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.  


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