Kaiser Aluminium Corporation (KALU): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de la fabrication avancée, Kaiser Aluminium Corporation (KALU) apparaît comme une puissance stratégique, transformant l'aluminium brut en solutions hautes performances qui conduisent l'innovation à travers les secteurs aérospatiaux, automobiles et industriels. Avec un modèle commercial méticuleusement conçu qui équilibre l'expertise technologique de pointe et les partenariats industriels robustes, Kalu s'est positionné comme un catalyseur critique de produits métalliques légers, durables et durables qui repoussent les limites de l'excellence de l'ingénierie. Plongez dans le plan fascinant de la façon dont cet innovateur en aluminium transforme les capacités métallurgiques complexes en stratégies génératrices de valeur qui alimentent les industries mondiales.

Kaiser Aluminium Corporation (KALU) - Modèle commercial: Partenariats clés

Partenariats des fabricants aérospatiaux

Kaiser Aluminium maintient des partenariats critiques avec les fabricants aérospatiaux, notamment:

Fabricant	Détails du partenariat	Valeur du contrat annuel
Boeing	Plafon en aluminium et alimentation	87,3 millions de dollars
Airbus	Composants en aluminium aérospatial spécialisés	62,5 millions de dollars

Fournisseurs de l'industrie automobile

Les partenariats automobiles clés comprennent:

• Ford Motor Company - Suppose de composants en aluminium léger
• General Motors - Solutions d'aluminium automobile structurales
• Tesla - composants en aluminium de véhicules électriques

Fournisseurs de matières premières

Fournisseur	Type de matériau	Volume de l'offre annuelle
Rio Tinto	Minerai de bauxite	372 000 tonnes métriques
Alcoa	Lingots en aluminium	215 000 tonnes métriques

Institutions de recherche et de développement

Partenariats collaboratifs de R&D:

• Institut de technologie du Massachusetts (MIT) - Recherche avancée des matériaux
• California Institute of Technology (Caltech) - Innovations métallurgiques
• Oak Ridge National Laboratory - Développement d'alliages en aluminium

Alliances de fabrication stratégique

Détails de la collaboration manufacturière:

Partenaire d'alliance	Focus de la collaboration	Montant d'investissement
Novelis Inc.	Recyclage et production durable en aluminium	45,2 millions de dollars
Arcone	Techniques de fabrication avancées	38,7 millions de dollars

Kaiser Aluminium Corporation (Kalu) - Modèle d'entreprise: Activités clés

Production et traitement en aluminium

Capacité de production annuelle: 452 000 tonnes métriques de produits en aluminium à partir de 2023

Installation de production	Emplacement	Capacité annuelle
Spokane Rolling Mill	Washington	180 000 tonnes métriques
Installation de Trentwood	Washington	272 000 tonnes métriques

Fabrication de métaux personnalisés

Services de fabrication spécialisés dans plusieurs secteurs industriels

• Fabrication de composants aérospatiaux
• Fabrication de pièces automobiles
• Solutions d'ingénierie de précision

Ingénierie et conception technique

Investissement en R&D: 24,3 millions de dollars en 2022

Domaines de mise au point de conception	Nombre d'équipes d'ingénierie
Génie métallurgique	12
Recherche avancée des matériaux	8

Innovation de produit et recherche métallurgique

Portefeuille de brevets: 87 brevets actifs à partir de 2023

• Développement d'alliage en aluminium léger
• Matériaux aérospatiaux hautes performances
• Techniques de fabrication durables

Gestion de la chaîne d'approvisionnement et logistique

Dépenses logistiques annuelles: 42,6 millions de dollars en 2022

Réseau logistique	Couverture géographique
Centres de distribution nationaux	7
Itinéraires d'expédition internationaux	12

Kaiser Aluminium Corporation (Kalu) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Kaiser Aluminium exploite 11 installations de fabrication à travers les États-Unis à partir de 2023. L'empreinte de fabrication totale couvre environ 1,2 million de pieds carrés d'espace de production.

