Exhibit 99.1
Kaiser Aluminum Corporation Reports
First Quarter 2020 Financial Results

First Quarter 2020:
Net Sales $369 Million; Value Added Revenue $217 Million, Down 1% Year-over-Year
Net Income $29 Million; Net Income per Diluted Share $1.81
Adjusted Net Income $30 Million; Adjusted Earnings per Diluted Share $1.90
Record Adjusted EBITDA $59 Million; Record Adjusted EBITDA Margin 27.4%

Current Situation and Strategy:
Health and Safety of Our Employees is Our Top Priority
Included in the Critical Manufacturing Sector and Recognized as an Essential Business
All Facilities Continue to Operate, Following CDC Guidelines and Protocols
Solid Financial Position - Total Liquidity $688 Million, 0.7x Net Debt to Adjusted EBITDA
Able to Flex Highly Variable Conversion Costs and Capital Spending
Focused on Successful Execution of Our Longstanding Business Cycle Strategy

FOOTHILL RANCH, Calif., April 20, 2020
- Kaiser Aluminum Corporation (NASDAQ:KALU), a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, custom automotive, general engineering, and other industrial applications, today announced first quarter 2020 results.

"While our quarterly comments would ordinarily concentrate on our first quarter 2020 results, which continued to demonstrate strong demand for our products during the quarter, at this time we are focused on the health and safety of our employees and ensuring our actions are consistent with our longstanding business cycle strategy,” said Jack A. Hockema, Chairman and Chief Executive Officer.

Business Cycle Strategy and Response to COVID-19 Pandemic

“We do not know how long the pandemic will last, what implications it will have on our business or what type of economic recovery we will experience as we look forward. However, we do know that for more than a decade, our business cycle strategy has served us well through a wide range of economic cycles - including the Great Recession in 2009 - and has prepared us to address the challenges and potential opportunities presented by the COVID-19 pandemic,” said Mr. Hockema.

The Company’s longstanding business cycle strategy has consistently focused on being well prepared for unexpected economic adversity. The approach and execution of this strategy depends on several critical components including: a strong liquidity position to weather a variety of economic scenarios; a strong balance sheet with conservative debt leverage and financial flexibility to access diverse sources of capital; strong and deep customer partnerships and a preferred supplier position; and a highly variable cost structure to quickly flex with changes in business conditions.

The Company is currently adjusting the business in response to the pandemic economy, while also positioning for an economic rebound and potential opportunities to enhance its competitive position. The focus is on preserving liquidity, which as of March 31, 2020 was $688 million. Share repurchases were suspended in mid-March, and the Company is flexing costs with changes in business activity and limiting capital spending to its critical sustaining capital projects. In addition, as the Company had indicated during its fourth quarter earnings call, it will continue to monitor market conditions to determine timing of the various modules contained within the $375 million, multi-year expansion project at its Trentwood facility, including the initial $145 million planned investment in a new plate stretcher.

The following information was filed by Kaiser Aluminum Corp (KALU) on Monday, April 20, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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