Kaiser Aluminum Chemical Corp

Alumax Inc., responding to Kaiser Aluminum Corp.'s unsolicited offer to buy the company for $2.2 billion to $2.5 billion in cash and stock, on Friday called the bid inadequate and said it is not seeking a sale. Investors shrugged off Alumax's response in the belief that the thriving Norcross, Ga.-based aluminum maker may consider a higher offer from Kaiser, an industry laggard and the smaller of the two companies, analysts said. Alumax shares soared 17%, closing up $5.625 at $38.

Kaiser Aluminum Corp. on Thursday made public its bid for competitor Alumax Inc., in a deal valued at between $2.2 billion and $2.5 billion that would create the world's third-largest aluminum producer. Alumax earlier this month rejected the merger proposal from Houston-based Kaiser, which is controlled by Maxxam Inc., but it has indicated that it would consider a richer offer. There was no immediate response Thursday from Norcross, Ga.-based Alumax.

Fluor Corp.'s Fluor Daniel unit said Tuesday that it has received a contract to provide engineering, procurement and construction services for Kaiser Aluminum & Chemical Corp.'s first commercial micromill, which will produce beverage can sheet. Engineering is underway for the $45-million micromill, which will be in Storey County, Nev., and construction is scheduled to begin next month. Upon completion in late 1996, the micromill will produce about 45,000 metric tons of can sheet a year.

Kaiser Aluminum Corp. said its first-quarter profit more than doubled, but its stock fell more than 10% after the company forecast lower production than anticipated this year. "We are not market-constrained, we are production-constrained this year," Chairman and Chief Executive Jack Hockema said. He said there was a short, unplanned outage at a light-gauge furnace during the first quarter. In addition, a planned four-month shutdown for maintenance at another furnace in Spokane, Wash.

A federal agency said Friday that it had taken responsibility for pension plans covering nearly 900 workers and retirees of Kaiser Aluminum & Chemical Co. The Pension Benefit Guaranty Corp., which insures private defined benefit pension plans, estimated that the four pension plans had combined assets of $20.1 million to cover promised benefits totaling $29.6 million. The agency said it would be liable for $2.7 million of the $9.5-million shortfall. Kaiser Aluminum & Chemical Co.

Kaiser Aluminum Corp. said Monday that a bankruptcy judge approved the company's plan to end four years of Chapter 11 protection this quarter. The exit plan now requires approval from a U.S. District Court judge, Kaiser said. Under the plan approved by Bankruptcy Judge Judith Fitzgerald in Wilmington, Del., Kaiser plans to cancel its stock and swap debt for equity. "The finish line is within sight," Chief Executive Jack Hockema said in a statement. Foothill Ranch-based Kaiser posted a $746.

Kaiser Aluminum Corp., which just emerged from bankruptcy protection after more than four years, said Monday that costs from its reorganization contributed to a second-quarter loss. The Foothill Ranch-based aluminum manufacturer said its loss totaled $2.5 million, or 3 cents a share, compared with a profit of $365.8 million, or $4.59, a year ago. The year-ago profit was boosted by $366 million in divestment proceeds. Revenue in the quarter ended June 30 rose 35% to $353.

Kaiser Aluminum Corp., the second-largest U.S. aluminum maker, will cut at least 540 jobs, or 19%, of the hourly work force at five plants in Ohio, Louisiana and Washington, after settling a two-year strike. A federal arbitrator reached a settlement Monday between the company and members of the United Steelworkers of America. Under the five-year contract, workers will get wage and benefit increases that average 2.6% a year, Kaiser said.

Union workers returned to their jobs at a Kaiser Aluminum Corp. plant for the first time since their September 1998 walkout stretched into a two-year labor dispute. Two hours after replacement workers ended their final shift at Kaiser's Mead aluminum smelter near Spokane, Wash., the plant gates opened for United Steelworkers of America members to return to work. There were no problems during the transition, a Kaiser spokeswoman said.