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KAISER ALUMINUM REPORTS FIRST QUARTER RESULTS

 KAISER ALUMINUM REPORTS FIRST QUARTER RESULTS
 HOUSTON, April 27 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE:KLU)


today reported net income of $8.4 million or $.15 per share for the first quarter of 1992. This compares with net income of $36.2 million or $.72 per share for the first quarter of 1991.
 "While down from the year-earlier figures, the first- quarter 1992 results were encouraging because they reflected how well most of our business units continued to perform in the face of tough market conditions," said John M. Seidl, Kaiser chairman and chief executive officer. "Market prices for alumina, primary aluminum, and many fabricated aluminum products were substantially lower than in the first quarter of 1991. But we were able to cushion some of the effect through forward-sales agreements that had been entered into earlier and which produced better-than-market prices for alumina and primary aluminum sold to third parties. Another positive was an increase in our shipments of fabricated products in the quarter."
 Sales totaled $463.7 million for the first quarter of 1992, compared to $512.6 million for the first quarter of 1991.
 Shipments of primary and fabricated aluminum products totaled 176,500 metric tons in the first quarter of 1992, compared to 170,300 metric tons in the comparable year-earlier period. The increase was in shipments of fabricated products, which were up approximately 9 percent compared to the first quarter of 1991. Primary aluminum accounted for approximately 51 percent of total aluminum product shipments in the first quarter of 1992, compared to approximately 54 percent in the first quarter of 1991.
 Kaiser's shipments of alumina, the intermediate material from which primary aluminum is smelted, totaled 427,900 metric tons in the 1992 quarter, compared to 421,300 metric tons in the year-earlier quarter.
 "We know 1992 is going to be a difficult year," Seidl said. "Our strategy continues to be to improve upon the efficiencies we achieved last year, to reduce operating costs wherever possible, and to improve product quality and customer service continually."
 The company is considering a number of alternatives which, if pursued, would be designed to extend the maturities and reduce the interest rates with respect to a portion of the debt obligations of its operating unit. However, the company has not determined which, if any, of these proposals it may implement or when it would expect to do so.
 Kaiser Aluminum Corp. is 87.3 percent held by MAXXAM Inc. (AMEX: MXM).
 (Statements of Consolidated Income Follow)
 KAISER ALUMINUM CORP.
 Statements of Consolidated Income
 (unaudited)
 (millions of dollars, except share amounts)
 Quarters Ended
 March 31,
 1992 1991
 NET SALES $ 463.7 $ 512.6
 COSTS AND EXPENSES:
 Cost of products sold 384.2 401.6
 Depreciation 20.2 18.9
 Selling, administrative, research
 and development, and general 29.8 32.8
 Total costs and expenses 434.2 453.3
 OPERATING INCOME 29.5 59.3
 OTHER INCOME (EXPENSE):
 Interest and other income 1.3 19.2
 Interest expense (19.9) (27.8)
 INCOME BEFORE INCOME TAXES
 AND MINORITY INTERESTS 10.9 50.7
 PROVISION FOR INCOME TAXES (2.3) (13.5)
 MINORITY INTERESTS (.2) (1.0)
 NET INCOME $ 8.4 $ 36.2
 NET INCOME PER COMMON SHARE $ .15 $ .72
 AVERAGE SHARES OUTSTANDING (000)(A) 57,250 50,000


(A) During the three months ended March 31, 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- 4/27/92
 /CONTACT: Scott Lamb of MAXXAM Inc., 713-267-3826/
 (KLU) CO: Kaiser Aluminum Corp.; MAXXAM Inc. ST: Texas, California IN: MNG SU: ERN


RM -- SF008 -- 2932 04/27/92 08:14 EDT
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Date:Apr 27, 1992
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