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KAISER ALUMINUM REPORTS 1991 FINANCIAL RESULTS

 KAISER ALUMINUM REPORTS 1991 FINANCIAL RESULTS
 OAKLAND, Calif., Jan. 30 /PRNewswire/ -- Kaiser Aluminum Corp.


(NYSE: KLU) today reported net income of $108.4 million or $2.03 per common share for the full year of 1991, compared to net income of $213.7 million or $4.27 per common share for 1990.
 For the fourth quarter of 1991, net income was $27.1 million or $.47 per common share, compared to net income of $50.8 million or $1.02 per common share in the fourth quarter of 1990.
 "Industry-wide prices for alumina declined throughout the year and spot prices for primary aluminum dropped to their lowest levels ever in real terms," said John M. Seidl, chairman and chief executive officer. "Kaiser was able to outperform its principal competitors financially as a result of a forward sales strategy for large quantities of alumina and primary aluminum that yielded better-than- current market prices, higher alumina shipments, and a leaner organizational structure. In addition," he said, "most of our key facilities set performance and production records. Under the circumstances, the results for the year and fourth quarter were as good as we could have expected."
 Sales totaled $2,000.8 million for the year and $471.3 million for the fourth quarter, compared to $2,095.0 million and $517.7 million for the full year and final quarter of 1990.
 Shipments of primary and fabricated aluminum products by Kaiser totaled 654,800 metric tons for the year and 162,600 metric tons for the fourth quarter, compared to 651,700 metric tons and 160,900 metric tons in the comparable 1990 periods. Primary aluminum accounted for approximately 52 percent of total aluminum product shipments in 1991, compared to approximately 53 percent in 1990.
 Kaiser's shipments of alumina totaled 1,945,900 metric tons for the year and 454,000 metric tons for the fourth quarter, compared to 1,758,200 metric tons and 459,700 metric tons in the 1990 periods.
 "The economic challenges the industry encountered in 1991 are continuing into 1992," Seidl said. "Kaiser's ongoing operating strategy is to improve upon the efficiencies we achieved in 1991, reduce operating costs wherever possible, and continuously improve the quality of our products and customer service. Notwithstanding all that, 1992 will be a very difficult year."
 Kaiser Aluminum Corp. is 87.3 percent-held by MAXXAM Inc. (AMEX: MXM).
 KAISER ALUMINUM CORP.
 STATEMENTS OF CONSOLIDATED INCOME
 (unaudited)
 (millions of dollars, except share amounts)
 Quarters Ended Years Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Net Sales $ 471.3 $ 517.7 $2,000.8 $2,095.0
 Costs and expenses:
 Cost of products sold 379.7 383.3 1,594.2 1,525.2
 Depreciation 16.2 17.6 73.2 70.5
 Selling, administrative,
 research and development,
 and general 20.6 32.2 117.4 123.2
 Total costs and
 expenses 416.5 433.1 1,784.8 1,718.9
 Operating income 54.8 84.6 216.0 376.1
 Other income (expense):
 Interest and other
 income (expense) (4.4) (1.4) 20.3 17.6
 Interest expense (18.9) (22.0) (93.9) (96.6)
 Income before income taxes
 and minority interests 31.5 61.2 142.4 297.1
 Provision for income taxes (5.1) (7.2) (32.4) (75.6)
 minority interests .7 (3.2) (1.6) (7.8)
 Net income $ 27.1 $ 50.8 $ 108.4 $ 213.7
 Net income per
 common share $ .47 $ 1.02 $ 2.03 $ 4.27
 Average shares
 outstanding (000)(A) 57,250 50,000 53,297 50,000
 (A) During the quarter and the year ended Dec. 31, 1990 and from
 Jan. 1, 1991 through July 18, 1991, the company's common
 stock was not publicly traded. On July 18, 1991, an
 additional 7,250,000 common shares were issued by the
 company and since that time have been publicly traded on the
 New York Stock Exchange.
 -0- 1/30/92
 /CONTACT: Robert W. Irelan of MAXXAM Inc., 713-267-3722; or Elizabeth M. Simon of Kaiser Aluminum Corp., 510-271-3313/
 (KLU) CO: Kaiser Aluminum ST: California, Texas IN: MNG SU: ERN


RM -- SF001 -- 5068 01/30/92 08:20 EST
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Date:Jan 30, 1992
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