Elah (ELLH) 10-Q 17 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 01, 2015
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	RELY
Entity Registrant Name	REAL INDUSTRY, INC.
Entity Central Index Key	38,984
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		28,856,955

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 38.5	$ 62
Trade accounts receivable, net	106
Financing receivable	52.2
Inventories	123.2
Deferred income taxes		5.1
Other current assets	13.1	1
Current assets of discontinued operations	0.1	18
Total current assets	333.1	86.1
Debt and equity offering costs		14.5
Property, plant and equipment, net	324.9	0.1
Intangible assets, net	20.8	0.1
Goodwill	84.5
Deferred income taxes	3
Other noncurrent assets	6.9	1.1
Noncurrent assets of discontinued operations		20
TOTAL ASSETS	773.2	121.9
Current liabilities:
Trade payables	128
Accrued liabilities	51.3	7.1
Long-term debt due within one year	1.5
Deferred income taxes	0.4
Current liabilities of discontinued operations	0.3	8.1
Total current liabilities	181.5	15.2
Accrued pension benefits	45.7
Environmental liabilities	18.4
Long-term debt, net	339.8
Common stock warrant liability	11.1	5.6
Deferred income taxes	6.2
Other noncurrent liabilities	8.9	0.3
Noncurrent liabilities of discontinued operations	0.7	15.2
TOTAL LIABILITIES	612.3	36.3
Stockholders' equity:
Additional paid-in capital	542.1	482
Accumulated deficit	(401.7)	(396.3)
Accumulated other comprehensive loss	(0.9)
Total stockholders’ equity — Real Industry, Inc.	139.5	85.7
Noncontrolling interest	0.9	(0.1)
TOTAL STOCKHOLDERS’ EQUITY	140.4	85.6
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY	773.2	$ 121.9
Series B Preferred Stock
Current liabilities:
Redeemable Preferred Stock, Series B, $1,000 liquidation preference per share; 100,000 and zero shares designated; 25,598 and zero shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 20.5
Series A Junior Participating Preferred Stock
Stockholders' equity:
Preferred stock, Series A Junior Participating; $0.001 par value; 665,000 shares designated; none issued or outstanding

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	66,500,000	66,500,000
Common stock, shares issued	28,367,055	17,099,882
Common stock, shares outstanding	28,367,055	17,099,882
Series B Preferred Stock
Preferred stock, liquidation preference per share	$ 1,000	$ 1,000
Preferred stock, shares designated	100,000	0
Preferred stock, issued	25,598	0
Preferred stock, outstanding	25,598	0
Series A Junior Participating Preferred Stock
Preferred stock, shares designated	665,000	665,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Preferred stock, par value	$ 0.001	$ 0.001

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 368.7		$ 506.5	$ 0.1
Cost of sales	347.4		480.3	0.5
Gross profit (loss)	21.3		26.2	(0.4)
Selling, general and administrative expenses	15.7	$ 2.3	23.3	4.8
Losses on derivative financial instruments	2.1		2
Amortization of intangibles	0.3	0.1	0.4	0.1
Other operating expense, net	0.4		0.9
Operating profit (loss)	2.8	(2.4)	(0.4)	(5.3)
Nonoperating expense (income):
Interest expense, net	9.3		17.4
Change in fair value of common stock warrant liability	6.3	(0.2)	5.6	(1)
Acquisition-related costs and expenses	0.4		14.8
Goodwill impairment		0.4		0.4
Other, net	0.3		0.5
Total nonoperating expense (income)	16.3	0.2	38.3	(0.6)
Loss from continuing operations before income taxes	(13.5)	(2.6)	(38.7)	(4.7)
Income tax expense (benefit)	0.2	(0.8)	(7.2)	(1.2)
Loss from continuing operations	(13.7)	(1.8)	(31.5)	(3.5)
Earnings from discontinued operations, net of income taxes	2.9	1.3	27.2	3.1
Net loss	(10.8)	(0.5)	(4.3)	(0.4)
Earnings attributable to noncontrolling interest	0.1		0.2
Net loss attributable to Real Industry, Inc.	$ (10.9)	$ (0.5)	$ (4.5)	$ (0.4)
Basic and diluted earnings (loss) per share:
Continuing operations	$ (0.53)	$ (0.14)	$ (1.32)	$ (0.27)
Discontinued operations	0.11	0.10	1.10	0.24
Basic and diluted loss per share	$ (0.42)	$ (0.04)	$ (0.22)	$ (0.03)

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (10.8)	$ (0.5)	$ (4.3)	$ (0.4)
Other comprehensive loss:
Current period currency translation adjustments	(1.2)		(0.9)
Comprehensive loss	(12)	(0.5)	(5.2)	(0.4)
Comprehensive income attributable to noncontrolling interest	0.1		0.2
Comprehensive loss attributable to Real Industry, Inc.	$ (12.1)	$ (0.5)	$ (5.4)	$ (0.4)

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (10.8)	$ (0.5)	$ (4.3)	$ (0.4)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Earnings from discontinued operations, net of income taxes			(27.2)	(3.1)
Depreciation and amortization			13.9	0.1
Deferred income tax benefit			(7.2)
Change in fair value of common stock warrant liability	6.3	(0.2)	5.6	(1)
Share-based compensation expense			0.6	0.8
Amortization of debt issuance costs			2.4
Unrealized losses on derivative financial instruments	1.4		1.3
Amortization of the fair value adjustment of acquired inventory			7.2
Goodwill impairment		0.4		0.4
Inventory impairment				0.4
Other			0.6
Changes in operating assets and liabilities, net of the effects of acquisition			62.6	2
Net cash used in operating activities of discontinued operations			(0.6)	(0.6)
Net cash provided by (used in) operating activities			54.9	(1.4)
Cash flows from investing activities:
Acquisition of business, net of cash			(522.3)
Proceeds from sale of NABCO, net of $3.9 million held in escrow			74.1
Purchases of property and equipment			(10)	(0.1)
Other			(0.2)
Net cash used in investing activities of discontinued operations				(0.1)
Net cash used in investing activities			(458.4)	(0.2)
Cash flows from financing activities:
Payment of NABCO outstanding debt			(14.3)
Proceeds from Asset-Based Facility, net of issuance costs			92.4
Payments on capital leases and the Asset-Based Facility			(45.3)
Proceeds from issuance of Senior Secured Note, net of debt issuance costs			287.1
Proceeds from exercise of common stock options			1.1
Proceeds from issuance of common stock, net of issuance costs			58.2
Proceeds from exercise of Warrants	0.1		0.1
Other				(0.1)
Net cash used in financing activities of discontinued operations			(0.4)	(1.4)
Net cash provided by (used in) financing activities			378.9	(1.5)
Effect of exchange rate differences on cash and cash equivalents			0.2
Decrease in cash and cash equivalents			(24.4)	(3.1)
Cash and cash equivalents, beginning of period			63	48
Cash and cash equivalents, end of period	38.6	44.9	38.6	44.9
Cash and cash equivalents, end of period - continuing operations	38.5	44.5	38.5	44.5
Cash and cash equivalents, end of period - discontinued operations	$ 0.1	$ 0.4	$ 0.1	$ 0.4

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	Jun. 30, 2015USD ($)
Statement Of Cash Flows [Abstract]
Cash held in escrow	$ 3.9

Business and Operations

Business and Operations	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Operations	NOTE 1—BUSINESS AND OPERATIONS Real Industry, Inc. (“Real Industry,” the “Company,” “we,” “us” or “our”), formerly known as Signature Group Holding, Inc., is a holding company that owns all of the outstanding interests of its two primary operating companies, Real Alloy Intermediate Holding, LLC (“Real Alloy Parent”) and SGGH, LLC (“SGGH”). Management expects to grow the Company through acquisitions, as well as through organic efforts within existing operations described below. Our current business strategy seeks to leverage our public company status, considerable federal and California net operating tax loss carryforwards (“NOLs”) and the experience of our executive management team to acquire operating businesses at prices and on terms that are aligned with our growth plans. During the first quarter of 2015, the Company underwent a considerable transformation. On January 9, 2015, we completed the sale of North American Breaker Co., LLC (“NABCO”), previously the primary business within SGGH. On February 27, 2015, we acquired the global recycling and specification alloys business (the “Real Alloy Business”) of Aleris Corporation (“Aleris”) (the “Real Alloy Acquisition”). A portion of the proceeds of the sale of NABCO were used to fund the Real Alloy Acquisition. The Real Alloy Business, operating under Real Alloy Parent through its wholly owned subsidiary Real Alloy Holding, Inc. (“Real Alloy”), is a global leader in third-party aluminum recycling, which includes the processing of scrap aluminum and by-products and the manufacturing of wrought, cast and specification or foundry alloys. Real Alloy offers a broad range of products and services to wrought alloy processors, automotive original equipment manufacturers, and foundries and casters. Real Alloy’s customers include companies that participate in or sell to the automotive, The closing of the Real Alloy Acquisition was the culmination of a series of equity and debt financing transactions that began in the fourth quarter of 2014 to raise the capital required to fund the Real Alloy Acquisition and pay transaction costs as summarized below (collectively, the “Financings”): · In October 2014, Real Industry · In December 2014, Real Industry · In January 2015, Real Alloy, as successor to SGH Escrow Corporation (“SGH Escrow”), issued $305.0 million in senior secured notes due January 15, 2019 (the “Senior Secured Notes”) at a price of 97.206% of the principal amount, providing gross proceeds of $296.5 million, which were used to fund a portion of the Real Alloy Acquisition; · In February 2015, Real Industry · In February 2015, the U.S., Canadian and German operating subsidiaries of Real Alloy entered into new credit facilities, including a $110.0 million asset-based lending facility (the “Asset-Based Facility”) secured by assets of certain of Real Alloy’s North American subsidiaries, and a €50.0 million factoring facility (the “Factoring Facility”) for the purchase of eligible accounts receivable of Real Alloy’s German operations. The initial draws on the Asset-Based Facility and Factoring Facility provided gross proceeds of $59.5 million and €25.0 million ($28.0 million), respectively, of which $73.5 million was used to fund a portion of the Real Alloy Acquisition and approximately $14.0 million was drawn for operating purposes; and · In February 2015, Real Industry Additionally, in April 2015, Real Industry issued approximately 0.8 million shares of common stock to existing holders of warrants to purchase common stock as the final component of the Rights Offering launched in January 2015, which provided gross proceeds of $4.8 million. In June 2015, Real Industry commenced a controlled equity offering program, pursuant to which it issued approximately 0.2 million shares and 0.5 million shares of common stock in June and July, respectively, providing gross proceeds of $2.7 million and $5.5 million, respectively. See Note 16— Subsequent Events On April 21, 2015 , our common stock began trading on the Nasdaq Stock Exchange (“NASDAQ”) under the symbol “RELY” as part of the NASDAQ Global Select Market. On May 28, 2015, our stockholders approved an amendment to our charter to change our name to Real Industry, Inc. In June 2015, Real Industry became a member of the Russell Global ® ® ® As a result of the transformative nature of the acquisition, divestiture and financing activities described above, our operations in 2015 will be substantially different from that reported in the previous periods covered by this Quarterly Report on Form 10-Q (the “Report”). The assets and liabilities and results of operations of NABCO are included in discontinued operations for all periods presented as a result of its sale in the first quarter of 2015. Discontinued operations also includes certain assets and liabilities related to the former businesses of SGGH, then known as Fremont General Corporation (“Fremont”) and its primary operating subsidiary, Fremont Investment & Loan (“FIL”). See Note 13— Segment Information

