-
Fabricated Products Adjusted Operating Income Increased
Sequentially on Higher Value Added Revenue and Continued
Improvement in Manufacturing Efficiencies
-
New Revolving Credit Facility and Convertible Note
Offering Further Enhance Financial Strength and
Flexibility
-
Investment Continues for Future Growth and Competitive
Strength
Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income
of $9 million and earnings per diluted share of $0.44 for the first
quarter ended March 31, 2010 compared to net income of $4 million
and earnings per diluted share of $0.19 for the first quarter March
31, 2009. Excluding the impact of pre-tax, non-run-rate items,
adjusted net income was $9 million and earnings per diluted share
were $0.47 for the first quarter 2010 compared to adjusted net
income of $16 million and earnings per diluted share of $0.81 for
the comparable prior year quarter.
First Quarter Summary
"First quarter results improved from recent quarters on higher
value added revenue and continuing improvements in our
manufacturing efficiencies," said Jack A. Hockema, President, CEO
and Chairman. "Although we have not yet seen meaningful improvement
in real demand, supply chain inventories appear to be reaching
equilibrium and destocking appears to be moderating. We are also
pleased with our continued progress in the installation and testing
of equipment at our new, world-class rod and bar extrusion facility
in Kalamazoo, Michigan. This facility is an important next step in
advancing our competitive cost position for these general
engineering products. Our production capabilities at Kalamazoo will
also facilitate profitable automotive applications sales growth
driven by increasing demand for aluminum extrusions to achieve more
fuel-efficient vehicles. The facility remains on schedule to be
fully operational late 2010."
"During the quarter we entered into a new revolving credit
facility and completed a convertible note offering. These
transactions were exceptionally well received in the marketplace
and together they serve to further enhance our financial strength
and flexibility. We continue to build upon our strong operational
and financial platform and are well positioned for value-creating
internal and external growth opportunities," said Mr. Hockema.
First Quarter 2010 Consolidated Results
(Non GAAP, Unaudited)*
($mm, except per share amounts)
|
Quarter
|
|
1Q10
|
4Q09
|
1Q09
|
Net Sales
|
$268
|
$237
|
$266
|
Value Added Revenue
1
|
$137
|
$129
|
$147
|
Operating Income (Loss) before NRR
2
|
|
|
|
Fabricated Products
|
$27
|
$23
|
$28
|
All Other
|
|
|
|
Anglesey-related / Hedging
|
($0)
|
($5)
|
$9
|
Corporate
|
($11)
|
($9)
|
($10)
|
Consolidated Operating Income before NRR
2
|
$16
|
$9
|
$28
|
Non-Run-Rate Items
|
($1)
|
$25
|
($20)
|
Reported Consolidated Operating Income
3
|
$15
|
$34
|
$7
|
Net Income
|
$9
|
$24
|
$4
|
EPS (diluted, GAAP)
|
$0.44
|
$1.19
|
$0.19
|
Adjusted EPS 4
|
$0.47
|
$0.35
|
$0.81
|
|
|
|
|
1 Value added revenue = Fabricated Products net sales
less hedged cost of alloyed metal
2 NRR = Non-run-rate
3 Totals may not sum due to rounding
4 Estimated EPS excluding NRR items (net of tax)
* Please refer to GAAP financial statements
|
|
|
|
On a sequential basis, the Company reported consolidated
operating income of $15 million in the first quarter 2010 compared
to $34 million in the fourth quarter 2009. The fourth quarter
reflected significant non-run-rate items, including approximately
$31 million of non-cash mark-to-market gains on derivative
positions. Adjusted for non-run-rate items, consolidated operating
income increased to $16 million for the first quarter 2010 compared
to $9 million for the fourth quarter 2009, primarily reflecting
higher sequential operating income for the Fabricated Products
segment and improved realized hedging results during the
quarter. Consolidated operating income adjusted for
non-run-rate items decreased $12 million in the first quarter 2010
compared to the prior year quarter primarily due to favorable
hedging gains of $9 million realized in 2009.
