Strong Sales Boost Kaiser’s Earnings
Kaiser Aluminum Corp. reported more than $14 million in improved earnings thanks to healthy demand.
The company Tuesday reported fourth-quarter earnings of $14.2 million on sales of $594.6 million, compared with a net loss of $3.3 million on sales of $538.4 million for the same period a year ago. For all of 1997, Kaiser reported earnings of $48 million, or 57 cents per common share, compared with $8.2 million in 1996.
Kaiser Chairman and CEO George Haymaker Jr. credited improved productivity and higher prices for primary aluminum and alumina and a rise in shipments of fabricated aluminum products.
Kaiser’s smelter in Mead produces primary aluminum and employs 1,200 people, and Kaiser Trentwood produces flat-rolled products and employs 1,425.
Kaiser’s stock closed at $9.69 Tuesday, up 19 cents on the New York Stock Exchange.