The preferred interest is convertible into a 25 percent common interest of the company. Previously, RSA, which manages approximately $33 billion on behalf of its members, provided a separate debt funding of $30 million to Wise Metals Group. This additional funding will be used to provide working capital and support business operations for Wise’s expanding can sheet business including their previously announced new foreign can sheet volumes as well as their increasing commercial alloys business.

Company officials further announced today that shipments of scrap at Wise Recycling increased 31 percent in the third quarter of 2007 versus the third quarter of 2006 while shipments at Wise Alloys decreased 23 percent, including a 20-percent decrease of can sheet shipments and a 36-percent decrease in shipments of commercial products. Overall shipments in the third quarter of 2007 totaled 174.6 million pounds compared to 203.8 million for the same period in 2006.

The decrease in can sheet shipment volumes was due mostly to can sheet customers reducing inventory quantities from year-end levels combined with the effects of slightly lower contractual volumes from existing can sheet customers which resulted from negotiations to improve pricing

Sales decreased by 1 percent to $781.4 million for the nine months ended Sept. 30, 2007, compared to the same period in 2006 and approximately 12 percent to $244.8 million for the three months ended Sept. 30, 2007. For the nine months ended Sept. 30, 2007, company shipments totaled 545.2 million pounds, compared to 581.1 million pounds for the same period in 2006.

On Nov. 8, 2007, the members of the United Steelworkers voted to ratify a new five-year labor agreement putting an end to a week-long strike at the Company’s Wise Alloys facility in Muscle Shoals, Ala. Highlights of the new labor agreement include a fair compensation package and the recognition of pension and post retirement health insurance issues by eliminating other post-employment benefits (OPEB) in exchange for an enhanced pension benefit from the Steelworkers pension fund.

Also included was the recognition of realities in health care by adjusting plan and increasing premiums paid by employees over the life of the contract.

The vote paved the way for Wise Alloys to return to increased levels of production ahead of a significant realized increase in demand for can sheet both domestically and abroad for 2008.

Net loss for the third quarter of 2007 was $25.7 million, which includes a $2.6 million unfavorable impact for FAS 133 (Accounting for Derivative Instruments and Hedging Activities). This compares to a net loss of $53.9 million in the third quarter of 2006, which includes a $22.0 million unfavorable impact for FAS 133 and a $25.0 million impact for metal costs accounted for on LIFO.

After adjusting for FAS 133 and LIFO, net loss for the third quarter of 2007 was $23.1 million, compared to a loss of $7.0 million in the third quarter of 2006. Significant items impacting the third quarter of 2007 include higher input costs and an approximate $15.2 million impact of the lag effect of metal and weaker scrap markets and an approximate $9.1 million impact of reduced sales and production levels. Third quarter selling, general and administrative costs also saw an increase of approximately $1.0 million primarily due to a specific customer reserve. Third quarter results from 2006 were impacted by an approximate $13.5 million impact from metal price caps on certain can sheet contracts for which those metal caps were eliminated January 1, 2007.

Interest costs for the quarter of $9.4 million reflect an increase of $0.8 million resulting from increased borrowings and higher interest rates.

“Our prospects for 2008 are becoming increasingly apparent as we have secured the three major component-objectives,” said Wise Metals Group Chairman and Chief Executive Officer David D’Addario. “After having secured increased volume for 2008 through strong international can sheet markets, we have now added an important financial partner with The Retirement Systems of Alabama and we have also now secured a long-term labor agreement that provides a fair and equitable means for Wise and its employees to finally move forward and compete in an expanding global marketplace.”

The RSA currently manages 20 funds with aggregate assets of approximately $33 billion. The RSA is the 14th largest internally managed public pension plan in the world and consists of the Teachers’ Retirement System, Employees’ Retirement System, Judicial Retirement Fund, and the Public Education Employees’ Health Insurance Plan. The RSA has a diverse portfolio with many real estate holdings in Alabama.

“The financing provided by the RSA will allow us to secure improved financial performance in 2008 by giving us the liquidity necessary to more effectively manage metal price risk and to bolster our production levels as needed to meet 2008 obligations,” explained Wise Metals Group Chief Financial Officer Ken Stastny.

Falling metal prices combined with slightly weaker scrap markets during the third quarter reduced profitability by approximately $15.2 million as the average price of aluminum fell from $1.28 per pound in the second quarter to $1.19 in the third quarter. Production levels during the quarter were also reduced significantly as the company managed inventory levels to maximize liquidity.

“We have recently been able to return to our formal hedging practices in order to better manage metal price risk,” said Wise Metals Group Treasurer Mike Sheridan. “Due to the RSA financing, our broker credit lines are being restored allowing us to once again manage this risk and we expect to be able to restore our desired levels of risk management by the first of the year.”

“I’m proud of the many significant long-term accomplishments that we have made this year not only in our industry but here at Wise Metals Group,” D’Addario added. “I am specifically proud of our new labor agreements, new financing and an improved global sales presence. We look forward to a promising 2008.”