Kaiser Aluminum Corporation announced that it declared force majeure at its Warrick Rolling Mill (“Kaiser Warrick”) due to the limited availability of magnesium utilized in the production of certain of its aluminum beverage and food packaging products, reducing its ability to produce those products at this time. As the Company has previously disclosed, US Magnesium, LLC, (“US Mag”), Kaiser Warrick's large supplier of magnesium, declared force majeure on September 29, 2021. Although US Mag had continued to supply approximately 50% of its contractual commitment to Kaiser Warrick, deliveries have recently stopped. Kaiser Warrick has been unable to immediately source additional magnesium from alternative sources and has begun adjusting production levels based on the amount of magnesium currently available and otherwise scheduled for delivery from other suppliers. Kaiser Warrick is working with its customers to minimize the impact on planned deliveries. The Company anticipates production and deliveries will be reduced by 30% to 40% in the month of July, and approximately 50% during the remainder of the third quarter, in each case based on currently contracted deliveries of magnesium and assuming no further deliveries from US Mag. The rolling mill will continue to operate at lower production levels until US Mag resumes deliveries or additional replacement magnesium becomes available to Kaiser Warrick. In addition, on July 1, 2022, Alcoa Corporation (“Alcoa”) announced the curtailment of one of three operating smelting lines at its Warrick Operations facility in Indiana due to operational challenges. While the Company does not anticipate Alcoa's announced curtailment to reduce Kaiser Warrick's current or anticipated output, continuing performance issues at Alcoa's Warrick Operations facility and the resulting impact on delivery of molten aluminum, continue to im act the financial and operational performance of Kaiser Warrick and the Company. The Company is in the process of assessing the financial and operational impact of recent events that led to its declaration of force majeure and will provide an update during its second quarter earnings call scheduled on July 26, 2022. Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly engineered solutions for aerospace and high-strength, packaging, general engineering, custom automotive and other industrial applications. The Company's North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube and wire products, adhering to traditions of quality, innovation and service that have been key components of its 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.