KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
Q U A R T E R L Y  F I N A N C I A L  D A T A  ( U N A U D I T E D ) 

<TABLE>
<CAPTION>
                                                                           Quarter Ended                          
                                                  ----------------------------------------------------------------
(In millions of dollars, except share amounts)         March 31,        June 30,   September 30,    December 31,  
------------------------------------------------------------------------------------------------------------------
<S>                                               <C>             <C>             <C>             <C>
1998
     Net sales                                    $       597.0   $       614.8        $  541.6        $  503.0 
     Operating income (loss)                               45.0            55.4            30.9           (40.3)   
     Net income (loss)                                     12.4            17.4            11.2 (1)       (38.3)  (2)



1997
     Net sales                                    $       547.4   $       597.1          $634.1          $594.6 
     Operating income                                      32.8            35.6            54.6            46.9 
     Net income                                             4.3            14.6 (3)        18.4            14.8 


</TABLE>


(1)  Includes two essentially offsetting non-recurring items, a favorable
     $8.3 non-cash tax provision benefit resulting from the resolution of
     certain matters and an approximate $10.0 unfavorable gross profit
     impact of preparing for a strike by employees represented by the USWA
     at five locations.
(2)  Includes an unfavorable pre-tax strike-related gross profit impact of
     approximately $50.0, and a non-cash pre-tax charge of $45.0 related to
     impairment of the Company's Micromill assets.
(3)  Includes a $19.7 pre-tax charge for restructuring of operations, an
     offsetting after-tax benefit of $12.5 related to the settlement of
     certain tax matters and a $5.8 pre-tax charge for litigation matters.



KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
F I V E - Y E A R  F I N A N C I A L  D A T A 
C O N S O L I D A T E D  B A L A N C E  S H E E T S 


<TABLE>
<CAPTION>

                                                                                   December 31,
                                                  ------------------------------------------------------------------------------
(In millions of dollars)                                    1998            1997            1996            1995            1994
--------------------------------------------------------------------------------------------------------------------------------
<S>                                               <C>             <C>             <C>             <C>             <C>
ASSETS
Current assets:
     Cash and cash equivalents                    $        98.3   $        15.8   $        81.3   $        21.7   $        12.0 
     Receivables                                          288.2           345.3           255.6           310.2           200.5 
     Inventories                                          543.5           568.3           562.2           525.7           468.0 
     Prepaid expenses and other current assets            104.9           121.3           127.8            76.6           158.0 
                                                  --------------  --------------  --------------  --------------  --------------
          Total current assets                          1,034.9         1,050.7         1,026.9           934.2           838.5 

Investments in and advances to unconsolidated
     affiliates                                           128.3           148.6           168.4           178.2           169.7 
Property, plant, and equipment - net                    1,108.7         1,171.8         1,168.7         1,109.6         1,133.2 
Deferred income taxes                                     376.9           329.0           263.3           268.8           271.0 
Other assets                                              346.0           317.2           308.6           323.5           281.2 
                                                  --------------  --------------  --------------  --------------  --------------
          Total                                   $     2,994.8   $     3,017.3   $     2,935.9   $     2,814.3   $      2,693.6
                                                  ==============  ==============  ==============  ==============  ==============

Liabilities and Stockholders' Equity
Current liabilities:
     Accounts payable and accruals                $       434.6   $       457.6   $       453.1   $       448.0   $       434.1 
     Accrued postretirement medical benefit
          obligation - current portion                     48.2            45.3            50.1            46.8            47.0 
     Payable to affiliates                                 75.3            82.4            96.9            95.3            85.2 
     Long-term debt - current portion                        .4             8.8             8.9             8.9            11.5 
     Notes payable to parent - current portion           -               -                  8.6            10.7            21.2 
                                                  --------------  --------------  --------------  --------------  --------------
          Total current liabilities                       558.5           594.1           617.6           609.7           599.0 

Long-term liabilities                                     533.0           492.0           458.1           548.5           495.5 
Accrued postretirement medical benefit obligation         694.3           720.3           722.5           734.0           734.9 
Long-term debt                                            962.6           962.9           953.0           749.2           751.1 
Notes Payable to Parent                                    -               -               -                8.6            23.5 
Minority interests                                        101.9            98.4            92.5            91.4            85.4 
Redeemable Preference Stock                                20.1            27.7            27.5            29.6            29.0 

