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Kaiser Aluminum Offers Revised Proposal to USWA in an Attempt to Narrow the Gap Between the Parties.

HOUSTON--(BUSINESS WIRE)--Aug. 13, 1999--

Kaiser Aluminum & Chemical Corporation, the operating subsidiary of Kaiser Aluminum Corporation (NYSE:KLU), said today, at the conclusion of five days of bargaining in Denver with the United Steelworkers of America (USWA), that it had modified a key element of its proposal in order to narrow the gap between the parties.

Kaiser's chief negotiator, Jeremy Sherman, said, "A major issue in the negotiations has been the company's demand to have greater flexibility to outsource work in order to realize greater efficiencies. The new company proposal addresses the union's desire to protect employee job security while still enabling Kaiser to achieve targeted productivity goals."

The company has said it believes it can reduce the number of hourly jobs at the five plants affected by the dispute by approximately 700, of which 239 are tied to outsourcing. Under the company's new proposal, employees would be protected against layoff for contracting out unrelated to the elimination of these 239 positions.

"While we believe our new proposal provides the framework for resolving the parties' disagreement over contracting out, our willingness to make this offer is linked to the union's acceptance of our targeted productivity goals," said Sherman. "We hope that, if we can resolve this issue, we can then direct our attention to other areas of disagreement where the gap between our respective positions remains very wide."

The parties' full negotiating committees were in attendance during the talks. They were joined by representatives of the Federal Mediation and Conciliation Service. An additional four days of talks are scheduled to begin August 23 in San Francisco.

Kaiser Aluminum Corporation is a leading producer of alumina, primary aluminum and fabricated aluminum products. MAXXAM Inc. (ASE:MXM) directly and indirectly holds approximately 63 percent of Kaiser.

Company press releases may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those expressed or implied in the forward-looking statements as a result of various factors.
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Date:Aug 13, 1999
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