Financial Statement Presentatio

Financial Statement Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Financial Statement Presentation and Significant Accounting Policies	NOTE 2—FINANCIAL STATEMENT PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements comprise the accounts of Real Industry, its wholly owned and majority owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“SEC”). Operating results for the three and six months ended June 30, 2015 are not indicative of the results that may be expected for the year ending December 31, 2015, as a result of the gain on sale associated with the NABCO Sale and only four months of operating performance of Real Alloy in the six months ended June 30, 2015. These interim period unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 16, 2015 (the “Annual Report”). During the second quarter, the Company identified an error in the calculation of currency translation adjustments as reported in the March 31, 2015 unaudited condensed consolidated financial statements, which resulted in the overstatement of accumulated other comprehensive income and comprehensive income attributable to Real Industry of $5.2 million as of March 31, 2015, and for the three months then ended. The error was corrected during the second quarter in order to properly report the balance of accumulated other comprehensive income and comprehensive loss attributable to Real Industry as of June 30, 2015, and for the six months then ended. Management has concluded that the error reflected in the March 31, 2015 unaudited condensed consolidated financial statements was not material. Certain amounts in the accompanying unaudited condensed consolidated financial statements have been reclassified to conform to the current presentation, including the classification of NABCO as a discontinued operation. The Company’s significant accounting policies are disclosed in the consolidated financial statements included in Part IV, Item 15 of the Annual Report, which, as a result of the Real Alloy Acquisition, now include the following new and modified significant accounting policies. Revenue recognition and shipping and handling costs Revenues are recognized when title transfers and the risk of loss passes to the customer. This typically occurs when the goods reach their destination, depending on individual shipping terms. For customer-owned toll material, revenue is recognized upon the performance of the tolling service for the customers. For material that is consigned, revenue is not recognized until the product is used by the customer. Shipping and handling costs are included within cost of sales in the unaudited condensed consolidated statements of operations included elsewhere in this Report. Accounts receivable allowances and credit risk Credit is extended to our customers based on an evaluation of their financial condition; generally, collateral is not required. We maintain an allowance against our accounts receivable for the estimated probable losses on uncollectible accounts and sales returns and allowances. The allowance is based upon our historical loss experience, current economic conditions within the industries we serve as well as our determination of the specific risk related to certain customers. Accounts receivable are charged off against the reserve when, in management’s estimation, further collection efforts would not result in a reasonable likelihood of receipt, or later as proscribed by statutory regulations. Financing Receivable A subsidiary of Real Alloy has an agreement to sell certain of its accounts receivable in Europe. Agreements that result in true sales of the transferred receivables, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing Inventories Inventories are stated at the lower of cost or market. Cost is determined primarily on the average cost or specific identification method and includes material, labor and overhead related to the manufacturing process. The cost of inventories acquired in business combinations is recorded at fair value. Property, plant and equipment Property, plant and equipment is stated at cost, net of asset impairments and depreciation. The cost of property, plant and equipment acquired in business combinations represents the fair value of the acquired assets at the time of acquisition. The estimated fair value of asset retirement obligations incurred after the Real Alloy Acquisition are capitalized to the related long-lived asset at the time the obligations are incurred and are depreciated over the estimated remaining useful life of the related asset. Major renewals and improvements that extend an asset’s useful life are capitalized to property, plant and equipment. Major repair and maintenance projects are expensed over periods not exceeding twenty-four months, while normal maintenance and repairs are expensed as incurred. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the related assets, as follows: Estimated Useful Lives Building and improvements 5 - 33 years Production equipment and machinery 2 - 25 years Office furniture, equipment and other 3 - 10 years The construction costs of landfills used to store by-products of the recycling process are depreciated as space in the landfills is used based on the unit of production method. Additionally, used space in the landfill is determined periodically either by aerial photography or engineering estimates. Goodwill Goodwill is tested for impairment as of October 1 of each year and may be tested more frequently if changes in circumstances or the occurrence of events indicates that a potential impairment exists. We evaluate goodwill based upon our reporting units, which are defined as operating segments or, in certain situations, one level below the operating segment. As the purchase price allocation for the Real Alloy Acquisition is not yet finalized, the allocation of goodwill to our reporting units has not yet been finalized. The impairment test is a two-step process, which requires us to make judgments in determining what assumptions to use in the calculations. The first step of the process consists of estimating the fair value of each reporting unit based on discounted cash flow models and guideline Company information, using revenue and profit forecasts, and comparing those estimated fair values with the carrying values, which include allocated goodwill. These projections include assumptions about prices, margins and other operating costs. Other key assumptions included in the fair value of our reporting units include estimated cash flow periods, terminal values based on our anticipated growth rate and the discount rate used, which is based on our current cost of capital, adjusted for the risks associated with our operations. If the determined fair value is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an “implied fair value” of goodwill, which is compared to the corresponding carrying value. Deferred financing costs The costs related to the issuance of debt are capitalized and classified as a reduction of the associated debt and amortized over the terms of the related debt agreements as interest expense using the effective interest method. Derivatives and hedging Real Alloy is engaged in activities that expose it to various market risks, including changes in the prices of aluminum alloys, scrap aluminum, copper, zinc and natural gas, as well as changes in currency exchange rates. Certain of these financial exposures are managed as an integral part of its risk management program, which seeks to reduce the potentially adverse effects that the volatility of the markets may have on operating results. Real Alloy may enter into forward contracts or swaps unaudited unaudited The estimated fair values of derivative financial instruments are recognized as assets or liabilities as of the balance sheet date. Fair values for metal and natural gas derivative financial instruments are determined based on the differences between contractual and forward rates of identical hedge positions as of the balance sheet date. In developing these fair values, Real Alloy includes an estimate of the risk associated with nonperformance by either its counterparty or itself. Real Alloy does not account for its derivative financial instruments as hedges. The changes in fair value of derivative financial instruments and the associated gains and losses realized upon settlement are recorded in losses on derivative financial instruments in the unaudited unaudited The counterparties’ creditworthiness is monitored on an ongoing basis, and credit levels are reviewed to ensure appropriate concentrations of credit outstanding to any particular counterparty. Although nonperformance by counterparties is possible, we do not currently anticipate nonperformance by any of these parties. Currency translation Certain of Real Alloy’s international subsidiaries use the local currency as their functional currency. Real Alloy translates all of the amounts included in the unaudited unaudited Environmental and asset retirement obligations Environmental obligations that are not legal or contractual asset retirement obligations and that relate to existing conditions caused by past operations with no benefit to future operations are expensed, while expenditures that extend the life, increase the capacity or improve the safety of an asset, or mitigate or prevent future environmental contamination are capitalized in property, plant and equipment. Obligations are recorded when their occurrence is probable and the associated costs can be reasonably estimated. While accruals are based on management’s current best estimate of the future costs of remedial action, these liabilities can change substantially due to factors such as the nature and extent of contamination, changes in the required remedial actions and technological advancements. Existing environmental liabilities are not discounted to their present values, as the amount and timing of the expenditures are not fixed or reliably determinable. Asset retirement obligations represent the present value of estimated future obligations associated with the retirement of tangible long-lived assets. Our asset retirement obligations relate primarily to capping our three landfills, as well as costs related to the future removal of asbestos and removal of underground storage tanks. The estimated fair value of such legal obligations is recognized in the period in which the obligations are incurred, and capitalized as part of the carrying amount of the associated long-lived asset. These estimated fair values are based upon the present value of future cash flows expected to be required to satisfy the obligations. Determining the estimated fair value of asset retirement obligations requires judgment, including estimates of the credit adjusted interest rate and estimates of future cash flows. Estimates of future cash flows are obtained primarily from engineering consulting firms. The present value of the obligations is accreted over time while the capitalized cost are depreciated over the estimated remaining useful life of the related asset. Pension benefits Pension benefit costs are accrued based on annual analyses performed by actuaries. These analyses are based on assumptions including a discount rate and the expected rate of return on plan assets. Both the discount rate and expected rate of return on plan assets require estimates and projections by management and can fluctuate from period to period. Real Alloy’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled. In making this estimate, projected cash flows are developed and matched with a yield curve based on an appropriate universe of high-quality corporate bonds. Assumptions for long-term rates of return on plan assets are based upon historical returns and future expectations for returns. See Note 3— Business Combinations Management believes these assumptions are appropriate; however, the actuarial assumptions used to determine pension benefits may differ from actual results due to changing market and economic conditions, higher or lower withdrawal rates, or longer or shorter life spans of participants. Management does not believe differences in actual experience or reasonable changes in assumptions will materially affect the Company’s financial position or results of operations. Recent accounting pronouncements In July 2015, the FASB issued Accounting Standards Update (“ASU”) 2015- 11, Inventory (Topic 330) (“ASU 2015-11”), which provides that an entity measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 will be effective for the Company on January 1, 2017, will be applied prospectively, and early adoption is permitted as of the beginning of an interim or annual period. . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combinations	NOTE 3—BUSINESS COMBINATIONS On February 27, 2015, Real Industry, through its indirect wholly owned subsidiary, Real Alloy, acquired 100% of the voting interests of the Real Alloy Business from Aleris, under a purchase agreement (the “Real Alloy Purchase Agreement”). Upon closing, we paid $496.2 million to Aleris, and an additional $5.0 million of cash and the Redeemable Preferred Stock were placed into escrow to satisfy the indemnification obligations of Aleris under the Real Alloy Purchase Agreement, in which Aleris has agreed to indemnify Real Alloy and its affiliates for certain claims and losses. During the second quarter, we paid an additional $31.3 million of the purchase price representing the initial working capital adjustment under the Real Alloy Purchase Agreement. The final working capital adjustment, estimated to be approximately $2.4 million as of June 30, 2015, is recorded within accrued liabilities in the unaudited condensed consolidated balance sheet and was reduced by $2.2 million during the second quarter. In addition, Real Alloy and Aleris have entered into a transition services agreement, under which Aleris will provide certain customary post-closing transition services, including information technology services, treasury services, accounts payable, cash management and payroll, credit/collection services, environmental services and human resource services, to Real Alloy, for periods ranging from three to twenty-four months following the acquisition date. We incurred acquisition and financing-related costs and expenses associated with the Real Alloy Acquisition totaling approximately $14.4 million and $0.4 million in the first and second quarters of 2015, respectively, which are classified as nonoperating expenses in the unaudited The acquisition was accounted for as a business combination, with the purchase price allocated based on the estimated fair values of the assets acquired and liabilities assumed. The purchase price allocation remains preliminary as management continues to evaluate the assumptions and methodology used in the valuation of acquired inventories, property, plant and equipment, intangible assets, accrued pension liabilities, environmental liabilities and asset retirement obligations, and the resultant deferred income tax adjustments. (In millions) Purchase consideration: Consideration paid at closing $ 501.2 Redeemable Preferred Stock issued 19.6 Initial working capital adjustment 31.3 Estimated final working capital adjustment 2.4 Total purchase consideration $ 554.5 Purchase price allocation: Assets: Cash $ 10.2 Trade accounts receivable 150.1 Inventories 173.9 Property, plant and equipment 326.4 Deferred income taxes 5.9 Other 4.0 Identifiable intangible assets 21.0 Total assets 691.5 Liabilities: Trade payables 112.4 Accrued liabilities 26.7 Accrued pension liabilities 46.0 Environmental liabilities 18.4 Other 13.6 Deferred income taxes 4.4 Total liabilities 221.5 Estimated fair value of net assets acquired $ 470.0 Total purchase consideration $ 554.5 Estimated fair value of net assets acquired 470.0 Goodwill $ 84.5 The estimated fair value of trade accounts receivable is based on the undiscounted receivables management expects to receive from the $150.4 million of total trade accounts receivable at the acquisition date. Due to the short-term nature of the receivables, the undiscounted receivables expected to be collected are estimated to approximate fair value. Inventories include the estimated fair value of finished goods, work in process, raw material and supplies. The estimated fair value of finished goods was based on analyses of future selling prices and the profit associated with the manufacturing effort. The estimated fair value of work in process considered costs to complete to finished goods and was based on analyses of future selling prices and the profit associated with the manufacturing effort. The estimated fair value of raw materials and supplies was based on replacement cost. The $173.9 million of estimated fair value of inventories includes $10.7 million in fair value adjustments, of which $3.5 million and $7.2 million was recognized as noncash charges in cost of sales during the three and six months ended June 30, 2015, respectively. Based on additional analyses performed in the second quarter, management increased its estimate of the fair value of inventories by $6.5 million compared to the preliminary estimate as of March 31, 2015, primarily related to the estimate of fair value of supplies. The incremental cost of sales related to the measurement period adjustment was not material to the prior period. Property, plant and equipment includes land, site improvements, buildings and building improvements, and machinery, equipment, furniture and fixtures. The estimated fair value of property, plant and equipment was based on appraisals and replacement cost analyses. The fair value of property, plant and equipment acquired was estimated as follows: (In millions) Estimated Fair Value Land $ 63.6 Buildings 57.0 Machinery, equipment, furniture and fixtures 193.8 Construction work in progress 12.0 Property, plant and equipment $ 326.4 Identifiable intangible assets represent the estimated fair value of customer relationships and have an estimated useful life of 20 years. The valuation of the intangible assets acquired was based on management’s estimates, available information, and reasonable and supportable assumptions. The fair value of these assets was estimated using the income approach. An excess earnings approach was used to estimate the fair value of the customer relationships. Significant assumptions used include forecasted revenues, customer retention rates and profit margins, a discount rate of 13.5% based on our overall cost of equity, adjusted for perceived business risks related to these customer relationships, and an estimated economic useful life of 20 years. As a result of refinement of the methodologies and assumptions used in the valuation, management has decreased the estimated fair value of the identifiable intangible assets by $0.6 million during the second quarter. The adjustment related to an indefinite-lived asset, therefore there was no impact to amortization expense related to the measurement period adjustment. The fair value of trade payables was estimated to approximate carrying value due to the short-term nature of the liabilities. Based on additional analyses performed in the second quarter, management reduced the estimated fair value of trade payables by $10.7 million, primarily due to the exclusion of trade payables due certain Aleris affiliates that were not assumed in the Real Alloy Acquisition, but had been erroneously reported in the preliminary purchase price allocation as of March 31, 2015. The fair value of accrued liabilities was estimated to approximate carrying value due to the short-term nature of the liabilities. Accrued pension liabilities include defined benefit pension plans for the German employees. The plans are based on final pay and service, but some senior officers are entitled to receive enhanced pension benefits. Benefit payments are financed, in part, by contributions to a relief fund which establishes a life insurance contract to secure future pension payments. Based on statutory pension contributions calculations proscribed under German law, the plans are substantially underfunded. The unfunded accrued pension costs are covered under a pension insurance association under German law should Real Alloy, or its subsidiaries, be unable to fulfill their pension obligations. The following assumptions were utilized to measure the accrued pension liabilities: Discount rate 1.7 % Salary increase 3.0 % Pension increase 1.8 % Turnover 2.0 % Environmental liabilities represent estimated reserves for environmental remediation costs, which have been recognized based on the guidance in FASB ASC 450, Contingencies Asset Retirement and Environmental Obligations The estimated fair value of the Redeemable Preferred Stock was determined based on a discounted cash flow using estimates of market rates and redemption probabilities. For more information on the Redeemable Preferred Stock, refer to Note 5— Debt, Other Financing Arrangements and Redeemable Preferred Stock Derivative and Other Financial Instruments and Fair Value Measurements Deferred income taxes represent the differences between the book and tax bases of the assets acquired. As a result of an election under section 338(h)(10) of the Internal Revenue Code of 1986, as amended (the “Tax Code”), the tax bases of U.S. assets acquired were adjusted to the acquisition date fair values. Deferred income taxes represent book and tax differences of non-U.S. assets acquired. Other liabilities assumed include asset retirement obligations, which represent obligations associated with the retirement of tangible long-lived assets. Assumed asset retirement obligations relate primarily to the requirement of capping three landfills, as well as costs related to the future removal of asbestos and costs to remove underground storage tanks. The estimated fair value is based upon the present value of the future cash flows expected to be required to satisfy the obligation using discount rates ranging from 6.7% to 13.2%. Determining the fair value of asset retirement obligations requires judgment, including estimates of the credit adjusted interest rate and estimates of future cash flows. The present value of the obligations is accreted over time. Based on the estimated fair value of assets acquired and liabilities assumed, goodwill of $84.5 million is attributable to Real Alloy’s strong management team, assembled workforce and its defensible market share. As the purchase price allocation for the Real Alloy Acquisition has not yet been finalized, the allocation of goodwill to our reporting units has not yet been finalized. The following table reflects the activity associated with goodwill during the six months ended June 30, 2015: (In millions) Balance at beginning of period $ — Preliminary purchase price allocation for the Real Alloy Acquisition reported as of March 31, 2015 102.3 Adjustments to preliminary purchase price allocation for the Real Alloy Acquisition recorded in the quarter ended June 30, 2015 (17.8 ) Balance at end of period $ 84.5 The operating results of Real Alloy are included in the Company’s unaudited Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Total revenues: As reported $ 368.7 $ — $ 506.5 $ 0.1 Pro forma 368.7 394.5 743.3 773.0 Loss from continuing operations before income taxes: As reported $ (13.5 ) $ (2.6 ) $ (38.7 ) $ (4.7 ) Pro forma (12.9 ) (8.2 ) (27.4 ) (35.3 )

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	NOTE 4—INVENTORIES The following table presents the components of inventories as of June 30, 2015 and December 31, 2014: June 30, December 31, (In millions) 2015 2014 Finished goods $ 33.6 $ — Raw materials and work in process 77.0 — Supplies 12.6 — Total inventories $ 123.2 $ —

