The Port of Tacoma Commission has approved a contract with Houston-based Kaiser Aluminum to purchase the company's aluminum smelter located near the Port for an initial cash payment of $12.1 million. re-developing for container terminal use. approval by the U.S. Bankruptcy Court for the District of Delaware. first quarter of 2003. necessary demolition and environmental remediation that may be required. funds will be placed in escrow. additional proceeds of the sale. Clare Petrich. Activity at Kaiser's Tacoma facility was curtailed in 2000. 73,000 metric tons of aluminum annually. America. community. Kaiser President and Chief Executive Officer Jack A. and to further strengthen the company's liquidity. years. clearly, so has the Northwest power environment," continued Hockema. market today.