Emplacement	Type d'installation	Capacité
Spokane, WA	Rouleau	150 000 tonnes / an
Ravenswood, WV	Usine d'extrusion	120 000 tonnes / an
Lamar, CO	Composants aérospatiaux	75 000 tonnes / an

Expertise métallurgique spécialisée

Kaiser en aluminium tient 47 brevets actifs lié aux technologies d'alliage en aluminium en 2023.

Technologies propriétaires en alliage en aluminium

• Alliages en aluminium de qualité aérospatiale
• Composites en aluminium automobile haute performance
• Solutions d'aluminium d'ingénierie de précision

Travail d'ingénierie qualifiée

Compte total des employés: 2 850 au quatrième trimestre 2023, avec environ 65% détenant des diplômes techniques avancés.

Catégorie de main-d'œuvre	Pourcentage	Nombre d'employés
Personnel d'ingénierie	35%	997
Spécialistes techniques	30%	855
Travailleurs de la production	35%	998

Équipement industriel étendu et machinerie

Investissement en capital dans l'équipement de fabrication: 187,4 millions de dollars en 2023.

• Centres d'usinage de précision CNC
• Rouleaux avancés
• Équipement d'extrusion à haute température
• Systèmes de contrôle de la qualité automatisé

Kaiser Aluminium Corporation (KALU) - Modèle d'entreprise: propositions de valeur

Solutions en aluminium haute performance

L'aluminium Kaiser a généré 2,24 milliards de dollars de revenus pour l'exercice 2022. La société produit des produits en aluminium haute performance avec Spécifications d'ingénierie de précision.

Catégorie de produits	Métriques de performance	Part de marché
Aluminium aérospatial	Précision dimensionnelle de 99,8%	12,5% du marché aérospatial mondial
Aluminium automobile	40% de capacité de réduction du poids	Segment de 8,3% d'aluminium automobile

Produits métalliques légers et durables

Kaiser Aluminium est spécialisé dans la production d'alliages d'aluminium légers avec une durabilité supérieure.

• Force de traction: 480-510 MPA
• Densité: 2,7 g / cm³
• Résistance à la corrosion: jusqu'à 15 ans

Capacités d'ingénierie avancée

L'investissement en R&D de 48,3 millions de dollars en 2022 s'est concentré sur le développement de technologies en aluminium de nouvelle génération.

Zone de mise au point d'ingénierie	Capacités techniques	Investissement annuel
Science du matériel	Développement de l'aluminium nano-structural	22,1 millions de dollars
Traiter l'innovation	Techniques d'extrusion avancées	15,6 millions de dollars

Conception de matériaux personnalisés

Offres en aluminium Kaiser Solutions en aluminium spécifiques au client dans plusieurs secteurs industriels.

• Aérospatial: 42% des solutions personnalisées
• Automobile: 28% des solutions personnalisées
• Équipement industriel: 20% des solutions personnalisées
• Électronique grand public: 10% des solutions personnalisées

Processus de fabrication durables et efficaces

Métriques de durabilité pour les opérations de fabrication en aluminium Kaiser en 2022:

Métrique de la durabilité	Performance	Cible de réduction
Émissions de carbone	2,3 tonnes métriques CO2 / tonne en aluminium	Réduction de 35% d'ici 2030
Efficacité énergétique	15,6 GJ / tonne en aluminium	25% d'amélioration planifiée
Utilisation des matériaux recyclés	42% du total des matériaux d'entrée	50% cible d'ici 2025

Kaiser Aluminium Corporation (KALU) - Modèle d'entreprise: Relations clients

Partenariats industriels à long terme

En 2024, Kaiser Aluminium maintient des partenariats stratégiques avec des clients industriels clés dans plusieurs secteurs:

Secteur	Nombre de partenariats à long terme	Durée du partenariat moyen
Aérospatial	17	12,5 ans
Automobile	22	9.3 ans
Transport	15	10,7 ans

Soutien technique et consultation

Kaiser Aluminium fournit un soutien technique complet à travers:

• Support d'ingénierie dédié 24/7
• Services de consultation technique sur place
• Capacités de diagnostic à distance et de dépannage

Métrique de soutien	Performance annuelle
Temps de réponse technique du support	2,3 heures
Interactions annuelles sur le support client	3,647
Évaluation de satisfaction du client	94.6%