Debt, Other Financing Arrangeme

Debt, Other Financing Arrangements and Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt, Other Financing Arrangements and Redeemable Preferred Stock	NOTE 5—DEBT, OTHER FINANCING ARRANGEMENTS AND REDEEMABLE PREFERRED STOCK The following table presents the Company’s long-term debt as of June 30, 2015 and December 31, 2014: June 30, December 31, (In millions) 2015 2014 Senior Secured Notes: Principal amount outstanding $ 305.0 $ — Unamortized original issue discount and issuance costs (15.8 ) — Senior Secured Notes, net 289.2 — Asset-Based Facility: Principal amount outstanding 51.0 — Unamortized debt issuance costs (2.8 ) — Asset-Based Facility, net 48.2 — Capital leases 3.9 — Current portion of long-term debt (1.5 ) Total long-term debt, net $ 339.8 $ — Long-term debt Senior Secured Notes On January 8, 2015, Real Alloy, as successor to SGH Escrow, completed a private placement of $305.0 million aggregate principal of 10% Senior Secured Notes to qualified institutional purchasers in accordance with Rule 144A and Regulation S under the Securities Act at a price of 97.206% of the principal amount thereof. The Senior Secured Notes were issued pursuant to an indenture, dated as of January 8, 2015 (the “Indenture”) between Real Alloy, as successor to SGH Escrow, Real Alloy Parent, and Wilmington Trust, National Association (“Wilmington”), as trustee and notes collateral trustee. Under the terms of the Pledge and Security Agreement, dated as of February 27, 2015, by and between each of Real Alloy, Real Alloy Parent and the other parties signatory thereto and Wilmington as notes collateral trustee, the Senior Secured Notes and related guarantees are secured by first priority security interests in the fixed assets of Real Alloy, Real Alloy Parent and the Subsidiary Guarantors (as defined in the Pledge and Security Agreement) and by second priority security interests in certain other collateral of Real Alloy, Real Alloy Parent and the Subsidiary Guarantors. The Indenture, among other things, limits Real Alloy and its restricted subsidiaries’ (as defined in the Indenture) ability to: incur additional indebtedness or issue certain preferred stock; pay dividends or make other distributions on capital stock or prepay subordinated indebtedness; purchase or redeem any equity interests; make investments; create liens; sell assets; enter into agreements that restrict dividends or other payments by restricted subsidiaries; consolidate, merge or transfer all or substantially all of its assets; engage in transactions with the Real Alloy’s affiliates; or enter into any sale and leaseback transactions. These covenants are subject to important exceptions and qualifications. As of June 30, 2015, Real Alloy was in compliance with all such covenants. The Senior Secured Notes mature on January 15, 2019 and interest is payable on January 15 and July 15 of each year, commencing on July 15, 2015, through the date of maturity. For the three and six months ended June 30, 2015, interest expense associated with the Senior Secured Notes was $8.7 million and $16.7 million, respectively, including $1.1 million and $2.1 million of noncash expense related to the amortization of the original issue discount and debt issuance costs. Asset-Based Facility On February 27, 2015, a wholly owned domestic subsidiary of Real Alloy and an affiliate of Real Alloy entered into the $110.0 million Asset-Based Facility. The Asset-Based Facility is secured by a first priority lien on the borrowers and, to the extent no adverse tax impact would be incurred, Real Alloy’s foreign subsidiaries’ accounts receivable, inventory, instruments representing receivables, guarantees and other credit enhancements related to receivables, and bank accounts into which receivables are deposited, among other related assets. The Asset-Based Facility is also secured by a second priority lien on the assets that secure the Senior Secured Notes. The borrowing base under the Asset-Based Facility is determined based on eligible accounts receivable and eligible inventory. U.S. dollar denominated loans under the U.S. Sub-facility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at LIBOR, or (ii) the Base Rate (as defined below), in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility. The “Base Rate” is equal to the greater of (a) the U.S. prime rate, (b) the U.S. Federal Funds Rate plus 50 basis points, and (c) the sum of LIBOR plus a margin based on the amount of the excess availability under the Asset-Based Facility. Canadian dollar denominated loans under the Canadian Sub-facility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at an average Canadian interbank rate, or (ii) floating at the greater of the Canadian prime rate or the average 30-day Canadian interbank rate plus 1.35%, in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility. Events of default will trigger an increase of 2.0% in all interest rates. Interest is payable monthly in arrears, except for LIBOR loans and Canadian interbank rate loans, for which interest is payable at the end of each relevant interest period. On the initial funding date, the borrowers paid a 1.0% funding fee. For the three and six months ended June 30, 2015, interest expense associated with the Asset-Based Facility was $0.5 million and $0.6 million, respectively, including $0.2 million and $0.2 million related to the amortization of debt issuance costs, respectively. As of June 30, 2015, the borrowers were in compliance with all applicable covenants under the Asset-Based Facility. Capital Leases As part of the Real Alloy Acquisition, existing capital leases of the Real Alloy Business, primarily mobile and office equipment, were assumed. In the normal course of operations, Real Alloy enters into capital leases to finance office and other equipment for its operations. As of June 30, 2015, $1.5 million of the $3.9 million in capital lease obligations are due within the next twelve months. Factoring Facility On February 27, 2015, an indirect wholly owned German subsidiary of Real Alloy, entered into the €50 million Factoring Facility, which provides for purchases of eligible receivables by a financial institution, which are subject to certain limitations and eligibility requirements to be determined in the reasonable discretion of such financial institution based on the relevant account debtor creditworthiness and reliability. The arrangement is a true-sale, where receivables are sold on a nonrecourse basis in the event of payment default by the relevant customer. Advances on eligible factored receivables are 90% of their face value. The Factoring Facility has a termination date of January 15, 2019. The interest rate applicable to the advances against the factored receivables under the Factoring Facility is the three-month EURIBOR (daily rate) fixed on the last business day of a month for the following month, plus 1.65%. Factoring and administrative fees also apply. Including the initial amount of receivables factored upon entering into the Factoring Facility, the German subsidiary sold $114.7 million and $219.3 million of receivables during the three and six months ended June 30, 2015, respectively. Administrative expenses associated with the Factoring Facility were $0.2 million and $0.4 million during the three and six months ended June 30, 2015 related to this arrangement, and are classified as selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. Interest expense on advances against the factored receivables was approximately $0.1 million for the six months ended June 30, 2015. Redeemable Preferred Stock The Redeemable Preferred Stock was issued to Aleris on February 27, 2015 as a portion of the purchase price for the Real Alloy Acquisition. The Redeemable Preferred Stock pays quarterly dividends at a rate of 7% for the first 18 months after the date of issuance, 8% for the next 12 months, and 9% thereafter. Dividends may be paid in kind for the first two years, and thereafter will be paid in cash. All accrued and accumulated dividends on the Redeemable Preferred Stock will be prior and in preference to any dividend on any of the Company’s common stock or other junior securities. The shares of Redeemable Preferred Stock are generally non-voting, however the consent of the holders of a majority of the outstanding shares of Redeemable Preferred Stock are required, among other requirements, (i) until the second anniversary of issuance, to (x) declare or pay cash dividends on Real Industry common stock; or (y) purchase, redeem or acquire shares of Real Industry common stock, other than, among others, certain shares of common stock issued to employees; (ii) so long as at least $10.0 million in aggregate principal amount of Redeemable Preferred Stock is outstanding, to make acquisitions valued at more than 5% of the consolidated assets of the Company and its subsidiaries; (iii) to take actions that would adversely affect the rights of the holders of the Redeemable Preferred Stock; and (iv) to undertake certain merger activities unless the Redeemable Preferred Stock remains outstanding or is purchased at the liquidation preference. The Company may generally redeem the shares of Redeemable Preferred Stock at any time at the liquidation preference, and the holders may require the Company to redeem their shares of Redeemable Preferred Stock at the liquidation preference upon a change of control under the Senior Secured Notes (or any debt facility that replaces or redeems the Senior Secured Notes) to the extent that the change of control does not provide for such redemption at the liquidation preference. A holder of Redeemable Preferred Stock may require the Company to redeem all, but not less than all, of such holder’s Redeemable Preferred Stock sixty-six months after the issuance date. In addition, the Company may redeem shares of Redeemable Preferred Stock to the extent Aleris is required to indemnify the Company under the Real Alloy Purchase Agreement for the Real Alloy Acquisition. The Redeemable Preferred Stock held by Aleris and its subsidiaries has a liquidation preference of $25.6 million, as of June 30, 2015, and is not transferrable (other than to another subsidiary of Aleris) for eighteen months following issuance (or such longer period in connection with any ongoing indemnity claims under the Real Alloy Purchase Agreement). The carrying value of Redeemable Preferred Stock is based on the estimated fair value of the instrument as of the issuance date. The difference between the redemption value and the estimated fair value as of the issuance date is being accreted to the redemption value over the period preceding the holder’s right to redeem the instrument, or sixty-six months, using the effective interest method. The following table presents the activity related to the Redeemable Preferred Stock during the six months ended June 30, 2015: (In millions) Balance at beginning of period $ — Issuance of Redeemable Preferred Stock 19.6 Dividends and accretion 0.9 Balance at end of period $ 20.5

Common Stock Warrant Liability

Common Stock Warrant Liability	6 Months Ended
	Jun. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Common Stock Warrant Liability	NOTE 6—COMMON STOCK WARRANT LIABILITY On June 11, 2010, warrants to purchase an aggregate of 1.5 million shares of Real Industry’s common stock were issued (the “Warrants”). The aggregate purchase price for the Warrants was $0.3 million, due in equal installments as the Warrants vested, 20% upon issuance and, thereafter, 20% annually on the anniversary of the issuance date and, as of June 30, 2015, the Warrants are 100% vested. The Warrants expire in June 2020 and had an original exercise price of $10.30 per share. The Warrants were issued without registration in reliance on the exemption set forth in Section 4(a)(2) of the Securities Act. The Warrants include customary terms that provide for certain adjustments of the exercise price and the number of shares of common stock to be issued upon the exercise of the Warrants in the event of stock splits, stock dividends, pro rata distributions and certain other fundamental transactions. Additionally, the Warrants are subject to pricing protection provisions. During the term of the Warrants, the pricing protection provisions provide that certain issuances of new shares of common stock at prices below the current exercise price of the Warrants automatically reduce the exercise price of the Warrants to the lowest per share purchase price of common stock issued. In February 2015, the Company issued shares of common stock in the Rights Offering at $5.64 per share, thereby reducing the exercise price of the Warrants to $5.64 per share as of June 30, 2015. In May 2015, 15,000 Warrants were exercised, including 7,500 on a cashless basis, resulting in the issuance of 9,360 shares of common stock and gross proceeds of $0.1 million. As of June 30, 2015, 1,485,000 Warrants remain outstanding. The Company utilizes a Monte Carlo simulation to estimate the fair value of the common stock warrant liability as of June 30, 2015 and December 31, 2014. See Note 12— Derivative and Other Financial Instruments and Fair Value Measurements Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Balance at beginning of period $ 4.9 $ 8.5 $ 5.6 $ 9.3 Warrants exercised (0.1 ) — (0.1 ) — Change in fair value of common stock warrant liability 6.3 (0.2 ) 5.6 (1.0 ) Balance at end of period $ 11.1 $ 8.3 $ 11.1 $ 8.3

Stockholders Equity and Noncont

Stockholders Equity and Noncontrolling Interest	6 Months Ended
	Jun. 30, 2015
Stockholders Equity Note [Abstract]
Stockholders Equity and Noncontrolling Interest	NOTE 7—STOCKHOLDERS ’ The following table summarizes the activity within stockholders’ equity and noncontrolling interest for the six months ended June 30, 2015: (In millions) Equity Attributable to Real Industry, Inc. Noncontrolling Interest Total Equity Balance at beginning of the period $ 85.7 $ (0.1 ) $ 85.6 Net earnings (loss) (4.5 ) 0.2 (4.3 ) Dividends and accretion on Redeemable Preferred Stock (0.9 ) — (0.9 ) Exercise of common stock options 1.1 — 1.1 Issuance of common stock 58.2 — 58.2 Share-based compensation expense 0.6 — 0.6 Exercise of common stock warrants 0.2 — 0.2 Noncontrolling interest acquired in business combination — 0.8 0.8 Change in accumulated other comprehensive loss (0.9 ) — (0.9 ) Balance at the end of the period $ 139.5 $ 0.9 $ 140.4 The following table reflects changes in the number of outstanding shares of common stock: Shares of Common Stock Outstanding Balance at beginning of the period 17,099,882 Common stock issued 10,814,773 Restricted common stock awards granted, net of forfeitures 240,990 Common stock options exercised 202,050 Common stock issued from the exercise of Warrants 9,360 Balance at end of the period 28,367,055

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Comprehensive Income Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	NOTE 8—ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the activity within accumulated other comprehensive loss for the six months ended June 30, 2015: (In millions) Currency Translation Balance at beginning of period $ — Current period currency translation adjustments (0.9 ) Balance at end of period $ (0.9 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9—INCOME TAXES At the end of each reporting period, Real Industry As of December 31, 2014, the Company had estimated federal and California NOLs of $933.6 million and $994.7 million, respectively. The federal NOLs have a 20-year life and begin to expire after the 2027 tax year, while the California NOLs have either a 10-year or 20-year life and begin to expire after the 2017 tax year. In order to preserve these tax attributes, restrictions are included in Real Industry’s Amended and Restated Bylaws on transfers of its common stock (the “Tax Benefit Preservation Provision”). Unless approved by the board of directors (the “Board”), any attempted transfer of Real Industry common stock is prohibited and void to the extent that, as a result of such transfer (or any series of transfers) (i) any person or group of persons owning 4.9% of the then-outstanding shares of Real Industry common stock, whether directly or indirectly (a “4.9-percent holder”); or (ii) the ownership interests of any “five percent holder” (as defined in Section 1.382-2T(g) of the Tax Code) shall be increased or decreased, unless such decrease is the result of a transfer to a public group through the facilities of a national exchange. Persons wishing to become a 4.9-percent holder (or existing five-percent holders wishing to increase or decrease their percentage ownership, unless the decrease relates to a transfer to a public group) must request a waiver of the restriction from Real Industry, and the Board may grant a waiver in its sole discretion. The Tax Benefit Preservation Provision is meant to reduce the potential for a “change of control” event, which, if it were to occur, would have the effect of limiting the amount of the NOLs available in a particular year. Real Industry has valuation allowances recorded to reduce certain deferred tax assets to amounts that are more likely than not to be realized. The valuation allowances relate to the inability to realize our deferred tax assets associated with net operating loss carryforwards in the United States and certain other foreign jurisdictions. intends to maintain its valuation allowances until sufficient positive evidence exists to support their reversal. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, as well as foreign jurisdictions located in Canada, Mexico, Germany, Norway, and the United Kingdom. With few exceptions, the 2010 through 2014 tax years remain open to examination.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
EMPLOYEE BENEFIT PLANS	NOTE 10—EMPLOYEE BENEFIT PLANS The following table presents the components of the net periodic benefit expense under the German defined benefit pension plans for the three and six months ended June 30, 2015: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2015 Service cost $ 0.3 $ 0.4 Interest cost 0.2 0.3 Net periodic benefit expense $ 0.5 $ 0.7

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 11—EARNINGS (LOSS) PER SHARE The Company computes earnings (loss) per share using the two-class method, as unvested restricted common stock contains nonforfeitable rights to dividends and meets the criteria of a participating security. Under the two-class method, earnings are allocated between common stock and participating securities. The presentation of basic and diluted earnings per share is required only for each class of common stock and not for participating securities. As such, the Company presents basic and diluted earnings per share for its one class of common stock. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period. The Company’s reported net earnings is reduced by the amount allocated to participating securities to arrive at the earnings allocated to common stockholders for purposes of calculating earnings per share. Basic earnings per share is computed by dividing net earnings attributable to Real Industry, Inc. by the weighted average number of common shares outstanding for the reporting period. In connection with the Rights Offering, the Company distributed subscription rights to all of its existing stockholders as of January 28, 2015, and the subscription rights price represented a discount to the market value of the Company’s common stock upon the closing of the Rights Offering on February 27, 2015, with respect to the common stockholders. The discount in the Rights Offering with respect to common stockholders represents an implied stock dividend, which requires retroactive adjustment of the weighted average shares outstanding reported in reporting periods prior to February 27, 2015. Adjustments to the weighted average shares outstanding in all reporting periods prior to and including December 31, 2014 disclosed in this Report reflect an 8.3% increase from previously reported weighted average shares outstanding, based on the fair value per share immediately preceding the closing of the Rights Offering, with respect to common stockholders, and the fair value of the common stock as of February 27, 2015. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of common shares outstanding is increased by the dilutive effect of unvested restricted common stock awards, common stock options, unvested performance shares and the Warrants, determined using the treasury stock method. Unvested restricted common stock, common stock options, unvested performance shares and the Warrants are anti-dilutive and excluded from the computation of diluted earnings per share if the assumed proceeds upon exercise or vesting are greater than the cost to reacquire the same number of shares at the average market price during the period. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the Company reports net earnings from continuing operations. For the three and six months ended June 30, 2015 and 2014, the impact of all outstanding unvested restricted common stock, common stock options, unvested performance shares and the Warrants are excluded from diluted loss per share as their impact would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, (In millions, except share and per share amounts) 2015 2014 2015 2014 Loss from continuing operations $ (13.7 ) $ (1.8 ) $ (31.5 ) $ (3.5 ) Earnings from discontinued operations, net of income taxes 2.9 1.3 27.2 3.1 Net loss (10.8 ) (0.5 ) (4.3 ) (0.4 ) Earnings attributable to noncontrolling interest 0.1 — 0.2 — Net loss attributable to Real Industry, Inc. (10.9 ) (0.5 ) (4.5 ) (0.4 ) Dividends and accretion on Redeemable Preferred Stock (0.7 ) — (0.9 ) — Net loss available to common stockholders $ (11.6 ) $ (0.5 ) $ (5.4 ) $ (0.4 ) Basic and diluted: Weighted average basic and diluted shares outstanding 27,631,795 13,145,835 24,689,253 13,144,998 Earnings (loss) per share: Continuing operations $ (0.53 ) $ (0.14 ) $ (1.32 ) $ (0.27 ) Discontinued operations 0.11 0.10 1.10 0.24 Basic and diluted loss per share $ (0.42 ) $ (0.04 ) $ (0.22 ) $ (0.03 ) The following table provides details on the average market price of Real Industry common stock and the weighted-average number of outstanding unvested restricted common stock, common stock options, unvested performance shares and the Warrants that would have been included in the diluted shares outstanding computation for the three and six months ended June 30, 2015 and 2014, had they not been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Average market price of Real Industry common stock $ 9.63 $ 10.64 $ 8.44 $ 10.54 Potentially dilutive common stock equivalents: Unvested restricted common stock 271,401 113,204 204,142 103,379 Common stock options 851,364 1,217,700 872,946 1,217,700 Unvested performance shares 85,714 — 43,094 — Warrants 1,492,253 1,500,000 1,496,105 1,500,000 Total potentially dilutive common stock equivalents 2,700,732 2,830,904 2,616,287 2,821,079