Fabricated Products Segment Results
(Non GAAP, Unaudited)*
($mm, except per pound
amounts)
|
Quarter
|
|
1Q10
|
4Q09
|
1Q09
|
Shipments (lbs, mm)
|
128
|
112
|
109
|
Net Sales
|
$267
|
$236
|
$241
|
Value Added Revenue
1
|
$137
|
$129
|
$147
|
Average Realized Price
($/lb)
|
|
|
|
Metal Price
|
$1.02
|
$0.97
|
$0.86
|
Value Added Revenue
1
|
$1.07
|
$1.14
|
$1.35
|
Total
|
$2.09
|
$2.11
|
$2.21
|
Operating Income before NRR
2
|
$27
|
$23
|
$28
|
Non-Run-Rate Items
|
($4)
|
($4)
|
($14)
|
Reported Operating Income
|
$23
|
$19
|
$14
|
|
|
|
|
1 Value Added Revenue = Net Sales less the hedged
cost of alloyed metal, 2 NRR = Non-Run-Rate
* Please refer to GAAP financial statements
|
The Fabricated Products segment reported operating income of
approximately $23 million in the first quarter 2010, a $4 million
increase sequentially from the fourth quarter 2009. Operating
income excluding non-run-rate items increased $4 million
sequentially to $27 million on higher value added revenue across
the Company's end market applications and continued improvement in
manufacturing efficiencies. Reduced inventory destocking across the
supply chain and improved demand in select market segments drove
the increase in value added revenue. During the quarter operating
income was negatively impacted by approximately $3 million due to
start-up costs at the new Kalamazoo, Michigan extrusion facility
and a one-time signing bonus related to the new five-year labor
agreement with the United Steelworkers. Compared to the first
quarter 2009, operating income before non-run-rate items was
relatively flat as improved manufacturing efficiencies roughly
offset lower value added revenue.
Corporate Highlights
During the first quarter the Company implemented a new financing
structure comprised of a $200 million revolving credit facility and
a $175 million cash convertible senior note issue. The new credit
facility matures in March 2014, provides more flexible terms and
conditions, and allows the Company to more efficiently deploy
assets to collateralize existing and future financing
requirements. The cash convertible senior notes which mature
in April 2015 were well received by the market, allowing the
Company to increase the principal amount of the notes
issued. Cash proceeds were utilized for option transactions to
effectively increase the conversion premium to the Company, to fund
a $44 million share repurchase, and to increase short-term cash by
$108 million, which is intended for general corporate purposes. The
new financing structure enhances the Company's liquidity and
financial flexibility to continue to support its ongoing business
needs and longer-term strategic growth objectives.
Outlook
"We anticipate demand in the second quarter 2010 for our
products will be similar to the demand we saw in the first
quarter," said Mr. Hockema. "We are encouraged by the solid order
backlogs and recent announcements by large commercial airframe
manufacturers regarding their plans to increase production in late
2010. In the near term, however, we expect commercial airframe
manufacturers to continue working through surplus inventories built
during prior production delays. On balance, we anticipate our
shipments and value-added revenue for the aerospace and high
strength applications in the second quarter 2010 to be similar to
the first quarter 2010."
"Our shipments and value added revenue for general engineering
and automotive applications have shown steady improvement since
early last year, and that trend accelerated in the first quarter
2010. As service center inventories for general engineering
products have stabilized and automotive build rates are improving,
we anticipate shipments and value-added revenue for these
applications in the second quarter to also be similar to the first
quarter 2010," continued Mr. Hockema.
"Longer term, the fundamentals for our business remain strong.
The full benefit of our capital investment in Trentwood has yet to
be realized, and the Kalamazoo investment represents the next
significant step to enhance long-term profitability. The new
Kalamazoo facility, along with other significant capital
investments we have made the past few years at many of our other
facilities, rounds out our platform of focused facilities to
position Kaiser Aluminum as a low-cost producer and supplier of
choice for aerospace and defense, general engineering and
automotive applications. With attractive market opportunities
and a strong operational and financial platform, we are
well-positioned to capitalize on new opportunities for profitable
growth," concluded Mr. Hockema.
Conference Call
Kaiser Aluminum Corporation will host a conference call on April
29, 2010, at 10:00am (Pacific Time); 12:00pm (Central Time); 1:00pm
(Eastern Time), to discuss first quarter 2010 results. To
participate, the conference call can be directly accessed from the
U.S. and Canada at (877) 341-5663, and accessed internationally at
(678) 224-7866. A link to the simultaneous web cast can be accessed
on the Company's website at
http://investors.kaiseraluminum.com/events.cfm. A
copy of a presentation will be available to be downloaded prior to
the start of the call. An audio archive will be available on the
Company's website following the call.