Stockholders' equity (deficit):
     Preference stock                                       1.5             1.6             1.7             1.7             1.8 
     Common stock                                          15.4            15.4            15.4            15.4            15.4 
     Additional capital                                 2,052.8         1,939.8         1,829.8         1,730.7         1,626.3 
     Retained earnings (accumulated deficit)             (151.2)         (152.3)         (201.3)         (210.9)         (271.5)
     Accumulated other comprehensive income                -               -               (2.8)          (13.8)           (9.1)
          Less: Note receivable from parent            (1,794.1)       (1,682.6)       (1,578.1)       (1,479.8)       (1,387.7)
                                                  --------------  --------------  --------------  --------------  --------------
          Total stockholders' equity (deficit)            124.4           121.9            64.7            43.3           (24.8)
                                                  --------------  --------------  --------------  --------------  --------------
          Total                                   $     2,994.8   $     3,017.3   $     2,935.9   $     2,814.3   $     2,693.6 
                                                  ==============  ==============  ==============  ==============  ==============


</TABLE>



 KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
 F I V E - Y E A R  F I N A N C I A L  D A T A 
 S T A T E M E N T S  O F  C O N S O L I D A T E D  I N C O M E 
 ( L O S S ) 


<TABLE>
<CAPTION>

                                                                              Year Ended December 31,
                                                  ------------------------------------------------------------------------------
(In millions of dollars, except share amounts)              1998            1997            1996            1995            1994
--------------------------------------------------------------------------------------------------------------------------------
<S>                                               <C>             <C>             <C>             <C>             <C>
Net sales                                         $     2,256.4   $     2,373.2   $     2,190.5   $     2,237.8   $     1,781.5 
                                                  --------------  --------------  --------------  --------------  --------------

Costs and expenses:
     Cost of products sold                              1,906.2         1,951.2         1,857.5         1,787.0         1,613.9 
     Depreciation and amortization                         99.1           102.5           107.6           105.7           107.0 
     Selling, administrative, research and
          development, and general                        115.1           129.9           125.3           134.0           116.5 
     Impairment of Micromill(TM) assets/
          restructuring of operations                      45.0            19.7            -               -                   -
                                                  --------------  --------------  --------------  --------------  --------------
          Total costs and expenses                      2,165.4          2,203.3        2,090.4         2,026.7         1,837.4 
                                                  --------------  --------------  --------------  --------------  --------------

Operating income (loss) (1)                                91.0           169.9           100.1           211.1           (55.9)

Other income (expense):
     Interest expense                                    (110.0)         (110.7)          (93.4)          (93.9)          (88.6)
     Other - net                                            3.5             2.8            (2.6)          (14.1)           (7.3)
                                                  --------------  --------------  --------------  --------------  --------------

Income (loss) before income taxes, minority
     interests, and extraordinary loss                    (15.5)           62.0             4.1           103.1          (151.8)

Benefit (provision) for income taxes                       16.4            (9.4)            8.4           (37.4)           54.0 

Minority interests                                          1.8             (.5)             .7             (.4)            1.6 
                                                  --------------  --------------  --------------  --------------  --------------

Income (loss) before extraordinary loss                      2.7           52.1            13.2            65.3           (96.2)

Extraordinary loss on early extinguishments of
     debt, net of tax benefit of $2.9                      -               -               -               -               (5.4)
                                                  --------------  --------------  --------------  --------------  --------------

Net income (loss)                                           2.7            52.1            13.2            65.3          (101.6)
                                                  ==============  ==============  ==============  ==============  ==============


</TABLE>


(1)  1998 includes an adverse strike-related impact of approximately $60.0.








          ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                    ACCOUNTING AND FINANCIAL DISCLOSURE

          None.

          PART III

          Information required under PART III (Items 10, 11, 12, and 13)
          has been omitted from this Report since the Company intends to
          file with the Securities and Exchange Commission, not later than
          120 days after the close of its fiscal year, a definitive proxy
          statement pursuant to Regulation 14A which involves the election
          of directors, and such information is incorporated by reference
          from such definitive proxy statement.