Développement de produits collaboratifs

Kaiser Aluminium investit dans l'innovation collaborative avec des clients clés:

• Initiatives conjointes de recherche et développement
• Développement de solutions de matériaux personnalisés
• Programmes de tests et de validation prototypes

Métrique de développement	Données annuelles
Projets collaboratifs de R&D	42
Investissement annuel de R&D	37,2 millions de dollars
Lancements de nouveaux produits	8

Gestion de compte dédiée

Kaiser Aluminium utilise des stratégies de gestion des comptes spécialisés:

Métrique de gestion du compte	Performance annuelle
Comptes gérés totaux	156
Valeur moyenne du compte	4,7 millions de dollars
Taux de rétention du compte	89.3%

Optimisation continue des performances

Les initiatives d'optimisation des performances comprennent:

• Benchmarking régulier des performances
• Programmes d'amélioration de la qualité continue
• Analyse avancée et maintenance prédictive

Métrique d'optimisation des performances	Données annuelles
Initiatives d'amélioration des processus	67
Économies de coûts de l'optimisation	22,5 millions de dollars
Amélioration de l'efficacité	7.2%

Kaiser Aluminium Corporation (KALU) - Modèle d'entreprise: canaux

Équipe de vente directe

Kaiser Aluminium maintient une force de vente directe dédiée de 87 représentants commerciaux professionnels à partir de 2023. L'équipe couvre 6 régions géographiques primaires à travers l'Amérique du Nord, générant 1,47 milliard de dollars de revenus de vente directe.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	87
Régions géographiques couvertes	6
Revenus de ventes directes	1,47 milliard de dollars

Salons et conférences de l'industrie

Kaiser Aluminium participe à 12 grands salons industriels chaque année, avec une dépense de marketing estimée à 2,3 millions de dollars pour la participation de conférences et d'expositions.

• Exposition de fabrication aérospatiale
• Conférence internationale en aluminium
• Advanced Manufacturing Technology Show

Catalogues techniques en ligne

La plate-forme de catalogue de produits numériques génère 37% du total des demandes des clients, avec 214 000 visiteurs mensuels uniques. Investissement annuel sur le marketing numérique: 1,1 million de dollars.

Performance du catalogue numérique	2023 métriques
Visiteurs uniques mensuels	214,000
Génération de demande de clientèle	37%
Investissement en marketing numérique	1,1 million de dollars

Plateformes de communication numérique

Kaiser Aluminium utilise 4 canaux de communication numériques principaux avec 62 500 connexions de réseau professionnel total.

• LinkedIn: 42 300 connexions
• Twitter: 8 700 abonnés
• Forums techniques spécifiques à l'industrie: 11 500 membres

Marketing industriel spécialisé

Un budget marketing ciblé de 3,7 millions de dollars, en se concentrant sur les secteurs aérospatiaux, automobiles et industriels. Le marketing REACH COUVERS 94 comptes industriels stratégiques.

Segment marketing	2023 données
Budget marketing total	3,7 millions de dollars
Comptes industriels stratégiques	94
Secteurs cibles primaires	Fabrication aérospatiale, automobile et industrielle

Kaiser Aluminium Corporation (Kalu) - Modèle d'entreprise: segments de clientèle

Fabricants aérospatiaux

Kaiser Aluminium sert des fabricants aérospatiaux avec des produits en aluminium spécialisés.

Type de client	Contribution des revenus	Clients aérospatiaux clés
Avion commercial	287,6 millions de dollars	Boeing, Airbus
Avion de défense	163,4 millions de dollars	Lockheed Martin

Industrie automobile

Kaiser Aluminium fournit des composants en aluminium de précision pour les constructeurs automobiles.

• Fabricants de véhicules électriques
• Producteurs automobiles traditionnels
• Fournisseurs de niveau 1 automobile

Segment automobile	Ventes annuelles	Part de marché
Véhicules électriques	215,3 millions de dollars	7.2%
Automobile traditionnelle	412,7 millions de dollars	5.9%

Défense et entrepreneurs militaires

Kaiser Aluminium fournit des composants critiques en aluminium pour les applications de défense.

