes due to commercial sales efforts and the Beck Aluminum acquisition, even thoughaggregate volume was slightly lower during the period attributable to typical seasonality of the business, particularly the holidays. RAEU reported revenues of $97.1 million on 84,600 tonnes invoiced in the fourth quarter. The mix between buy/sell and tollingarrangements was 46% and 54%, respectively. Compared to the prior-year period, total volume was lower by 11%, andrevenues were lower by 12%. The reduction in volume was largely due to customers taking more holiday shutdown time in 2016,which also drove the lower revenues. Compared to the prior sequential quarter, revenues were lower by 15% driven largely by a12% reduction in volume due to normal seasonality of the business. In the aggregate, Real Alloy generated Segment Adjusted EBITDA of $11.8 million in the fourth quarter of 2016, compared to$17.1 million in the prior-year period. The majority of the decrease was driven by RANA as its Segment Adjusted EBITDA was$7.5 million in the fourth quarter, compared to $12.7 million in the prior-year period. Segment Adjusted EBITDA per tonnedecreased from $65 to $39. Lower SG&A expenses and increased productivity results year-over-year did not fully offset the dropin volume and compressed margins. RAEU’s Segment Adjusted EBITDA was $4.3 million in the fourth quarter, compared to $4.4million in the prior-year period as Segment Adjusted EBITDA per tonne increased from $47 to $51. Real Alloy reduced its SG&A expenses by $1.0 million in the fourth quarter compared to the prior-year period. Capitalexpenditures in the fourth quarter were higher in both segments due to the investment in Norway mentioned above andincremental plant improvements in North America. For the year, total capital expenditures were in line with prior guidance. Outside of the Company’s segments, corporate operating costs, which primarily represent SG&A expenses, were $3.1 million inthe fourth quarter of 2016 and $3.4 million in the prior-year period. In addition, Real Industry accrued $0.4 million in severanceand restructuring costs associated with its decision to exit Cosmedicine and transition a number of corporate functions fromSherman Oaks to Real Alloy’s headquarters in Ohio. Management OutlookMr. Ross continued, “Although 2016 results at RANA were below management’s plans, we continue to see strong customeractivity due to continued growth in the utilization of aluminum across our end-markets and we anticipate business volumes in2017 will be stable to slightly positive year-over-year given the impact of ongoing commercial efforts and the contributions fromthe Beck Aluminum acquisition. We remain focused on maintaining lean operations and striving for continuous improvement aswe stay in close contact with our customers and keep an eye on these market trends. In 2017, we will continue to devoteresources to opportunities that we anticipate will increase the value of our investment in Real Alloy through productivity efforts,organic growth and prudent capital allocation including further potential bolt-on activity. But Real Alloy is only a piece of RealIndustry’s future. Our strong M&A team at corporate is focused on executing a more targeted M&A strategy to create a morediversified business generating sustainable profits. As a business buyer, our platform is unique, and we expect to use that to ouradvantage. Through

Real Industry, Inc. Page 4March 13, 2017 a disciplined approach to structure and value, our acquisition strategy should begin to unlock the value of our $916 million U.S.federal NOL to the benefit of our stockholders.” Balance Sheet and LiquidityAs of December 31, 2016, Real Industry’s cash and cash equivalents were $27.2 million, total debt was $356.5 million, andstockholders’ equity was $34.5 million. The Company’s total liquidity was $85.9 million as of December 31, 2016, of which $76.0million relates to Real Alloy. Conference Call and Webcast InformationThe Company will host a conference call at 1:00 p.m. ET on Tuesday, March 14, 2017, during which management will discussthe results of operations for the fourth quarter and year ended December 31, 2016. The dial-in numbers are:(877) 407-9163 (Toll-free U.S. & Canada)(412) 902-0043 (International) Participants may also access the live call via webcast at http://realindustryinc.equisolvewebcast.com/q4-2016 . The webcast willbe archived and accessible for approximately 30 days. A replay will be available shortly after the call in the investor relationssection of the Company’s website, www.realindustryinc.com , and will remain available for 90 days. About Real Industry, Inc.Real Industry is a North America-based holding company seeking to take significant ownership stakes in well-managed andconsistently profitable businesses concentrated primarily in the U.S. industrial and commercial marketplace. Real Industry hassignificant capital resources, and U.S. federal net operating loss tax carryforwards of $916 million. For more information aboutReal Industry, visit its corporate website at www.realindustryinc.com . Cautionary Statement Regarding Forward-Looking StatementsThis release contains forward-looking statements, which are based on our current expectations, estimates, and projections aboutthe Company’s and its subsidiaries’ businesses and prospects, as well as management’s beliefs, and certain assumptions madeby management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will”and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the datehereof and are subject to change. The Company undertakes no obligation to revise or update publicly any forward-lookingstatements for any reason. These statements include, but are not limited to, statements about: our financial results, including forthe fiscal year and fourth quarter of 2016, as well as our expectations for future financial trends and performance of our businessand our strategy in future periods including during fiscal 2017; our ability to take advantage of opportunities to acquire assetswith tremendous upside; the expected benefits to the Company of the integration of Beck Aluminum Alloys into Real Alloy; futureopportunistic investments; our evaluation of other potential M&A opportunities; our long-term outlook; our preparation for futuremarket conditions; and any statements or assumptions underlying any of the foregoing. Such statements are not guarantees offuture performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly,actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of variousfactors. Important factors that may cause such a difference include, but are not limited to, changes in domestic and internationaldemand for recycled aluminum; the cyclical nature and general health of the aluminum industry and related industries;commodity and scrap price fluctuations and our ability to enter into effective commodity derivatives or arrangements to effectivelymanage our exposure to such commodity price fluctuations; inventory risks, commodity price risks, and energy risks associatedwith Real Alloy’s buy/sell business model; our ability to service, and the high leverage associated with, our indebtedness, andcompliance with the terms of the indebtedness, including the restrictive covenants that

