KAISER ALUMINUM Business Summary

Kaiser Aluminum Corp (KALU) operates as a leading producer of semi-fabricated specialty aluminum products, generating revenue primarily through the sale of value-added fabricated mill products to industrial customers. The company utilizes a "conversion revenue" model, which isolates the value added by its manufacturing processes from the volatile cost of underlying aluminum, which is typically passed through to customers. Its operations are organized into four primary business segments: Aerospace and High Strength (Aero/HS), which provides plate and sheet for commercial and military aircraft; Packaging, focused on beverage and food container stock; General Engineering (GE), supplying rod, bar, and tube for industrial applications; and Automotive Extrusions, delivering highly-engineered components for North American vehicle platforms. Kaiser Aluminum competes directly with global giants such as Alcoa Corp, Constellium SE, and Century Aluminum, positioning itself as a high-margin specialist that prioritizes complex, highly-engineered solutions over commodity primary aluminum production. Originally founded in 1946 by industrialist Henry J. Kaiser, the company is currently led by a veteran executive team with deep institutional knowledge. Keith A. Harvey serves as Chairman, President, and CEO, having joined the firm in 1981 as an industrial engineer and rising through the ranks over a 45-year tenure to his current role. He is supported by Neal E. West, Executive Vice President and CFO, who joined in 2008 following senior roles at Gateway, Inc. and Neptune Orient Lines, and Hugh "Jack" J. Barger III, who was appointed EVP of Sales and Marketing effective January 2026. The board of directors features notable industry figures including James D. Hoffman, the former CEO of Reliance, Inc., and Kimberly T. Glas, a prominent manufacturing policy expert appointed in early 2025. This leadership structure emphasizes operational continuity and strategic expansion into high-growth sectors like semiconductor equipment and sustainable packaging.