Derivative and Other Financial

Derivative and Other Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Other Financial Instruments and Fair Value Measurements	NOTE 12—DERIVATIVE AND OTHER FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivatives Hedging Real Alloy may use forward contracts and options, as well as contractual price escalators, to reduce the risks associated with its metal, natural gas and certain currency exposures. For classification purposes, Real Alloy records the net fair value of each type of derivative position expected to settle in less than one year (by counterparty) as a net current asset or liability and each type of long-term position as a net long-term asset or liability. As of June 30, 2015, no cash collateral was posted or held. The table below presents gross amounts of recognized assets and liabilities, the amounts offset in the unaudited unaudited Fair Value of Derivatives as of June 30, 2015 (In millions) Asset Liability Metal $ 1.3 $ (2.6 ) Effect of counterparty netting arrangements (1.3 ) 1.3 Net derivatives as classified in the unaudited $ — $ (1.3 ) The following table presents details of the fair value of Real Alloy’s derivative financial instruments unaudited June 30, (In millions) Balance Sheet Location 2015 Derivative liabilities - Metal Accrued liabilities $ 1.3 Common stock warrant liability Common stock warrant liability is a derivative liability related to the anti-dilution and pricing protection provisions of the Warrants. The fair value of the common stock warrant liability is based on a Monte Carlo simulation that utilizes various assumptions, including estimated volatility of 51%, an expected term of 4.9 years as of June 30, 2015 and 5.8 years at December 31, 2014, a 25% equity raise probability assumption and a 15% equity raise price discount assumption. Significant decreases in expected term or the equity raise probability and related assumptions would result in a decrease in the estimated fair value of the common stock warrant liability, while significant increases in expected term or the equity raise probability and related assumptions would result in an increase in the estimated fair value of the common stock warrant liability. Derivative contracts are recorded at fair value using quoted market prices and significant other observable inputs. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs); and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3—Inputs that are both significant to the fair value measurement and unobservable. We endeavor to utilize the best available information in measuring fair value. Where appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads, and credit considerations. Such adjustments are generally based on available market evidence and unobservable inputs. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth financial assets and liabilities and their level in the fair value hierarchy that are accounted for at fair value on a recurring basis as of June 30, 2015 and December 31, 2014: Estimated Fair Value (In millions) Fair Value Hierarchy June 30, 2015 December 31, 2014 Derivative assets Level 2 $ 1.3 $ — Derivative liabilities Level 2 (2.6 ) — Net derivative liabilities $ (1.3 ) $ — Common stock warrant liability Level 3 $ (11.1 ) $ (5.6 ) The following table presents the reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2015 and 2014: (In millions) Beginning Balance Income (Expense) Realized in Earnings Settlements Ending Balance Three Months Ended June 30, 2015 Common stock warrant liability $ 4.9 $ (6.3 ) $ (0.1 ) $ 11.1 Six Months Ended June 30, 2015 Common stock warrant liability $ 5.6 $ (5.6 ) $ (0.1 ) $ 11.1 Three Months Ended June 30, 2014 Common stock warrant liability $ 8.5 $ 0.2 $ — $ 8.3 Six Months Ended June 30, 2014 Common stock warrant liability $ 9.3 $ 1.0 $ — $ 8.3 Both realized and unrealized gains and losses on derivative financial instruments are included within losses on derivative financial instruments in the unaudited Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2015 Metal $ 0.8 $ 0.7 Metal hedging As metal is purchased to fill fixed-price customer sales orders at Real Alloy, London Metal Exchange (“LME”) future swaps or forward contracts are sold. As sales orders are priced, LME future or forward contracts may be purchased. These derivatives generally settle within six months. Real Alloy can also buy put option contracts for managing metal price exposures. Option contracts require the payment of a premium, which is recorded as a realized loss upon settlement or expiration of the option contract. Upon settlement of put option contracts, Real Alloy receives cash and recognizes a related gain if the LME closing price is less than the strike price of the put option. If the put option strike price is less than the LME closing price, no amount is paid and the option expires. As of June 30, 2015, Real Alloy had 32.4 thousand metric tons of metal buy and sell derivative contracts. Natural gas hedging To manage the price exposure for natural gas purchases, Real Alloy may fix the future price of a portion of its natural gas requirements by entering into financial hedge agreements. Under these swap agreements, payments are made or received based on the differential between the monthly closing price on the New York Mercantile Exchange (“NYMEX”) and the contractual hedge price. Natural gas cost can also be managed through the use of cost escalators included in some long-term supply contracts with customers, which limits exposure to natural gas price risk. As of June 30, 2015, Real Alloy had no British thermal unit swap contracts. Currency exchange hedging From time to time, Real Alloy may enter into currency forwards, futures, call options and similar derivative financial instruments to limit its exposure to fluctuations in currency exchange rates. As of June 30, 2015, no currency derivative contracts were outstanding. Credit risk Real Alloy is exposed to losses in the event of nonperformance by the counterparties to the derivative financial instruments discussed above; however, management does not anticipate any nonperformance by the counterparties. The counterparties are evaluated for creditworthiness and risk assessment prior to initiating trading activities with the brokers and periodically throughout each year while actively trading. Other Financial Instruments The following tables present the carrying values and fair value estimates of other financial instruments as of June 30, 2015 and December 31, 2014: June 30, 2015 (In millions) Fair Value Hierarchy Carrying Amount Estimated Fair Value Assets Cash and cash equivalents Level 1 $ 38.5 $ 38.5 Restricted cash held in escrow (other current assets) Level 1 3.9 3.9 Loans receivable, net (other noncurrent assets) Level 3 1.2 1.2 Liabilities Long-term debt: Senior Secured Notes Level 1 $ 289.2 $ 313.4 Asset-Based Facility Level 2 48.2 48.2 Capital leases Level 3 3.9 3.9 Redeemable Preferred Stock Level 3 $ 20.5 $ 19.6 December 31, 2014 (In millions) Fair Value Hierarchy Carrying Amount Estimated Fair Value Assets Continuing operations: Cash and cash equivalents Level 1 $ 62.0 $ 62.0 Loans receivable, net (other noncurrent assets) Level 3 1.2 1.2 Discontinued operations: Cash and cash equivalents Level 1 1.0 1.0 Liabilities Discontinued operations: Line of credit Level 3 $ 1.0 $ 1.0 Long-term debt Level 3 13.6 13.6 The Company used the following methods and assumptions to estimate the fair value of each financial instrument as of June 30, 2015 and December 31, 2014: Cash and cash equivalents and restricted cash held in escrow Cash and cash equivalents and restricted cash held in escrow are recorded at historical cost. The carrying value is a reasonable estimate of fair value as these instruments have short-term maturities and market interest rates. Loans receivable, net Loans receivable, net, consists of commercial real estate loans. The estimated fair value considers the collateral coverage of assets securing the loans and estimated credit losses, as well as variable interest rates, which approximate market interest rates. Long-term debt – Senior Secured Notes The estimated fair value of the Senior Secured Notes as of June 30, 2015 is based on observable market prices. Long-term debt – Asset-Based Facility The estimated fair value of the Asset-Based Facility as of June 30, 2015 is based on market characteristics, including interest rates and maturity dates generally consistent with market terms. Redeemable Preferred Stock The carrying value of Redeemable Preferred Stock is based on the estimated fair value of the instrument calculated using a discounted cash flow analysis and a 13.10% credit spread adjustment to a zero coupon yield curve, which is being accreted to redemption value over the period preceding the holder’s right to mandatorily redeem the instrument, or sixty-six months from issuance, using the effective interest method. An increase in the discount rate would result in a decrease in the estimated fair value of the redeemable preferred stock, while a decrease in the discount rate would result in an increase in the estimated fair value of the redeemable preferred stock. There have been no significant changes in the fair value of the Redeemable Preferred Stock subsequent to issuance.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	NOTE 13—SEGMENT INFORMATION Segment information is prepared on the same basis that our chief operating decision-maker (“CODM”), who is our chief executive officer, manages the segments, evaluates financial results, and makes key operating decisions, and for which discrete financial information is available. As of June 30, 2015, the Company had two reportable operating segments: Real Alloy North America (“RANA”) and Real Alloy Europe (“RAEU”). Measurement of segment income or loss and segment assets and liabilities The accounting policies of the reportable segments are the same as those described in Note 2— Financial Statement Presentation and Significant Accounting Policies Reportable segment information The following tables show segment revenues and Adjusted EBITDA for the three and six months ended June 30, 2015 and a reconciliation from Adjusted EBITDA to operating profit. For the three and six months ended June 30, 2014, there were no reportable segments. Three Months Ended June 30, 2015 (In millions) RANA RAEU Total Revenues $ 231.0 $ 137.6 $ 368.6 Adjusted EBITDA $ 15.9 $ 7.0 $ 22.9 Six Months Ended June 30, 2015 (In millions) RANA RAEU Total Revenues $ 316.5 $ 189.9 $ 506.4 Adjusted EBITDA $ 20.9 $ 9.5 $ 30.4 (In millions) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Adjusted EBITDA $ 22.9 $ 30.4 Unrealized losses on derivative financial instruments 1.4 1.3 Depreciation and amortization 10.2 13.9 Impact of recording inventory at fair value through purchase accounting 3.5 7.2 Operating loss of Corporate and Other 4.1 7.3 Other 0.9 1.1 Operating profit (loss) $ 2.8 $ (0.4 ) The following tables present summarized balance sheet information for each of our reportable segments and a reconciliation to consolidated assets and liabilities as of June 30, 2015: (In millions) RANA RAEU Segment Assets Current assets: Cash and cash equivalents $ 9.1 $ 8.8 Trade accounts receivable, net 87.5 18.5 Financing receivable — 52.2 Inventories 79.1 44.1 Other current assets 4.5 2.4 Total current assets 180.2 126.0 Property, plant and equipment, net 218.2 106.6 Other noncurrent assets 4.2 1.7 Total segment assets $ 402.6 $ 234.3 Segment Liabilities Current liabilities: Trade payables $ 73.2 $ 54.5 Accrued liabilities 34.4 15.3 Total current liabilities 107.6 69.8 Accrued pension benefits — 45.7 Environmental liabilities 18.4 — Other noncurrent liabilities — 1.8 Total segment liabilities $ 126.0 $ 117.3 (In millions) Assets: RANA $ 402.6 RAEU 234.3 Unallocated 136.3 Total consolidated assets $ 773.2 Liabilities: RANA $ 126.0 RAEU 117.3 Unallocated 369.0 Total consolidated liabilities $ 612.3

