GROUND LEASE AGREEMENT

Exhibit 10.22

GROUND LEASE AGREEMENT

(Southern Reclamation Plant)

This Ground Lease Agreement is entered into as of March 31, 1999 by REYNOLDS ALUMINUM PARTNERS (“RAP”) and WISE ALLOYS LLC (“Buyer”).

RECITALS

THEREFORE, for valuable consideration, receipt of which is acknowledged, RAP and Buyer agree as follows:

ARTICLE I

DEMISED SRC PROPERTY/USE

1.1 SRC Property . RAP hereby leases to Buyer and Buyer leases from RAP for the term, at the rental, and upon all of the conditions set forth herein that certain real property located in Colbert County, Alabama upon which the Southern Reclamation Plant is situated as is more particularly [described/depicted] in Exhibit A attached hereto and incorporated herein (the “SRC Property”).

1.2 Use . The SRC Property shall be used and occupied only for the ownership, operation, maintenance, repair and replacement of the Southern Reclamation Plant. Except as is necessary for the ownership, operation, maintenance, repair and replacement of the Southern Reclamation Plant, and except for the construction and maintenance of the berm and the pipelines for the transport of process and sanitary wastewater and storm water, which Buyer shall construct in accordance with the terms and conditions set forth in section 8.16 of the Asset Purchase Agreement, Buyer shall not construct any permanent improvement on the SRC Property without the prior written consent of RAP, which consent shall not be unreasonably withheld.

1.3 Improvements/Personal Property .

(a) Upon the termination or expiration of this Lease, improvements on the SRC Property shall be deemed to be and become part of the realty and the sole and absolute property of RAP as of the expiration or termination of this Lease and shall be surrendered to RAP at that time, free and clear of all liens of mortgages, deeds of trust, liens of mechanics, laborers or materialmen and all other liens or encumbrances.

(b) All personal property on the SRC Property shall remain the property of Buyer regardless of the termination or expiration of this Lease. Buyer may remove from the SRC Property all such personal property within thirty (30) business days after the termination or expiration of this Lease and shall repair at its sole cost and expense, any damage to the SRC Property caused by such removal. Any personal property not removed by the aforesaid date shall be deemed abandoned and may be used or disposed of by RAP without compensation to Buyer.

1.4 Sanitary Waste and Process Water Disposal . Buyer shall, at its cost and expense, take such measures as are required to ensure that the sanitary waste and process water from the Southern Reclamation Plant is disposed of on property which does not constitute the SRC Property or any other property owned by RAP, Reynolds Metals Company or Southern Reclamation Company, Inc.

1.5 Access . RAP hereby grants and conveys unto Buyer, for the term of this Lease, a non-exclusive leasehold easement for pedestrian and vehicular ingress to and egress from the SRC Property through the double gate located adjacent to and on the west side of the railroad line crossing of River Road on the south side of the SRC Property and along the existing entrance road to the SRC Property (the “Entrance Road”). RAP shall have the right, exercisable at any time and from time to time, to relocate the Entrance Road. In the event that RAP relocates the Entrance Road, RAP shall either permit Buyer to use the Entrance Road, as relocated, or provide Buyer with suitable alternative access to the SRC Property. Buyer shall take all actions as may be reasonably required to prevent trespassers from entering on to the SRC Property.

ARTICLE II

RENT

2.1 Base Rent . Buyer shall pay to RAP as base rent for the SRC Property the sum of $10.00 per year subject to the adjustments, if any, set forth below. The first base rent payment shall be due and payable on the Commencement Date (defined below). Each subsequent base rent payment shall be due and payable annually on the anniversary of the Commencement Date. Rent shall be paid to Reynolds Metals Company at 6601 West Broad Street, Richmond, Virginia 23230, Attn: Real Estate Department, or at such other address as may be specified in written notice to Buyer.

2.2 Additional Rent . The parties intend this to be an absolute net lease. In addition to the Base Rent set forth above, Buyer shall pay as “additional rent” any and all charges applicable to the SRC Property, including without limitation, real property taxes and insurance as more fully set forth below, and any other costs, fees, expenses or other charges whether or not contemplated by the parties as of the Commencement Date.

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ARTICLE III

TERM/TERMINATION

3.1 Term . The term of this Lease shall commence on March 31, 1999 (the “Commencement Date”), and shall end ninety-nine (99) years thereafter on March 30, 2098 (the “Expiration Date”).

3.2 Termination . Notwithstanding section 3.1, RAP may terminate this Lease prior to the Expiration Date in the event that Buyer sells, transfers or assigns this Lease or the Southern Reclamation Plant without the prior consent of RAP, which consent shall not be unreasonably withheld. In the event this Lease is terminated pursuant to this section 3.2, the provisions of section 1.3 shall apply.

