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For Information: Scott Lamb June 12, 2002 KAISER ALUMINUM SEEKS EXTENSION OF EXCLUSIVITY PERIOD FOR PLAN OF REORGANIZATION HOUSTON, Texas, June 12, 2002 - Kaiser Aluminum said it has filed a motion with the U.S. Bankruptcy Court for the District of Delaware to extend to December 12, 2002 the exclusivity period for submission of its formal Chapter 11 Plan of Reorganization. Bankruptcy law generally provides that during the first 120 days after filing, the reorganizing company has the exclusive right to submit a Plan of Reorganization. In complex cases involving large companies, this exclusivity period is usually extended because the process of evaluating the company's options and working with all the stakeholders in the reorganization process requires more time to complete. Exclusivity prevents other stakeholders from filing competing plans for the reorganization that could be disruptive and distracting to the company's work. "We believe the additional time is necessary in order for us to be methodical and rigorous in the development of this plan," said Jack A. Hockema, Kaiser's President and Chief Executive Officer. "In the interim, I am pleased to report that the company's day-to-day operations have been largely unaffected by our Chapter 11 case. Our liquidity is strong; we continue to make and sell products; and we continue to maintain 'Best in Class' service for customers of our Fabricated Products businesses." Kaiser Aluminum Corporation (OTCBB: KLUCQ) is a leading producer of alumina, primary aluminum, and fabricated aluminum products. F-928 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. |