Kaiser Aluminum Corporation Publishes 2023 Sustainability Report

Rhea-AI Summary

Kaiser Aluminum (NASDAQ: KALU) released its 2023 Sustainability Report, highlighting significant achievements in sustainability aligned with its corporate values.

Key points include the completion of a materiality assessment to integrate stakeholder perspectives, a 4% reduction in Scope 1 and 2 GHG emissions, progress towards 2030 GHG reduction targets, and efforts to use lower carbon electricity sources.

CEO Keith A. Harvey emphasized that the infinite recyclability of aluminum positions the company well for sustainable growth.

Positive

• Completed inaugural materiality assessment, enhancing stakeholder integration.
• Achieved 4% reduction in Scope 1 and 2 GHG emissions due to improved manufacturing efficiency.
• On track to meet 2030 GHG emissions intensity reduction targets for Scope 1, 2, and 3.
• Made progress in reducing dependence on coal-fired electricity, transitioning to lower carbon sources.

Negative

• The report does not provide specific financial gains from these sustainability measures.
• No quantitative data on the cost of sustainability initiatives or their impact on profit margins.
• Details on Scope 3 emissions reductions are not fully disclosed, which could be significant.

FRANKLIN, Tenn., May 30, 2024 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ: KALU) today published its 2023 Sustainability Report summarizing the Company’s focus and initiatives around its sustainability program and practices, consistent with its corporate values to be a preferred investment, a preferred supplier, a preferred customer, a preferred employer, and a valued corporate citizen. The report is available on the Company’s website at https://www.kaiseraluminum.com.

“We view sustainability as a strategic imperative that is central to our business and advancing toward a more sustainable future,” said Keith A. Harvey, President, and Chief Executive Officer. “Our 2023 report reflects another strong year of continued progress and solid performance against our key sustainability goals which directly align with our corporate values. Given the infinite recyclability of aluminum, we believe our products are part of the solution to achieve a low-impact future, positioning us well to continue pursuing long-term growth in our business while achieving our sustainability goals.”

Highlights of the Company’s sustainability efforts in 2023 include:

• The completion of an inaugural materiality assessment to understand and integrate the perspectives of key stakeholders into the company sustainability strategy.
• On track to achieve our 2030 GHG emissions intensity reduction targets for Scope 1, 2 and 3.
• A reduction in total estimated Scope 1 and 2 greenhouse gas absolute emissions by 4% over the prior year due to increased manufacturing efficiency and lower Scope 2 emissions.
• Continued progress to reduce reliance on electricity from coal-fired power sources and gain access to lower carbon electricity sources.

About Kaiser Aluminum Corporation

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, automotive extrusions, 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 the 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.

Available Information

For more information, please visit the Company’s website at www.kaiseraluminum.com. The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC’s website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company’s annual stockholders’ meetings, and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.

Contact:
Addo Investor Relations
Investors@KaiserAluminum.com
949-614-1769

FAQ

What are the key highlights of Kaiser Aluminum's 2023 Sustainability Report?

The key highlights include a 4% reduction in Scope 1 and 2 GHG emissions, completion of a materiality assessment, progress towards 2030 GHG reduction targets, and a shift towards lower carbon electricity sources.

How has Kaiser Aluminum performed in reducing GHG emissions?

Kaiser Aluminum achieved a 4% reduction in Scope 1 and 2 GHG emissions in 2023, primarily through increased manufacturing efficiency and lower Scope 2 emissions.

What steps is Kaiser Aluminum taking to achieve its 2030 GHG reduction targets?

Kaiser Aluminum is on track to meet its 2030 GHG reduction targets by improving manufacturing efficiency and accessing lower carbon electricity sources.

What is the significance of the materiality assessment completed by Kaiser Aluminum in 2023?

The materiality assessment helps Kaiser Aluminum understand and integrate stakeholder perspectives into its sustainability strategy, enhancing the alignment of corporate practices with stakeholder expectations.

How does the recyclability of aluminum contribute to Kaiser Aluminum's sustainability goals?

The infinite recyclability of aluminum supports Kaiser Aluminum's sustainability goals by enabling the company to produce low-impact products and pursue sustainable long-term growth.