Kaiser Aluminum Sees Unit's Cash Flow Improving Next Year
Thursday, August 16, 2001 04:56 PM ET
WASHINGTON -(Dow Jones)- Kaiser Aluminum (KLU, news, msgs) expects the cash flow of its Kaiser Aluminum & Chemical Corp. subsidiary to improve "substantially" in 2002, according to the company's quarterly report filed Monday with the Securities and Exchange Commission.
Kaiser expects the unit's cash flow to improve as its Gramercy, La., refinery becomes more efficient, and as near-term obligations are satisfied.
The Gramercy refinery is expected to reach its full operating rate and efficiency in the last six months of 2001, the filing said.
As reported, the company cited startup costs of the Gramercy refinery as one of the reasons it reported a second-quarter loss of 80 cents a share. An explosion at the Gramercy plant caused it to operate at 60% capacity in the second quarter.