Exhibit 99.1

For Information:  Scott Lamb
Telephone:  (713) 332-4751                                     February 26, 2004


                 KAISER ALUMINUM REACHES AGREEMENT TO SELL MEAD,
           WASHINGTON, SMELTER; BUYER TO FOCUS ON POSSIBLE RESTART OF
                                ANODE OPERATION

         HOUSTON, Texas, February 26, 2004 - As part of an ongoing cooperative
effort with the United Steelworkers of America (USWA) to identify and implement
a viable and mutually beneficial plan for the future of Kaiser Aluminum's
curtailed aluminum smelter in Mead, Washington, the company today said it has
reached an agreement to sell the facility and certain related technology to an
affiliate of Columbia Ventures Corporation, CVB Northwest LLC, for cash proceeds
of approximately $4 million and other related consideration regarding certain
site-related liabilities.

         Columbia Ventures Corporation (CVC), based in Vancouver, Washington, is
an entrepreneurial firm with investments in aluminum manufacturing and
telecommunications. "We believe there could be long-term opportunities for the
Mead smelter that we hope will provide a number of jobs and substantial economic
benefit for the community," said Kenneth D. Peterson, Chief Executive Officer of
CVC. "Although there may be other potential opportunities at Mead, our intent is
to focus on determining if we can reasonably restart the anode baking operation
and sell those anodes to other affiliates of CVC and/or third parties. We will
be discussing this with the USWA and hope to provide employment opportunities as
part of this effort. Initially, we may also maintain an ability to operate at
least two potlines - or about 50,000 metric tonnes of capacity - as swing
capacity if and when we see a favorable combination of aluminum and power
prices."

         David Foster, USWA District Director, said, "CVC knows the region and
the industry, and we look forward to working in partnership with this firm to
bring near-term jobs and the potential for more with the possibility of a
potline restart under the right business conditions. We also appreciate the
effort expended by Kaiser to work with the USWA to find such a positive future
for Mead."

         Kaiser President and Chief Executive Officer Jack A. Hockema said,
"Over the past year, we have engaged in a cooperative effort with the USWA and
industry consultants to examine numerous options that might enable Mead to
operate. We believe the transaction with CVC is the optimal solution to preserve
Mead's ability to provide jobs and economic benefit for the local community. At
the same time, the transaction will help Kaiser continue the momentum toward our
stated goal of emerging from Chapter 11 in mid 2004."

         Hockema said, "We value the deep roots that Kaiser has - and will
continue to have - in Washington. In particular, our continuing operations at
the Trentwood rolling mill and the Richland drawn tube facilities are unaffected
by this announcement. Together, Trentwood and Richland have more than 500 active
employees and are key suppliers in their respective business segments."

         The transaction is subject to various approvals, including by Kaiser's
Board of Directors and by the United States Bankruptcy Court for the District of
Delaware, where Kaiser expects to file a related motion as soon as practical.
Kaiser expects to request final approval for the transaction at the regularly
scheduled Court hearing on April 26, 2004 and, assuming the requisite approvals
and other conditions are met, would expect the transaction to close during the
second quarter of 2004.

         Under the agreement with CVC, Kaiser would retain ownership and
responsibility for a closed site adjacent to the facility that was used
historically for the storage of spent potliners. Through a cooperative agreement
with the Washington State Department of Ecology, the Company completed
substantial work in 2001 to further safeguard the closed site and surrounding
properties. The company continues in active and cooperative discussions with the
Washington State Department of Ecology and the U.S. Environmental Protection
Agency to ensure the long-term success of this project.

         The Mead, Washington, smelter began operating in 1942 and has an annual
rated capacity of 200,000 metric tonnes in its current configuration. It has
been curtailed since January 2001 and has fewer than 20 active employees, most
of whom will be eligible for employment with CVC.

         Kaiser Aluminum (OTCBB:KLUCQ) is a leading producer of fabricated
aluminum products, alumina, and primary aluminum.

                                      F-978

Company press releases may contain statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. The company cautions that any such forward-looking statements are not
guarantees of future performance and involve significant risks and
uncertainties, and that actual results may vary materially from those expressed
or implied in the forward-looking statements as a result of various factors.
Actual events could differ materially from those reflected in the
forward-looking statements contained in this press release as a result of
various factors, including but not limited to those relating to approval of the
sale by the United States Bankruptcy Court for the District of Delaware as well
as the satisfaction of the other conditions contained in the definitive
documentation providing for the sale. As a result, no assurance can be given as
to whether or when the sale will occur.