<SEC-DOCUMENT>0001193125-22-304827.txt : 20230117
<SEC-HEADER>0001193125-22-304827.hdr.sgml : 20230117
<ACCEPTANCE-DATETIME>20221214161759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-304827
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221214

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="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1550 West McEwen Drive, Suite 500</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Franklin, TN 37067</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;14, 2022</P></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 VALIGN="top" ALIGN="right"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Kaiser Aluminum Corporation</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2021</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2022</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Response letter dated September&nbsp;28, 2022</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><U>File <FONT STYLE="white-space:nowrap">No.&nbsp;1-09447</FONT></U></B></TD></TR>
</TABLE> <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:6pt; 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 December&nbsp;1, 2022,
containing comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission in regard to the above-referenced filings. </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>Response letter dated September&nbsp;28, 2022 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended June&nbsp;30, 2022 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item 2. 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>Selected Operational and Financial Information, page 25 </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 your response to our comment number 2. We continue to believe that the adjustment in your Adjusted
EBITDA measure for &#147;Adjustments to plant-level LIFO&#148; represents a tailored accounting measure and is inconsistent with the guidance in Question 100.04 of the Compliance&nbsp;&amp; Disclosure Interpretations on <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. Please remove this adjustment in future filings. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: We
appreciate the time and attention the Staff has dedicated to this matter, including its dialogue with representatives of the Company on various occasions. In response to the Staff&#146;s comment and as discussed with the Staff, beginning with the
Company&#146;s earnings release and <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022, the Company will not include &#147;Adjustments to plant-level LIFO&#148; in presentations of its <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures. When presenting such information, the Company will recast prior period <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures to conform to current presentations of its <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures. </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Eastman and Ms. 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">December 14, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; 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 response to our prior comment 1. Please expand your disclosure to provide more detail of the
nature of the costs included in the &#147;Hedged Cost of Alloyed Metal amounts.&#148; For example, please provide a separate line for the metal cost related to all contracts that are priced at the Midwest Transaction Price separately from the costs
related to contracts which have a hedged cost component, so that the straight pass-through of costs is distinguished from the hedged amounts. In addition, your VAR measure should be <FONT STYLE="white-space:nowrap">re-titled</FONT> to more clearly
indicate that the amount represents a subcomponent or breakout of your consolidated revenue amount. Please revise accordingly. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response: We acknowledge the Staff&#146;s comment and we will expand our disclosures in future filings to provide more detail of the nature of the costs
included in the &#147;Hedged Cost of Alloyed Metal amounts.&#148; Below is a draft footnote to the VAR table that incorporates our 2021 annual results as an example of what we intend to include in our future filings: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Hedged Cost of Alloyed Metal was comprised of $1,552.4&nbsp;million reflecting the cost of aluminum at the average Midwest Transaction Price
(&#147;MWTP&#148;) and the cost of alloys used in the production process, as well as $41.6&nbsp;million of metal price exposure on shipments that we hedged with realized gains upon settlement in the referenced period, all of which were included
within both Net sales and Cost of products sold, excluding depreciation and amortization and other items in our Statements of Consolidated (Loss) Income. See Note 4 of Notes to Consolidated Financial Statements included in this Report for the total
realized gain on aluminum hedges for which we hedged the metal price exposure externally. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Additionally, we will
<FONT STYLE="white-space:nowrap">re-title</FONT> VAR as &#147;Conversion Revenue&#148; in our future filings so that the title we use more clearly characterizes the metric as a subcomponent of revenue. </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">December&nbsp;14, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Neal E. West</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Neal E. West</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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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; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cherrie Tsai, <I>Kaiser Aluminum Corporation</I> </P>
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