Secteur de la défense	Valeur du contrat	Entrepreneurs primaires
Véhicules au sol militaires	98,5 millions de dollars	Dynamique générale
Systèmes navals	76,2 millions de dollars	Huntington Ingalls

Producteurs d'équipements de transport

Kaiser Aluminium prend en charge divers segments de fabrication d'équipements de transport.

• Transport ferroviaire
• Équipement marin
• Camionnage commercial

Segment des transports	Revenus annuels	Clients clés
Transport ferroviaire	142,6 millions de dollars	Wabtec Corporation
Camionnage commercial	89,3 millions de dollars	PACCAR Inc.

Fabricants d'équipements industriels

Kaiser Aluminium propose des solutions spécialisées en aluminium pour la production d'équipements industriels.

Segment industriel	Volume des ventes	Industries primaires
Machinerie lourde	176,4 millions de dollars	Caterpillar, John Deere
Équipement de construction	114,7 millions de dollars	Komatsu, Hitachi

Kaiser Aluminium Corporation (Kalu) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Au cours de l'exercice 2022, les coûts de matières premières de Kaiser en aluminium ont totalisé 1 384 000 000 $. Les principales matières premières comprennent:

• Lingots en aluminium
• Ferraille en aluminium recyclé
• Éléments d'alliage

Catégorie de matières premières	Coût d'achat annuel	Pourcentage du coût total
Aluminium primaire	$892,000,000	64.4%
Aluminium recyclé	$312,000,000	22.5%
Additifs en alliage	$180,000,000	13.1%

Dépenses de fabrication et de traitement

Les dépenses de fabrication pour 2022 étaient de 456 000 000 $, ce qui représente 32,9% du total des coûts opérationnels.

• Coûts énergétiques: 124 000 000 $
• Démontation de l'équipement: 87 000 000 $
• Entretien des installations: 65 000 000 $

Investissements de recherche et développement

Les dépenses de la R&D en 2022 étaient de 42 000 000 $, ce qui représente 3% des revenus totaux.

Zone de focus R&D	Investissement
Alliages d'aluminium avancés	$18,000,000
Innovation du processus de fabrication	$14,000,000
Technologies de durabilité	$10,000,000

Travail et main-d'œuvre technique

Les coûts totaux de main-d'œuvre en 2022 étaient de 298 000 000 $.

• Total des employés: 2 750
• Salaire annuel moyen: 108 000 $
• Avantages et frais généraux: 42 000 000 $

Entretien et mises à niveau de l'équipement

Total des dépenses liées à l'équipement pour 2022: 112 000 000 $

Catégorie	Frais	Pourcentage
Maintenance de routine	$62,000,000	55.4%
Amélioration des équipements majeurs	$38,000,000	33.9%
Modernisation technologique	$12,000,000	10.7%

Kaiser Aluminium Corporation (KALU) - Modèle d'entreprise: sources de revenus

Ventes de produits en aluminium personnalisé

Depuis l'exercice 2023, Kaiser Aluminium a déclaré des ventes nettes totales de 1,98 milliard de dollars. Répartition des ventes de produits en aluminium personnalisé:

Catégorie de produits	Revenus annuels	Pourcentage des ventes totales
Composants aérospatiaux	612 millions de dollars	30.9%
Pièces automobiles	524 millions de dollars	26.5%
Fabrication industrielle	438 millions de dollars	22.1%
Extrusions spécialisées	406 millions de dollars	20.5%

Contrats de services d'ingénierie

Revenus du contrat de service d'ingénierie pour 2023:

• Revenu total des services d'ingénierie: 54,3 millions de dollars
• Valeur du contrat moyen: 2,7 millions de dollars
• Nombre de contrats d'ingénierie actifs: 20

Licence matérielle et transfert de technologie

Détails des revenus de licence pour 2023:

Catégorie de licence	Revenus annuels
Accords de transfert de technologie	18,6 millions de dollars
Licences d'utilisation des matériaux	12,4 millions de dollars

Conseil métallurgique

Répartition des revenus de conseil métallurgique:

• Revenu total de consultation: 8,2 millions de dollars
• Valeur d'engagement de consultation moyen: 410 000 $
• Nombre de projets de conseil: 20

Accords d'approvisionnement à long terme

Détails du contrat d'approvisionnement à long terme pour 2023:

Secteur de l'industrie	Valeur totale du contrat	Durée du contrat
Aérospatial	342 millions de dollars	5-7 ans
Automobile	276 millions de dollars	3-5 ans
Fabrication industrielle	189 millions de dollars	4-6 ans

Kaiser Aluminum Corporation (KALU) - Canvas Business Model: Value Propositions

You're looking at the core promises Kaiser Aluminum Corporation makes to its customers, the things they sell that make them stand out in the market as of late 2025. It's all about specialized material science meeting demanding operational needs.