Real Industry, Inc. Page 5March 13, 2017 constrain the operation of our business and the businesses of our subsidiaries; our ability to successfully identify, acquire andintegrate additional companies and businesses that perform and meet expectations after completion of such acquisitions; ourability to achieve future profitability; our ability to control operating costs and other expenses; that general economic condition smay be worse than expected; that competition may increase significantly; changes in laws or government regulations or policiesaffecting our current business operations and/or our legacy businesses, as well as those risks and uncertainties disclosed unde rthe sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” in Real Industry, Inc.’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 13, 2017,and similar d isclosures in subsequent reports filed with the SEC, which are available on our website at www.realindustryinc.comand on the SEC website at https://www.sec.gov .  ContactReal Industry, Inc. Jeff Crusinberry, Senior Vice President and Treasurer (805) 435-1255 investor.relations@realindustryinc.com

Real Industry, Inc. Page 6March 13, 2017 Real Industry, Inc.   Audited Consolidated Balance Sheets

  December 31,  (In millions) 2016   2015  ASSETS Current assets:

Cash and cash equivalents $ 27.2 $ 35.7 Trade accounts receivable, net 88.4 77.2 Financing receivable 28.4 32.7 Inventories 118.2 101.2 Prepaid expenses, supplies and other current assets 24.6 24.7 Current assets of discontinued operations — 0.3

Total current assets 286.8 271.8 Property, plant and equipment, net 289.2 301.5 Equity method investment 5.0 — Identifiable intangible assets, net 12.5 15.1 Goodwill 42.2 104.3 Other noncurrent assets 9.8 8.2

TOTAL ASSETS $ 645.5 $ 700.9 LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY  Current liabilities:

Trade payables 115.8 100.9 Accrued liabilities 46.4 51.8 Long-term debt due within one year 2.3 2.3 Current liabilities of discontinued operations — 0.1

Total current liabilities 164.5 155.1 Accrued pension benefits 42.0 38.0 Environmental liabilities 11.6 11.7 Long-term debt, net 354.2 312.1 Common stock warrant liability 4.4 6.9 Deferred income taxes 2.5 6.7 Other noncurrent liabilities 6.9 5.4 Noncurrent liabilities of discontinued operations — 0.7

TOTAL LIABILITIES 586.1 536.6 Redeemable Preferred Stock 24.9 21.9 Stockholders’ equity:

Preferred stock — — Additional paid-in capital 546.7 546.0 Accumulated deficit (506.2) (403.3)Treasury stock — (0.1)Accumulated other comprehensive loss (7.1) (1.0)

Total stockholders’ equity —Real Industry, Inc. 33.4 141.6 Noncontrolling interest 1.1 0.8

TOTAL STOCKHOLDERS’ EQUITY 34.5 142.4 TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY $ 645.5 $ 700.9

Real Industry, Inc. Page 7March 13, 2017 Real Industry, Inc.                        Consolidated Statements of Operations

Three Months Ended

December 31,   Year EndedDecember 31,  

(In millions, except per share amounts)2016

(Unaudited)   2015

(Unaudited)   2016

(Audited)   2015

(Audited)  Revenues $ 304.5 $ 300.5 $ 1,249.7 $ 1,145.6 Cost of sales 293.3 277.1 1,183.0 1,070.7

Gross profit 11.2 23.4 66.7 74.9 Selling, general and administrative expenses 14.9 16.2 61.0 56.0 Losses (gains) on derivative financial instruments, net (0.3) 1.2 0.2 4.2 Amortization of identifiable intangible assets 0.6 1.4 2.4 2.0 Goodwill impairment 61.8 — 61.8 — Other operating expense, net 1.4 1.8 6.0 2.5

Operating profit (loss) (67.2) 2.8 (64.7) 10.2 Nonoperating expense (income):

Interest expense (income), net 9.8 8.3 37.3 34.9 Change in fair value of common stock warrant liability 0.2 (0.7) (2.4) 1.5 Acquisition-related costs and expenses 1.0 — 1.0 14.8 Loss from equity method investment 1.1 — 1.1 — Foreign exchange losses on intercompany loans 3.4 1.3 2.4 1.3 Other, net (0.6) (1.2) (0.3) (1.5)

Total nonoperating expense, net 14.9 7.7 39.1 51.0 Loss from continuing operations before income taxes (82.1) (4.9) (103.8) (40.8)Income tax benefit (1.0) (2.4) (0.6) (9.1)

Loss from continuing operations (81.1) (2.5) (103.2) (31.7)Earnings (loss) from discontinued operations, net of income taxes 0.5 (1.6) 0.6 24.9