ARTICLE IV

RAP OBLIGATIONS

4.1 Quiet Enjoyment . If, and as long as, Buyer shall faithfully perform the agreements, terms, covenants and conditions hereof, Buyer shall and may (subject, however, to the provisions, reservations, terms and conditions of this Lease) peaceably and quietly have, hold and enjoy the SRC Property for the term hereby granted without molestation or disturbance by or from RAP.

4.2 No Representations By RAP . Buyer acknowledges that RAP makes no representations or warranties in respect of the SRC Property. RAP makes no representation or warranty, and expressly disclaims any representation or warranty with respect to the condition, value or quality of the Premises and the Premises are leased to Buyer “AS IS” AND “WHERE IS.”

ARTICLE V

BUYER’S RIGHTS AND OBLIGATIONS

5.1 Buyer Compliance With Laws . Buyer warrants that its use of the SRC Property and the Entrance Road and operation of the Southern Reclamation Plant shall not violate any federal, state or local law, ordinance, order, rule, regulation, or any other applicable law affecting the SRC Property or the Entrance Road. Buyer may contest the application to Buyer or the validity of, any applicable law, provided that Buyer shall fully indemnify and hold RAP harmless from and against the consequences of any such contest.

5.2 Waste and Nuisance . Buyer warrants that it shall not use the SRC Property or the Entrance Road or permit the SRC Property or the Entrance Road to be used in any manner that would tend to create waste or nuisance.

ARTICLE VI

ENVIRONMENTAL MATTERS

Buyer represents, warrants and covenants that it (i) shall not use the SRC Property or the Entrance Road or the storage, generation, transportation, processing, handling or disposal of any Hazardous Materials in violation of any Environmental Law or Environmental Permit, (ii) not

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cause or in any way, directly or indirectly, contribute to any condition that is or may be characterized by any federal, state or local government or agency as an actual or potential threat or endangerment to the environment, (iii) shall comply strictly with all applicable Environmental Laws, (iv) immediately notify RAP of any notice of violation, noncompliance or other written communication by any governmental authority or others of any violation of any Environmental Law and (v) immediately inform RAP if Buyer becomes aware of or causes a release of Hazardous Materials on the SRC Property or the Entrance Road which is reportable to a local, state, or federal regulatory authority. For releases deemed by the Buyer as not reportable, copies of any documentation relating to such release shall be maintained by Buyer and made available for review by RAP upon request.

ARTICLE VII

TAXES AND INSURANCE

7.1 Real Property Taxes . RAP shall pay prior to delinquency all real property taxes assessed against the SRC Property and the improvements constituting the Southern Reclamation Plant. RAP shall invoice Buyer for 100% of the taxes assessed against the improvements constituting the Southern Reclamation Plant and for Buyer’s share of the taxes assessed against the tax parcel that includes the SRC Property, based upon the percentage that the square footage of the SRC Property bears to the total square footage of such tax parcel. Buyer shall reimburse RAP within 30 days of the date of the invoice.

7.2 Personal Property Taxes . Buyer shall pay prior to delinquency all taxes assessed against and levied upon its equipment and all other personal property located at the SRC Property.

7.3 Insurance . Buyer shall, at its expense, obtain and keep in force during the term of this Lease, commercial general liability insurance with a combined single limit of not less than $5,000,000 per occurrence for bodily injury (including death) and property damage, insuring both RAP and Buyer against liability arising out of Buyer’s use or occupancy of the SRC Property and the Entrance Road. In addition, Buyer shall, at its expense, obtain and keep in force during the term of this Lease, a policy or policies of insurance covering loss or damage to the Southern Reclamation Plant providing protection against all perils included within the classification of fire, lightning, all risk and extended coverage.

7.4 Insurance Certificates . All such policies of insurance required under section 7.3 shall designate RAP as an additional insured. Buyer shall deliver to RAP certificates of insurance for the insurance required under section 7.3 on the Commencement Date. Such policies shall not be cancelable or subject to reduction in coverage without 30 days prior written notice to RAP. Buyer shall, within a reasonable time prior to the expiration of such policies, furnish RAP with certificates of insurance evidencing renewal thereof. Such insurance may be carried under a “blanket” policy or policies covering other properties or liabilities.

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ARTICLE VIII

INDEMNIFICATION OF RAP

8.1 Indemnity . Buyer shall indemnify and save RAP and any agent, beneficiary, contractor, director, employee, lessor, officer, parent, partner, shareholder or trustee of RAP (each an “Indemnified Party”) harmless from and against any and all liabilities, suits, obligations, fines, damages, penalties, claims, costs, charges and expenses, including, without limitation, engineers’, architects’ and attorneys’ fees and disbursements (collectively, “Claims”), which may be imposed upon or incurred by or asserted against any Indemnified Party by reason of any of the following occurring during or after (but attributable to a period of time falling within) the term hereof; provided, however, that the indemnification obligations set forth herein shall not apply to the extent that the Claim