Highly-engineered, specialty aluminum solutions for demanding applications. Kaiser Aluminum focuses on providing complex, semi-fabricated products rather than just raw commodity metal. This specialization is clear when you look at their end-market breakdown for the second quarter of 2025, where shipments totaled 288 million pounds.

The key markets driving this value proposition include:

• Packaging: Shipped 141.1 million pounds in Q2 2025.
• General Engineering Products: Shipped 63.4 million pounds in Q2 2025.
• Aero/HS Products: Shipped 59.9 million pounds in Q2 2025.
• Automotive Extrusions: Shipped 24.0 million pounds in Q2 2025.

The financial results for the third quarter of 2025 show this specialization is commanding a premium, with Net Sales reaching $844 million, up from $748 million in the prior year period, largely driven by higher average realized sales prices.

Superior quality and on-time delivery performance (Best in Class focus). Kaiser Aluminum explicitly states its goal is providing a Best in Class experience, prioritizing consistent quality and on-time delivery. While a specific on-time delivery percentage isn't public, the focus on quality is tangible through product innovation. For instance, the launch of the KaiserSelect® Next Gen product line in 2024 was specifically designed to offer products with superior consistency.

Lightweight, high-strength materials for fuel efficiency (e.g., automotive, aerospace). This is where the specialty engineering pays off for customers looking to reduce weight. The Aero/HS Products segment, which relies heavily on these properties, generated net sales of $227.9 million in Q2 2025. The Automotive Extrusions segment, also critical for lightweighting, contributed net sales of $68.9 million in that same quarter.

Here's a quick look at how the major segments contributed to the $1,601 million in Net Sales for the first six months of 2025:

End Market Application	Q2 2025 Shipments (Million lbs.)	Q2 2025 Net Sales (Million USD)
Packaging	141.1	340.9
General Engineering Products	63.4	185.4
Aero/HS Products	59.9	227.9
Automotive Extrusions	24.0	68.9

Enhanced machining and consistency for general engineering customers. The focus on consistency directly benefits customers in the General Engineering Products segment, which shipped 63.4 million pounds in Q2 2025. The KaiserSelect® Next Gen line, which enhances machining performance, is a direct answer to this customer need, helping them improve operational efficiency and reduce waste.

Commitment to sustainability and product recyclability. Kaiser Aluminum is embedding environmental performance into its operations. The 2024 Sustainability Report showed significant progress toward its 2030 greenhouse gas emissions intensity reduction targets. Specifically, a capital investment at the Warrick facility helped achieve an 11% reduction in total Scope 1 and 2 GHG emissions intensity and a 19% reduction in absolute Scope 1 and 2 GHG emissions.

The company's overall financial health supports these long-term investments; for the nine months ending September 30, 2025, Kaiser Aluminum reported an Adjusted EBITDA of $222 million, and its Net Debt Leverage Ratio improved to 3.6x.

Finance: draft 13-week cash view by Friday.

Kaiser Aluminum Corporation (KALU) - Canvas Business Model: Customer Relationships

Kaiser Aluminum Corporation serves customers across four primary end markets: Aerospace and High Strength, Packaging, General Engineering, and Automotive Extrusions. The scale of these relationships is reflected in the third quarter 2025 Net Sales of $844 Million and six months ended June 30, 2025 Net Sales of $1,601 Million.

The relationship model is heavily focused on deep, technical engagement, especially in demanding sectors.

Dedicated B2B sales and technical support teams manage interactions across the customer base, which totaled approximately 520 customers in 2023. The largest single customer accounted for 18% of Net sales in 2023.

