Kaiser Aluminum Announces Exchange offer for 8.250% Senior Notes

Kaiser Aluminum Corporation (Nasdaq:KALU) announced today the commencement of an exchange offer pursuant to which it is offering to exchange up to $225,000,000 in aggregate principal amount of its 8.250% Senior Notes due 2020 (the "Exchange Notes"), which have been registered under the Securities Act of 1933 (the "Act"), for an equal aggregate principal amount of its unregistered outstanding 8.250% Senior Notes due 2020 (the "Original Notes"). The Original Notes were issued on May 23, 2012 in a transaction exempt from registration under the Act. The terms of the Exchange Notes will be substantially identical to the terms of the Original Notes, except that the Exchange Notes will be registered under the Act and will not be subject to restrictions on transfer or provisions relating to special interest applicable to the Original Notes. The Exchange Notes will bear a different CUSIP or ISIN number from the Original Notes and will not entitle their holders to registration rights.

The terms and conditions of the exchange offer for the Original Notes are set forth in a prospectus dated August 8, 2012 and the related letter of transmittal. The exchange offer will expire at 5:00 p.m., New York City time, on September 11, 2012, unless extended or earlier terminated (such date and time, as the same may be extended, being the "Expiration Time"). Except in the limited circumstances described in the prospectus, any and all Original Notes that are validly tendered in the exchange offer and not validly withdrawn prior to 5:00 p.m., New York City time, on September 11, 2012, the Expiration Time, will be accepted for exchange.