Net loss (80.6) (4.1) (102.6) (6.8)Earnings (loss) from continuing operations attributable to noncontrolling interest (0.2) (0.2) 0.3 0.1

Net loss attributable to Real Industry, Inc. $ (80.4) $ (3.9) $ (102.9) $ (6.9)LOSS PER SHARE

Net loss attributable to Real Industry, Inc. $ (80.4) $ (3.9) $ (102.9) $ (6.9)Dividends on Redeemable Preferred Stock, in-kind (0.6) (0.5) (2.0) (1.5)Accretion of fair value adjustment to Redeemable Preferred Stock (0.2) (0.2) (1.0) (0.8)

Net loss available to common stockholders $ (81.2) $ (4.6) $ (105.9) $ (9.2)Basic and diluted loss per share:

Continuing operations $ (2.84) $ (0.16) $ (3.68) $ (0.35)Discontinued operations — — — —

Basic and diluted loss per share $ (2.84) $ (0.16) $ (3.68) $ (0.35)  

Real Industry, Inc.Page 8March 13, 2017 Real Industry, Inc.             Unaudited Segment InformationAny differences between combined segment information and consolidated information are attributable to Corporate and Other. Three Months Ended December 31,  (Dollars in millions, except per tonne information, 2016     2015  tonnes in thousands) RANA   RAEU   RANA   RAEU  Metric tonnes invoiced:

Tolling arrangements 94.0 45.5 109.5 52.1 Buy/sell arrangements 100.3 39.1 87.2 42.5

Total metric tonnes invoiced 194.3 84.6 196.7 94.6 Segment revenues $ 207.3 $ 97.1 $ 189.7 $ 110.9 Segment cost of sales 201.4 91.8 176.0 99.0

Segment gross profit $ 5.9 $ 5.3 $ 13.7 $ 11.9

Segment selling, general and administrative expenses $ 7.0 $ 4.8 $ 8.4 $ 4.4 Segment depreciation and amortization $ 8.6 $ 3.4 $ 9.1 $ (0.8)Segment capital expenditures $ 6.3 $ 5.9 $ 3.5 $ 3.9 Segment Adjusted EBITDA $ 7.5 $ 4.3 $ 12.7 $ 4.4 Segment Adjusted EBITDA per metric tonne invoiced $ 39 $ 51 $ 65 $ 47 Year Ended December 31,  (Dollars in millions, except per tonne information, 2016     2015  tonnes in thousands) RANA   RAEU   RANA   RAEU  Metric tonnes invoiced:

Tolling arrangements 392.7 199.0 375.4 176.1 Buy/sell arrangements 392.8 171.9 299.9 155.6

Total metric tonnes invoiced 785.5 370.9 675.3 331.7 Segment revenues $ 821.0 $ 428.6 $ 711.4 $ 434.2 Segment cost of sales 777.0 405.8 663.6 407.1

Segment gross profit $ 44.0 $ 22.8 $ 47.8 $ 27.1

Segment selling, general and administrative expenses $ 28.8 $ 16.7 $ 27.3 $ 14.8 Segment depreciation and amortization $ 32.2 $ 16.3 $ 26.1 $ 6.4 Segment capital expenditures $ 17.8 $ 13.0 $ 19.4 $ 6.6 Segment Adjusted EBITDA $ 44.0 $ 23.9 $ 49.0 $ 21.3 Segment Adjusted EBITDA per metric tonne invoiced $ 56 $ 64 $ 73 $ 64

 

Real Industry, Inc. Page 9March 13, 2017 NON-GAAP FINANCIAL MEASURES

A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludesamounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measurecalculated and presented in accordance with generally accepted accounting principles (“GAAP”) in the balance sheets, statements of operations, orstatements of cash flows; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from themost directly comparable measures so calculated and presented. We report our financial results in accordance with GAAP; however, ourmanagement believes that certain non-GAAP performance measures, which we use in managing our businesses, may provide investors withadditional meaningful comparisons between current results and results in prior periods. Segment Adjusted EBITDA (defined below) is an example ofa non-GAAP financial measure that we believe provides investors and other users of our financial information with useful information.

Our chief operating decision maker and management use several measures of performance for our reportable segments, including earnings beforeinterest, taxes, depreciation and amortization and excludes certain other items (“Segment Adjusted EBITDA”). We use Segment Adjusted EBITDAas our primary financial performance metric and believe this measure provides additional information commonly used by holders of our commonstock, as well as the holders of the Senior Secured Notes and parties to the Asset-Based Facility with respect to the ongoing performance of ourunderlying business activities.

Our Segment Adjusted EBITDA calculations represent segment earnings (loss) before interest, taxes, depreciation and amortization, unrealizedgains and losses on derivative financial instruments, charges and expenses related to acquisitions, and certain other gains and losses. SegmentAdjusted EBITDA as we use it may not be comparable to similarly titled measures used by other companies. We calculate Segment AdjustedEBITDA by eliminating the impact of a number of items we do not consider indicative of our ongoing operating performance and certain other items.Readers are encouraged to evaluate each adjustment shown in the reconciliation and the reasons we consider it appropriate for supplementalanalysis, however, Segment Adjusted EBITDA is not a financial measurement calculated and presented in accordance with GAAP. When analyzingour operating performance, we encourage investors to use Segment Adjusted EBITDA in addition to, and not as an alternative for, net earnings(loss) derived in accordance with GAAP. Segment Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation,or as a substitute for, or superior to, our measures of financial performance prepared in accordance with GAAP.