Kaiser Aluminum Corporation, headquartered in Foothill Ranch,
Calif., is a leading producer of semi-fabricated specialty aluminum
products, serving customers worldwide with highly-engineered
solutions for aerospace and high-strength, general engineering, and
custom automotive and industrial applications. The Company's North
American facilities produce value-added sheet, plate, extrusions,
forgings, rod, bar and tube products, adhering to traditions of
quality, innovation and service that have been key components of
our culture since the Company was founded in 1946. The Company's
stock is included in the Russell 2000® index. For more information,
please visit www.kaiseraluminum.com.
The Kaiser Aluminum Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6081
Non-GAAP Financial Measures
This earnings release contains certain non-GAAP financial
measures. A "non-GAAP financial measure" is defined as a numerical
measure of a company's financial performance that excludes or
includes amounts so as to be different than the most directly
comparable measure calculated and presented in accordance with GAAP
in the statements of income, balance sheets or statements of cash
flow of the company. Pursuant to the requirements of Regulation G,
the Company has provided a reconciliation of non-GAAP financial
measures to the most directly comparable financial measure in the
accompanying tables.
The non-GAAP financial measures used within this earnings
release are operating profit, net income and earnings per diluted
share, excluding non-run-rate, non-operating gains and losses, and
earnings before interest, tax, depreciation and amortization or
EBITDA. These measures are presented because management uses this
information to monitor and evaluate financial results and trends
and believes this information to also be useful for investors.
This press release contains statements based on management's
current expectations, estimates and projections that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 involving known and
unknown risks and uncertainties that may cause actual results,
performance or achievements of the Company to be materially
different from those expressed or implied. Kaiser Aluminum cautions
that such forward-looking statements are not guarantees of future
performance or events and involve significant risks and
uncertainties and actual events may vary materially from those
expressed or implied in the forward-looking statements as a result
of various factors. These factors include: (a) changes in the
demand in the market segments served by the Company, including
aerospace, defense, general engineering, automotive, distribution
and other market segments, including changes impacting the volume,
price or mix of products sold by the Company and the Company's
ability to flex production consistent with changing demand levels;
(b) pressure to reduce defense spending and demand for the
Company's products used in defense applications as the U.S. and
other governments are faced with competing national priorities; (c)
the Company's ability to continue to realize manufacturing
efficiencies and remain a low cost producer, (d) the Company's
ability to successfully identify and execute its long term
strategic growth initiatives and internal and external growth
opportunities; (e) the Company's ability to efficiently deploy
assets to collateralize existing and future financing requirements;
(f) the Company's ability to meet contractual commitments and
obligations to supply products meeting required specifications; (g)
changes in competitive factors in the markets served by the
Company, including developments in technology used by the Company,
its competitors or its customers and changes in applicable laws and
regulatory requirements which negatively impact the Company's
competitive position; (h) the Company's ability to lower energy
costs, realize manufacturing efficiencies and complete its
expansion and organic growth projects, equipment and facility
upgrades to improve manufacturing and cost efficiencies and product
expansions as planned and by targeted completion dates, including
the start-up and operation of the Company's new rod and bar
extrusion facility in Kalamazoo, Michigan; and (i) other risk
factors summarized in the Company's reports filed with the
Securities and Exchange Commission, including the Company's Form
10-K for the year ended December 31, 2009 and Current Report on
Form 8-K filed with the Securities and Exchange Commission on March
29, 2010. As more fully described in these reports, "non-run-rate"
items are items that, while they may occur from period to period,
are particularly material to results, impact costs primarily as a
result of external market factors and may not occur in future
periods if the same level of underlying performance were to occur.
All information in this release is as of the date of the release.
The Company undertakes no duty to update any forward-looking
statement to conform the statement to actual results or changes in
the Company's expectations.
