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KAISER ALUMINUM REPORTS FIRST QUARTER RESULTS

 HOUSTON, April 28 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE: KLU) today reported a loss of $16.6 million, or 29 cents per common share, for the first quarter of 1993, exclusive of previously disclosed, one-time, non-cash, after-tax charges for the required adoption of new accounting standards and for an extraordinary loss associated with the early retirement of the debt of its operating subsidiary, Kaiser Aluminum & Chemical Corp. (KACC). The first-quarter 1993 results compare to net income of $8.4 million, or 15 cents per common share, for the first quarter of 1992.
 Including the $507.3 million ($8.85 per share) after-tax charge for the cumulative (catch-up) effect of the accounting changes for Statements of Financial Accounting Standards No. 106, No. 109, and No. 112, and the $21.8 million (38 cents per share) after-tax extraordinary loss associated with the debt retirement, Kaiser's first- quarter net loss was $545.7 million, or $9.52 per common share.
 Sales for the first quarter of 1993 were $442.6 million, compared to $463.7 million in the same period of 1992.
 The new accounting standards, issued by the Financial Accounting Standards Board, were adopted by Kaiser effective January 1, 1993. The new standards require a change in the accounting for postretirement benefits other than pensions, postemployment benefits, and corporate income taxes. Kaiser's charge for the adoption of these new standards also is included in the charge reported separately today by its parent company, MAXXAM Inc.
 The extraordinary loss on the early retirement of debt results from a first quarter refinancing at KACC that extended the maturity of a portion of KACC's outstanding indebtedness.
 "This is Kaiser's first quarterly loss in six years," said A. Stephens Hutchcraft, Jr., chairman of the board and chief executive officer. "Excluding the effect of the accounting changes and the extraordinary loss, the quarterly loss is due primarily to the continued cyclical deterioration of prices throughout the aluminum industry. Market prices for primary aluminum in the first quarter, for example, reached historic lows in real terms. Also contributing to the unfavorable results were increased costs and reduced production at our operations in the Pacific Northwest, resulting mainly from the Bonneville Power Administration's temporary curtailment of the amount of electric power it provides to large industrial customers. Despite these difficult market and business conditions, our facilities continue to run efficiently."
 Kaiser's customer shipments of primary and fabricated aluminum products totaled 166,100 metric tons for the first quarter of 1993, compared to 176,500 metric tons in the comparable 1992 period. Primary aluminum accounted for approximately 45 percent of total aluminum product shipments in the first quarter of 1993, compared to approximately 51 percent in the first quarter of 1992.
 Kaiser's customer shipments of alumina totaled 459,300 metric tons for the first quarter of 1993, compared to 427,900 metric tons in the 1992 period.
 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. (ASE:MXM).
 KAISER ALUMINUM CORP. AND SUBSIDIARY COMPANIES
 STATEMENTS OF CONSOLIDATED INCOME (Unaudited)
 (In millions of dollars, except share amounts)
 Quarter Ended March 31,
 1993 1992
 Net sales $ 442.6 $ 463.7
 Costs and expenses:
 Cost of products sold 400.1 384.2
 Depreciation 24.2 20.2
 Selling, administrative, research
 and development, and general 28.0 29.8
 Total costs and expenses 452.3 434.2
 Operating income (loss) (9.7) 29.5
 Other income (expense):
 Interest and other income 3.5 1.3
 Interest expense (21.4) (19.9)
 Income (loss) before income taxes,
 minority interests, extraordinary
 loss and cumulative effect of
 changes in accounting principles (27.6) 10.9
 Credit (provision) for income taxes 11.5 (2.3)
 Minority interests (0.5) (0.2)
 Income (loss) before extraordinary
 loss and cumulative effect of changes
 in accounting principles (16.6) 8.4
 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) $(545.7) $ 8.4
 Net income (loss) per common share:
 Income (loss) before extraordinary
 loss and cumulative effect of changes
 in accounting principles $ (0.29) $ 0.15
 Extraordinary loss (0.38) ---
 Cumulative effect of changes in
 accounting principles (8.85) ---
 Net income (loss) per common share $ (9.52) $ 0.15
 Average shares outstanding (000) 57,327 57,250
 -0- 4/28/93
 /CONTACT: Scott Lamb of Kaiser Alumimum, 713-267-3826, or home, 713-367-6706/
 (KLU MXM)


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


TM -- SF010 -- 2365 04/28/93 18:58 EDT
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Date:Apr 28, 1993
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