Constellium converts aluminum into specialty rolled and extruded products for aerospace, packaging, and automotive customers. The core business model is a conversion margin model — Constellium earns a spread between the selling price of finished aluminum products and the cost of aluminum inputs, passing raw aluminum costs through to customers. This largely insulates the company from aluminum price swings. Constellium operates three segments: Aerospace & Transportation (A&T), Packaging & Automotive Rolled Products (P&ARP), and Automotive Structures & Industry (AS&I). A&T supplies aerospace plate, sheet, and extrusions — including Constellium's proprietary Airware aluminum-lithium alloy — for commercial and military aircraft, space, and defense customers; this is the highest-margin segment. P&ARP produces canstock, foilstock, and auto body sheet, with recycling economics (the spread between scrap and primary aluminum prices) serving as a meaningful secondary earnings driver, particularly at the Muscle Shoals, Alabama facility. AS&I makes extruded structural components for automotive and industrial customers, primarily in Europe, and is the smallest and lowest-margin segment. Constellium sells primarily through multi-year direct contracts with large OEMs and can makers, providing revenue visibility. Growth investments are focused on expanding recycling capacity at U.S. facilities and adding a third Airware casthouse in France, with earnings benefits expected from 2027 onward. Management targets $900M of adjusted EBITDA and $300M of free cash flow by 2028.