Kaiser Aluminum Announces 20 Percent Increase in Quarterly Dividend Payment to $0.30 per Share

Kaiser Aluminum Announces 20 Percent Increase in Quarterly Dividend Payment to
$0.30 per Share

FOOTHILL RANCH, Calif., Jan. 14, 2013 (GLOBE NEWSWIRE) -- Kaiser Aluminum
Corporation (Nasdaq:KALU) today announced that its Board of Directors has
declared a quarterly cash dividend payment of $0.30 per share on the Company's
outstanding common stock, representing a 20% increase over the prior quarter's
dividend. The dividend will be payable on February 15, 2013 to shareholders of
record as of the close of business on January 25, 2013.

Kaiser Aluminum has paid a quarterly dividend since 2007 and has increased its
dividend approximately 67% during this period. The Company has returned more
than $170 million of cash to shareholders in the past six years through
quarterly dividends and share repurchases while continuing to invest more than
$400 million in organic and acquisition growth initiatives.

"The Board's decision to authorize an increase in our quarterly dividend
reflects our confidence in a sustainable improvement in performance, a strong
long-term outlook, and the financial strength to support demand growth in our
end market segments," said Jack A. Hockema, President, CEO and Chairman. "In
addition to underlying demand growth, we remain optimistic that we will
continue to benefit from attractive, value-creating growth opportunities
through organic investments and acquisitions that will further drive long-term
earnings potential," stated Mr. Hockema.

Company Description

Kaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a
leading producer of semi-fabricated specialty aluminum products, serving
customers worldwide with highly-engineered solutions for aerospace and
high-strength, general engineering, and custom automotive and industrial
applications. The Company's North American facilities produce value-added
sheet, plate, extrusions, rod, bar, tube and wire products, adhering to
traditions of quality, innovation and service that have been key components of
our 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.

The Kaiser Aluminum Corporation logo is available at

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 submitted to the SEC are available
through a link to the section of the SEC's web site at www.sec.gov which
includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and Proxy Statements for the Company's annual
stockholders' meetings and other information statements as filed with the SEC.
In addition, the Company provides a webcast of its quarterly earnings calls
and certain events in which management participates or hosts with members of
the investment community.

This press release contains statements based on management's current
expectations, estimates and projections that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 involving known and unknown risks and uncertainties that may cause
actual results, performance or achievements of the Company to be materially
different from those expressed or implied. These factors include: (a) changes
in economic or aluminum industry business conditions generally, including
supply, demand and credit conditions and conditions in the markets served by
the Company, including aerospace, defense, general engineering, automotive,
distribution and other markets; (b) the ability of the Company to maintain
sustainable performance improvement and identify and successfully execute
growth opportunities;(c) the impact of the Company's future earnings,
financial condition, capital requirements and other factors on its ability to
pay future dividends and any decision by the Company's board of directors in
that regard; and (d) other risk factors summarized in the Company's reports
filed with the Securities and Exchange Commission, including the Company's
Form 10-K for the year ended December 31, 2011 and Exhibit 99.2 of the
Company's Current Report on Form 8-K filed on May 24, 2012 . All information
in this release is as of the date of the release. The Company undertakes no
duty to update any forward-looking statement to conform the statement to
actual results or changes in the Company's expectations.

CONTACT: Investor Relations Contact:
         Melinda C. Ellsworth
         Kaiser Aluminum Corporation
         (949) 614-1757
         Public Relations Contact:
         Dave Quast
         FTI Consulting
         (213) 452-6348

Kaiser Aluminum
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