KALU Kaiser Aluminum Corporation

Kaiser Aluminum Corporation (NASDAQ: KALU) today announced the pricing of an offering of 5,461,870 shares of common stock, all of which are being offered by existing stockholders, at $61.25 per share. One selling stockholder, a voluntary employees� beneficiary association trust that provides benefits to eligible retirees represented by certain unions, has agreed to sell 2,517,955 shares and has granted the underwriters a 30-day option to purchase up to 819,280 additional shares, to cover over-allotments, if any. The company will not sell any shares in, and will not receive any of the proceeds from, this offering. UBS Securities LLC and Bear, Stearns�& Co. Inc. acted as joint book-running managers and Lehman Brothers Inc. and Lazard Capital Markets LLC acted as co-managers of the offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained by contacting UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171 or from Bear, Stearns & Co. Inc., c/o Prospectus Department, 383 Madison Avenue, New York, NY 10179. Kaiser Aluminum is a leading independent aluminum products manufacturing company, operating 11 production facilities in North America. The company produces rolled, extruded, drawn and forged aluminum products within three categories consisting of aerospace and high strength products, general engineering products and custom automotive and industrial products. F-1063 Kaiser Aluminum press releases may contain statements that constitute �forward-looking statements� within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that such forward-looking statements are not guarantees of future performance or events and involve significant risks and uncertainties, and that actual results or events may vary from those in the forward-looking statements as a result of various factors. Factors potentially affecting the events contemplated by the forward-looking statements contained in this press release include: (a)�general economic and business conditions, (b)�changing stock prices and equity market conditions, and (c)�factors that could adversely affect the company�s business prospects, financial condition, results of operations and cash flows, which are summarized in the company�s registration statement on Form�S-1 and other reports filed by the company with the Securities and Exchange Commission. Accordingly, no assurance can be given that the proposed public offering will be completed or as to the impact of the proposed offering on the market for the company�s common stock.