May 18, 2004

Monthly Update to Customers, Employees, Suppliers, and Friends of Kaiser Aluminum:

In Today’s Court Hearing

The Court approved two key items:

• The sale of the Mead, Washington, facility to an affiliate of Commercial Development Corporation. We expect the transaction to close during the second quarter.
• An extension of the period of exclusivity through June 30, 2004.

Liquidity

The company’s recent liquidity continues to be adequate.

Jack A. Hockema
President and Chief Executive Officer

MONTHLY OPERATING REPORTS

UPDATE ARCHIVE

March 2004
February 2004
January 2004
December 2003
November 2003
October 2003
September 2003
August 2003
July 2003
June 2003
May 2003
April 2003
March 2003
February 2003
January 2003
December 2002
November 2002
October 2002
September 2002
August 2002
July 2002
June 2002
May 2002
April 2002
March 2002

May 21, 2004
Kaiser Bankruptcy
Retiree Medical Q&A

April 26, 2004
March 23, 2004
February 23, 2004
February 4, 2004
January 26, 2004

December 19, 2003
Letter to Participants of the Kaiser Aluminum Salaried Employees  Retirement Plan (KRP)

December 15, 2003

November 17, 2003
October 27, 2003
September 22, 2003
August 25, 2003
July 28, 2003

July 24, 2003:
Memo to Salaried Retirees and Employees Regarding Section 1114 Bankruptcy Court Filing

July 24, 2003:
Open Letter to Customers and Suppliers from CEO Jack Hockema

June 16, 2003
May 19, 2003
April 28, 2003
March 17, 2003
February 4, 2003
January 27, 2003
January 14, 2003 (Jamaica)
January 14, 2003 (Canada)
December 19, 2002
November 26, 2002
October 29, 2002
September, 23, 2002
August 27, 2002
July 17,2002
June 21, 2002