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KAISER ALUMINUM CORPORATION REPORTS SECOND QUARTER, FIRST HALF RESULTS

 HOUSTON, Aug. 3 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE: KLU) today reported a net loss of $19.4 million, or 34 cents per share, for the second quarter of 1993, compared to net income of $12.0 million, or 21 cents per share, for the second quarter of 1992. Sales in the second quarter of 1993 totaled $432.2 million, compared to $490.9 million for the same period of 1992.
 For the first six months of 1993, the company's loss was $36.0 million, or 63 cents per share, exclusive of first quarter, non- cash charges totaling $529.1 million for the adoption of new accounting standards and for an extraordinary loss associated with the early retirement of debt. Results for the first six months of 1993 compare to net income of $20.4 million, or 36 cents per share, for the first half of 1992. Sales for the first six months of 1993 were $874.8 million, compared to $954.6 million for the first half of 1992.
 Commenting on Kaiser's second quarter results, Chairman and Chief Executive Officer A. Stephens Hutchcraft Jr. said, "The decline in net income is primarily due to the continued weakness of market prices for most all aluminum products. Lower shipments of primary aluminum, caused by the partial curtailment of our Northwest smelters, and lower shipments of alumina also contributed to the decline in income."
 Kaiser's customer shipments of primary and fabricated aluminum products totaled 149,100 metric tons in the second quarter and 315,200 metric tons in the first half of 1993, compared to 177,300 metric tons and 353,800 metric tons for the comparable periods of 1992. Primary aluminum accounted for approximately 36 percent of total aluminum customer shipments in the second quarter and approximately 41 percent in the first half of 1993; in 1992, primary aluminum accounted for about 52 percent of the total in the second quarter and about 51 percent in the first half.
 Kaiser's customer shipments of alumina totaled 472,300 metric tons in the second quarter and 931,600 metric tons in the first half of 1993, compared to 539,000 metric tons and 966,900 metric tons for the comparable periods of 1992.
 Kaiser Aluminum Corp. is a leading producer 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) holds approximately 68 percent of voting interest in Kaiser.
 KAISER ALUMINUM CORP. AND SUBSIDIARY COMPANIES
 Statements of Consolidated Income (Loss)
 (Unaudited)
 (In thousnds, except per share amounts)
 Quarter Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net sales $ 432.2 $ 490.9 $ 874.8 $ 954.6
 Costs and expenses:
 Cost of products sold 391.0 411.9 791.1 796.1
 Depreciation 24.3 20.0 48.5 40.2
 Selling, administrative, research and
 development, and general 31.1 29.4 59.1 59.2
 Total costs and expenses 446.4 461.3 898.7 895.5
 Operating income (loss) (14.2) 29.6 (23.9) 59.1
 Other income (expense):
 Interest and other income 3.5 4.9 7.0 6.2
 Interest expense (21.9) (19.5) (43.3) (39.4)
 Income (loss) before income
 taxes, minority interests,
 extraordinary loss, and cumulative
 effect of changes in
 accounting principles (32.6) 15.0 (60.2) 25.9
 Credit (provision) for
 income taxes 13.6 (3.0) 25.1 (5.3)
 Minority interests (0.4) -- (0.9) (0.2)
 Income (loss) before
 extraordinary loss and cumulative
 effect of changes in
 accounting principles (19.4) 12.0 (36.0) 20.4
 Extraordinary loss on early
 extinguishment of debt, net
 of tax benefit of $11.2 -- -- (21.8) --
 Cumulative effect of changes
 in accounting principles,
 net of tax benefit of $237.7 -- -- (507.3) --
 Net income (loss) $ (19.4) $ 12.0 $(565.1) $ 20.4
 Net income (loss) per common share:
 Income (loss) before extraordinary
 loss and cumulative effect
 of changes in accounting
 principles $ (0.34) -- $ (0.63) --
 Extraordinary loss -- -- (0.38) --
 Cumulative effect of changes
 in accounting principles -- -- (8.83) --
 Net income (loss) per
 common share $ (0.34) $ 0.21 $(9.84) $ 0.36
 Average shares
 outstanding (000) 57,544 57,250 57,436 57,250
 -0- 8/3/93
 /CONTACT: Scott Lamb of Kaiser Aluminum, 713-267-3826/
 (KLU MXM)


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

TM -- SF008 -- 8735 08/03/93 08:57 EDT
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Date:Aug 3, 1993
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