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For Information: Scott Lamb March 19, 2002 KAISER ALUMINUM RECEIVES FINAL APPROVAL HOUSTON, Texas, March 19, 2002 -- Kaiser Aluminum said today it has received final approval from the Bankruptcy Court for its $300 million Debtor-in-Possession (DIP) financing. "The final approval of the DIP facility continues the momentum in Kaiser's restructuring process," said Jack A. Hockema, Kaiser's President and Chief Executive Officer. "The addition of a committed credit line availability to our strong invested cash position will provide continued financial flexibility to address the needs of our customers, suppliers and employees as we move forward. Our focus is to deliver best-in-class products and services and to build a better company for all our constituencies." As of March 14, 2002, the company had no cash borrowings and approximately $51 million of letters of credit outstanding under the DIP. For additional information on Kaiser's restructuring, visit the company's web site at www.kaiseral.com or call the Kaiser restructuring hotline at 1-888-829-3340 or 1-402-220-0856. Kaiser Aluminum is a leading producer of alumina, primary aluminum, and fabricated aluminum products. F-920 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. |