Keeley Gabelli Small Cap Dividend Fund on Kaiser Aluminum Corp.
Thesis
Kaiser benefited from favorable metal pricing, better mix, and significant operating improvements, allowing management to raise guidance. Aerospace shipments are strengthening as aircraft production recovers and industry destocking eases. The Warrick coated-line expansion should also increase higher-margin packaging volumes as utilization rises.
“Kaiser reported a strong quarter driven by favorable metal pricing, an improved product mix.”