These limitations include, but are not limited to:

• Does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

• Does not reflect changes in, or cash requirements for, working capital needs;

• Does not reflect interest expense or cash requirements necessary to service interest and/or principal payments under the SeniorSecured Notes or Asset-Based Facility;

• Does not reflect certain tax payments that may represent a reduction in cash available to us;

• Does not reflect the operating results of Corporate and Other; and

• Although depreciation and amortization are noncash charges, the assets being depreciated and amortized may have to be replaced inthe future, and Segment Adjusted EBITDA does not reflect cash requirements for such replacements.

Other companies, including companies in our industry, may calculate Segment Adjusted EBITDA differently and the degree of the usefulness ofSegment Adjusted EBITDA as a comparative measure correspondingly decreases as the number of differences in its computation increases.

In addition, in evaluating Segment Adjusted EBITDA it should be noted that in the future we may incur expenses similar to the adjustments in thebelow presentation. Our presentation of Segment Adjusted EBITDA should not be construed as an inference that our future results will be unaffectedby unusual or nonrecurring items.

Real Industry, Inc. Page 10March 13, 2017 The table below provides a reconciliation of Segment Adjusted EBITDA to the most directly comparable financial m easure presented in accordancewith GAAP, net loss, for the three months and years ended December 31, 2016 and 2015:

Real Industry, Inc. Unaudited Reconciliation of Segment Adjusted EBITDA to Net Loss

Three Months Ended

December 31,   Year EndedDecember 31,  

(In millions) 2016     2015     2016     2015  Segment Adjusted EBITDA $ 11.8 $ 17.1 $ 67.9 $ 70.3 Unrealized gains (losses) on derivative financial instruments 0.1 — 1.0 (0.8)Segment depreciation and amortization (11.9) (8.3) (48.5) (32.5)Amortization of inventories and supplies purchase accounting adjustments (0.2) (0.7) (1.1) (9.2)Corporate and Other selling, general and administrative expenses (3.1) (3.4) (15.5) (13.9)Goodwill impairment (61.8) — (61.8) — Other, net (2.1) (1.5) (6.7) (3.7)

Operating profit (loss) (67.2) 3.2 (64.7) 10.2 Interest expense, net (9.8) (8.3) (37.3) (34.9)Change in fair value of common stock warrant liability (0.2) 0.7 2.4 (1.5)Acquisition-related costs and expenses (1.0) — (1.0) (14.8)Foreign exchange losses on intercompany loans (3.4) (1.3) (2.4) (1.3)Loss from equity method investment (1.1) — (1.1) — Other nonoperating income, net 0.6 0.8 0.3 1.5 Income tax benefit 1.0 2.4 0.6 9.1 Earnings (loss) from discontinued operations, net of income taxes 0.5 (1.6) 0.6 24.9

Net loss $ (80.6) $ (4.1) $ (102.6) $ (6.8)

 

Corporate Overview March 2017 Real Alloy Real Alloy 3700 Park East Dr., Suite 300 Beachwood, OH 44122 www.realalloy.com Exhibit 99.2

Cautions about forward-looking statements and other notices Cautionary Statement Regarding Forward-Looking Statements. This presentation contains forward-looking statements, which are based on our current expectations, estimates and projections about Real Industry, Inc. and its subsidiaries’ (the “Company”) businesses and prospects, as well as management’s beliefs and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s long-term investment decisions, further acquisitions, potential de-leveraging and expansion and business strategies; anticipated growth opportunities; the amount of capital-raising necessary to achieve those strategies; utilization of federal net operating loss tax carryforwards; Real Alloy’s improvements to operating efficiencies and cost of sales; auto demand in future periods; timing for hedging of commodity pricing in future periods; as well as future performance, growth, operating results, financial condition and prospects. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. Important factors that may cause such a difference include, but are not limited to the Company’s ability to successfully identify, consummate and integrate acquisitions and/or other businesses; changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; the difficulty of making operating and cost improvements; the Company’s ability to successfully defend against current and new litigationand indemnification matters, as well as demands by investment banks for defense, indemnity, and contribution claims; the Company’s ability to identify and recruit management; the Company’s ability to maintain the listing requirements of the NASDAQ; and other risks detailed from time to time in the Company’s SEC filings, including but not limited to the most recently filed Annual Report on Form 10-K and subsequent reports filed on Forms 10-Q and 8-K. Use of Non-GAAP Financial Measures. This presentation includes references to the non-GAAP financial measures of segment earnings before interest, taxes, depreciation and amortization and, with certain additional adjustments (“Segment Adjusted EBITDA”). Management believes that Segment Adjusted EBITDA enhances the understanding of the financial performance of the operations of Real Alloy (and prior to its acquisition, the former Global Recycling and Specification Alloys business of Aleris Corporation) by investors and lenders. As a complement to financial measures recognized under GAAP, management believes that Segment Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. Because Segment Adjusted EBITDA is not a measure recognized under GAAP, it is not intended to be presented herein as a substitute for net earnings (loss) as an indicator of operating performance. Segment Adjusted EBITDA is the primary performance measurement used by our senior management and Board of Directors to evaluate segment operating results. A reconciliation to the GAAP equivalent of Segment Adjusted EBITDA, net earnings (loss), is provided herein, in our Forms 10-Q filed with the SEC on May 10, 2016, August 9, 2016, and November 9, 2016, on our Form 10-K filed on March 1, 2016, on our Form 10-K filed on March 13, 2017, on our Form 8-K filed with the SEC on June 29, 2015, and in Note 4 on page S-35 of the Prospectus Supplement No. 1 dated January 29, 2015 for the rights offering as filed with the SEC.

