FORM 8-K
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549

                              ---------------


             CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES EXCHANGE ACT OF 1934


   Date of Report (date of earliest event reported):    October 17, 1996


                        KAISER ALUMINUM CORPORATION
           (Exact name of Registrant as Specified in its Charter)



                                  DELAWARE
               (State or other jurisdiction of incorporation)



                                   1-9447
                          (Commission File Number)



                                 94-3030279
                  (I.R.S. Employer Identification Number)




  5847 SAN FELIPE, SUITE 2600                     
        HOUSTON, TEXAS                       77057-3010
     (Address of Principal                   (Zip Code)
      Executive Offices)



     Registrant's telephone number, including area code: (713) 267-3777



ITEM 5.   Other Events

          On October 17, 1996, Kaiser Aluminum & Chemical Corporation,
the operating subsidiary of the registrant, announced in a press release
that it had priced its Rule 144A offering of $175 million principal
amount of 10 7/8% Senior Notes due 2006 at 99.5% of their principal
amount to yield 10.96% to maturity.  A copy of the press release issued
in this connection is incorporated by reference herein and is attached
hereto as Exhibit 99.



ITEM 7.   Financial Statements and Exhibits

               (c)  Exhibits

                    Exhibit 99:    Press Release dated October 17, 1996

 
 

                                 SIGNATURES


          Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


Date:    October 23, 1996                 KAISER ALUMINUM CORPORATION
                                     


                                    By:          BYRON L. WADE
                                                 Byron L. Wade
                                      Vice President, Secretary and Deputy
                                                General Counsel



                               EXHIBIT INDEX


Exhibit 99.    Press Release dated October 17, 1996








                                                                 Exhibit 99

Public Relations:  Bryan Oakley
Telephone:  713/267-0023

Investor Relations:  Scott Lamb
Telephone:  713/267-3826  
                                                October 17, 1996


      KAISER ALUMINUM & CHEMICAL CORPORATION PRICES 144A OFFERING OF 
                    $175 MILLION OF 10-7/8% SENIOR NOTES

          HOUSTON, Texas, October 17, 1996 -- Kaiser Aluminum & Chemical
Corporation (KACC), the operating subsidiary of Kaiser Aluminum Corporation
(KAC), announced that it has priced its Rule 144A offering of $175 million
principal amount of 10-7/8% Senior Notes due 2006 at 99.5% of their
principal amount to yield 10.96% to maturity.  The notes are non-callable
for five years.  KACC expects to close the sale of the notes on October 23,
1996.

          The Senior Notes will not be registered under the Securities Act
of 1933 and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.

          KACC is one of the world's leading producers of alumina, primary
aluminum, and semi-fabricated aluminum products, and is a major supplier of
alumina and primary aluminum in the domestic and international markets.  It
is a wholly owned subsidiary of KAC (NYSE:KLU).  MAXXAM Inc. (ASE:MXM)
holds approximately 62 percent of KAC on a fully diluted basis.  


                                   F-715