It has completed its financing and operational restructuring and will now be majority owned by Oaktree Capital Management, which are affiliates of Apollo Management, and Sankaty Advisors.
The company also said it closed on a $609M rights offering.
The Beachwood, Ohio, maker of aluminum sheet used for automobiles had filed for bankruptcy in February, 2009, hurt by a drop in demand for cars during the recession.
The company said it has a new, fully committed, $500M asset-based revolving credit facility and more than $300M in liquidity.
It said Aleris Deutschland Holding, a non-operating holding company with no employees or operating assets which conducts no commercial business, has also emerged from Chapter 11.