Long-term, multi-year supply contracts with anchor customers are a cornerstone, particularly in the Automotive Extrusions segment, where almost all sales are made under long-term agreements. Multi-year contracts also support solid long-term growth in the Packaging segment. This structure helps mitigate aluminum price risk through mechanisms like firm-price contracts, for which 207.5 million pounds were subject to price risk in 2023.

Direct, specialized service is paramount for the Aerospace and High Strength market, where sales are made primarily under long-term agreements, but also on an order-by-order basis, supported by a dedicated North American and Western Europe sales force focused on Aero/HS products. Strategic investments are being made to support this segment, with the Trentwood Phase VII investment expected to bring additional production capacity for aerospace and general engineering plate products in 2026.

The relationship-driven model emphasizes technical collaboration, evidenced by the company progressing through the material qualifications phase for its new coating line at the Warrick rolling mill, anticipating full run rate in late Q4 2025 to enhance product offerings for customers.

Digital enablement is provided through the Kaiser Online portal, where customers can perform several key functions:

• Submit a Request for Quote.
• Confirm the status of open orders.
• Review details about product shipped and received.
• Search commercial depot stock.
• Get material certifications.

The financial health supporting these relationships remains strong, with total liquidity reported at $577 Million as of September 30, 2025, and a Net Debt Leverage Ratio improved to 3.6x at the same date.

The focus on end-market specialization drives the revenue structure. Here's a look at the end markets served:

End Market Segment	Relationship Focus/Contract Type	Q3 2025 Conversion Revenue (Implied Contribution)
Aerospace and High Strength	Direct sales, long-term agreements, technical collaboration	Not explicitly broken out
Packaging	Multi-year contracts, high-margin coated products	Not explicitly broken out
Automotive Extrusions	Almost all sales under long-term agreements	Not explicitly broken out
General Engineering	North American industrial demand, re-shoring supply	Not explicitly broken out

The company expects consolidated Conversion Revenue for the full year 2025 to increase between 5% to 10% year-over-year, and the Adjusted EBITDA outlook was raised to expect 20% to 25% year-over-year growth over recast 2024 Adjusted EBITDA. The company sustained margin levels above 19% for the first half of 2025. You can defintely see the value of these long-term ties in the consistent conversion revenue performance.

Kaiser Aluminum Corporation (KALU) - Canvas Business Model: Channels

You're looking at how Kaiser Aluminum Corporation (KALU) gets its highly-engineered aluminum products into the hands of its industrial customers as of late 2025. The approach is definitely a mix of direct, high-touch sales and immediate availability through established networks.

Direct sales force for North America, Europe, Asia, and South America is the backbone for specialized products. For Aero/HS Products, the focus is on a North American and Western Europe sales force, often working under long-term agreements. The Automotive Extrusions channel also relies on a North American direct sales force working closely with technical support, driven by North American build rates. For other regions like Asia, Latin America, and the Middle East, sales are managed by independent sales agents. Overall, Kaiser Aluminum served approximately 520 customers in 2023.

Commercial depot stock for immediate material availability supports the General Engineering (GE) Products market segment, which often involves standard catalog items requiring a relatively short lead-time. You can actually search this commercial depot stock directly through their digital channel, which is a neat integration.

Direct shipments from North American production facilities are the primary method for fulfilling large, specialized orders. For the nine months ended September 30, 2025, total shipments reached 834 million pounds, generating total Net Sales of $2,444 million. The third quarter of 2025 saw shipments of 270 million pounds, with Net Sales hitting $844 million. This shows the scale of direct fulfillment, even with a planned partial outage at the Trentwood facility impacting Q3 volumes.

Here's a look at how the Q3 2025 shipments were distributed across the end markets that these channels serve:

End Market Application	Shipments (millions of lbs.) - Q3 2025	Net Sales ($ millions) - Q3 2025
Packaging	141.1	$393.9 (or $340.9)
GE Products	63.4	$192.2 (or $185.4)
Aero/HS Products	59.9	$182.2 (or $227.9)
Automotive Extrusions	24.0	$75.2 (or $68.9)

Digital engagement via the Kaiser Online customer portal is key for operational efficiency across all channels. This portal streamlines customer interactions, letting you submit a Request for Quote, confirm the status of open orders, and review details about product shipped and received. Honestly, having instant access to material certifications online is a big deal for industrial buyers. This digital tool is part of Kaiser Aluminum Corporation's commitment to achieving 'Best in Class' customer satisfaction.

