KAISER ALUMINUM CORP — Director's Dealing 2011

Mar 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2011-03-03

Reporting Person: McAuliffe James E (Sr. VP - Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-03	Common Stock, par value $0.01 per share	F	745	$48.86	Disposed	19634	Direct
2011-03-04	Common Stock, par value $0.01 per share	A	505	$0.00	Acquired	20139	Direct
2011-03-04	Common Stock, par value $0.01 per share	F	213	$49.41	Disposed	19926	Direct
2011-03-05	Common Stock, par value $0.01 per share	A	2539	$0.00	Acquired	22465	Direct
2011-03-05	Common Stock, par value $0.01 per share	F	1113	$49.41	Disposed	21352	Direct

Footnotes

F1: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 3, 2011 of certain shares granted to the reporting person in 2008 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended.

F2: Shares earned upon the vesting on March 4, 2011 of certain performance shares granted to the reporting person in 2008 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended. On March 4, 2011, the Registrant's compensation committee certified the performance shares payout multiplier based on the level of achievement by the Registrant of a certain pre-established performance goal for 2008 through 2010.

F3: Shares withheld to satisfy the withholding tax obligations resulting from the vesting on March 4, 2011 of the above-referenced performance shares.

F4: Grant to the reporting person effective as of March 5, 2011, of restricted stock under the Kaiser Aluminum Corporation Amended and Restated 2006 Equity and Performance Incentive Plan. All restrictions will lapse on March 5, 2014 or earlier upon the occurrence of certain specified circumstances.

F5: Shares withheld to satisfy the withholding tax obligations resulting from the recognition of income with respect to the grant of restricted shares on March 5, 2011 under the Kaiser Aluminum Corporation 2006 Equity and Performance Incentive Plan, as amended. The restricted shares are not subject to a substantial risk of forfeiture for tax purposes as a result of the reporting person reaching age 65 on June 7, 2010.