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KAISER ALUMINUM REPORTS SECOND QUARTER, FIRST HALF FINANCIAL RESULTS

 KAISER ALUMINUM REPORTS SECOND QUARTER, FIRST HALF FINANCIAL RESULTS
 HOUSTON, July 28 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE: KLU) today reported net income of $12.0 million, or $.21 per common share, for the second quarter of 1992, compared to net income of $22.0 million, or $.44 per common share, for the second quarter of 1991. For the first six months of 1992, net income totaled $20.4 million, or $.36 per share, compared to net income of $58.2 million, or $1.16 per share, for the first half of 1991.
 Sales totaled $490.9 million for the second quarter and $954.6 million for the first six months of 1992, compared to $507.2 million and $1,019.8 million for the comparable periods of 1991.
 Commenting on Kaiser's second quarter results, Chairman and Chief Executive Officer John M. Seidl said, "Net income declined primarily becauseof lower realized prices for alumina, primary aluminum, and fabricated aluminum products, reflecting a worldwide imbalance of supply and demand for these products. Our level of shipments remained mixed but reasonably healthy, and our operating facilities continued to perform well with appropriate cost control."
 Kaiser's customer shipments of primary and fabricated aluminum products totaled 177,300 metric tons in the second quarter and 353,800 metric tons in the first half of 1992, compared to 154,900 metric tons and 325,200 metric tons for the comparable periods of 1991. Primary aluminum accounted for approximately 52 percent of total aluminum customer shipments in the second quarter and approximately 51 percent in the first half of 1992; in 1991, primary aluminum accounted for about 49 percent of the total in the second quarter and about 51 percent in the first half.
 Kaiser's customer shipments of alumina totaled 539,000 metric tons in the second quarter and 966,900 metric tons in the first half of 1992,compared to 559,300 metric tons and 980,600 metric tons for the comparable periods of 1991.
 "We expect aluminum price realizations to remain under pressure in light of recent additions to industry capacity and indications of a continuing high level of exports from the former Soviet Union," said Seidl.
 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. Kaiser is 87.3 percent-held by MAXXAM Inc. (AMEX: MXM).
 KAISER ALUMINUM AND SUBSIDIARY COMPANIES
 STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited)
 (In millions of dollars, except share amounts)
 Quarter Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 NET SALES $490.9 $507.2 $954.6 $1,019.8
 COSTS AND EXPENSES:
 Cost of products sold 411.9 404.4 796.1 806.0
 Depreciation 20.0 19.0 40.2 37.9
 Selling, administrative,
 research and development,
 and general 29.4 33.2 59.2 66.0
 Total costs and expenses 461.3 456.6 895.5 909.9
 OPERATING INCOME 29.6 50.6 59.1 109.9
 OTHER INCOME (EXPENSE):
 Interest and other income 4.9 5.5 6.2 24.7
 Interest expense (19.5) (25.7) (39.4) (53.5)
 INCOME BEFORE INCOME TAXES
 AND MINORITY INTERESTS 15.0 30.4 25.9 81.1
 PROVISION FOR INCOME TAXES (3.0) (7.7) (5.3) (21.2)
 MINORITY INTERESTS (.7) (.2) (1.7)
 NET INCOME $ 12.0 $ 22.0 $ 20.4 $ 58.2
 NET INCOME PER COMMON SHARE $ .21 $ .44 $ .36 $ 1.16
 AVERAGE SHARES
 OUTSTANDING(000)(i) 57,250 50,000 57,250 50,000
 (i) During the six months ended June 30, 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- 7/28/92
 /CONTACT: Scott Lamb of Kaiser Aluminum, 713-267-3826/
 (KLU MXM) CO: Kaiser Aluminum; MAXXAM ST: Texas IN: MNG SU: ERN


RM -- SF006 -- 3927 07/28/92 09:39 EDT
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Date:Jul 28, 1992
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