You can see the mix of direct sales and digital support is designed to handle both highly-engineered, long-term supply needs and immediate, standard catalog item fulfillment. The largest customer represented 18% of Net sales back in 2023, so managing those key relationships directly is critical.

Kaiser Aluminum Corporation (KALU) - Canvas Business Model: Customer Segments

You're looking at the core industrial buyers for Kaiser Aluminum Corporation's highly-engineered, semi-fabricated specialty aluminum products. These aren't retail customers; this is strictly B2B, focusing on demanding, high-specification applications across several key North American sectors.

Kaiser Aluminum Corporation serves a diversified base, but a few segments drive the bulk of the business. For instance, in the second quarter of 2025, the Packaging Industry segment was the largest by net sales, bringing in $340.9 million from shipments totaling 141.1 million pounds. That's a significant volume play, heavily influenced by sustainability trends driving the shift from plastic to aluminum beverage and food cans.

The Aerospace and High-Strength Applications segment is critical for high-margin, technically demanding work. For the same period in Q2 2025, this segment generated $227.9 million in net sales on 59.9 million pounds shipped. The long-term demand here is tied to secular growth in global passenger air travel and the need for fuel efficiency.

Here's a breakdown of the key customer segments based on Q2 2025 performance data, which gives you a clear picture of where the volume and value are currently concentrated:

Customer Segment	Net Sales (Q2 2025, in millions)	Shipments (Q2 2025, in millions of lbs.)
Packaging Industry	$340.9	141.1
Aerospace and High-Strength Applications	$227.9	59.9
General Engineering	$185.4	63.4
Automotive Extrusions	$68.9	24.0

The General Engineering segment, which covers a broad array of industrial uses and benefits from reshoring-driven demand, posted net sales of $185.4 million on 63.4 million pounds shipped in Q2 2025. Meanwhile, Automotive Extrusions, driven by lightweighting for both traditional and electric vehicles, accounted for $68.9 million in net sales from 24.0 million pounds shipped in that same quarter.

You need to watch customer concentration closely. Kaiser Aluminum Corporation's customer base is concentrated, which is typical for specialized B2B suppliers. The data shows that the largest single customer represented 18% of Kaiser Aluminum Corporation's net sales in 2023. Furthermore, the five largest customers in total accounted for approximately 53% of 2023 net sales. This reliance means any disruption with those top accounts is a material risk.

Looking at the year-to-date trend, the overall revenue picture shows some fluctuation, but the underlying end-market focus remains. For the first nine months of 2024, total Net Sales were $2,258.6 million, down from $2,365.3 million for the same period in 2023. Still, by the third quarter of 2025, the trailing twelve months (TTM) revenue reached $3.209 billion, showing growth from the $3.02B annual revenue reported for the full year 2024.

The key customer groups Kaiser Aluminum Corporation targets include:

• Aerospace and High-Strength Applications, demanding precision and reliability.
• Packaging Industry, focused on sustainable beverage and food containers.
• General Engineering, serving diverse industrial needs and domestic supply chains.
• Automotive Extrusions, supporting vehicle lightweighting and EV expansion.

To be fair, the company is making investments to secure future demand, like the Phase VII expansion at the Trentwood rolling mill expected to complete in the second half of 2025, which is meant to align capacity with projected increases in demand from these segments. Finance: draft 13-week cash view by Friday.

Kaiser Aluminum Corporation (KALU) - Canvas Business Model: Cost Structure

You're looking at the core expenses Kaiser Aluminum Corporation is managing right now, late in 2025, as they wrap up major facility investments. This structure is heavily influenced by commodity prices and large, planned spending.

The single largest component of cost tied directly to production volume is the raw material cost, which Kaiser manages through hedging.

Here are the latest real-life numbers for the period ending September 30, 2025, and the full-year projection for capital spending.