Corporate overview Business Description & Strategy Publicly traded, NOL-rich holding company seeking well-managed and consistently profitable businesses Ticker NASDAQ: RELY Share Price $4.45 (as of 3/10/17) Market Capitalization $133 million (as of 3/10/17) Shares Outstanding 29.8 million (as of 3/10/17) Cash(1) $9.9 million (as of 12/31/16) Net Debt(2) $339.2 million (as of 12/31/16) Preferred Stock $24.9 million (carrying value as of 12/31/16) NOLs Federal NOLs of approximately $916 million begin to expire in 2027 Management & Board Stockholders and seasoned professionals with extensive experience in acquiring, building and managing successful businesses Does not include cash balance at subsidiary Real Alloy. Represents debt, less cash balances and capitalized issuance costs at subsidiary Real Alloy.

organization Real Alloy Intermediate Holding, LLC (Delaware) Real Alloy Holding, Inc. (Delaware) Real Industry, Inc. (Delaware) SGGH, LLC (Delaware) NABCO, LLC -Sold January 2015 Cosmedicine, LLC (Delaware) Holding company structure Key Executives Kyle Ross, Interim CEO, President John Miller, EVP Operations Michael Hobey, CFO Kelly Howard, GC 6 member Board Corporate staff of 8 employees (Accounting, Tax, Legal and M&A) ~$916M Federal NOLs (as of 12/31/16) Issuer of $25M Preferred Stock (face) Real Industry’s Direct Subsidiaries Acquisition closed February 2015 Issuer of 10% $305M Senior Secured Notes due 2019 (B3/B) Holdco of Real Alloy businesses

Building value Create a consistently profitable enterprise by allocating capital to improve the value of existing businesses and execute accretive acquisitions with a disciplined approach to value and structure Drive stockholder value by focusing on per share earnings growth over time Use our tax assets to increase free cash flow Parent Objectives Acquisition Criteria Post-Closing Priorities Other target characteristics: Proven management Edge/sustainable competitive advantage Industry leader High EBITDA to EBIT conversion Focus on transition into RELY De-leverage Continuous improvement initiatives and operational excellence Businesses that align with our unique attributes: Real Alloy operation and team Tax assets Public holding company structure

OVERVIEW Global leader in third-party aluminum recycling Converts aluminum scrap and dross into reusable aluminum and specification alloys Customers are automotive OEMs and suppliers, rolling mills, and extruders 30+ year operating history 300+ customers worldwide Implemented and utilizing Hoshin Kanri/Lean Six Sigma initiative Purchased in February 2015 at 6.25x multiple of LTM Adjusted EBITDA Completed TSA / Separation from Aleris Stand Alone operations – April 2016 Volume(1) Invoiced by End Use Volume(1) by Region Note: All tonnage information is presented in metric tonnes. (1) Based on fiscal year 2016 volume.

Experienced Management Team Exceptional management team with combined 180+ years of industry experience # = Years of aluminum industry experience # = Company tenure Gaylord Seemann Vice President, Information Technology Randy Collins Vice President, Commercial, North America Director, Treasury and FP&A North America Director, Operations & Manufacturing, North America Russell Barr Executive Vice President & General Manager, Europe Cathryn Griffin Vice President, Legal Director, Operations & Technology, Europe Director, Human Resources, Europe Director, Finance, Europe 33 11 11 4 10 8 Director, Commercial Europe 2 22 1 25 28 33 28 7 11 4 4 8 2 22 1 25 Director, Global Business Transformation Leader Director, Human Resources, North America Director, Accounting and Financial Reporting, North America Terry Hogan President Director, Operations & Manufacturing, North America 16 4 1 4 6 1 10 6

Global geographic footprint Coldwater Post Falls Goodyear Sapulpa Loudon Morgantown Friendly Chicago Heights Rock Creek Macedonia Elyria Wabash Mississauga Steele Monclova Saginaw Swansea Toeging Grevenbroich Deizisau (Stuttgart) Eidsväg Raudsand 27 facilities Worldwide 21 in North America and 6 in Europe (2) (2) Mount Pleasnt Houston Lebanon

Furnace Ready Twitch Requires Pre-Processing Turnings Old cast Old sheet Process Flow Overview Melting Melting, casting and delivery of aluminum products Pre-Processing Shredding, drying and milling of aluminum scrap and by-products Molten Sows Ingots Others Deox Fabricated products Magnesium recycling Raw Scrap Materials Process Products Real Alloy’s pre-processing equipment provides access to broader scrap types