          PART IV

          ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
                    FORM 8-K

          (a)       INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

               1.   Financial Statements                              Page
                    --------------------                              ----

                    Report of Independent Public Accountants          25

                    Consolidated Balance Sheets                       26

                    Statements of Consolidated Income (Loss)          27

                    Statements of Consolidated Cash Flows             28

                    Notes to Consolidated Financial Statements        29

                    Quarterly Financial Data                          52

                    Five-Year Financial Data                          53


               2.   Financial Statement Schedules
                    -----------------------------

                    Financial statement schedules are inapplicable or the
                    required information is included in the Consolidated
                    Financial Statements or the Notes thereto.

               3.   Exhibits
                    --------

                    Reference is made to the Index of Exhibits immediately
                    preceding the exhibits hereto (beginning on page 57),
                    which index is incorporated herein by reference.

          (b)  REPORTS ON FORM 8-K

               No Report on Form 8-K was filed by the Company during the
               last quarter of the period covered by this Report.

          (c)  EXHIBITS

               Reference is made to the Index of Exhibits immediately
               preceding the exhibits hereto (beginning on page 57), which
               index is incorporated herein by reference.


                                      SIGNATURES

               Pursuant to the requirements of Section 13 or 15(d) of the
          Securities Exchange Act of 1934, the registrant has duly caused
          this report to be signed on its behalf by the undersigned,
          thereunto duly authorized.

                                             KAISER ALUMINUM & CHEMICAL
                                             CORPORATION
               Date:  March 30, 1999
                                             By  George T. Haymaker, Jr.
                                             ---------------------------
                                                 George T. Haymaker, Jr.
                                                  Chairman of the Board
                                               and Chief Executive Officer

               Pursuant to the requirements of the Securities Exchange Act
          of 1934, this report has been signed below by the following
          persons on behalf of the registrant and in the capacities and on
          the dates indicated.

               Date:  March 30, 1999             George T. Haymaker, Jr.
                                             ---------------------------
                                                 George T. Haymaker, Jr.
                                                  Chairman of the Board
                                               and Chief Executive Officer
                                              (Principal Executive Officer)

               Date:  March 30, 1999                 John T. La Duc
                                             ---------------------------
                                                     John T. La Duc
                                              Executive Vice President and
                                             Chief Financial Officer 
                                              (Principal Financial Officer)

               Date:  March 30, 1999                Daniel D. Maddox
                                             ---------------------------
                                                    Daniel D. Maddox
                                              Vice President and Controller
                                             (Principal Accounting Officer)

               Date:  March 30, 1999              Robert J. Cruikshank
                                             ---------------------------
                                                  Robert J. Cruikshank
                                                        Director

               Date:  March 30, 1999               Charles E. Hurwitz
                                             ---------------------------
                                                   Charles E. Hurwitz
                                                        Director

               Date:  March 30, 1999                  Ezra G. Levin
                                             ---------------------------
                                                      Ezra G. Levin
                                                        Director

               Date:  March 30, 1999                  Robert Marcus
                                             ---------------------------
                                                      Robert Marcus
                                                        Director

               Date:  March 30, 1999                Robert J. Petris
                                             ---------------------------
                                                    Robert J. Petris
                                                        Director


                                  INDEX OF EXHIBITS

          Exhibit
          Number                        Description

           3.1      Restated Certificate of Incorporation of Kaiser
                    Aluminum & Chemical Corporation (the "Company" or
                    "KACC"), dated July 25, 1989 (incorporated by reference
                    to Exhibit 3.1 to the Registration Statement on Form
                    S-1, dated August 25, 1991, filed by KACC, Registration
                    No. 33-30645).

           3.2      Certificate of Retirement of KACC, dated February 7,
                    1990 (incorporated by reference to Exhibit 3.2 to the
                    Report on Form 10-K for the period ended December 31,
                    1989, filed by KACC, File No. 1-3605).

           3.3      Amended and Restated By-Laws of Kaiser Aluminum &
                    Chemical Corporation, dated October 1, 1997
                    (incorporated by reference to Exhibit 3.3 to the Report
                    on Form 10-Q for the quarterly period ended September
                    30, 1997, filed by KACC, File No. 1-3605).

           4.1      Indenture, dated as of February 1, 1993, among KACC, as
                    Issuer, Kaiser Alumina Australia Corporation, Alpart
                    Jamaica Inc., and Kaiser Jamaica Corporation, as
                    Subsidiary Guarantors, and The First National Bank of
                    Boston, as Trustee, regarding KACC's 12-3/4% Senior
                    Subordinated Notes Due 2003 (incorporated by reference
                    to Exhibit 4.1 to Form 10-K for the period ended
                    December 31, 1992, filed by KACC, File No. 1-3605).

