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KAISER ALUMINUM CORPORATION REPORTS 1992 RESULTS

 HOUSTON, Feb. 9 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE: KLU) today reported net income of $26.9 million, or 47 cents per common share, for 1992, compared to net income of $108.4 million, or $2.03 per common share for the full year 1991. For the fourth quarter of 1992, net income was $2.6 million, or 5 cents per common share, compared to $27.1 million, or 47 cents per share, in the fourth quarter of 1991.
 Sales totaled $1,909.1 million for the year and $496.0 million for the fourth quarter of 1992, compared to $2,000.8 million and $471.3 million for the same periods in 1991. The 1992 fourth quarter includes a pre-tax charge of approximately $29.0 million because of a reduction in the carrying value of inventories, caused principally by prevailing lower prices for alumina, primary aluminum, and fabricated products and by a LIFO inventory liquidation.
 "Although worldwide prices for the aluminum industry and for the company were depressed throughout the year because of the industry's continued reluctance to curtail capacity, Kaiser remained marginally profitable due to increased shipments of our key products -- alumina, primary aluminum, and fabricated aluminum products -- combined with the ongoing benefit of our cost-reduction efforts and the efficiency of our operations," said A. Stephens Hutchcraft, Jr., chairman of the board and chief executive officer of Kaiser.
 Kaiser's customer shipments of primary and fabricated aluminum products totaled 699,000 metric tons for the year and 180,500 metric tons for the fourth quarter of 1992, compared to 654,800 metric tons and 162,600 metric tons in the comparable 1991 periods. Primary aluminum accounted for approximately one half of total aluminum product shipments in both 1992 and 1991.
 Kaiser's customer shipments of alumina totaled 2,001,300 metric tons for the year and 565,100 metric tons for the fourth quarter of 1992, compared to 1,945,900 metric tons and 454,000 metric tons in the 1991 periods.
 "We cannot predict with certainty when aluminum prices will improve, and we expect 1993 will be a difficult year," Hutchcraft said. "However, we are confident we have taken the necessary steps to make the best of this cyclical downturn and to be a full participant when market conditions improve," Hutchcraft said.
 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. It is 87.2 percent-held by MAXXAM Inc. (AMEX: MXM).
 KAISER ALUMINUM CORP.
 STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited, in millions of dollars, except share amounts)
 Quarter Ended Year Ended
 December 31, December 31,
 1992 1991 1992 1991
 NET SALES $ 496.0 $ 471.3 $1,909.1 $2,000.8
 COSTS AND EXPENSES:
 Cost of products sold 441.2 379.7 1,619.3 1,594.2
 Depreciation 19.9 16.2 80.3 73.2
 Selling, administrative,
 research and development,
 and general 30.7 20.6 119.6 117.4
 Total costs and
 expenses 491.8 416.5 1,819.2 1,784.8
 OPERATING INCOME 4.2 54.8 89.9 216.0
 OTHER INCOME (EXPENSE):
 Interest and other
 income (expense) 15.9 (4.4) 20.9 20.3
 Interest expense (20.3) (18.9) (78.7) (93.9)
 INCOME BEFORE INCOME TAXES
 AND MINORITY INTERESTS (0.2) 31.5 32.1 142.4
 CREDIT (PROVISION) FOR
 INCOME TAXES 2.6 (5.1) (5.3) (32.4)
 MINORITY INTERESTS 0.2 0.7 0.1 (1.6)
 NET INCOME $ 2.6 $ 27.1 $ 26.9 $ 108.4
 NET INCOME PER
 COMMON SHARE $ 0.05 $ 0.47 $ 0.47 $ 2.03
 AVERAGE SHARES
 OUTSTANDING(000)(A) 57,252 57,250 57,250 53,297
 (A) 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- 2/9/93
 /CONTACT: Scott Lamb Kaiser Aluminum, 713-267-3826/
 (KLU MXM)


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

TM -- SF003 -- 4465 02/09/93 08:37 EST
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Date:Feb 9, 1993
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