Kaiser Aluminum sees $270 million in Q1 insurance recoveries

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HOUSTON, March 30 (Reuters) - Aluminum manufacturer Kaiser Aluminum Corp. (NYSE: KLU) on Friday said its first-quarter results will be affected by about $270 million in insurance recoveries, as well as new accounting procedures.

Kaiser said in a press release that the insurance collections are related to business interruption expenses, property damage, and clean-up and site preparation.

The Houston-based company said its new accounting methods will result in a pre-tax benefit of $21.2 million in the first quarter and an offsetting pre-tax charge of $18.9 million.