           4.2      First Supplemental Indenture, dated as of May 1, 1993,
                    to the Indenture, dated as of February 1, 1993
                    (incorporated by reference to Exhibit 4.2 to the Report
                    on Form 10-Q for the quarterly period ended June 30,
                    1993, filed by KACC, File No. 1-3605).

           4.3      Second Supplemental Indenture, dated as of February 1,
                    1996, to the Indenture, dated as of February 1, 1993
                    (incorporated by reference to Exhibit 4.3 to the Report
                    on Form 10-K for the period ended December 31, 1995,
                    filed by Kaiser Aluminum Corporation ("Kaiser" or
                    "KAC"), File No. 1-9447).

           4.4      Third Supplemental Indenture, dated as of July 15,
                    1997, to the Indenture, dated as of February 1, 1993
                    (incorporated by reference to Exhibit 4.1 to the report
                    on Form 10-Q for the quarterly period ended June 30,
                    1997, filed by KAC, File No. 1-9447).

           4.5      Indenture, dated as of February 17, 1994, among KACC,
                    as Issuer, Kaiser Alumina Australia Corporation, Alpart
                    Jamaica Inc.,  Kaiser Jamaica Corporation, and Kaiser
                    Finance Corporation, as Subsidiary Guarantors, and
                    First Trust National Association, as Trustee, regarding
                    KACC's 9-7/8% Senior Notes Due 2002  (incorporated by
                    reference to Exhibit 4.3 to the Report on Form 10-K for
                    the period ended December 31, 1993, filed by KAC, File
                    No. 1-9447).

           4.6      First Supplemental Indenture, dated as of February 1,
                    1996, to the Indenture, dated as of February 17, 1994
                    (incorporated by reference to Exhibit 4.5 to the Report
                    on Form 10-K for the period ended December 31, 1995,
                    filed by KAC, File No. 1-9447).

           4.7      Second Supplemental Indenture, dated as of July 15,
                    1997, to the Indenture, dated as of February 17, 1994
                    (incorporated by reference to Exhibit 4.2 to the report
                    on Form 10-Q for the quarterly period ended June 30,
                    1997, filed by KAC, File No. 1-9447).

          Exhibit
          Number                        Description

           4.8      Indenture, dated as of October 23, 1996, among KACC, as
                    Issuer, Kaiser Alumina Australia Corporation, Alpart
                    Jamaica Inc.,  Kaiser Jamaica Corporation, Kaiser
                    Finance Corporation, Kaiser Micromill Holdings, LLC,
                    Kaiser Sierra Micromills, LLC, Kaiser Texas Micromill
                    Holdings, LLC and Kaiser Texas Sierra Micromills, LLC,
                    as Subsidiary Guarantors, and First Trust National
                    Association, as Trustee, regarding KACC's 10-7/8%
                    Series B Senior Notes Due 2006  (incorporated by
                    reference to Exhibit 4.2 to the Report on Form 10-Q for
                    the quarterly period ended September 30, 1996, filed by
                    KAC, File No. 1-9447).

           4.9      First Supplemental Indenture, dated as of July 15,
                    1997, to the Indenture, dated as of October 23, 1996
                    (incorporated by reference to Exhibit 4.3 to the Report
                    on Form 10-Q for the quarterly period ended June 30,
                    1997, filed by KAC, File No. 1-9447).

           4.10     Indenture, dated as of December 23, 1996, among KACC,
                    as Issuer, Kaiser Alumina Australia Corporation, Alpart
                    Jamaica Inc., Kaiser Jamaica Corporation, Kaiser
                    Finance Corporation, Kaiser Micromill Holdings, LLC,
                    Kaiser Sierra Micromills, LLC, Kaiser Texas Micromill
                    Holdings, LLC, and Kaiser Texas Sierra Micromills, LLC,
                    as Subsidiary Guarantors, and First Trust National
                    Association, as Trustee, regarding KACC's 10 7/8%
                    Series D Senior Notes due 2006 (incorporated by
                    reference to Exhibit 4.4 to the Registration Statement
                    on Form S-4, dated January 2, 1997, filed by KACC,
                    Registration No. 333-19143).