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2015
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	NOTE 14—DISCONTINUED OPERATIONS The following table presents the assets and liabilities, as of June 30, 2015 and December 31, 2014, of the components of the Company designated as discontinued operations as of June 30, 2015: June 30, December 31, (In millions) 2015 2014 Current assets: Cash and cash equivalents $ 0.1 $ 1.0 Trade accounts receivable, net — 4.5 Inventories — 11.4 Other current assets — 1.1 Total current assets of discontinued operations $ 0.1 $ 18.0 Noncurrent assets: Property, plant and equipment $ — $ 0.3 Intangible assets, net — 1.6 Goodwill — 17.8 Other noncurrent assets — 0.3 Total noncurrent assets of discontinued operations $ — $ 20.0 Current liabilities: Trade payables $ 0.1 $ 2.9 Accrued liabilities 0.2 0.3 Line of credit — 1.0 Long-term debt due within one year — 3.9 Total current liabilities of discontinued operations $ 0.3 $ 8.1 Noncurrent liabilities: Long-term debt $ — $ 9.7 Repurchase reserve 0.7 5.5 Total noncurrent liabilities of discontinued operations $ 0.7 $ 15.2 On January 9, 2015, we sold all of our interests in NABCO (previously reported as the Industrial Supply segment) for $78.0 million, subject to a working capital adjustment. As a result of the sale, the gain on sale of NABCO, along with the assets, liabilities and results of operations of NABCO are included in discontinued operations for all periods presented. Repurchase reserve Through the first quarter of 2015, SGGH maintained a repurchase reserve that represented estimated losses from repurchase claims, both known and unknown, based on claimed breaches of certain representations and warranties provided by FIL to counterparties that purchased residential real estate loans, predominantly from 2002 through 2007. Management estimated the likely range of the loan repurchase liability based on a number of factors, including, but not limited to, the timing of such claims relative to the loan origination date, the quality of the documentation supporting such claims, the number and involvement of cross-defendants, if any, related to such claims, and a time and expense estimate if a claim were to result in litigation. The estimate was based on then-currently available information and was subject to known and unknown uncertainties using multiple assumptions requiring significant judgment. In June 2015, the New York State Court of Appeals affirmed the decision of the New York State Supreme Court, Appellate Division in ACE Securities Corp v. DB Structured Products, Inc. There were no repurchase claims received or settled during the six months ended June 30, 2015 or the year ended December 31, 2014. The repurchase reserve liability was $0.7 million and $5.5 million as of June 30, 2015 and December 31, 2014, respectively. As a result of the decision in the ACE Securities Case, we reassessed the our estimates for losses associated with repurchase claims and, consequently, reduced the allowance for repurchase reserves by $ 4.3 The following table presents the operating results, for the three and six months ended June 30, 2015 and 2014, for the components of the Company designated as discontinued operations as of June 30, 2015: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Revenues $ — $ 10.2 $ 0.7 $ 18.4 Cost of sales — 6.6 0.4 11.8 Gross profit — 3.6 0.3 6.6 Selling, general and administrative expenses 0.3 1.4 0.6 3.3 Amortization of intangibles — 0.2 — 0.5 Other operating expense (income), net (0.3 ) — 0.1 — Operating profit (loss) — 2.0 (0.4 ) 2.8 Nonoperating income 4.5 0.2 44.6 1.7 Earnings before income taxes 4.5 2.2 44.2 4.5 Income tax expense 1.6 0.9 17.0 1.4 Earnings from discontinued operations, net of income taxes $ 2.9 $ 1.3 $ 27.2 $ 3.1 The nonoperating income for the six months ended June 30, 2015 is primarily related to the $39.7 million gain on sale of NABCO and the $4.3 million reduction of the repurchase reserve as a result of the ACE Securities Case.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 15—COMMITMENTS AND CONTINGENCIES Environmental Matters Real Alloy’s operations are subject to environmental laws and regulations governing air emissions, wastewater discharges, the handling, disposal and remediation of hazardous substances and wastes, and employee health and safety. These laws can impose joint and several liabilities for releases or threatened releases of hazardous substances upon statutorily defined parties, including us, regardless of fault or the lawfulness of the original activity or disposal. Given the changing nature of environmental legal requirements, we may be required, from time to time, to take environmental control measures at some of our facilities to meet future requirements. Real Alloy is under regulatory consent orders or directives to perform environmental remediation by agencies in two states and one foreign country. Real Alloy’s reserves for environmental remediation liabilities totaled $21.4 million as of June 30, 2015. Of the total remediation liability, $3.0 million is classified in accrued liabilities in the unaudited In addition to environmental liabilities, Real Alloy has asset retirement obligations associated with legal requirements related primarily to the normal operation of its landfills and the retirement of the related assets. Real Alloy’s total asset retirement obligations were $7.4 million as of June 30, 2015, of which $0.4 million are classified as accrued liabilities and $7.0 million as other noncurrent liabilities. The amount represents the most probable costs of remedial actions. Legal Proceedings Real Industry, Real Alloy and SGGH have been named as a defendant in or as a party to a number of legal actions or proceedings that arose in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, management generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss may change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of loss represents what management believes to be an estimate of loss only for certain matters meeting these criteria. It does not represent SGGH’s maximum loss exposure. Based on management’s current understanding of these pending legal actions and proceedings, it does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on the consolidated financial position, results of operations or cash flows of SGGH. However, in light of the inherent uncertainties involved in these matters, some of which are beyond SGGH’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to SGGH’s results of operations or cash flows for any particular reporting period. The legal proceedings summarized below include material matters that were resolved or concluded since December 31, 2014, as well as ongoing matters that may have an adverse effect on our business and future financial results. SGGH Matters Colburn Matter . Gwyneth Colburn, the former Executive Vice President for Fremont’s Commercial Real Estate group, filed both a lawsuit and a bankruptcy proof of claim seeking $3.2 million and $2.6 million, respectively, under a contract known as a management continuity agreement (“MCA”). The bankruptcy proof of claim has been disallowed and SGGH prevailed in the lawsuit on summary judgment. Ms. Colburn’s appeals from both rulings are pending. Walker Matter . Kyle Walker, the former Chief Executive Officer and President of FIL, filed both a lawsuit and a bankruptcy proof of claim seeking $4.6 million and $2.5 million, respectively, under an MCA. The bankruptcy proof of claim has been disallowed and SGGH prevailed in the lawsuit on summary judgment. Mr. Walker has exhausted all rights of appeal from the judgment in favor of SGGH in his lawsuit; his appeal from the disallowance of his bankruptcy proof of claim remains pending. RMBS Defense, Indemnity and Contribution Matters . In connection with residential mortgage-backed securities offerings (“RMBS Offerings”) involving loans originated by FIL, either or both of FIL and its subsidiary entered into loan purchase agreements, underwriting agreements and indemnification and contribution agreements, which contained or incorporated various representations and warranties relating to the loans. Investment banks involved in these RMBS Offerings have been sued in a number of actions concerning their activities related to subprime mortgages (“RMBS Actions”), where SGGH or its former businesses is not a named defendant. SGGH has received demands for defense, indemnity and contribution from defendants in various RMBS Actions. SGGH has rejected each of these demands on several grounds. There is no assurance that SGGH or its former businesses will not be named as defendants in additional RMBS Actions, be sued to enforce claimed rights to defense, indemnity and contribution, or receive additional demands for defense, indemnity and contribution. It is SGGH’s intention to vigorously defend any such claims, but SGGH cannot presently predict whether such claims will be pursued or what the outcome would be. Subpoenas for Information and Documents . In addition to the above-described RMBS Actions, SGGH has received and responded to a number of subpoenas for information from federal agencies and other third parties in civil litigation matters in which SGGH is not a defendant, but which concern home mortgage transactions involving the Fremont’s origination and sale of whole loans, and certain RMBS Offerings. Remaining Bankruptcy Claims. As of June 30, 2015, there remained two open claims filed with the United States Bankruptcy Court for the Central District of California, comprised of the disputed Colburn and Walker claims totaling $5.1 million.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	NOTE 16—SUBSEQUENT EVENT On July 9, 2015, the Company

Financial Statement Presentat24

Financial Statement Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Error Correction	During the second quarter, the Company identified an error in the calculation of currency translation adjustments as reported in the March 31, 2015 unaudited condensed consolidated financial statements, which resulted in the overstatement of accumulated other comprehensive income and comprehensive income attributable to Real Industry of $5.2 million as of March 31, 2015, and for the three months then ended. The error was corrected during the second quarter in order to properly report the balance of accumulated other comprehensive income and comprehensive loss attributable to Real Industry as of June 30, 2015, and for the six months then ended. Management has concluded that the error reflected in the March 31, 2015 unaudited condensed consolidated financial statements was not material.
Revenue Recognition and Shipping and Handling Costs	Revenue recognition and shipping and handling costs Revenues are recognized when title transfers and the risk of loss passes to the customer. This typically occurs when the goods reach their destination, depending on individual shipping terms. For customer-owned toll material, revenue is recognized upon the performance of the tolling service for the customers. For material that is consigned, revenue is not recognized until the product is used by the customer. Shipping and handling costs are included within cost of sales in the unaudited condensed consolidated statements of operations included elsewhere in this Report.
Accounts Receivable Allowances and Credit Risk	Accounts receivable allowances and credit risk Credit is extended to our customers based on an evaluation of their financial condition; generally, collateral is not required. We maintain an allowance against our accounts receivable for the estimated probable losses on uncollectible accounts and sales returns and allowances. The allowance is based upon our historical loss experience, current economic conditions within the industries we serve as well as our determination of the specific risk related to certain customers. Accounts receivable are charged off against the reserve when, in management’s estimation, further collection efforts would not result in a reasonable likelihood of receipt, or later as proscribed by statutory regulations.
Financing Receivable	Financing Receivable A subsidiary of Real Alloy has an agreement to sell certain of its accounts receivable in Europe. Agreements that result in true sales of the transferred receivables, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing
Inventories	Inventories Inventories are stated at the lower of cost or market. Cost is determined primarily on the average cost or specific identification method and includes material, labor and overhead related to the manufacturing process. The cost of inventories acquired in business combinations is recorded at fair value.
Property, Plant and Equipment	Property, plant and equipment Property, plant and equipment is stated at cost, net of asset impairments and depreciation. The cost of property, plant and equipment acquired in business combinations represents the fair value of the acquired assets at the time of acquisition. The estimated fair value of asset retirement obligations incurred after the Real Alloy Acquisition are capitalized to the related long-lived asset at the time the obligations are incurred and are depreciated over the estimated remaining useful life of the related asset. Major renewals and improvements that extend an asset’s useful life are capitalized to property, plant and equipment. Major repair and maintenance projects are expensed over periods not exceeding twenty-four months, while normal maintenance and repairs are expensed as incurred. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the related assets, as follows: Estimated Useful Lives Building and improvements 5 - 33 years Production equipment and machinery 2 - 25 years Office furniture, equipment and other 3 - 10 years The construction costs of landfills used to store by-products of the recycling process are depreciated as space in the landfills is used based on the unit of production method. Additionally, used space in the landfill is determined periodically either by aerial photography or engineering estimates.
Goodwill	Goodwill Goodwill is tested for impairment as of October 1 of each year and may be tested more frequently if changes in circumstances or the occurrence of events indicates that a potential impairment exists. We evaluate goodwill based upon our reporting units, which are defined as operating segments or, in certain situations, one level below the operating segment. As the purchase price allocation for the Real Alloy Acquisition is not yet finalized, the allocation of goodwill to our reporting units has not yet been finalized. The impairment test is a two-step process, which requires us to make judgments in determining what assumptions to use in the calculations. The first step of the process consists of estimating the fair value of each reporting unit based on discounted cash flow models and guideline Company information, using revenue and profit forecasts, and comparing those estimated fair values with the carrying values, which include allocated goodwill. These projections include assumptions about prices, margins and other operating costs. Other key assumptions included in the fair value of our reporting units include estimated cash flow periods, terminal values based on our anticipated growth rate and the discount rate used, which is based on our current cost of capital, adjusted for the risks associated with our operations. If the determined fair value is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an “implied fair value” of goodwill, which is compared to the corresponding carrying value.
Deferred Financing Costs	Deferred financing costs The costs related to the issuance of debt are capitalized and classified as a reduction of the associated debt and amortized over the terms of the related debt agreements as interest expense using the effective interest method.
Derivatives and Hedging	Derivatives and hedging Real Alloy is engaged in activities that expose it to various market risks, including changes in the prices of aluminum alloys, scrap aluminum, copper, zinc and natural gas, as well as changes in currency exchange rates. Certain of these financial exposures are managed as an integral part of its risk management program, which seeks to reduce the potentially adverse effects that the volatility of the markets may have on operating results. Real Alloy may enter into forward contracts or swaps unaudited unaudited The estimated fair values of derivative financial instruments are recognized as assets or liabilities as of the balance sheet date. Fair values for metal and natural gas derivative financial instruments are determined based on the differences between contractual and forward rates of identical hedge positions as of the balance sheet date. In developing these fair values, Real Alloy includes an estimate of the risk associated with nonperformance by either its counterparty or itself. Real Alloy does not account for its derivative financial instruments as hedges. The changes in fair value of derivative financial instruments and the associated gains and losses realized upon settlement are recorded in losses on derivative financial instruments in the unaudited unaudited The counterparties’ creditworthiness is monitored on an ongoing basis, and credit levels are reviewed to ensure appropriate concentrations of credit outstanding to any particular counterparty. Although nonperformance by counterparties is possible, we do not currently anticipate nonperformance by any of these parties.
Currency Translation	Currency translation Certain of Real Alloy’s international subsidiaries use the local currency as their functional currency. Real Alloy translates all of the amounts included in the unaudited unaudited
Environmental and Asset Retirement Obligations	Environmental and asset retirement obligations Environmental obligations that are not legal or contractual asset retirement obligations and that relate to existing conditions caused by past operations with no benefit to future operations are expensed, while expenditures that extend the life, increase the capacity or improve the safety of an asset, or mitigate or prevent future environmental contamination are capitalized in property, plant and equipment. Obligations are recorded when their occurrence is probable and the associated costs can be reasonably estimated. While accruals are based on management’s current best estimate of the future costs of remedial action, these liabilities can change substantially due to factors such as the nature and extent of contamination, changes in the required remedial actions and technological advancements. Existing environmental liabilities are not discounted to their present values, as the amount and timing of the expenditures are not fixed or reliably determinable. Asset retirement obligations represent the present value of estimated future obligations associated with the retirement of tangible long-lived assets. Our asset retirement obligations relate primarily to capping our three landfills, as well as costs related to the future removal of asbestos and removal of underground storage tanks. The estimated fair value of such legal obligations is recognized in the period in which the obligations are incurred, and capitalized as part of the carrying amount of the associated long-lived asset. These estimated fair values are based upon the present value of future cash flows expected to be required to satisfy the obligations. Determining the estimated fair value of asset retirement obligations requires judgment, including estimates of the credit adjusted interest rate and estimates of future cash flows. Estimates of future cash flows are obtained primarily from engineering consulting firms. The present value of the obligations is accreted over time while the capitalized cost are depreciated over the estimated remaining useful life of the related asset.
Pension Benefits	Pension benefits Pension benefit costs are accrued based on annual analyses performed by actuaries. These analyses are based on assumptions including a discount rate and the expected rate of return on plan assets. Both the discount rate and expected rate of return on plan assets require estimates and projections by management and can fluctuate from period to period. Real Alloy’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled. In making this estimate, projected cash flows are developed and matched with a yield curve based on an appropriate universe of high-quality corporate bonds. Assumptions for long-term rates of return on plan assets are based upon historical returns and future expectations for returns. See Note 3— Business Combinations Management believes these assumptions are appropriate; however, the actuarial assumptions used to determine pension benefits may differ from actual results due to changing market and economic conditions, higher or lower withdrawal rates, or longer or shorter life spans of participants. Management does not believe differences in actual experience or reasonable changes in assumptions will materially affect the Company’s financial position or results of operations.
Recent Accounting Pronouncements	Recent accounting pronouncements In July 2015, the FASB issued Accounting Standards Update (“ASU”) 2015- 11, Inventory (Topic 330) (“ASU 2015-11”), which provides that an entity measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 will be effective for the Company on January 1, 2017, will be applied prospectively, and early adoption is permitted as of the beginning of an interim or annual period. . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

Financial Statement Presentat25

Financial Statement Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Estimated Useful Lives of Related Assets	Depreciation is primarily computed using the straight-line method over the estimated useful lives of the related assets, as follows: Estimated Useful Lives Building and improvements 5 - 33 years Production equipment and machinery 2 - 25 years Office furniture, equipment and other 3 - 10 years

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The acquisition was accounted for as a business combination, with the purchase price allocated based on the estimated fair values of the assets acquired and liabilities assumed. The purchase price allocation remains preliminary as management continues to evaluate the assumptions and methodology used in the valuation of acquired inventories, property, plant and equipment, intangible assets, accrued pension liabilities, environmental liabilities and asset retirement obligations, and the resultant deferred income tax adjustments. (In millions) Purchase consideration: Consideration paid at closing $ 501.2 Redeemable Preferred Stock issued 19.6 Initial working capital adjustment 31.3 Estimated final working capital adjustment 2.4 Total purchase consideration $ 554.5 Purchase price allocation: Assets: Cash $ 10.2 Trade accounts receivable 150.1 Inventories 173.9 Property, plant and equipment 326.4 Deferred income taxes 5.9 Other 4.0 Identifiable intangible assets 21.0 Total assets 691.5 Liabilities: Trade payables 112.4 Accrued liabilities 26.7 Accrued pension liabilities 46.0 Environmental liabilities 18.4 Other 13.6 Deferred income taxes 4.4 Total liabilities 221.5 Estimated fair value of net assets acquired $ 470.0 Total purchase consideration $ 554.5 Estimated fair value of net assets acquired 470.0 Goodwill $ 84.5
Summary of Estimated Fair Value of Property Plant and Equipment	The fair value of property, plant and equipment acquired was estimated as follows: (In millions) Estimated Fair Value Land $ 63.6 Buildings 57.0 Machinery, equipment, furniture and fixtures 193.8 Construction work in progress 12.0 Property, plant and equipment $ 326.4
Summary of Assumptions Used to Measure Accrued Pension Liabilities	The following assumptions were utilized to measure the accrued pension liabilities: Discount rate 1.7 % Salary increase 3.0 % Pension increase 1.8 % Turnover 2.0 %
Schedule of Activity Associated with Goodwill	The following table reflects the activity associated with goodwill during the six months ended June 30, 2015: (In millions) Balance at beginning of period $ — Preliminary purchase price allocation for the Real Alloy Acquisition reported as of March 31, 2015 102.3 Adjustments to preliminary purchase price allocation for the Real Alloy Acquisition recorded in the quarter ended June 30, 2015 (17.8 ) Balance at end of period $ 84.5
Summary of Selected Unaudited Pro forma Results of Operations	The following selected unaudited pro forma results of operations of the Company for the three and six months ended June 30, 2015 and 2014, give effect to this business combination as though the transaction occurred on January 1, 2014: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Total revenues: As reported $ 368.7 $ — $ 506.5 $ 0.1 Pro forma 368.7 394.5 743.3 773.0 Loss from continuing operations before income taxes: As reported $ (13.5 ) $ (2.6 ) $ (38.7 ) $ (4.7 ) Pro forma (12.9 ) (8.2 ) (27.4 ) (35.3 )

