Kaiser hires expert to handle asbestos claims

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From staff reports 

Kaiser Aluminum Corp. has hired special counsel to oversee legal matters surrounding asbestos claims.

Edward Houff, 55, will manage Kaiser's extensive asbestos liabilities as deputy general counsel, the company announced Tuesday.

Kaiser subsidiaries used asbestos to make bricks and insulation materials until 1978. Those activities led to more than 100,000 claims against the company as asbestos was determined to be a health threat.

The liability arising from the claims is in the hundreds of millions of dollars. Kaiser is recovering much of the payout through insurance reimbursements.

Those reimbursements lag Kaiser's payments, however, which could have an adverse effect on Kaiser's liquidity, according to company reports to the Securities and Exchange Commission.