For information: Scott Lamb
Telephone: (713) 332-4751

October 29, 2002

BANKRUPTCY COURT APPROVES KAISER ALUMINUM REQUEST TO SET
JANUARY 31, 2003 AS GENERAL BAR DATE

HOUSTON, Texas, October 29, 2002 -- Kaiser Aluminum said today that the U.S. Bankruptcy Court for the District of Delaware has approved the company’s request to set January 31, 2003 as the general bar date by which most persons or entities holding claims against either Kaiser Aluminum or any of its reorganizing companies must file proofs of claim in the companies’ Chapter 11 cases.  The bar date does not apply to asbestos-related personal injury claims, for which the company reserves the right to later establish a separate bar date.

Persons or entities required to file a proof of claim that fail to do so by the general bar date will be barred from asserting a claim against the companies that is different from that reflected on the companies’ respective schedules of assets and liabilities on file with the Court.  Such persons or entities will not be permitted to vote on – or receive distribution from – any plan or plans of reorganization.

“Setting the general bar date is an important step in the reorganization process and reflects Kaiser’s progress in moving toward its goal of emerging from Chapter 11 as a strong and viable enterprise,” said Jack A. Hockema, president and chief executive officer of Kaiser Aluminum. 

Kaiser Aluminum has designated as claims agent Logan & Company, of 546 Valley Road, Upper Montclair, NJ  07043.

The company expects to arrange for the claims agent to send notice of the bar date on or before November 22, 2002 to all known persons or entities that may have pre-petition claims, including current and many former vendors. However, receipt of a claim notice does not necessarily mean that a claim exists.  For example, the Bankruptcy Code also requires the notice to be sent to employees, former employees, and retirees – even though such persons may have no known claims against any of the Kaiser companies that are in Chapter 11. In particular, Kaiser retirees who receive such a notice do not need to file a Proof of Claim merely to continue receiving routine retiree benefits.   

The company expects to publish notice of the bar date in selected national and local newspapers. In addition, the company’s web site (www.kaiseral.com) contains general information about the bar date. A downloadable copy of the proof-of-claim form will be available on the Kaiser web site in late November 2002 for persons or entities that did not receive such a form from the claims agent. The company has also established a toll-free telephone number that provides information about the claims process: 1-888-829-3340 or 1-402-220-0856.

Kaiser Aluminum Corporation (OTCBB: KLUCQ) is a leading producer of alumina, primary aluminum, and fabricated aluminum products. 

F-935

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 results 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.