SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 11-K
                                    ---------

               [x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                      For the year ended December 31, 1996

                                       or

        [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934


               For the transition period from ________ to ________


                           Commission File No. 0-25642
                                 --------------

             A. Full title of the plan and the address of the plan:

                        COMMONWEALTH ALUMINUM CORPORATION
                          PERFORMANCE SHARING PLAN FOR
                       SALARIED EMPLOYEES AND PERFORMANCE
                SHARING PLAN FOR COLLECTIVELY BARGAINED EMPLOYEES
                                 --------------


 B. Name of issuer of securities held pursuant to the plan and the address 
                       of its principal executive office:
                          COMMONWEALTH INDUSTRIES, INC.
                            500 West Jefferson Street
                                   19th Floor
                         Louisville, Kentucky 40202-2823




                                    FORM 11-K
                        Commonwealth Aluminum Corporation
               Performance Sharing Plan for Salaried Employees and
          Performance Sharing Plan for Collectively Bargained Employees
                                December 31, 1996


The following  financial  statements and supplemental  schedules of the Plan are
incorporated herein by reference and submitted in paper format on Form SE:

         Financial Statements:

               Statements  of Net  Assets  Available  for  Benefits  with Fund
   Information, December 31, 1996 and 1995

               Statements of Changes in Net Assets Available for Benefits with
   Fund Information for the years ended December 31, 1996 and 1995

               Notes to Financial Statements

         Supplemental Schedules:

               Line 27a - Schedule of Assets Held for Investment Purposes,
   December 31, 1996

               Line 27d - Schedule of Reportable Transactions for the year
   ended December 31, 1996



                                                                Page
                                                                ---- 
Signature Page                                                   3

Exhibit Index                                                    4





                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Pension
Administrative Committee of Commonwealth  Industries,  Inc. has duly caused this
annual  report to be signed on its  behalf  by the  undersigned  thereunto  duly
authorized.


                         Commonwealth Aluminum Corporation Performance
                         Sharing Plan for Salaried Employees and
                         Performance Sharing Plan for Hourly Employees

                         By:  /s/ Donald L. Marsh, Jr.
                              ------------------------       
                              Donald L. Marsh, Jr.
                              Executive Vice President, Chief Financial
                              Officer and Secretary
                              Commonwealth Industries, Inc. and a
                              member of Pension Administrative
                              Committee
Date:    June 25, 1997






                                  Exhibit Index
                                  -------------
Exhibit
Number                        Description
- --------                      -----------
    13.1  Financial   statements and supplemental schedules of the Commonwealth
Aluminum Corporation Performance Sharing Plan for Salaried Employees as of 
December 31, 1996 and 1995, and for the years ended December 31, 1996 and 1995,
including report of independent accountants.

    13.2  Financial   statements and supplemental schedules of the Commonwealth
Aluminum Corporation Performance Sharing Plan for Collectively Bargained
Employees as of December 31, 1996 and 1995, and for the years ended 
December 31, 1996 and 1995, including report of independent accountants.

    23    Consent of Coopers & Lybrand L.L.P.

Exhibits 13.1 and 13.2 above are submitted in paper format on Form SE.