How real alloy serves its Customers Integrated with Customers Through Closed-Loop Operations Illustrative Operations Flow – Aluminum Fabrication Chain Competitive Advantage Value Proposition for Customers Impact to Real Alloy Close proximity to customers Integrated into supply chain Multiple facilities to support customers Operational expertise and scale bring higher efficiency and quality Maximize use of customers’ metal units to minimize their metal risk Average customer relationship spans more than 10 years ~95% renewal rate with top customers Pre-Processing Melting Casting Ingots Scrap Rolling / Extrusion Scrap End-Product Fabrication Scrap Integrated Recycling Value Chain Casting End-Customers

Key competitive advantage 12 facilities able to deliver “just in time” molten metal for direct use in customers’ operations ~37% of 2016 volume delivered in molten form Provides significant savings and productivity to customers Increases throughput Eliminates re-melting costs Competitive advantages: Strong technical capabilities required Geographic range limitation (i.e. 250 mile delivery radius) Law prohibits molten delivery across the Alps Delivery of molten metal results in benefits for both Real Alloy and its customers

Low commodity risk Business Model Tolling Processes metal owned by customers –No ownership of inventory insulates from metal price risk and reduced working capital needs Charges a tolling or processing fee on a per pound or tonne volume basis Pass-through arrangements on energy and other costs Buy / Sell Purchases aluminum scrap in the open market and sells the converted metal Profitability driven by the metal spread Hedges a portion of its buy/sell volume in Europe Rapid inventory turns (~12x/year) ensures minimal commodity price exposure Real Alloy operates using two types of customer arrangements: Tolling (~51%) and Buy/Sell (~49%), for the year ended December 31, 2016

Risk Management General Corporate philosophy of taking as much risk off table as possible Approximately 2/3 of annual Real Alloy volume is protected from metal price fluctuations Multiple hedge counterparties are in place and additional relationships are being negotiated Metal No hedging is needed for tolling business Approximately 70% of European buy/sell contracts are hedged North American metal risk managed physically Natural Gas Prices locked with physical contracts in Europe and with financial hedges in North America through the end of 2017 for a significant portion of overall exposure Have begun locking physically and/or financially hedging a portion of 2018 exposure Percentage of volumes tolled and hedged

Market dynamics Economic Variable Impact on Real Alloy LME price of aluminum and “Midwest Premium” Limited; a rising metal environment is directionally better for the business and vice versa, all else being equal Prices products based on published market prices (Platts, Metal Bulletin); generally not off the LME Scrap for the buy/sell business is purchased locally and pricing is based on supply/demand Primary aluminum production by China Limited; more a factor in LME price dynamic (see box above) Demand for scrap imports by China Impacts pricing but not always spreads, which are more meaningful Decreasing since 2013 due to government regulation, a slowing economy in China, and internal scrap generation Natural gas volatility Changes tend to impact Platts and Metal Bulletin pricing Aim to hedge a portion in the future markets Foreign currency Mostly translation risk as Real Alloy Europe purchases and sells in local currency

Aluminum market update P1020 LME price plus the Midwest Premium (MWP). MWP is the cost of freight and handling to ship aluminum from LME warehouses to the Midwest USA. LME London Metal Exchange MW380 Platts Metal Week 380, common aluminum alloy used in casting automotive parts in the U.S. MB226 Metal Bulletin 226, common aluminum alloy used in casting automotive parts in Europe Source: Platts, London Metal Exchange, Metal Bulletin Increase / (Decrease) 3Q vs 4Q Average 6.6% (1.0%) (5.7%) 5.4%

Scrap market update *Average of Platts Twitch, Cast and Turnings Prices

Gross profit calculated by taking the Platts A380 price less the specified Scrap costs on a recovered and alloyed basis less a conversion fee. Profitability by scrap type Management focused on optimizing blends

Source: CRU - Nov 2016 Demand outlookSegmentOutlook% ofBusinessEstimated GrowthCAGR ‘17-’20Underlying DriversAutomotive44304510364559%8 - 9%New CAFE standards average 54 mpg target by 2025Light-weighting will increase AL content, engine downsizing offset by additional structural partsCO2 reduction targets in EuropeCans 3453229943719% 0.5% +/-Overall demand expected to be flat Market shifting toward health drinks/water, which are sold in plastic containersSteel3298681128176%0% +/-Flat to down impacted by ChinaBuilding and Construction443157192131%2 - 3%Housing and infrastructure drivenGlobal AL Castings (Spec) Market45085027672-3 - 4%Growth primarily driven by automotivePrimary Foundry Alloys are a growing segment

Real alloy(1) FINANCIAL SUMMARY Segment Revenue (3) ($ millions) Volume Invoiced (metric tonnes in thousands) Note: Numbers may not add due to rounding. (1) Financial data prior to February 27, 2015 is of the Global Recycling and Specification Alloys business of Aleris. (2) Financial data prior to February 27, 2015 is before any estimated standalone impact. (3) Differences between segment totals and consolidated totals are included in Corporate and Other.

appendix

Beck Aluminum ~ Opportunistic Acquisition $24M Transaction Acquired two new facilities (Mount Pleasant, WI and Houston, TX) that began operation in 2015 and are operating at high capacity utilization and one currently idled (Lebanon, PA). Expands its product offering further into high-purity foundry alloys, and, through its strategic partnership with Beck Trading, it will be able to provide its customers with access to prime aluminum and other prime based alloys. Acquisition to be accretive to earnings in 2017 and meet its 20% IRR return target. Capital expenditures associated with the acquired plants are expected to be low for the next several years given their relatively new construction. No dilution to Real Industry stockholders.

