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KAISER ALUMINUM FILES SHELF REGISTRATION, ANNOUNCES FOURTH QUARTER CHARGES

 HOUSTON, Dec. 10 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE: KLU) announced today that it has filed a shelf registration with the Securities and Exchange Commission relating to the sale of $75 million of a new issue of preferred stock, with terms to be determined at the time of sale. Kaiser also announced that it expects to record a number of pre-tax charges in the fourth quarter of 1993.
 The company said today that it expects to take pre-tax charges (substantially all of which the company believes to be nonrecurring) of $65 million to $95 million in the fourth quarter of 1993 for the previously announced restructuring of its Trentwood flat-rolled products operation in Spokane, Wash., and for certain other matters.
 Kaiser also said that in the fourth quarter it expects to take a pre- tax charge against stockholders' equity of $40 million to $65 million to reflect the lowering of the discount rate used to calculate the company's minimum pension liability. The company had used a discount rate of 8.25 percent to calculate its minimum pension liability in 1992.
 A registration statement relating to the new issue of preferred stock has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Kaiser Aluminum Corp. is one of the world's leading producers of alumina, primary aluminum, and fabricated aluminum products and is a major supplier of alumina and primary aluminum in the domestic and international markets. MAXXAM Inc. (AMEX: MXM) owns approximately 67 percent of the voting stock of Kaiser.
 -0- 12/10/93
 /CONTACT: Scott Lamb of Kaiser Aluminum, 713-267-3826/
 (KLU MXM)


CO: Kaiser Aluminum Corp.; MAXXAM Inc. ST: California, Texas IN: MNG SU:

RB -- SF003 -- 2501 12/10/93 09:00 EST
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Date:Dec 10, 1993
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