KAISER ALUMINUM CORPORATION AND SUBSIDIARY
COMPANIES
|
STATEMENTS OF CONSOLIDATED INCOME (1)
(2)
|
(Unaudited)
|
(In millions of dollars except share and per share
amounts)
|
|
|
|
|
Quarter Ended March 31,
|
|
2010
|
2009
|
|
|
Net sales
|
$267.5
|
$265.9
|
Costs and expenses:
|
|
|
Cost of products sold:
|
|
|
Cost of products sold, excluding depreciation, amortization
and other items
|
232.0
|
225.6
|
Lower of cost or market inventory write-down
|
--
|
9.3
|
Impairment of investment in Anglesey
|
--
|
.6
|
Restructuring costs and other (benefits) charges
|
(.6)
|
1.2
|
Depreciation and amortization
|
4.0
|
4.1
|
Selling, administrative, research and development, and general
|
17.3
|
17.9
|
Total costs and expenses
|
252.7
|
258.7
|
Operating income
|
14.8
|
7.2
|
Other income (expense):
|
|
|
Interest expense
|
--
|
(.2)
|
Other income (expense), net
|
.2
|
(.1)
|
Income before income taxes
|
15.0
|
6.9
|
Income tax provision
|
(6.2)
|
(3.1)
|
Net income
|
$8.8
|
$3.8
|
Earnings per share, Basic (3)
|
|
|
Net income per share
|
$.44
|
$.19
|
Earnings per share, Diluted (3)
|
|
|
Net income per share
|
$.44
|
$.19
|
Weighted-average number of common shares outstanding
(000):
|
|
|
Basic
|
20,020
|
19,492
|
Diluted
|
20,020
|
19,492
|
|
|
|
|
|
|
(1) The consolidated financial
statements include the statements of the Company and its wholly
owned subsidiaries and a 49% interest in Anglesey Aluminium Limited
("Anglesey"), which operated as an aluminum smelter until September
30, 2009 and, following that date, remelts and casts secondary
aluminum.
|
|
|
|
(2) Please refer to the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2010,
for additional detail regarding the items in the table.
|
|
|
|
(3) All of the Company's unvested
share-based payment awards that contain non-forfeitable rights to
dividends or dividend equivalents (whether paid or unpaid) are
treated as participating securities and affect the computation of
net income (loss) available to common stockholders and earnings per
share pursuant to the two-class method in accordance with
accounting requirements that became effective in 2009.
|
|
KAISER ALUMINUM CORPORATION AND SUBSIDIARY
COMPANIES
|
SELECTED OPERATIONAL AND FINANCIAL INFORMATION (1)
(2)
|
(Unaudited)
|
(In millions of dollars except shipments and average
realized third-party sales price)
|
|
|
|
|
|
|
|
Quarter Ended
|
|
March 31,
|
|
2010
|
2009
|
Shipments (millions of pounds):
|
|
|
Fabricated Products
|
128.0
|
109.0
|
All Other (3)
|
.4
|
36.2
|
|
128.4
|
145.2
|
|
|
|
Average Realized Third Party Sales Price (per pound):
|
|
|
Fabricated Products(4)
|
$2.09
|
$2.21
|
All Other (5)
|
$.92
|
$.69
|
Net Sales:
|
|
|
Fabricated Products
|
$267.2
|
$240.8
|
All Other
|
.3
|
25.1
|
Total Net Sales
|
$267.5
|
$265.9
|
Segment Operating Income (Loss):
|
|
|
Fabricated Products(6)(7)
|
$23.0
|
$14.0
|
All Other (8)
|
(8.2)
|
(6.8)
|
Total Operating Income (Loss)
|
$14.8
|
$7.2
|
Income tax provision
|
$(6.2)
|
$(3.1)
|
Net Income (Loss)
|
$8.8
|
$3.8
|
|
|
|
Capital Expenditures, net of change in accounts
payable
|
$13.9
|
$22.2
|
|
|
|
(1) The consolidated financial
statements include the statements of the Company and its wholly
owned subsidiaries and a 49% interest in Anglesey Aluminium Limited
("Anglesey"), which operated as an aluminum smelter until September
30, 2009 and, following that date, remelts and casts secondary
aluminum.
|
|
|
|
|
|
|
(2) Please refer to the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2010,
for additional detail regarding the items in the table.
|
|
|
|
|
|
|
(3) For the quarters ended March 31,
2010 and March 31, 2009, shipments in All Other represented
shipments of primary aluminum products produced by Anglesey.
