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Kaiser Aluminum & Chemical Corporation Extends Exchange Offer

HOUSTON, Feb. 5 /PRNewswire/ -- Kaiser Aluminum & Chemical Corporation ("KACC"), the operating subsidiary of Kaiser Aluminum Corporation ("KAC"), announced that it has extended until 5:00 p.m. New York City time on February 6, 1997, its offer to exchange its 10 7/8% Series B Senior Notes due 2006 ("Exchange Notes"), which have been registered under the Securities Act of 1933, for its outstanding $175 million aggregate principal amount of 10 7/8% Senior Notes due 2006 ("Old Notes") (the "Exchange Offer"). The Old Notes were issued in a Rule 144A offering in October 1996.

The Exchange Offer was previously scheduled to expire at 5:00 p.m. New York City time on Wednesday, February 5, 1997. As of February 5, 1997, approximately $174.9 million of the $175 million outstanding aggregate principal amount of Old Notes had been tendered.

The exchange agent for the Exchange Offer is First Trust National Association. Holders of Old Notes who qualify to participate in the Exchange Offer and who wish to accept the Exchange Offer should either, i) request their broker, dealer, commercial bank, trust company or nominee to effect the transaction for them, or ii) complete and sign the letter of transmittal, having their signatures guaranteed if required by Instruction 3 of the letter of transmittal, and forward the letter of transmittal together with such Old Notes and all other documents required by the letter of transmittal to the exchange agent at the following address:

By Mail/Hand/Overnight Express:

First Trust National Association

180 E. 5th Street

St. Paul, Minnesota 55101

Attn: Phyllis Meath, Specialized Finance

Facsimile transmission: 612-244-1537

To confirm receipt: 612-244-1197

For further information, contact Ms. Kathe Barrett, Trust Officer, First Trust National Association, at 612-244-0719.

KACC 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 a wholly owned subsidiary of KAC (NYSE: KLU). MAXXAM Inc. (AMEX: MXM) holds approximately 62 percent of KAC on a fully diluted basis. SOURCE Kaiser Aluminum & Chemical Corporation
 -0- 2/5/97


/CONTACT: Public Relations: Bryan Oakley, 713-267-0023 or Investor Relations: Scott Lamb, 713-267-3826, both of Kaiser Aluminum & Chemical, http://www.kaiseral.com/

(KLU MXM)

CO: Kaiser Aluminum & Chemical Corporation; Kaiser Aluminum Corporation ST: Texas IN: CHM MNG SU: OFR

MM -- NYW156 -- 1966 02/05/97 19:51 EST http://www.prnewswire.com
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Date:Feb 5, 1997
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