Business
Kaiser Aluminum Lifts Force Majeure at its Warrick Rolling Mill
FRANKLIN, Tenn., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ:KALU) announced today that it has lifted force majeure declared on
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"FRANKLIN, Tenn., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ:KALU) announced today that it has lifted force majeure declared on July 7, 2022 at its Warrick Rolling Mill (“Kaiser Warrick”), due to limited availability of magnesium utilized in the production of certain of its aluminum beverage and food packaging products, reducing its ability to produce those products at that time. As the Company has previously disclosed, US Magnesium, LLC, (“US Mag”), Kaiser Warrick’s largest supplier of magnesium, declared force majeure on September 29, 2021 and had continued to supply approximately 50% of its contractual commitment until June 2022, at which time deliveries abruptly stopped. US Mag is not currently supplying any magnesium to Kaiser Warrick and no further shipments of magnesium are expected through the December 31, 2022 expiration of its supplier agreement. The Company has now successfully secured and qualified magnesium from alternative sources to meet its requirements for the remainder of 2022, and is currently finalizing its supplier agreements for 2023 and beyond. With security of supply and its capacity fully restored, Kaiser Warrick is currently working with its customers to return to full production. Company Description Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly engineered solutions for aerospace and high-strength, packaging, general engineering, custom automotive and other industrial applications. The Company’s North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube and wire products, adhering to traditions of quality, innovation and service that have been key components of its culture since the Company was founded in 1946. The Company’s stock is included in the Russell 2000® index and the S&P Small Cap 600® index. Available Information For more information, please visit the Company’s web site at www.kaiseraluminum.com. The web site includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings subm...