Kaiser Posts Improved Earnings

Wed., July 22, 1998

From Staff Reports

In spite of lower aluminum prices, Kaiser Aluminum Corp. announced a $3 million improvement in net income for the second quarter ended June 30.

Bringing in $16.7 million on sales of $614.8 million in the second quarter, Houston-based Kaiser attributes its success to the strong performance of the company’s Trentwood rolling mill in the Spokane Valley, a good metal hedging program, compensation for potline curtailments and a profit improvement program.

“A key element of the company’s strategy is to strengthen operating performance,” said George Haymaker Jr., Kaiser chairman and chief executive officer. “Financial results for the second quarter clearly demonstrate that Kaiser is making progress in this regard.”

Kaiser’s first-half figures also reflect an improvement over yearago results, with a net income of $28.7 million on sales of $1.211 billion vs. income of $16.3 million on sales of $1.144 billion for the same period a year earlier.

Kaiser employs about 1,440 workers at Trentwood and another 1,160 at the Mead Smelter.

Kaiser closed Tuesday at $9.31, up 18 cents on the New York Stock Exchange.

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Kaiser Posts Improved Earnings

Jesse Tinsley

Jim Meehan

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