EXHIBIT 21

        KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
                             (DEBTOR-IN-POSSESSION)

                                  SUBSIDIARIES

     Listed below are the principal subsidiaries and affiliates of Kaiser
Aluminum & Chemical Corporation, the jurisdiction of their incorporation or
organization, and the names under which such subsidiaries do business. The
Company's ownership is indicated for less than wholly owned affiliates. Certain
subsidiaries are omitted which, considered in the aggregate as a single
subsidiary, would not constitute a significant subsidiary.

<Table>
<Caption>
                                                                   PLACE OF
                                                               INCORPORATION OR
NAME                                                             ORGANIZATION
- ----                                                           ----------------
                                                            
Continuing entities --
Anglesey Aluminium Limited (49%)............................   United Kingdom
Kaiser Aluminium International, Inc.(1).....................   Delaware
Kaiser Aluminum & Chemical of Canada Limited(1).............   Ontario
Kaiser Bellwood Corporation(1)..............................   Delaware
Liquidating entities --
Alpart Jamaica Inc.(1)(2)(3)................................   Delaware
Kaiser Jamaica Corporation(1)(2)(3).........................   Delaware
Kaiser Alumina Australia Corporation(1)(2)(3)...............   Delaware
Kaiser Finance Corporation(1)(2)(3).........................   Delaware
</Table>

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(1) Filed a voluntary petition for reorganization under the Code.

(2) Entities that have been materially affected as a result of the commodity
    asset sales, as discussed more fully in Note 1 and 5 of Notes to
    Consolidated Financial Statements.

(3) Entities are being liquidated as more fully discussed in Note 1 of Notes to
    Consolidated Financial Statements.