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	The following table presents the components of inventories as of June 30, 2015 and December 31, 2014: June 30, December 31, (In millions) 2015 2014 Finished goods $ 33.6 $ — Raw materials and work in process 77.0 — Supplies 12.6 — Total inventories $ 123.2 $ —

Debt, Other Financing Arrange28

Debt, Other Financing Arrangements and Redeemable Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt and Redeemable Preferred Stock	The following table presents the Company’s long-term debt as of June 30, 2015 and December 31, 2014: June 30, December 31, (In millions) 2015 2014 Senior Secured Notes: Principal amount outstanding $ 305.0 $ — Unamortized original issue discount and issuance costs (15.8 ) — Senior Secured Notes, net 289.2 — Asset-Based Facility: Principal amount outstanding 51.0 — Unamortized debt issuance costs (2.8 ) — Asset-Based Facility, net 48.2 — Capital leases 3.9 — Current portion of long-term debt (1.5 ) Total long-term debt, net $ 339.8 $ —
Schedule of Activity Related to Redeemable Preferred Stock	The following table presents the activity related to the Redeemable Preferred Stock during the six months ended June 30, 2015: (In millions) Balance at beginning of period $ — Issuance of Redeemable Preferred Stock 19.6 Dividends and accretion 0.9 Balance at end of period $ 20.5

Common Stock Warrant Liability

Common Stock Warrant Liability (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Changes in Fair Value of Common Stock Warrant Liability	The Company utilizes a Monte Carlo simulation to estimate the fair value of the common stock warrant liability as of June 30, 2015 and December 31, 2014. See Note 12— Derivative and Other Financial Instruments and Fair Value Measurements Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Balance at beginning of period $ 4.9 $ 8.5 $ 5.6 $ 9.3 Warrants exercised (0.1 ) — (0.1 ) — Change in fair value of common stock warrant liability 6.3 (0.2 ) 5.6 (1.0 ) Balance at end of period $ 11.1 $ 8.3 $ 11.1 $ 8.3

Stockholders Equity and Nonco30

Stockholders Equity and Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders Equity Note [Abstract]
Summary of Activity within Stockholders Equity and Noncontrolling Interest	The following table summarizes the activity within stockholders’ equity and noncontrolling interest for the six months ended June 30, 2015: (In millions) Equity Attributable to Real Industry, Inc. Noncontrolling Interest Total Equity Balance at beginning of the period $ 85.7 $ (0.1 ) $ 85.6 Net earnings (loss) (4.5 ) 0.2 (4.3 ) Dividends and accretion on Redeemable Preferred Stock (0.9 ) — (0.9 ) Exercise of common stock options 1.1 — 1.1 Issuance of common stock 58.2 — 58.2 Share-based compensation expense 0.6 — 0.6 Exercise of common stock warrants 0.2 — 0.2 Noncontrolling interest acquired in business combination — 0.8 0.8 Change in accumulated other comprehensive loss (0.9 ) — (0.9 ) Balance at the end of the period $ 139.5 $ 0.9 $ 140.4
Changes in the Number of Outstanding Shares of Common Stock	The following table reflects changes in the number of outstanding shares of common stock: Shares of Common Stock Outstanding Balance at beginning of the period 17,099,882 Common stock issued 10,814,773 Restricted common stock awards granted, net of forfeitures 240,990 Common stock options exercised 202,050 Common stock issued from the exercise of Warrants 9,360 Balance at end of the period 28,367,055

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2015
Comprehensive Income Net Of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the activity within accumulated other comprehensive loss for the six months ended June 30, 2015: (In millions) Currency Translation Balance at beginning of period $ — Current period currency translation adjustments (0.9 ) Balance at end of period $ (0.9 )

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Components of Net Period Benefit Expense	The following table presents the components of the net periodic benefit expense under the German defined benefit pension plans for the three and six months ended June 30, 2015: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2015 Service cost $ 0.3 $ 0.4 Interest cost 0.2 0.3 Net periodic benefit expense $ 0.5 $ 0.7

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, (In millions, except share and per share amounts) 2015 2014 2015 2014 Loss from continuing operations $ (13.7 ) $ (1.8 ) $ (31.5 ) $ (3.5 ) Earnings from discontinued operations, net of income taxes 2.9 1.3 27.2 3.1 Net loss (10.8 ) (0.5 ) (4.3 ) (0.4 ) Earnings attributable to noncontrolling interest 0.1 — 0.2 — Net loss attributable to Real Industry, Inc. (10.9 ) (0.5 ) (4.5 ) (0.4 ) Dividends and accretion on Redeemable Preferred Stock (0.7 ) — (0.9 ) — Net loss available to common stockholders $ (11.6 ) $ (0.5 ) $ (5.4 ) $ (0.4 ) Basic and diluted: Weighted average basic and diluted shares outstanding 27,631,795 13,145,835 24,689,253 13,144,998 Earnings (loss) per share: Continuing operations $ (0.53 ) $ (0.14 ) $ (1.32 ) $ (0.27 ) Discontinued operations 0.11 0.10 1.10 0.24 Basic and diluted loss per share $ (0.42 ) $ (0.04 ) $ (0.22 ) $ (0.03 )
Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive	The following table provides details on the average market price of Real Industry common stock and the weighted-average number of outstanding unvested restricted common stock, common stock options, unvested performance shares and the Warrants that would have been included in the diluted shares outstanding computation for the three and six months ended June 30, 2015 and 2014, had they not been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Average market price of Real Industry common stock $ 9.63 $ 10.64 $ 8.44 $ 10.54 Potentially dilutive common stock equivalents: Unvested restricted common stock 271,401 113,204 204,142 103,379 Common stock options 851,364 1,217,700 872,946 1,217,700 Unvested performance shares 85,714 — 43,094 — Warrants 1,492,253 1,500,000 1,496,105 1,500,000 Total potentially dilutive common stock equivalents 2,700,732 2,830,904 2,616,287 2,821,079

Derivative and Other Financia34

Derivative and Other Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets Liabilities, Net offset in Balance Sheet	The table below presents gross amounts of recognized assets and liabilities, the amounts offset in the unaudited unaudited Fair Value of Derivatives as of June 30, 2015 (In millions) Asset Liability Metal $ 1.3 $ (2.6 ) Effect of counterparty netting arrangements (1.3 ) 1.3 Net derivatives as classified in the unaudited $ — $ (1.3 )
Fair Value of Derivative Financial Instruments	The following table presents details of the fair value of Real Alloy’s derivative financial instruments unaudited June 30, (In millions) Balance Sheet Location 2015 Derivative liabilities - Metal Accrued liabilities $ 1.3
Assets and Liabilities Measured at Fair Value on Recurring Basis Based on Fair Value Hierarchy	The following tables set forth financial assets and liabilities and their level in the fair value hierarchy that are accounted for at fair value on a recurring basis as of June 30, 2015 and December 31, 2014: Estimated Fair Value (In millions) Fair Value Hierarchy June 30, 2015 December 31, 2014 Derivative assets Level 2 $ 1.3 $ — Derivative liabilities Level 2 (2.6 ) — Net derivative liabilities $ (1.3 ) $ — Common stock warrant liability Level 3 $ (11.1 ) $ (5.6 )
Reconciliation for Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level Three)	The following table presents the reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2015 and 2014: (In millions) Beginning Balance Income (Expense) Realized in Earnings Settlements Ending Balance Three Months Ended June 30, 2015 Common stock warrant liability $ 4.9 $ (6.3 ) $ (0.1 ) $ 11.1 Six Months Ended June 30, 2015 Common stock warrant liability $ 5.6 $ (5.6 ) $ (0.1 ) $ 11.1 Three Months Ended June 30, 2014 Common stock warrant liability $ 8.5 $ 0.2 $ — $ 8.3 Six Months Ended June 30, 2014 Common stock warrant liability $ 9.3 $ 1.0 $ — $ 8.3
Schedule of Realized Losses on Derivative Financial Instruments	The following table presents realized losses on derivative financial instruments during the three and six months ended June 30, 2015: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2015 Metal $ 0.8 $ 0.7
Carrying Value and Estimated Fair Value of Financial Instruments	The following tables present the carrying values and fair value estimates of other financial instruments as of June 30, 2015 and December 31, 2014: June 30, 2015 (In millions) Fair Value Hierarchy Carrying Amount Estimated Fair Value Assets Cash and cash equivalents Level 1 $ 38.5 $ 38.5 Restricted cash held in escrow (other current assets) Level 1 3.9 3.9 Loans receivable, net (other noncurrent assets) Level 3 1.2 1.2 Liabilities Long-term debt: Senior Secured Notes Level 1 $ 289.2 $ 313.4 Asset-Based Facility Level 2 48.2 48.2 Capital leases Level 3 3.9 3.9 Redeemable Preferred Stock Level 3 $ 20.5 $ 19.6 December 31, 2014 (In millions) Fair Value Hierarchy Carrying Amount Estimated Fair Value Assets Continuing operations: Cash and cash equivalents Level 1 $ 62.0 $ 62.0 Loans receivable, net (other noncurrent assets) Level 3 1.2 1.2 Discontinued operations: Cash and cash equivalents Level 1 1.0 1.0 Liabilities Discontinued operations: Line of credit Level 3 $ 1.0 $ 1.0 Long-term debt Level 3 13.6 13.6

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reconciliation of Adjusted EBITDA from Continuing Operations	The following tables show segment revenues and Adjusted EBITDA for the three and six months ended June 30, 2015 and a reconciliation from Adjusted EBITDA to operating profit. For the three and six months ended June 30, 2014, there were no reportable segments. Three Months Ended June 30, 2015 (In millions) RANA RAEU Total Revenues $ 231.0 $ 137.6 $ 368.6 Adjusted EBITDA $ 15.9 $ 7.0 $ 22.9 Six Months Ended June 30, 2015 (In millions) RANA RAEU Total Revenues $ 316.5 $ 189.9 $ 506.4 Adjusted EBITDA $ 20.9 $ 9.5 $ 30.4 (In millions) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Adjusted EBITDA $ 22.9 $ 30.4 Unrealized losses on derivative financial instruments 1.4 1.3 Depreciation and amortization 10.2 13.9 Impact of recording inventory at fair value through purchase accounting 3.5 7.2 Operating loss of Corporate and Other 4.1 7.3 Other 0.9 1.1 Operating profit (loss) $ 2.8 $ (0.4 )
Summarized Balance Sheet Information of Reportable Segments	The following tables present summarized balance sheet information for each of our reportable segments and a reconciliation to consolidated assets and liabilities as of June 30, 2015: (In millions) RANA RAEU Segment Assets Current assets: Cash and cash equivalents $ 9.1 $ 8.8 Trade accounts receivable, net 87.5 18.5 Financing receivable — 52.2 Inventories 79.1 44.1 Other current assets 4.5 2.4 Total current assets 180.2 126.0 Property, plant and equipment, net 218.2 106.6 Other noncurrent assets 4.2 1.7 Total segment assets $ 402.6 $ 234.3 Segment Liabilities Current liabilities: Trade payables $ 73.2 $ 54.5 Accrued liabilities 34.4 15.3 Total current liabilities 107.6 69.8 Accrued pension benefits — 45.7 Environmental liabilities 18.4 — Other noncurrent liabilities — 1.8 Total segment liabilities $ 126.0 $ 117.3 (In millions) Assets: RANA $ 402.6 RAEU 234.3 Unallocated 136.3 Total consolidated assets $ 773.2 Liabilities: RANA $ 126.0 RAEU 117.3 Unallocated 369.0 Total consolidated liabilities $ 612.3

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations And Disposal Groups [Abstract]
Assets and Liabilities and Statements of Operations of Discontinued Operation	The following table presents the assets and liabilities, as of June 30, 2015 and December 31, 2014, of the components of the Company designated as discontinued operations as of June 30, 2015: June 30, December 31, (In millions) 2015 2014 Current assets: Cash and cash equivalents $ 0.1 $ 1.0 Trade accounts receivable, net — 4.5 Inventories — 11.4 Other current assets — 1.1 Total current assets of discontinued operations $ 0.1 $ 18.0 Noncurrent assets: Property, plant and equipment $ — $ 0.3 Intangible assets, net — 1.6 Goodwill — 17.8 Other noncurrent assets — 0.3 Total noncurrent assets of discontinued operations $ — $ 20.0 Current liabilities: Trade payables $ 0.1 $ 2.9 Accrued liabilities 0.2 0.3 Line of credit — 1.0 Long-term debt due within one year — 3.9 Total current liabilities of discontinued operations $ 0.3 $ 8.1 Noncurrent liabilities: Long-term debt $ — $ 9.7 Repurchase reserve 0.7 5.5 Total noncurrent liabilities of discontinued operations $ 0.7 $ 15.2 The following table presents the operating results, for the three and six months ended June 30, 2015 and 2014, for the components of the Company designated as discontinued operations as of June 30, 2015: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Revenues $ — $ 10.2 $ 0.7 $ 18.4 Cost of sales — 6.6 0.4 11.8 Gross profit — 3.6 0.3 6.6 Selling, general and administrative expenses 0.3 1.4 0.6 3.3 Amortization of intangibles — 0.2 — 0.5 Other operating expense (income), net (0.3 ) — 0.1 — Operating profit (loss) — 2.0 (0.4 ) 2.8 Nonoperating income 4.5 0.2 44.6 1.7 Earnings before income taxes 4.5 2.2 44.2 4.5 Income tax expense 1.6 0.9 17.0 1.4 Earnings from discontinued operations, net of income taxes $ 2.9 $ 1.3 $ 27.2 $ 3.1

Business and Operations - Addit

Business and Operations - Additional Information (Detail) $ / shares in Units, $ in Millions	Jul. 09, 2015USD ($)	Jan. 08, 2015	Jul. 31, 2015USD ($)shares	Jun. 30, 2015USD ($)EmployeeFacilityshares	Apr. 30, 2015USD ($)shares	Feb. 28, 2015USD ($)$ / sharesshares	Feb. 28, 2015EUR (€)shares	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / sharesshares	Oct. 31, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)EmployeeFacilityshares
Organization And Business Activities [Line Items]
Facilities | Facility				24							24
Employees | Employee				1,700							1,700
Proceeds from issuance of common stock, net of issuance costs											$ 58.2
Initial draw amount used to operating purposes						$ 14
Common stock issued | shares											10,814,773
Controlled Equity Offering Program
Organization And Business Activities [Line Items]
Proceeds from issuance of common stock, net of issuance costs				$ 2.7
Common stock issued | shares				200,000
Controlled Equity Offering Program | Subsequent Event
Organization And Business Activities [Line Items]
Proceeds from issuance of common stock, net of issuance costs	$ 5.5		$ 5.5
Common stock issued | shares			500,000
Rights Offering
Organization And Business Activities [Line Items]
Number of shares issued | shares					800,000	9,800,000	9,800,000
Proceeds from Rights Offering					$ 4.8	$ 55
Real Alloy Acquisition
Organization And Business Activities [Line Items]
Initial draw amount used to fund acquisition						$ 73.5
Real Alloy Acquisition | Redeemable Preferred Stock
Organization And Business Activities [Line Items]
Number of shares issued | shares						25,000	25,000
Preferred stock, liquidation preference per share | $ / shares						$ 1,000
Real Alloy Acquisition | Rights Offering
Organization And Business Activities [Line Items]
Proceeds from issuance of common stock used to fund acquisition						$ 50
Senior Secured Notes
Organization And Business Activities [Line Items]
Senior secured notes principal amount								$ 305
Debt instrument discount percentage		97.206%						97.206%
Proceeds from issuance of debt								$ 296.5
Debt, due date								Jan. 15, 2019			Jan. 15, 2019
Asset Based Facility
Organization And Business Activities [Line Items]
Initial Draw Amount						59.5
Maximum financing amount of factoring facility						110
Factoring Facility
Organization And Business Activities [Line Items]
Initial Draw Amount						$ 28	€ 25,000,000
Maximum financing amount of factoring facility | €							€ 50,000,000
October Private Placement
Organization And Business Activities [Line Items]
Number of shares issued | shares										300,000
Sale of stock, price per share | $ / shares										$ 10
Proceeds from issuance of common stock, net of issuance costs										$ 3
Equity Offering
Organization And Business Activities [Line Items]
Number of shares issued | shares									4,400,000
Sale of stock, price per share | $ / shares									$ 6.50
Proceeds from issuance of common stock, net of issuance costs									$ 28.5

