EXHIBIT 21 MAXXAM INC. SUBSIDIARIES OF THE REGISTRANT Listed below are MAXXAM Inc.'s principal subsidiaries and the jurisdiction of their incorporation or organization. Certain subsidiaries are omitted which, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary. State or Province of Incorporation Name or Organization Aluminum Operations ------------------- Alpart Jamaica Inc. Delaware Alumina Partners of Jamaica (partnership) Delaware Anglesey Aluminium Limited United Kingdom Kaiser Alumina Australia Corporation Delaware Kaiser Aluminum Corporation Delaware Kaiser Aluminium Europe (U.K.) Limited United Kingdom Kaiser Aluminium International, Inc. Delaware Kaiser Aluminum & Chemical Corporation Delaware Kaiser Aluminum & Chemical International N.V. Netherlands, 	 Antilles Kaiser Aluminum & Chemical of Canada Limited Ontario Kaiser Aluminum Technical Services, Inc. California Kaiser Bauxite Company Nevada Kaiser Center, Inc. California Kaiser Center Properties (partnership) California Kaiser Finance Corporation Delaware Kaiser Jamaica Bauxite Company (partnership) Jamaica Kaiser Jamaica Corporation Delaware Queensland Alumina Limited Queensland Strombus International Insurance Company, Ltd. Bermuda Trochus Insurance Company, Ltd. Bermuda Volta Aluminium Company Limited Ghana Forest Products Operations -------------------------- Britt Lumber Co., Inc. California MAXXAM Group Inc. Delaware MAXXAM Properties Inc. Delaware Salmon Creek Corporation Delaware Scotia Pacific Holding Company Delaware The Pacific Lumber Company Delaware Real Estate Operations ---------------------- Horizon Corporation Delaware MAXXAM Property Company Delaware MCO Properties Inc. Delaware MCO Properties L.P. (partnership) Delaware MXM Mortgage L.P. (partnership) Delaware Palmas del Mar Properties, Inc. Delaware Race Park Operations -------------------- Race Track Management Enterprises Delaware Sam Houston Race Park, Ltd. Delaware SHRP Acquisition, Inc. Delaware SHRP Capital Corp. Delaware SHRP General Partner, Inc. Texas SHRP Inc. Delaware SHRP Management, Inc. Delaware