Cost Component	Time Period	Amount (USD)
Hedged Cost of Alloyed Metal (Raw Material)	Q3 2025	$503.0 million
Hedged Cost of Alloyed Metal (Raw Material)	Nine Months Ended September 30, 2025	$1,371.3 million
Capital Expenditures (Projected for Full Year 2025)	FY 2025 Projection	$120 million to $130 million
Non-recurring Start-up Costs	Q3 2025	Approximately $20 million

Manufacturing and operating expenses for North American facilities are primarily captured in the Conversion Revenue calculation, which represents Net Sales less the Hedged Cost of Alloyed Metal. This figure covers the costs to transform the raw material.

• Conversion Revenue for Q3 2025 was $351 million.
• Conversion Revenue for the nine months ended September 30, 2025, was $1,088 million.

Labor, energy, and depreciation expenses are embedded within the operating structure. While specific 2025 breakdowns for labor and energy aren't isolated here, we can see the impact on profitability metrics:

• Depreciation and amortization for the full year 2024 was $116.4 million, providing a recent benchmark.
• Adjusted EBITDA for Q3 2025 was $81 million, which is calculated by adding Depreciation and Amortization back to Operating Income before non-run-rate items.
• Reported Operating Income for Q3 2025 was $49 million.

The company noted that manufacturing costs fell by $49.4 million during Q3 2025 compared to the prior year quarter, driven by favorable metal consumption and lower shipment volumes.

Kaiser Aluminum Corporation (KALU) - Canvas Business Model: Revenue Streams

You're looking at how Kaiser Aluminum Corporation (KALU) brings in the cash flow, which is heavily tied to processing and selling specialized aluminum products. The revenue streams are clearly segmented between the value added through processing and the underlying metal cost pass-throughs. For the third quarter of 2025, the numbers give a clear picture of where the money came from.

The core revenue components for Q3 2025 were substantial. Conversion Revenue, which represents the money Kaiser Aluminum Corporation earns from processing raw aluminum into specialty products, hit $351 million. This is distinct from the total sales because it strips out the fluctuating cost of the primary metal. On top of that, the total Net Sales from the sale of semi-fabricated products for the quarter reached $844 million. This total Net Sales figure reflects a 13 percent increase year-over-year, largely due to a 28 percent rise in the Hedged Cost of Alloyed Metal, which is passed through to the customer in the selling price.

A key financial dynamic impacting reported earnings is the metal price lag. In Q3 2025, Kaiser Aluminum Corporation experienced a favorable metal price lag, which acted as a tailwind, contributing approximately $28.0 million to the results for the quarter ended September 30, 2025. This gain occurs when primary aluminum prices rise faster than the company can adjust its own selling prices under existing contracts. The structure of their sales often involves long-term, fixed-price contracts, meaning the timing of metal price movements relative to these contracts directly influences these metal lag gains or losses.

The total Net Sales of $844 million is derived from sales across their key product lines. You can see the specific contribution from the major end markets in the table below, detailing the sales of plate, sheet, coil, extrusions, rod, bar, tube, and wire products.

End Market Application	Q3 2025 Net Sales (USD Millions)
Packaging	$393.9 million
General Engineering (GE) Products	$192.2 million
Aerospace/High Strength (Aero/HS) Products	$182.2 million
Automotive Extrusions	$75.2 million

The revenue generated from processing, or Conversion Revenue, can also be broken down by segment, showing where the value-add activity is most concentrated. For instance, General Engineering conversion revenue was $81 million in the third quarter, up 6 percent year-over-year on a 7 percent increase in shipments. Packaging conversion revenue totaled $138 million, up approximately 7 percent year-over-year. Automotive conversion revenue was $32 million, showing a 10 percent increase year-over-year despite a 5 percent decrease in shipments, due to improved pricing and product mix.

To summarize the key revenue drivers for Kaiser Aluminum Corporation in Q3 2025, you should focus on these figures:

• Conversion Revenue: $351 million.
• Total Net Sales: $844 million.
• Favorable Metal Price Lag Gain: Approximately $28.0 million.
• Adjusted EBITDA Margin: 23.2% of Conversion Revenue.
• Total Shipments: 270.2 million pounds, down 8 percent year-over-year.

Finance: draft 13-week cash view by Friday.