Kaiser Aluminum Reaches Agreement In Principle With USWA
HOUSTON, Texas, January 29, 2004 - Kaiser Aluminum & Chemical Corporation and the United Steelworkers of America today reached an agreement in principle on the terms and conditions of certain modifications to their master labor agreement. Among other things, the agreement modifies the company's obligations with respect to current and future pension and retiree medical benefits and addresses certain other matters. The complete terms and conditions are currently subject to a confidentiality agreement among the parties.
The agreement is subject to ratification, approvals within the company, and approval by the Bankruptcy Court.
Jack Hockema, the company's president and chief executive officer, said "The company is pleased to have reached a mutually satisfactory agreement which continues the long-standing relationship with the Steelworkers." Hockema added that "this agreement is another significant step in enabling the company to achieve its goal of emerging from chapter 11 by mid-2004."
Kaiser Aluminum & Chemical Corporation is a leading producer of fabricated aluminum products, alumina, and primary aluminum. It is the operating subsidiary of Kaiser Aluminum Corporation (OTCBB: KLUCQ).
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