<SEC-DOCUMENT>0001193125-22-209289.txt : 20230117
<SEC-HEADER>0001193125-22-209289.hdr.sgml : 20230117
<ACCEPTANCE-DATETIME>20220802060629
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ACCESSION NUMBER:		0001193125-22-209289
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KAISER ALUMINUM CORP
		CENTRAL INDEX KEY:			0000811596
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				943030279
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		27422 PORTOLA PARKWAY, SUITE 200
		CITY:			FOOTHILL RANCH
		STATE:			CA
		ZIP:			92610-2831
		BUSINESS PHONE:		949-614-1740

	MAIL ADDRESS:	
		STREET 1:		27422 PORTOLA PARKWAY, SUITE 200
		CITY:			FOOTHILL RANCH
		STATE:			CA
		ZIP:			92610-2831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAISERTECH LTD
		DATE OF NAME CHANGE:	19901122
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<TD VALIGN="top">1550 West McEwen Drive, Suite 500 Franklin, TN 37067</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">August&nbsp;2, 2022</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Charles Eastman and Ms.&nbsp;Claire Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Kaiser Aluminum Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed April&nbsp;20, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B><U>File
No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;1-09447&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Eastman and Ms.&nbsp;Erlanger: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Kaiser Aluminum Corporation (the &#147;Company&#148;), I am writing to respond to your letter dated July&nbsp;21, 2022,
containing comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) in regard to the above-referenced filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of reference, I have included the text of the Staff&#146;s comments in bold-face type below, followed in each case by the
Company&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Fiscal 2021 Summary
</U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cost of Products Sold, page 32 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note you disclose &#145;higher hedged metal prices&#146; as a driver of increased cost of products sold.
You further disclose that the &#147;increase in net manufacturing conversion and other costs was primarily due to the addition of Packaging and additional overhead associated with the related increase in volume, as well as higher labor, energy,
freight, benefit and metal cost driven by supply chain inefficiencies, inflation and labor shortages.&#148; In future filings, please expand to identify the principal factors contributing to the inflationary pressures the company has experienced and
clarify the resulting impact to the company. In addition, please also identify initiatives planned or taken, if any, to mitigate inflationary pressures. </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Eastman and Ms.&nbsp;Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;2, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: We acknowledge the Staff&#146;s comment and respectfully advise the Staff that in future
filings, we will identify the principal factors contributing to the inflationary pressures the Company has experienced and clarify the resulting impact to the Company and identify initiatives planned or taken, if any, to mitigate inflationary
pressures. We further respectfully advise the Staff that we addressed these items in our form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2022 (the &#147;Form <FONT STYLE="white-space:nowrap">10-Q&#148;),</FONT>
which was filed on July&nbsp;27, 2022. In &#147;Consolidated Results of Operations&#148;, discussing the Cost of goods sold, we disclosed that, for the quarter ended June&nbsp;30, 2022: &#147;The $70.2&nbsp;million increase in net manufacturing
conversion and other costs reflected: (i)&nbsp;a $28.8&nbsp;million increase related to lower utilization of scrap, or recycled aluminum, and higher alloy input costs per unit of production, which includes the majority of the US Mag and Alcoa
Corporation operational issues as discussed in &#145;Metal and Magnesium Supply Chain Issues&#146;; (ii) a $24.3&nbsp;million increase in manufacturing costs due to lower efficiencies and higher labor costs; (iii) $11.0&nbsp;million of higher
benefits and overhead costs; and (iv)&nbsp;a $5.8&nbsp;million increase in energy costs.&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Additionally, for the six months ended
June&nbsp;30, 2022, we disclose that: &#147;The $247.5&nbsp;million increase in net manufacturing conversion and other costs reflected: (i)&nbsp;a $139.7&nbsp;million increase related to higher sales, primarily due to a full six months of shipments
during 2022 as a result of our Warrick acquisition, which was completed on March&nbsp;31, 2021; (ii) $59.3&nbsp;million of additional overhead associated with the increase in Packaging related volume, as well as higher energy, freight, and metal
costs driven by inflation, transportation bottlenecks and supply chain inefficiencies; and (iii) $41.9&nbsp;million of higher benefits and overhead costs. Principal factors contributing to our inflationary pressures include supply chain disruptions,
labor shortages and geopolitical factors.&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Furthermore, we have included in the Form <FONT STYLE="white-space:nowrap">10-Q</FONT> the
following descriptions of actions taken to mitigate inflationary pressures: In &#147;Consolidated Results of Operations,&#148; discussing Net sales, we disclosed that: &#147;The average realized sales price per pound reflected a $0.47/lb (37%)
increase in average Hedged Cost of Alloyed Metal price per pound and an $0.18/lb (19%) increase in VAR per pound reflecting higher pricing and surcharges to offset higher inflationary and commodity related costs.&#148; Additionally, in
&#147;Highlights of the quarter ended June&nbsp;30, 2022,&#148; we state that one of the quarter highlights was: &#147;Higher pricing largely mitigating inflationary and commodity costs.&#148; </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Selected Operational and Financial Information, page 33 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure of Value Added Revenue or &#147;VAR&#148; which appears to be calculated as Net