Evolution and transformation 1973: Changed name to Fremont General Corp. Strategic Transition 1963: Founded as an insurance company June 2008: Voluntarily filed for Chapter 11 bankruptcy June 2010: Reorganized as Signature Group Holdings; NOLs remain intact July 2011: Acquired NABCO for $36.9M Sept. 2012: Zell Credit Opportunity Fund >5% Stake Oct. 2014: Entered into definitive purchase agreement to acquire Real Alloy from Aleris for $525M Dec. 2014: Completed $28M Primary Equity offering Jan. 2015: Closed sale of NABCO for gross proceeds of $78M Jan. 2015: Closed $305M Senior Secured Notes offering pending Real Alloy acquisition 2010 Feb. 2015: Completed stapled Rights Offering for gross proceeds of $55M Feb. 2015: Closed acquisition of Real Alloy June 2015: Changed corporate name to ‘Real Industry’; 2 members added to Board July 2015: Raised $8.2M in at-the-market offering to support next bid June 2015: Enter Russell 2000 Index® Apr. 2015: Uplisted to NASDAQ | 1963 | 2015 Sept. 2013-Jan 2014: Prepare for growth - $300M shelf registration; reverse split; corporate reincorporation Oct. 2015: $700M shelf registration filed Aug. 2016: New Leadership Team Kyle Ross – Interim CEO Michael Hobey - CFO

December 31, (In millions) 2016 2015 ASSETS Current assets: Cash and cash equivalents $ 27.2 $ 35.7 Trade accounts receivable, net 88.4 77.2 Financing receivable 28.4 32.7 Inventories 118.2 101.2 Prepaid expenses, supplies and other current assets 24.6 24.7 Current assets of discontinued operations — 0.3 Total current assets 286.8 271.8 Property, plant and equipment, net 289.2 301.5 Equity method investment 5.0 — Identifiable intangible assets, net 12.5 15.1 Goodwill 42.2 104.3 Other noncurrent assets 9.8 8.2 TOTAL ASSETS $ 645.5 $ 700.9 LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Current liabilities: Trade payables 115.8 100.9 Accrued liabilities 46.4 51.8 Long-term debt due within one year 2.3 2.3 Current liabilities of discontinued operations — 0.1 Total current liabilities 164.5 155.1 Accrued pension benefits 42.0 38.0 Environmental liabilities 11.6 11.7 Long-term debt, net 354.2 312.1 Common stock warrant liability 4.4 6.9 Deferred income taxes 2.5 6.7 Other noncurrent liabilities 6.9 5.4 Noncurrent liabilities of discontinued operations — 0.7 TOTAL LIABILITIES 586.1 536.6 Redeemable Preferred Stock 24.9 21.9 Stockholders’ equity: Preferred stock — — Additional paid-in capital 546.7 546.0 Accumulated deficit (506.2 ) (403.3 ) Treasury stock — (0.1 ) Accumulated other comprehensive loss (7.1 ) (1.0 ) Total stockholders’ equity—Real Industry, Inc. 33.4 141.6 Noncontrolling interest 1.1 0.8 TOTAL STOCKHOLDERS’ EQUITY 34.5 142.4 TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY $ 645.5 $ 700.9 2016 Financial statements Consolidated Balance Sheets (Audited)

2016 Financial statements cont’d Consolidated Statements of Operations Note: Results include only 10 months of Real Alloy performance for the year ended December 31, 2015. See Form 10-K filing for additional information. Three Months Ended December 31, Year Ended December 31, (In millions, except per share amounts) 2016 (Unaudited) 2015 (Unaudited) 2016 (Audited) 2015 (Audited) Revenues $ 304.5 $ 300.5 $ 1,249.7 $ 1,145.6 Cost of sales 293.3 277.1 1,183.0 1,070.7 Gross profit 11.2 23.4 66.7 74.9 Selling, general and administrative expenses 14.9 16.2 61.0 56.0 Losses (gains) on derivative financial instruments, net (0.3 ) 1.2 0.2 4.2 Amortization of identifiable intangible assets 0.6 1.4 2.4 2.0 Goodwill impairment 61.8 — 61.8 — Other operating expense, net 1.4 1.8 6.0 2.5 Operating profit (loss) (67.2 ) 2.8 (64.7 ) 10.2 Nonoperating expense (income): Interest expense (income), net 9.8 8.3 37.3 34.9 Change in fair value of common stock warrant liability 0.2 (0.7 ) (2.4 ) 1.5 Acquisition-related costs and expenses 1.0 — 1.0 14.8 Loss from equity method investment 1.1 — 1.1 — Foreign exchange losses on intercompany loans 3.4 1.3 2.4 1.3 Other, net (0.6 ) (1.2 ) (0.3 ) (1.5 ) Total nonoperating expense, net 14.9 7.7 39.1 51.0 Loss from continuing operations before income taxes (82.1 ) (4.9 ) (103.8 ) (40.8 ) Income tax benefit (1.0 ) (2.4 ) (0.6 ) (9.1 ) Loss from continuing operations (81.1 ) (2.5 ) (103.2 ) (31.7 ) Earnings (loss) from discontinued operations, net of income taxes 0.5 (1.6 ) 0.6 24.9 Net loss (80.6 ) (4.1 ) (102.6 ) (6.8 ) Earnings (loss) from continuing operations attributable to noncontrolling interest (0.2 ) (0.2 ) 0.3 0.1 Net loss attributable to Real Industry, Inc. $ (80.4 ) $ (3.9 ) $ (102.9 ) $ (6.9 ) LOSS PER SHARE Net loss attributable to Real Industry, Inc. $ (80.4 ) $ (3.9 ) $ (102.9 ) $ (6.9 ) Dividends on Redeemable Preferred Stock, in-kind (0.6 ) (0.5 ) (2.0 ) (1.5 ) Accretion of fair value adjustment to Redeemable Preferred Stock (0.2 ) (0.2 ) (1.0 ) (0.8 ) Net loss available to common stockholders $ (81.2 ) $ (4.6 ) $ (105.9 ) $ (9.2 ) Basic and diluted loss per share: Continuing operations $ (2.84 ) $(0.16 ) $ (3.68 ) $ (0.35 ) Discontinued operations — — — — Basic and diluted loss per share $ (2.84 ) $ (0.16 ) $ (3.68 ) $ (0.35 )