Financial Statement Presentat38

Financial Statement Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Error in the calculation of currency translation adjustments resulted in the overstatement of accumulated other comprehensive income	$ 12	$ 0.5	$ 5.2	$ 0.4
Currency translation gain (losses)	$ 0		$ (0.1)

Financial Statement Presentat39

Financial Statement Presentation and Significant Accounting Policies - Estimated Useful lives of the Assets (Detail)	6 Months Ended
	Jun. 30, 2015
Building and improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Building and improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	33 years
Production equipment and machinery | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	2 years
Production equipment and machinery | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	25 years
Office furniture, equipment and other | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Office furniture, equipment and other | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	10 years

Business combinations - Additio

Business combinations - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Feb. 27, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Cash held in escrow	$ 3.9		$ 3.9			$ 3.9	$ 3.9
Accrued liabilities	51.3		51.3			51.3	51.3		$ 7.1
Business Combination, Acquisition and Financing Related Costs			0.4				14.8
Fair value of trade accounts receivable		$ 150.4
Non cash amortization charge in cost of sales								$ 0.4
Estimated fair value of trade payable	10.7		10.7			10.7	10.7
Goodwill	84.5		84.5			84.5	84.5
Revenues			368.7				506.5	0.1
Loss from continuing operations before income taxes			(13.5)		$ (2.6)		(38.7)	(4.7)
Real Alloy
Business Acquisition [Line Items]
Goodwill	84.5		84.5			84.5	84.5
Real Alloy Acquisition
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Total purchase consideration		$ 496.2
Cash held in escrow		5
Payment for initial working capital adjustment			31.3
Estimated final working capital adjustment	2.4	2.4
Accrued liabilities	$ 2.2		2.2			2.2	2.2
Business Combination, Acquisition and Financing Related Costs			0.4	$ 14.4					$ 3.4
Inventories		173.9
Fair value adjustment to inventory		10.7					6.5
Non cash amortization charge in cost of sales			3.5				$ 7.2
Estimated useful life							20 years
Fair value assumptions, discount rate							13.50%
Estimated economic useful life							20 years
Decrease in the estimated fair value of identifiable intangible assets			0.6
Goodwill		$ 84.5
Revenues			368.7			506.4	$ 506.5	0.1
Loss from continuing operations before income taxes			$ 13.5		$ 2.6	$ 20.8	$ 38.7	$ 4.7
Real Alloy Acquisition | Minimum
Business Acquisition [Line Items]
Fair value assumptions, discount rate							6.70%
Real Alloy Acquisition | Maximum
Business Acquisition [Line Items]
Fair value assumptions, discount rate							13.20%

Business combinations - Schedul

Business combinations - Schedule of Purchase Price Allocation (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Feb. 27, 2015
Liabilities:
Goodwill	$ 84.5
Real Alloy Acquisition
Purchase consideration:
Estimated final working capital adjustment	$ 2.4	$ 2.4
Total purchase consideration		554.5
Assets:
Cash		10.2
Trade accounts receivable		150.1
Inventories		173.9
Property, plant and equipment		326.4
Deferred income taxes		5.9
Other		4
Identifiable intangible assets		21
Total assets		691.5
Liabilities:
Trade payables		112.4
Accrued liabilities		26.7
Accrued pension liabilities		46
Environmental liabilities		18.4
Other		13.6
Deferred income taxes		4.4
Total liabilities		221.5
Estimated fair value of net assets acquired		470
Total purchase consideration		554.5
Goodwill		84.5
Real Alloy Acquisition | Consideration paid at closing
Purchase consideration:
Consideration paid		501.2
Real Alloy Acquisition | Consideration paid after closing
Purchase consideration:
Consideration paid		31.3
Real Alloy Acquisition | Redeemable Preferred Stock
Purchase consideration:
Redeemable Preferred Stock issued		$ 19.6

Business combinations - Summary

Business combinations - Summary of Estimated Fair Value of Property Plant and Equipment (Detail) - Real Alloy Acquisition $ in Millions	Feb. 27, 2015USD ($)
Business Acquisition [Line Items]
Estimated fair value	$ 326.4
Land
Business Acquisition [Line Items]
Estimated fair value	63.6
Building
Business Acquisition [Line Items]
Estimated fair value	57
Machinery, equipment, furniture and fixtures
Business Acquisition [Line Items]
Estimated fair value	193.8
Construction work in Progress
Business Acquisition [Line Items]
Estimated fair value	$ 12

Business combinations - Summa43

Business combinations - Summary of Assumptions Used to Measure Accrued Pension Liabilities (Detail)	Feb. 27, 2015
Business Combinations [Abstract]
Discount rate	1.70%
Salary increase	3.00%
Pension increase	1.80%
Turnover	2.00%

Business combinations - Sched44

Business combinations - Schedule of Activity Associated with Goodwill (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Business Combinations [Abstract]
Preliminary purchase price allocation for the Real Alloy Acquisition reported as of March 31, 2015	$ 102.3
Adjustments to preliminary purchase price allocation for the Real Alloy Acquisition recorded in the quarter ended June 30, 2015	(17.8)
Balance at end of period	$ 84.5

Business combinations - Summa45

Business combinations - Summary of Selected Unaudited Pro forma Results of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Total revenues:
Total revenues, As reported	$ 368.7			$ 506.5	$ 0.1
Loss from continuing operations before income taxes:
Loss from continuing operations before income taxes, As reported	13.5	$ 2.6		38.7	4.7
Real Alloy Acquisition
Total revenues:
Total revenues, As reported	368.7		$ 506.4	506.5	0.1
Total revenues, Pro forma	368.7	394.5		743.3	773
Loss from continuing operations before income taxes:
Loss from continuing operations before income taxes, As reported	(13.5)	(2.6)	$ (20.8)	(38.7)	(4.7)
Loss from continuing operations before income taxes, Pro forma	$ (12.9)	$ (8.2)		$ (27.4)	$ (35.3)

Inventories (Detail)

Inventories (Detail) $ in Millions	Jun. 30, 2015USD ($)
Inventory Disclosure [Abstract]
Finished goods	$ 33.6
Raw materials and work in process	77
Supplies	12.6
Total inventories	$ 123.2

Schedule of long-term Debt (Det

Schedule of long-term Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Jan. 08, 2015
Debt Instrument [Line Items]
Asset-Based Facility, net	$ 48.2
Capital leases	3.9
Current portion of long-term debt	(1.5)
Total long-term debt, net	339.8
Senior Secured Notes
Debt Instrument [Line Items]
Principal amount outstanding	305	$ 305
Unamortized original issue discount and issuance costs	(15.8)
Senior Secured Notes, net	289.2
Asset Based Facility
Debt Instrument [Line Items]
Principal amount outstanding	51
Unamortized debt issuance costs	$ (2.8)

Debt, Other Financing Arrange48

Debt, Other Financing Arrangements and Redeemable Preferred Stock - Additional Information (Detail)	Feb. 27, 2015USD ($)	Jan. 08, 2015USD ($)	Jan. 31, 2015	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Feb. 27, 2015EUR (€)
Debt Instrument [Line Items]
Debt, interest expense				$ 9,300,000	$ 17,400,000
Amortization of debt issuance costs					2,400,000
Capital leases due within next twelve months				1,500,000	1,500,000
Capital leases				3,900,000	3,900,000
Interest expense, net				9,300,000	17,400,000
Redeemable Preferred Stock
Debt Instrument [Line Items]
Preferred stock, dividend payment terms	Dividends may be paid in kind for the first two years, and thereafter will be paid in cash.
Minimum aggregate principal amount of redeemable preferred stock outstanding for voting	$ 10,000,000
Minimum percentage of consolidated assets for valued acquisitions of company and subsidiaries	5.00%
Liquidation preference value				25,600,000	$ 25,600,000
Preferred stock redemption period					66 months
Redeemable Preferred Stock | First 18 Months
Debt Instrument [Line Items]
Redeemable preferred stock dividends rate	7.00%
Redeemable Preferred Stock | Next 12 Months
Debt Instrument [Line Items]
Redeemable preferred stock dividends rate	8.00%
Redeemable Preferred Stock | Thereafter
Debt Instrument [Line Items]
Redeemable preferred stock dividends rate	9.00%
Senior Secured Notes
Debt Instrument [Line Items]
Principal amount outstanding		$ 305,000,000		305,000,000	$ 305,000,000
Debt instrument discount percentage		97.206%	97.206%
Debt instrument interest rate, stated percentage		10.00%
Debt, interest expense				8,700,000	$ 16,700,000
Debt, due date			Jan. 15, 2019		Jan. 15, 2019
Amortization of debt issuance costs				1,100,000	$ 2,100,000
Interest expense, net				8,700,000	16,700,000
Asset Based Facility
Debt Instrument [Line Items]
Principal amount outstanding				51,000,000	51,000,000
Debt, interest expense				500,000	600,000
Amortization of debt issuance costs				200,000	200,000
Funding fees	1.00%
Credit facility amount	$ 110,000,000
Interest expense, net				500,000	$ 600,000
Asset Based Facility | US Sub-facility
Debt Instrument [Line Items]
Line of Credit Facility, interest rate description					U.S. dollar denominated loans under the U.S. Sub-facility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at LIBOR, or (ii) the Base Rate (as defined below), in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility. The “Base Rate” is equal to the greater of (a) the U.S. prime rate, (b) the U.S. Federal Funds Rate plus 50 basis points, and (c) the sum of LIBOR plus a margin based on the amount of the excess availability under the Asset-Based Facility
Asset Based Facility | Canada Sub-facility
Debt Instrument [Line Items]
Line of Credit Facility, interest rate description					Canadian dollar denominated loans under the Canadian Sub-facility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at an average Canadian interbank rate, or (ii) floating at the greater of the Canadian prime rate or the average 30-day Canadian interbank rate plus 1.35%, in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility.
Credit Facility default percentage	2.00%
Funding fees	1.00%
Asset Based Facility | Canada Sub-facility | Prime Rate
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.35%
Factoring Facility | G E Capital
Debt Instrument [Line Items]
Debt, interest expense					$ 100,000
Credit facility amount | €						€ 50,000,000
Debt instrument, variable interest rate	1.65%
Percentage of advances on face value factored receivable	90.00%					90.00%
Line of credit facility, expiration date					Jan. 15, 2019
Amount of receivables factored				114,700,000	$ 219,300,000
Administrative expenses associated to factoring facility				$ 200,000	400,000
Interest expense, net					$ 100,000

Schedule of Activity Related to

Schedule of Activity Related to Redeemable Preferred Stock (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Debt Instrument [Line Items]
Dividends and accretion	$ 0.7	$ 0.9
Redeemable Preferred Stock
Debt Instrument [Line Items]
Issuance of Redeemable Preferred Stock		19.6
Dividends and accretion		0.9
Balance at end of period	$ 20.5	$ 20.5

Common Stock Warrant Liabilit50

Common Stock Warrant Liability - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jun. 11, 2010	May. 31, 2015	Jun. 30, 2015
Class Of Warrant Or Right [Line Items]
Warrant issued to purchase common stock	1,500,000
Aggregate purchase price of common stock warrant	$ 0.3
Warrant vested upon issuance			20.00%
Common stock warrants vesting percentage on each anniversary date			20.00%
Common stock warrants percentage vested			100.00%
Exercise price of warrants	$ 10.30		$ 5.64
Common stock warrants expiration date			2020-06
Number of warrants exercised		15,000
Warrants issued on cashless basis		7,500
Common stock issued for exercised warrants		9,360
Proceeds from issuance of common stock for warrants exercised		$ 0.1
Warrants outstanding			1,485,000
NABCO
Class Of Warrant Or Right [Line Items]
Price per share of common stock issued			$ 5.64

Changes in Fair Value of Common

Changes in Fair Value of Common Stock Warrant Liability (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Warrants And Rights Note Disclosure [Abstract]
Common stock warrant liability, beginning balance	$ 4.9	$ 8.5	$ 5.6	$ 9.3
Warrants exercised	(0.1)		(0.1)
Change in fair value of common stock warrant liability	6.3	(0.2)	5.6	(1)
Common stock warrant liability, ending balance	$ 11.1	$ 8.3	$ 11.1	$ 8.3

Summary of Activity within Stoc

Summary of Activity within Stockholders Equity and Noncontrolling Interest (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class Of Stock [Line Items]
Balance at beginning of the period			$ 85.6
Net earnings (loss)	$ (10.8)	$ (0.5)	(4.3)	$ (0.4)
Dividends and accretion on Redeemable Preferred Stock	(0.7)		(0.9)
Exercise of common stock options			1.1
Issuance of common stock			58.2
Share-based compensation expense			0.6	$ 0.8
Exercise of common stock warrants			0.2
Noncontrolling interest acquired in business combination			0.8
Change in accumulated other comprehensive loss			(0.9)
Balance at the end of the period	140.4		140.4
Equity Attributable to Real Industry, Inc.
Class Of Stock [Line Items]
Balance at beginning of the period			85.7
Net earnings (loss)			(4.5)
Dividends and accretion on Redeemable Preferred Stock			(0.9)
Exercise of common stock options			1.1
Issuance of common stock			58.2
Share-based compensation expense			0.6
Exercise of common stock warrants			0.2
Change in accumulated other comprehensive loss			(0.9)
Balance at the end of the period	139.5		139.5
Noncontrolling Interest
Class Of Stock [Line Items]
Balance at beginning of the period			(0.1)
Net earnings (loss)			0.2
Noncontrolling interest acquired in business combination			0.8
Balance at the end of the period	$ 0.9		$ 0.9

Changes in Number of Outstandin

Changes in Number of Outstanding Shares of Common Stock (Detail) - shares	6 Months Ended
	Jun. 30, 2015
Stockholders Equity Note [Abstract]
Balance at beginning of the period	17,099,882
Common stock issued	10,814,773
Restricted common stock awards granted, net of forfeitures	240,990
Common stock options exercised	202,050
Common stock issued from the exercise of Warrants	9,360
Balance at end of the period	28,367,055

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Loss (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Comprehensive Income Net Of Tax [Abstract]
Current period currency translation adjustments	$ (1.2)	$ (0.9)
Balance at end of period	$ (0.9)	$ (0.9)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - Dec. 31, 2014 - USD ($) $ in Millions	Total
Income Taxes [Line Items]
Percentage of common stock ownership under transfer restriction	4.90%
Federal
Income Taxes [Line Items]
Net operating loss carry forwards	$ 933.6
Net operating loss expiration period	20 years
Net operating loss carry forwards expiration year	2,027
California
Income Taxes [Line Items]
Net operating loss carry forwards	$ 994.7
Net operating loss carry forwards expiration year	2,017
Minimum | California
Income Taxes [Line Items]
Net operating loss expiration period	10 years
Maximum | California
Income Taxes [Line Items]
Net operating loss expiration period	20 years

