FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): June 29, 1999
KAISER ALUMINUM CORPORATION
(Exact name of Registrant as Specified in its Charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-9447
(Commission File Number)
94-3030279
(I.R.S. Employer Identification Number)
5847 SAN FELIPE, SUITE 2600
HOUSTON, TEXAS 77057-3010
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code: (713) 267-3777
Item 5. Other Events
On June 29, 1999, Kaiser Aluminum Corporation announced that its
financial results for the second quarter of 1999 will include a net pre-tax
gain of approximately $13 million as a result of two significant non-
operating items: a gain on the sale of its interest in a wheel joint
venture and a non-cash charge for asbestos-related claims. A copy of the
press release issued in this connection is incorporated by reference herein
and is attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99: Press release dated June 29, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
KAISER ALUMINUM CORPORATION
(Registrant)
By: /S/ DANIEL D. MADDOX
Daniel D. Maddox
Dated: July 2, 1999 Vice President and
Controller
EXHIBIT INDEX
Exhibit 99. Press release dated June 29, 1999
Exhibit 99.1
For Information: Scott Lamb
Telephone: (713) 267-3826
[email protected] June 29, 1999
KAISER ALUMINUM ANNOUNCES EXPECTED IMPACT OF CERTAIN NON-OPERATING
ADJUSTMENTS ON SECOND QUARTER 1999 RESULTS
HOUSTON, Texas, June 29, 1999 -- Kaiser Aluminum Corporation
(NYSE:KLU) said today that its financial results for the second quarter of
1999 will include a net pre-tax gain of approximately $13 million as a
result of two significant non-operating items: a gain on the sale of its
interest in a wheel joint venture and a non-cash charge for asbestos-
related claims.
As previously announced, in early April 1999 the company
completed the sale of its 50% interest in AKW L.P., an aluminum wheel joint
venture, to its partner, Accuride Corporation. The cash sale represents a
continuation of the company's strategy to focus its resources and efforts
in industry segments that are considered most attractive and in which it
believes it is well positioned to capture value. The pre-tax gain on the
sale will be approximately $51 million and will have an approximate $.42
impact on basic earnings per share. The pre-tax gain will be reflected in
Other income (expense).
The asbestos-related pre-tax charge, which is expected to be
approximately $38 million or an approximate $.32 impact on basic earnings
per share, results from a reassessment of existing reserves, net of
expected insurance recoveries, based on recent cost and other trends
experienced by Kaiser and other companies. This charge will also be
reflected in Other income (expense).
As the company has previously reported, Kaiser is a defendant in
a number of lawsuits in which the plaintiffs allege that certain of their
injuries were caused by, among other things, exposure to asbestos during,
and as a result of their employment or association with Kaiser or exposure
to products containing asbestos produced or sold by Kaiser. The lawsuits
generally relate to products Kaiser has not sold for at least 20 years. The
company has insurance coverage for a portion of its aggregate exposure to
the settlement of asbestos claims.
Kaiser Aluminum 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.
F-813