           4.11     First Supplemental Indenture, dated as of July 15,
                    1997, to the Indenture, dated as of December 23, 1996
                    (incorporated by reference to Exhibit 4.4 to the Report
                    on Form 10-Q for the quarterly period ended June 30,
                    1997, filed by KAC, File No. 1-9447).

           4.12     Credit Agreement, dated as of February 15, 1994, among
                    KAC, KACC, the financial institutions a party thereto,
                    and BankAmerica Business Credit, Inc., as Agent
                    (incorporated by reference to Exhibit 4.4 to the Report
                    on Form 10-K for the period ended December 31, 1993,
                    filed by KAC, File No. 1-9447).

           4.13     First Amendment to Credit Agreement, dated as of July
                    21, 1994, amending the Credit Agreement, dated as of
                    February 15, 1994, among KAC, KACC, the financial
                    institutions party thereto, and BankAmerica Business
                    Credit, Inc., as Agent (incorporated by reference to
                    Exhibit 4.1 to the Report on Form 10-Q for the
                    quarterly period ended June 30, 1994, filed by KAC,
                    File No. 1-9447).

           4.14     Second Amendment to Credit Agreement, dated as of March
                    10, 1995, amending the Credit Agreement, dated as of
                    February 15, 1994, as amended, among KAC, KACC, the
                    financial institutions party thereto, and BankAmerica
                    Business Credit, Inc., as Agent (incorporated by
                    reference to Exhibit 4.6 to the Report on Form 10-K for
                    the period ended December 31, 1994, filed by KAC, File
                    No. 1-9447).

           4.15     Third Amendment to Credit Agreement, dated as of July
                    20, 1995, amending the Credit Agreement, dated as of
                    February 15, 1994, as amended, among KAC, KACC, the
                    financial institutions a party thereto, and BankAmerica
                    Business Credit, Inc., as Agent (incorporated by
                    reference to Exhibit 4.1 to the Report on Form 10-Q for
                    the quarterly period ended June 30, 1995, filed by KAC,
                    File No. 1-9447).

           4.16     Fourth Amendment to Credit Agreement, dated as of
                    October 17, 1995, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KAC, KACC,
                    the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent
                    (incorporated by reference to Exhibit 4.1 to the Report
                    on Form 10-Q for the quarterly period ended September
                    30, 1995, filed by KAC, File No. 1-9447).

          Exhibit
          Number                        Description

           4.17     Fifth Amendment to Credit Agreement, dated as of
                    December 11, 1995, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KAC, KACC,
                    the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent 
                    (incorporated by reference to Exhibit 4.11 to the
                    Report on Form 10-K for the period ended December 31,
                    1995, filed by KAC, File No. 1-9447).

           4.18     Sixth Amendment to Credit Agreement, dated as of
                    October 1, 1996, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KAC, KACC,
                    the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent
                    (incorporated by reference to Exhibit 4.1 to the Report
                    on Form 10-Q for the quarterly period ended September
                    30, 1996, filed by KAC, File No. 1-9447).

           4.19     Seventh Amendment to Credit Agreement, dated as of
                    December 17, 1996, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KAC, KACC,
                    the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent
                    (incorporated by reference to Exhibit 4.18 to the
                    Registration Statement on Form S-4, dated January 2,
                    1997, filed by KACC, Registration No. 333-19143).

           4.20     Eighth Amendment to Credit Agreement, dated as of
                    February 24, 1997, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KACC,
                    Kaiser, the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent
                    (incorporated by reference to Exhibit 4.16 to the
                    Report on Form 10-K for the period ended December 31,
                    1996, filed by KAC, File No. 1-9447).

           4.21     Ninth Amendment to Credit Agreement, dated as of April
                    21, 1997, amending the Credit Agreement, dated as of
                    February 15, 1994, as amended, among KACC, KAC, the
                    financial institutions a party thereto, and BankAmerica
                    Business Credit, Inc., as Agent (incorporated by
                    reference to Exhibit 4.5 to the Report on From 10-Q for
                    the quarterly period ended June 30, 1997, filed by KAC,
                    File No. 1-9447).