|
|
|
|
|
|
|
(4) Average realized prices for our
Fabricated Products segment are subject to changes in product mix
as well as underlying primary aluminum prices and are not
necessarily indicative of changes in underlying profitability.
|
|
|
|
|
|
|
(5) Average realized prices for All
Other represent average realized prices on sales of primary
aluminum product and is subject to fluctuations in the London Metal
Exchange ("LME") price of metal.
|
|
|
|
|
|
|
(6) Fabricated Products segment
operating results for the quarter ended March 31, 2010 include a
non-cash last-in, first-out ("LIFO") inventory charge of $9.2
million, and metal gains of approximately $8.2 million. Fabricated
Products segment operating results for the quarter ended March 31,
2009 include a non-cash LIFO inventory benefit of $11.2 million,
and metal losses of approximately $15.5 million. Also included in
the Fabricated Products segment operating results for the quarter
ended March 31, 2009 were $9.3 million of non-cash lower of cost or
market inventory write-downs and $1.2 million of restructuring
charges relating to the December 2008 restructuring plan involving
our Tulsa, Oklahoma and Bellwood, Virginia facilities.
|
|
|
|
|
|
|
(7) Fabricated Products segment
includes non-cash mark-to-market (losses) gains on natural gas and
foreign currency hedging activities totaling $(3.2) million and $.5
million in the quarters ended March 31, 2010 and March 31, 2009,
respectively. For further discussion regarding mark-to-market
matters, please refer to Note 13 of the Company's Form 10-Q for the
quarter ended March 31, 2010.
|
|
|
|
|
|
|
(8) With respect to operating income
in All Other, hedging business unit operating results for the
quarters ended March 31, 2010 and March 31, 2009, include non-cash
mark-to-market gains (losses) on primary aluminum hedging
activities totaling $3.4 million and $(9.0) million, respectively,
and on foreign currency derivatives totaling $4.2 million for the
quarter ended March 31, 2009. For further discussion regarding
mark-to-market matters, please refer to Note 13 of the Company's
Form 10-Q for the quarter ended March 31, 2010.
|
|
KAISER ALUMINUM CORPORATION AND SUBSIDIARY
COMPANIES
|
CONSOLIDATED BALANCE SHEETS (1)
(2)
|
(Unaudited)
|
(In millions of dollars, except share and per share
amount)
|
|
|
|
|
March 31, 2010
|
December 31, 2009
|
ASSETS
|
|
|
Current assets:
|
|
|
Cash and cash equivalents
|
$135.5
|
$30.3
|
Receivables:
|
|
|
Trade, less allowance for doubtful receivables of $.6 and $.8 at
March 31, 2010 and December 31, 2009, respectively
|
96.0
|
83.7
|
Due from affiliate
|
--
|
.2
|
Other
|
4.0
|
2.2
|
Inventories
|
131.4
|
125.2
|
Prepaid expenses and other current assets
|
62.5
|
59.1
|
Total current assets
|
429.4
|
300.7
|
Property, plant, and equipment — net
|
350.3
|
338.9
|
Net asset in respect of VEBA
|
145.1
|
127.5
|
Deferred tax assets — net
|
265.6
|
277.2
|
Other assets
|
81.0
|
41.2
|
Total
|
$1,271.4
|
$1,085.5
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
Current liabilities:
|
|
|
Accounts payable
|
$58.1
|
$49.0
|
Accrued salaries, wages, and related expenses
|
28.6
|
33.1
|
Other accrued liabilities
|
27.7
|
32.1
|
Payable to affiliate
|
16.7
|
9.0
|
Total current liabilities
|
131.1
|
123.2
|
Net liability in respect of VEBA
|
.6
|
.3
|
Long-term liabilities
|
108.2
|
53.7
|
Cash convertible senior notes
|
136.9
|
--
|
Other long-term debt
|
7.1
|
7.1
|
|
383.9
|
184.3
|
Commitments and contingencies
|
|
|
Stockholders' equity:
|
|
|
Common stock, par value $.01, 90,000,000 shares authorized at
March 31, 2010 and at December 31, 2009; 19,208,061 shares issued
and outstanding at March 31, 2010 and 20,276,571 shares issued and
outstanding at December 31, 2009
|
.2
|
.2
|
Additional capital
|
983.7
|
967.8
|
Retained earnings
|
88.9
|
85.0
|
Common stock owned by Union VEBA subject to transfer
restrictions, at reorganization value, 4,392,265 shares at March
31, 2010 and 4,845,465 shares at December 31, 2009
|
(105.5)
|
(116.4)
|
Treasury stock, at cost, 1,724,606 shares at March 31, 2010 and
572,706 shares at December 31, 2009
|
(72.3)
|
(28.1)
|
Accumulated other comprehensive loss
|
(7.5)
|
(7.3)
|
Total stockholders' equity
|
887.5
|
901.2
|
Total
|
$1,271.4
|
$1,085.5
|
|
|
|
(1) The consolidated financial
statements include the statements of the Company and its wholly
owned subsidiaries and a 49% interest in Anglesey Aluminium Limited
("Anglesey"), which operated as an aluminum smelter until September
30, 2009 and, following that date, remelts and casts secondary
aluminum.