Segment adjusted ebitda reconciliation to real industry net LOSS Note: Results include only10 months of Real Alloy performance for the year ended December 31, 2015. See Form 10-K filing for additional information. Three Months Ended December 31, Year Ended December 31, (In millions) 2016 (Unaudited) 2015 (Unaudited) 2016 (Audited) 2015 (Audited) Segment Adjusted EBITDA $ 11.8 $ 17.1 $ 67.9 $ 70.3 Unrealized gains (losses) on derivative financial instruments 0.1 — 1.0 (0.8 ) Segment depreciation and amortization (11.9 ) (8.3 ) (48.5 ) (32.5 ) Amortization of inventories and supplies purchase accounting adjustments (0.2 ) (0.7 ) (1.1 ) (9.2 ) Corporate and Other selling, general and administrative expenses (3.1 ) (3.4 ) (15.5 ) (13.9 ) Goodwill impairment (61.8 ) — (61.8 ) — Other, net (2.1 ) (1.5 ) (6.7 ) (3.7 ) Operating profit (loss) (67.2 ) 3.2 (64.7 ) 10.2 Interest expense, net (9.8 ) (8.3 ) (37.3 ) (34.9 ) Change in fair value of common stock warrant liability (0.2 ) 0.7 2.4 (1.5 ) Acquisition-related costs and expenses (1.0 ) — (1.0 ) (14.8 ) Foreign exchange losses on intercompany loans (3.4 ) (1.3 ) (2.4 ) (1.3 ) Loss from equity method investment (1.1 ) — (1.1 ) — Other nonoperating income, net 0.6 0.8 0.3 1.5 Income tax benefit 1.0 2.4 0.6 9.1 Earnings (loss) from discontinued operations, net of income taxes 0.5 (1.6 ) 0.6 24.9 Net loss $ (80.6 ) $ (4.1 ) $ (102.6 ) $ (6.8 )

Real alloy(1) SEGMENT ADJUSTED EBITDA RECONCILIATION (1) Historical financial data is of the Global Recycling and Specification Alloys business of Aleris. Adjusted EBITDA does not include any estimated standalone impact. Note: For relevant footnotes, see standalone audited financial statements for December 31, 2015 filed with the SEC on Form 8-K dated August 9, 2016, for fiscal years ended December 31, 2014, 2013 and 2012 filed with the SEC on Form 8-K dated June 29, 2015, and Prospectus Supplement No. 1 dated January 29, 2015 for fiscal year ended December 31, 2011. ($ millions) 2011 2012 2013 2014 2015 Net income (loss) $68.7 $26.4 $19.0 $29.3 ($27.2) Interest expense 0.0 0.0 0.0 0.0 35.0 Provision for income taxes 14.6 11.9 4.3 1.1 5.5 Depreciation and amortization 11 15.8 21.6 25.6 40.1 EBITDA $94.3 $54.1 $44.9 $56.0 $53.4 Goodwill impairment -- -- -- -- -- Acquisition related costs and expenses 0.0 0.0 0.0 0.0 8.9 Amortization of purchase accounting adjustments 0.0 0.0 0.0 0.0 9.2 Foreign currency losses on intercompany loans 0.0 0.0 0.0 0.0 1.6 Restructuring charges 0.2 2.4 3.3 2.6 0.3 Unrealized losses (gains) on derivatives 3.2 (1.5) (0.8) 2.6 (0.6) Net income attributable to non-controlling interest 1.0 1.3 1.0 0.9 0.3 Loss on disposal of assets 0.1 0.8 1.3 2.2 2.2 Stock-based compensation expense related to Real Alloy employees and non-Real Alloy employees 3.0 4.2 4.8 3.9 0.5 SG&A allocated from Aleris not directly associated 13.6 12.0 12.6 12.8 1.3 with the business Excluded entities/facilities (6.7) (3.6) (3.3) 0.0 0.0 Medical expense adjustment 0.0 0.0 4.3 3.1 0.0 Extreme winter weather 0.0 0.0 0.0 2.1 0.0 Other (3.3) (0.8) 1.4 1.4 4.7 Segment Adjusted EBITDA $105.4 $68.9 $69.5 $87.6 $81.8