           4.22     Tenth amendment to Credit Agreement, dated as of June
                    25, 1997, amending the Credit Agreement, dated as of
                    February 15, 1994, as amended, among KACC, KAC, the
                    financial institutions a party thereto, and BankAmerica
                    Business Credit, Inc., as Agent (incorporated by
                    reference to Exhibit 4.6 to the Report on Form 10-Q for
                    the quarterly period ended June 30, 1997, filed by KAC,
                    File No. 1-9447).

           4.23     Eleventh Amendment to Credit Agreement, dated as of
                    October 20, 1997, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KACC, KAC,
                    the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent
                    (incorporated by reference to Exhibit 4.7 to the Report
                    on Form 10-Q for the quarterly period ended September
                    30, 1997, filed by KAC, File No. 1-9447).

           4.24     Twelfth Amendment to Credit Agreement, dated as of
                    January 13, 1998, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KACC, KAC,
                    the financial institutions a party thereto, and
                    BankAmerica Business Credit, Inc., as Agent
                    (incorporated by referece to Exhibit 4.24 to the Report
                    on Form 10-K for the period ended December 31, 1997,
                    filed by KAC, File No. 1-9447).

           4.25     Thirteenth Amendment to Credit Agreement, dated as of
                    July 20, 1998, amending the Credit Agreement, dated as
                    of February 15, 1994, as amended, among KACC, KAC, the
                    financial institutions party thereto, and BankAmerica
                    Business Credit, Inc., as Agent (incorporated by
                    reference to Exhibit 4 to the report on Form 10-Q for
                    the quarterly period ended June 30, 1998, filed by KAC,
                    File No. 1-9447).

          *4.26     Fourteenth Amendment to Credit Agreement, dated as of
                    December 11, 1998, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KACC, KAC,
                    the financial institutions party thereto, and
                    BankAmerica Business Credit, Inc., as Agent.

          *4.27     Fifteenth Amendment to Credit Agreement, dated as of
                    February 23, 1999, amending the Credit Agreement, dated
                    as of February 15, 1994, as amended, among KACC, KAC,
                    the financial institutions party thereto, and
                    BankAmerica Business Credit, Inc., as Agent.


          Exhibit
          Number                        Description

          *4.28     Sixteenth Amendment to Credit Agreement, dated as of
                    March 26, 1999, amending the Credit Agreement, dated as
                    of February 15, 1994, as amended, among KACC, KAC, the
                    financial institutions party thereto, and BankAmerica
                    Business Credit, Inc., as Agent.

           4.29     Intercompany Note between KAC and KACC (incorporated by
                    reference to Exhibit 10.11 to the Report on Form 10-K
                    for the period ended December 31, 1996, filed by MAXXAM
                    Inc. ("MAXXAM"), File No. 1-3924). 

           4.30     Confirmation of Amendment of Non-Negotiable
                    Intercompany Note, dated as of October 6, 1993, between
                    KAC and KACC (incorporated by reference to Exhibit
                    10.12 to the Report on Form 10-K for the period ended
                    December 31, 1996, filed by MAXXAM, File No. 1-3924).

           4.31     Senior Subordinated Intercompany Note between KAC and
                    KACC dated February 15, 1994 (incorporated by reference
                    to Exhibit 4.22 to the Report on Form 10-K for the 
                    period ended December 31, 1993, filed by KAC, File No.
                    1-9447).

           4.32     Senior Subordinated Intercompany Note between KAC and
                    KACC dated March 17, 1994 (incorporated by reference to
                    Exhibit 4.23 to the Report on Form 10-K for the  period
                    ended December 31, 1993, filed by KAC, File No. 1-
                    9447).

                    KACC has not filed certain long-term debt instruments
                    not being registered with the Securities and Exchange
                    Commission where the total amount of indebtedness
                    authorized  under any such instrument does not exceed
                    10% of the total assets of KACC and its subsidiaries on
                    a consolidated basis.  KACC agrees and undertakes to
                    furnish a copy of any such instrument to the Securities
                    and Exchange Commission upon its request.

           10.1     Form of indemnification agreement with officers and
                    directors (incorporated by reference to Exhibit (10)(b)
                    to the Registration Statement of KAC on Form S-4, File
                    No. 33-12836). 