|
|
|
|
(2) Please refer to the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2010
for additional detail regarding the items in the table.
|
Reconciliation of Non-GAAP Measures
The following table presents a reconciliation of non-GAAP
measures presented in the earnings release for the quarter ended
March 31, 2010 (in millions of dollars except share and per share
amounts):
|
Fabricated Products
|
All Other
|
Consolidated
|
|
GAAP operating income (loss)
|
$23.0
|
$(8.2)
|
$14.8
|
Mark-to-market gains (losses)
|
(3.2)
|
3.4
|
.2
|
Restructuring costs and other charges
|
.6
|
--
|
.6
|
Other non-run-rate items (1)
|
(1.4)
|
(0.4)
|
(1.8)
|
Total non-run-rate adjustments
|
(4.0)
|
3.0
|
(1.0)
|
Operating income (loss), excluding non-run-rate items
|
$27.0
|
$(11.2)
|
$15.8
|
|
|
|
|
GAAP net income
|
|
|
$8.8
|
Total non-run-rate adjustments (net of tax)
|
|
|
(.6)
|
Net income, excluding non-run-rate adjustments (net of tax)
|
|
|
$9.4
|
Diluted earnings per share (GAAP)
|
|
|
$.44
|
Diluted earnings per share, excluding non-run-rate items
|
|
|
$.47
|
|
|
|
|
(1) Other non-run-rate items represent non-cash LIFO
charges and metal gains for the Fabricated Products segment and
primarily non-cash net periodic benefit costs related to the VEBAs
for All Other.
|
Reconciliation of Non-GAAP Measures
The following table presents a reconciliation of non-GAAP
measures presented in the earnings release for the quarter ended
March 31, 2009 (in millions of dollars except share and per share
amounts):
|
Fabricated Products
|
All Other
|
Consolidated
|
|
GAAP operating income (loss)
|
$14.0
|
$(6.8)
|
$7.2
|
Mark-to-market gains (losses)
|
.5
|
(4.8)
|
(4.3)
|
Lower of cost or market inventory write-down
|
(9.3)
|
|
(9.3)
|
Restructuring costs and other charges
|
(1.2)
|
|
(1.2)
|
Other non-run-rate items (1)
|
(4.3)
|
(1.3)
|
(5.6)
|
Total non-run-rate adjustments
|
(14.3)
|
(6.1)
|
(20.4)
|
Operating income (loss), excluding non-run-rate items
|
$28.3
|
$(.7)
|
$27.6
|
|
|
|
|
GAAP net income
|
|
|
$3.8
|
Total non-run-rate adjustments (net of tax)
|
|
|
(12.5)
|
Net income, excluding non-run-rate adjustments (net of tax)
|
|
|
$16.3
|
Diluted earnings per share (GAAP)
|
|
|
$.19
|
Diluted earnings per share, excluding non-run-rate items
|
|
|
$.81
|
|
|
|
|
(1) Other non-run-rate items represent non-cash LIFO charges,
metal gains, lower of cost or market inventory write-down, and
pre-emergence related environmental costs for the Fabricated
Products segment and primarily non-cash net periodic benefit costs
related to the VEBAs for All Other.
|
CONTACT: Kaiser Aluminum Corporation
Investor Relations Contacts:
Melinda C. Ellsworth
(949) 614-1757
FD
Public Relations Contact:
Dave Quast
(646) 421-5341
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