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Period Benefit Expense (Details) - Jun. 30, 2015 - German Defined Benefit Pension Plan - USD ($) $ in Millions	Total	Total
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.4
Interest cost	0.2	0.3
Net periodic benefit expense	$ 0.5	$ 0.7

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Percentage of weighted average shares outstanding	8.30%

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings (loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Loss from continuing operations	$ (13.7)	$ (1.8)	$ (31.5)	$ (3.5)
Earnings from discontinued operations, net of income taxes	2.9	1.3	27.2	3.1
Net loss	(10.8)	(0.5)	(4.3)	(0.4)
Earnings attributable to noncontrolling interest	0.1		0.2
Net loss attributable to Real Industry, Inc.	(10.9)	(0.5)	(4.5)	(0.4)
Dividends and accretion on Redeemable Preferred Stock	(0.7)		(0.9)
Net loss available to common stockholders	$ (11.6)	$ (0.5)	$ (5.4)	$ (0.4)
Basic and diluted:
Weighted average basic and diluted shares outstanding	27,631,795	13,145,835	24,689,253	13,144,998
Continuing operations	$ (0.53)	$ (0.14)	$ (1.32)	$ (0.27)
Discontinued operations	0.11	0.10	1.10	0.24
Basic and diluted loss per share	$ (0.42)	$ (0.04)	$ (0.22)	$ (0.03)

Average Market Price of Common

Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Average market price of Real Industry common stock	$ 9.63	$ 10.64	$ 8.44	$ 10.54
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	2,700,732	2,830,904	2,616,287	2,821,079
Unvested Restricted Common Stock
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	271,401	113,204	204,142	103,379
Common Stock Options
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	851,364	1,217,700	872,946	1,217,700
Unvested Performance Shares
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	85,714		43,094
Warrants
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	1,492,253	1,500,000	1,496,105	1,500,000

Derivative and Other Financia60

Derivative and Other Financial Instruments and Fair Value Measurements - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)BTUt	Dec. 31, 2014
Derivative [Line Items]
Cash collateral posted or held	$ 0
Amount subject to enforceable master netting arrangement not offset	$ 0
Derivative contracts | t	32,400
Redeemable Preferred Stock
Derivative [Line Items]
Preferred stock redemption period	66 months
Credit spread adjustment percentage	13.10%
Natural Gas | Swap Contract One
Derivative [Line Items]
Swap contracts | BTU	0
Common Stock Warrant Liability
Derivative [Line Items]
Valuation technique	Monte Carlo Simulation
Volatility	51.00%
Expected term	4 years 10 months 24 days	5 years 9 months 18 days
Equity raise probability	25.00%
Equity raise price discount assumption	15.00%

Gross Amounts of Recognized Ass

Gross Amounts of Recognized Assets and Liabilities (Detail) $ in Millions	Jun. 30, 2015USD ($)
Fair Value of Derivatives, Liability
Net derivatives as classified in the unaudited condensed consolidated balance sheet	$ (1.3)
Metal
Fair Value of Derivatives, Asset
Net derivatives as classified in the unaudited condensed consolidated balance sheet	1.3
Fair Value of Derivatives, Liability
Net derivatives as classified in the unaudited condensed consolidated balance sheet	(2.6)
Effect of Counterparty Netting Arrangements
Fair Value of Derivatives, Asset
Net derivatives as classified in the unaudited condensed consolidated balance sheet	(1.3)
Fair Value of Derivatives, Liability
Net derivatives as classified in the unaudited condensed consolidated balance sheet	$ 1.3

Fair Value of Derivative Financ

Fair Value of Derivative Financial Instruments (Detail) $ in Millions	Jun. 30, 2015USD ($)
Accrued Liabilities | Metal
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Fair value of derivative liabilities	$ 1.3

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis Based on Fair Value Hierarchy (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Common stock warrant liability, estimated fair value	$ (11.1)	$ (4.9)	$ (5.6)	$ (8.3)	$ (8.5)	$ (9.3)
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net derivative liabilities	(1.3)
Fair Value, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1.3
Derivative liabilities	(2.6)
Fair Value, Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Common stock warrant liability, estimated fair value	$ (11.1)		$ (5.6)

Reconciliation for Assets and L

Reconciliation for Assets and Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level Three) (Detail) - Common Stock Warrant Liability - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 4.9	$ 8.5	$ 5.6	$ 9.3
Income (Expense) Realized in Earnings	(6.3)	0.2	(5.6)	1
Settlements	(0.1)		(0.1)
Ending Balance	$ 11.1	$ 8.3	$ 11.1	$ 8.3

Schedule of Realized Losses on

Schedule of Realized Losses on Derivative Financial Instruments (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Derivative Instruments Gain Loss [Line Items]
Realized losses on derivative financial instruments	$ 2.1	$ 2
Metal
Derivative Instruments Gain Loss [Line Items]
Realized losses on derivative financial instruments	$ 0.8	$ 0.7

Carrying Value and Estimated Fa

Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Assets
Cash and cash equivalents	$ 38.5	$ 62	$ 44.5
Liabilities
Long-term debt:	339.8
Asset-Based Facility, net	48.2
Capital leases	3.9
Liabilities, estimated fair value
Long-term debt:	339.8
Discontinued Operations
Liabilities
Long-term debt:		9.7
Lines of credit, carrying amount		1
Liabilities, estimated fair value
Long-term debt:		9.7
Senior Secured Notes
Liabilities
Senior Secured Notes, net	289.2
Carrying Amount
Assets
Cash and cash equivalents	38.5	62
Liabilities
Asset-Based Facility, net	48.2
Capital leases	3.9
Carrying Amount | Discontinued Operations
Assets
Cash and cash equivalents		1
Liabilities
Lines of credit, carrying amount		1
Long-term debt, carrying amount		13.6
Carrying Amount | Senior Secured Notes
Liabilities
Senior Secured Notes, net	289.2
Carrying Amount | Other Current Assets
Assets
Restricted cash held in escrow (other current assets)	3.9
Carrying Amount | Other Noncurrent Assets
Assets
Loans receivable, net, carrying amount	1.2	1.2
Estimated Fair Value | Quoted Prices in Active Markets (Level 1)
Assets, estimated fair value
Cash and cash equivalents, estimated fair value	38.5	62
Estimated Fair Value | Quoted Prices in Active Markets (Level 1) | Discontinued Operations
Assets, estimated fair value
Cash and cash equivalents, estimated fair value		1
Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Liabilities, estimated fair value
Capital leases, estimated fair value	3.9
Redeemable Preferred Stock, estimated fair value	19.6
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Discontinued Operations
Liabilities, estimated fair value
Lines of credit, estimated fair value		1
Long-term debt, estimated fair value		13.6
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Liabilities, estimated fair value
Asset-Based Facility, Estimated Fair value	48.2
Estimated Fair Value | Senior Secured Notes | Quoted Prices in Active Markets (Level 1)
Liabilities, estimated fair value
Senior Secured Notes, net	313.4
Estimated Fair Value | Other Current Assets | Quoted Prices in Active Markets (Level 1)
Assets, estimated fair value
Cash and cash equivalents, estimated fair value	3.9
Estimated Fair Value | Other Noncurrent Assets | Significant Unobservable Inputs (Level 3)
Assets, estimated fair value
Loans receivable, net, estimated fair value	1.2	$ 1.2
Redeemable Preferred Stock
Liabilities
Redeemable Preferred Stock, carrying amount	20.5
Redeemable Preferred Stock | Carrying Amount
Liabilities
Redeemable Preferred Stock, carrying amount	$ 20.5

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Segment	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting [Abstract]
Number of Operating Segments	2		2
Number of Reportable Segments		0		0

Operating Results of Segments a

Operating Results of Segments and Reconciliation to Earnings (Loss) Before Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 368.7		$ 506.5	$ 0.1
Adjusted EBITDA	22.9		30.4
Unrealized losses on derivative financial instruments	1.4		1.3
Depreciation and amortization	10.2		13.9
Impact of recording inventory at fair value through purchase accounting	3.5		7.2
Operating loss of Corporate and Other	4.1		7.3
Other	0.9		1.1
Operating profit (loss)	2.8	$ (2.4)	(0.4)	$ (5.3)
RANA
Segment Reporting Information [Line Items]
Revenues	231		316.5
Adjusted EBITDA	15.9		20.9
RAEU
Segment Reporting Information [Line Items]
Revenues	137.6		189.9
Adjusted EBITDA	7		9.5
Segments Total
Segment Reporting Information [Line Items]
Revenues	368.6		506.4
Adjusted EBITDA	$ 22.9		$ 30.4

Summarized Balance Sheet Inform

Summarized Balance Sheet Information of Reportable Segments (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 38.5	$ 62	$ 44.5
Trade accounts receivable, net	106
Financing receivable	52.2
Inventories	123.2
Other current assets	13.1	1
Total current assets	333.1	86.1
Property, plant and equipment, net	324.9	0.1
Other noncurrent assets	6.9	1.1
TOTAL ASSETS	773.2	121.9
Current liabilities:
Trade payables	128
Accrued liabilities	51.3	7.1
Total current liabilities	181.5	15.2
Accrued pension benefits	45.7
Environmental liabilities	18.4
Other noncurrent liabilities	8.9	0.3
TOTAL LIABILITIES	612.3	$ 36.3
RANA
Current assets:
Cash and cash equivalents	9.1
Trade accounts receivable, net	87.5
Inventories	79.1
Other current assets	4.5
Total current assets	180.2
Property, plant and equipment, net	218.2
Other noncurrent assets	4.2
TOTAL ASSETS	402.6
Current liabilities:
Trade payables	73.2
Accrued liabilities	34.4
Total current liabilities	107.6
Environmental liabilities	18.4
TOTAL LIABILITIES	126
RAEU
Current assets:
Cash and cash equivalents	8.8
Trade accounts receivable, net	18.5
Financing receivable	52.2
Inventories	44.1
Other current assets	2.4
Total current assets	126
Property, plant and equipment, net	106.6
Other noncurrent assets	1.7
TOTAL ASSETS	234.3
Current liabilities:
Trade payables	54.5
Accrued liabilities	15.3
Total current liabilities	69.8
Accrued pension benefits	45.7
Other noncurrent liabilities	1.8
TOTAL LIABILITIES	$ 117.3

Summarized Balance Sheet Info70

Summarized Balance Sheet Information of Reportable Segments and Consolidated (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Total assets	$ 773.2	$ 121.9
LIABILITIES
Total liabilities	612.3	$ 36.3
RANA
ASSETS
Total assets	402.6
LIABILITIES
Total liabilities	126
RAEU
ASSETS
Total assets	234.3
LIABILITIES
Total liabilities	117.3
Unallocated
ASSETS
Total assets	136.3
LIABILITIES
Total liabilities	$ 369

Assets and Liabilities of Disco

Assets and Liabilities of Discontinued Operations (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 0.1		$ 0.4
Trade accounts receivable, net	106
Other current assets	13.1	$ 1
Total current assets of discontinued operations	0.1	18
Noncurrent assets:
Property, plant and equipment, net	324.9	0.1
Goodwill	84.5
Total noncurrent assets of discontinued operations		20
Current liabilities:
Accrued liabilities	51.3	7.1
Long-term debt due within one year	1.5
Total current liabilities of discontinued operations	0.3	8.1
Noncurrent liabilities:
Long-term debt:	339.8
Repurchase reserve	0.7	5.5
Total noncurrent liabilities of discontinued operations	0.7	15.2
Discontinued Operations
Current assets:
Cash and cash equivalents	0.1	1
Trade accounts receivable, net		4.5
Inventories		11.4
Other current assets		1.1
Total current assets of discontinued operations	0.1	18
Noncurrent assets:
Property, plant and equipment, net		0.3
Intangible assets, net		1.6
Goodwill		17.8
Other noncurrent assets		0.3
Total noncurrent assets of discontinued operations		20
Current liabilities:
Trade payables	0.1	2.9
Accrued liabilities	0.2	0.3
Line of credit		1
Long-term debt due within one year		3.9
Total current liabilities of discontinued operations	0.3	8.1
Noncurrent liabilities:
Long-term debt:		9.7
Repurchase reserve	0.7	5.5
Total noncurrent liabilities of discontinued operations	$ 0.7	$ 15.2

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($)	Jan. 09, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gross proceeds from sale of wholly owned subsidiary	$ 78,000,000
Repurchase claims received or settled		$ 0	$ 0		$ 0
Repurchase reserve		700,000	700,000		$ 5,500,000
Recovery of allowance for repurchase reserve			4,800,000	$ 500,000
Decrease in allowance for repurchase reserve		$ 4,600,000	$ 200,000
Increase in earnings from discontinued operations per share		$ 0.15	$ 0.17
Gain on sale of NABCO			$ 39,700,000
ACE Securities [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Recovery of allowance for repurchase reserve			$ 4,300,000

Statements of Operations of Dis

Statements of Operations of Discontinued Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenues		$ 10.2	$ 0.7	$ 18.4
Cost of sales		6.6	0.4	11.8
Gross profit		3.6	0.3	6.6
Selling, general and administrative expenses	$ 0.3	1.4	0.6	3.3
Amortization of intangibles		0.2		0.5
Other operating expense (income), net	0.4		0.9
Operating profit (loss)		2	(0.4)	2.8
Nonoperating income	(16.3)	(0.2)	(38.3)	0.6
Earnings before income taxes	4.5	2.2	44.2	4.5
Income tax expense	1.6	0.9	17	1.4
Earnings from discontinued operations, net of income taxes	2.9	1.3	27.2	3.1
Discontinued Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Other operating expense (income), net	(0.3)		0.1
Nonoperating income	$ 4.5	$ 0.2	$ 44.6	$ 1.7

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 $ in Millions	USD ($)LegalMatter
Commitments And Contingencies Disclosure [Line Items]
Reserves for environmental remediation liabilities	$ 21.4
Asset retirement obligations	7.4
Colburn Matter
Commitments And Contingencies Disclosure [Line Items]
Lawsuit	3.2
Total amount claimed by plaintiff	2.6
Walker Matter
Commitments And Contingencies Disclosure [Line Items]
Lawsuit	4.6
Total amount claimed by plaintiff	2.5
Breach Of Employment Contracts
Commitments And Contingencies Disclosure [Line Items]
Total amount claimed by plaintiff	$ 5.1
Number of bankruptcy claims filed | LegalMatter	2
Accrued Liabilities
Commitments And Contingencies Disclosure [Line Items]
Asset retirement obligations	$ 0.4
Other Noncurrent Liabilities
Commitments And Contingencies Disclosure [Line Items]
Asset retirement obligations	7
Environmental Remediation
Commitments And Contingencies Disclosure [Line Items]
Accounts payable and accrued liabilities of environmental remediation reserves	$ 3

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ in Millions	Jul. 09, 2015	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 11, 2010
Subsequent Event [Line Items]
Warrant issued to purchase common stock					1,500,000
Proceeds from issuance of common stock, net of issuance costs				$ 58.2
Controlled Equity Offering Program
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net of issuance costs			$ 2.7
Subsequent Event | Controlled Equity Offering Program
Subsequent Event [Line Items]
Warrant issued to purchase common stock	489,900
Proceeds from issuance of common stock, net of issuance costs	$ 5.5	$ 5.5