Kaiser Aluminum Holds Annual Stockholder Meeting
HOUSTON--(BUSINESS WIRE)--May 23, 2001--Kaiser Aluminum Corporation (NYSE:KLU - news) announced at today's annual meeting that stockholders have elected seven directors to hold office until the 2002 meeting or until their respective successors are elected and qualified. Reelected directors are Robert J. Cruikshank, James T. Hackett, George T. Haymaker, Jr., Charles E. Hurwitz, Ezra G. Levin, Raymond J. Milchovich, and James D. Woods.
At the stockholders' meeting, President and Chief Executive Officer Ray Milchovich briefly reviewed the company's recent operating results and described Kaiser's new performance improvement initiative, which is designed to achieve a sustainable annual operating cash flow (operating income plus depreciation) run rate of approximately $225 million to $235 million by the first quarter of 2003. The details of that initiative are described in a separate press release issued by Kaiser today.
Mr. Milchovich expressed confidence in the company's ability to generate significantly increased operating earnings. He also stated that he was confident the company would announce at least one asset sale in the second quarter of 2001. Together, these actions will enable the company to improve its balance sheet and increase its financial flexibility, he said.
Also today, the company's board elected Mr. Milchovich as chairman. He continues to serve as the company's president and chief executive officer. As chairman of the board, he succeeds Mr. Haymaker, who had previously indicated his intention to serve in this capacity through the 2001 stockholders' meeting.
Kaiser Aluminum Corporation is a leading producer of alumina, primary aluminum and fabricated aluminum. MAXXAM Inc. (AMEX:MXM - news) directly and indirectly holds approximately 63 percent of Kaiser.
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.