Exhibit 99

Public Relations: Bob Irelan
Telephone: 713/267-3722

Investor Relations: Scott Lamb
Telephone: 713/267-3826



October 7, 1996


KAISER ALUMINUM & CHEMICAL CORPORATION ANNOUNCES PROPOSED
RULE 144A OFFERING OF $175 MILLION OF SENIOR NOTES


HOUSTON, Texas, October 7, 1996 -- Kaiser Aluminum &
Chemical Corporation (KACC), the operating subsidiary of Kaiser Aluminum
Corporation (KAC), announced today that it proposes to make a Rule 144A
offering of $175 million principal amount of senior notes due 2006.
KACC expects to use the proceeds from the offering to pay
down revolving credit debt and for general corporate purposes, including
capital spending projects.
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.