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KAISER REGISTRATION STATEMENT DECLARED EFFECTIVE BY SEC

 HOUSTON, June 24 /PRNewswire/ -- Kaiser Aluminum Corp. (NYSE: KLU) said that its registration statement for approximately 17.1 million depositary shares has been declared effective by the Securities and Exchange Commission.
 The new issue is priced at $7.25 per share. Each depositary share bears a cumulative annual dividend of $0.65. As previously announced, the depositary shares represent ownership of Series A Mandatory Conversion Premium Dividend Preferred Stock. The shares are subject to mandatory conversion into Kaiser common stock not later than June 30, 1996. MAXXAM Group Inc., a subsidiary of MAXXAM Inc., has arranged to purchase approximately 2.1 million of the depositary shares.
 Proceeds from the sale of depositary shares to the public will be used to make a loan and a capital contribution to Kaiser's operating subsidiary, Kaiser Aluminum & Chemical Corp. (KACC). KACC, in turn, will use the proceeds to repay its outstanding term loan and to reduce outstanding borrowings under its revolving credit facility.
 The underwriters for the offering are Merrill Lynch & Co.; Bear, Stearns & Co. Inc.; Donaldson, Lufkin & Jenrette Securities Corp.; PaineWebber Inc.; and Salomon Brothers Inc.
 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. After giving effect to the offering, MAXXAM Inc. (AMEX: MXM) will own approximately 70 percent of Kaiser's common stock on a fully diluted basis.
 -0- 6/24/93
 /CONTACT: Scott Lamb of Kaiser Aluminum, 713-267-3826/
 (KLU MXM)


CO: Kaiser Aluminum Corp.; Kaiser Aluminum & Chemical Corp.; MAXXAM
 Inc.; MAXXAM Group Inc. ST: Texas, California IN: MNG SU: OFF


TM -- SF006 -- 5161 06/24/93 08:34 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:283
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