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April 26, 2004
Monthly Update to Customers, Employees, Suppliers, and Friends of Kaiser Aluminum:
In Today’s Court Hearing
The Court approved the company’s agreement to sell its interests in Alpart to RUSAL for a base price of $295 million, subject to certain adjustments and the approvals and conditions that we cited in our press release of April 21.
The agenda for today’s hearing originally included a number of other matters, such as approval of the Mead sale and the extension of exclusivity. However, because of scheduling issues unrelated to our case, the Court deferred ruling on these matters to a newly scheduled hearing on May 18. In addition, the Court also will hold its regularly scheduled monthly hearing on May 24.
Outlook and Liquidity
We have seen indications of improving demand in our fabricating business, and recent liquidity has remained adequate. We look forward to the completion of our restructuring and to our emergence from Chapter 11 as primarily a fabricated products company.
Jack A. Hockema
President and Chief Executive Officer
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