Sales less Hedged Cost of Alloyed Metal. We also note from your disclosure on page 30 that Hedged Cost of Alloyed Metal refers to the cost of aluminum at the average Midwest Transaction Price plus the cost of alloying elements and any realized gains
and/or losses on settled hedges related to the metal sold in the reference period. Please clarify the nature of the items included in the Hedged Cost of Alloyed Metal. In doing so, specify if the entire amount represents true pass-through costs to
the customer and clarify, if true, that this amount has no impact on the dollar amount of your gross profit. In this regard we note your disclosures on page 9 and elsewhere in your filing that you &#147;generally&#148; are able to pass through costs
of aluminum and other alloyed metals. Please advise. </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Eastman and Ms.&nbsp;Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;2, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: We acknowledge the Staff&#146;s comment and respectfully advise the Staff that, with regard to
VAR, the intent is to reflect the pass through of our actual metal cost to our customers, as such, historically, our profitability has generally remained neutral to metals pricing. As described in the Form
<FONT STYLE="white-space:nowrap">10-K</FONT> under &#147;Pricing, Metal Price Risk Management and Hedging&#148; on page 9, we have three principal pricing mechanisms for aluminum and one for alloys: (i)&nbsp;spot pricing based on the Midwest
Transaction Price (&#147;MWTP&#148;) /lb. cost for aluminum in effect at the time of shipment to a customer; (ii)&nbsp;index-based pricing that incorporates a monthly index-based price for primary aluminum, such as the average MWTP/lb.; (iii) firm
pricing for certain customers who commit to volumes and timing of delivery; and (iv)&nbsp;pricing adders and surcharge mechanisms to help offset our cost of alloys. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In &#147;Business Overview&#148; on pages 3 and 4 of the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> we further disclose that we generate our value
on the conversion process, earning profit predominately from the conversion of aluminum into semi-fabricated mill products. This process includes: (i)&nbsp;how we use and mix scrap that sells at a discount to MWTP; (ii)&nbsp;alloy short and
long-term contract arrangements we enter into; (iii)&nbsp;the blending of such scrap and alloys with primary aluminum, both of which may create a gain or a loss depending on the mix of scrap; and (iv)&nbsp;other billet and ingot premiums we may
incur. As a result, we may incur either metal profits or losses based on how well we manage the purchase and usage of the various metal inputs but, given our use of index pricing in sales to our customers, the amount of profit or loss we generate
though such management is generally neutral to metals pricing, itself. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to the Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 9. Debt and Credit Facility, page 78 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise to include disclosure of the combined aggregate amount of maturities and sinking fund
requirements for all long-term debt borrowings for each of the five years following the date of the latest balance sheet presented. See guidance in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">470-10-50-1.</FONT></FONT></FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: We acknowledge the Staff&#146;s comment and respectfully advise the Staff that our outstanding Senior Notes are due in June of 2031 and in March
of 2028, at which point we are required to make 100% of the principal payments, as disclosed in &#147;Note 9. Debt and Credit Facility&#148;, on page 78 of the Form <FONT STYLE="white-space:nowrap">10-K.</FONT> As a result, no principal payments on
long-term debt borrowings are due within the next five years from the balance sheet date. Additionally, our Senior Notes do not require us to make any mandatory redemptions or sinking fund payments. We further advise the Staff that we will disclose
that our Senior Notes do not require us to make any mandatory redemptions or sinking fund payments in our future filings to the extent applicable, and that we have done so in the Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Eastman and Ms.&nbsp;Erlanger </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;2, 2022 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed April&nbsp;20, 2022 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.1 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>First Quarter 2022, page 2
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>It appears that management has given your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure, Adjusted
EBITDA greater prominence than the comparable GAAP measure as you are discussing Adjusted EBITDA before reported net income in both the Management Summary section and the First Quarter 2022 discussion of your earnings release. Please revise future
filings to give greater or equal prominence to the GAAP measures. Refer to Instruction 2 of Item 2.02 of Form <FONT STYLE="white-space:nowrap">8-K,</FONT> Item 10(e)(1)(i)(A) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question
102.10 of the Division of Corporation Finance C&amp;DIs on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>We acknowledge the Staff&#146;s comment and
respectfully advise the Staff that the comparable GAAP measure, Net income, is included in the headline section of the document, &#147;First Quarter 2022 Highlights&#148; prior to any presentation of Adjusted EBITDA. In future filings, however, we
will present comparable GAAP measures with greater or equal prominence to <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures in subsequent earnings release sections. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any additional questions regarding the foregoing, please do not hesitate to contact me at (629)
<FONT STYLE="white-space:nowrap">252-7023</FONT> or by email at neal.west@kaiseraluminum.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ </I>Neal E. West</P></TD></TR>
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<TD VALIGN="top">Neal E. West</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">John M. Donnan, <I>Kaiser Aluminum Corporation</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cherrie Tsai, <I>Kaiser Aluminum Corporation </I> </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