           10.2     Tax Allocation Agreement, dated as of December 21,
                    1989, between MAXXAM and KACC (incorporated by
                    reference to Exhibit 10.21 to Amendment No. 6 to the
                    Registration Statement on Form S-1, dated December 14,
                    1989, filed by KACC, Registration No. 33-30645).

           10.3     Tax Allocation Agreement, dated as of February 26,
                    1991, between KAC and MAXXAM (incorporated by reference
                    to Exhibit 10.23 to Amendment No. 2 to the Registration
                    Statement on Form S-1, dated June 11, 1991, filed by
                    KAC, Registration No. 33-37895).

           10.4     Tax Allocation Agreement, dated as of June 30, 1993,
                    between KACC and KAC (incorporated by reference to
                    Exhibit 10.3 to the Report on Form 10-Q for the
                    quarterly period ended June 30, 1993, filed by KACC,
                    File No. 1-3605).

                    Executive Compensation Plans and Arrangements
                          [Exhibits 10.5 - 10.23, inclusive]

           10.5     KACC's Bonus Plan (incorporated by reference to Exhibit
                    10.25 to Amendment No. 6 to the Registration Statement
                    on Form S-1, dated December 14, 1989, filed by KACC,
                    Registration No. 33-30645).

           10.6     Kaiser 1993 Omnibus Stock Incentive Plan (incorporated
                    by reference to Exhibit 10.1 to the Report on Form 10-Q
                    for the quarterly period ended June 30, 1993, filed by
                    KACC, File No. 1-3605).

           10.7     Kaiser 1995 Employee Incentive Compensation Program
                    (incorporated by reference to Exhibit 10.1 to the
                    Report on Form 10-Q for the quarterly period ended
                    March 31, 1995, filed by KAC, File No. 1-9447).


          Exhibit
          Number                        Description

           10.8     Kaiser 1995 Executive Incentive Compensation Program
                    (incorporated by reference to Exhibit 99 to the Proxy
                    Statement, dated April 26, 1995, filed by KAC, File No.
                    1-9447).

           10.9     Kaiser 1997 Omnibus Stock Incentive Plan (incorporated
                    by reference to Appendix A to the Proxy Statement,
                    dated April 29, 1997, filed by KAC, File No. 1-9447).

           10.10    Employment Agreement, dated April 1, 1993, among KAC,
                    KACC, and George T. Haymaker, Jr. (incorporated by
                    reference to Exhibit 10.2 to the Report on Form 10-Q
                    for the quarterly period ended March 31, 1993, filed by
                    KAC, File No. 1-9447).

           10.11    First Amendment to Employment Agreement by and between
                    KACC, KAC and George T. Haymaker, Jr. (incorporated by
                    reference to Exhibit 10 to the Report on Form 10-Q for
                    the quarterly period ended June 30, 1996, filed by KAC,
                    File No. 1-9447).

           10.12    Second Amendment to Employment Agreement, dated as of
                    December 10, 1997, by and between KAC, KACC, and George
                    T. Haymaker, Jr. (incorporated by reference to Exhibit
                    10.12 to the Report on Form 10-K for the period ended
                    December 31, 1997, filed by KAC, File No. 1-9447).

           10.13    Letter Agreement, dated January 1995, between KAC and
                    Charles E. Hurwitz, granting Mr. Hurwitz  stock options
                    under the Kaiser 1993 Omnibus Stock Incentive Plan
                    (incorporated by reference to Exhibit 10.17 to the
                    Report on Form 10-K for the period ended December 31,
                    1994, filed by KAC, File No. 1-9447).

           10.14    Employment Agreement between KACC and Raymond J.
                    Milchovich made effective for the period from January
                    1, 1998, to December 31, 2002 (incorporated by
                    reference to Exhibit 10.3 to the Report on Form 10-Q
                    for the quarterly period ended September 30, 1998,
                    filed by KAC, File No. 1-9447).

           10.15    Time-Based Stock Option Grant Pursuant to the Kaiser
                    1997 Omnibus Stock Incentive Plan to Raymond J.
                    Milchovich, effective July 2, 1998 (incorporated by
                    reference to Exhibit 10.4 to the Report on Form 10-Q
                    for the quarterly period ended September 30, 1998,
                    filed by KAC, File No. 1-9447).

           10.16    Employment Agreement between KACC and John T. La Duc
                    made effective for the period from January 1, 1998, to
                    December 31, 2002 (incorporated by reference to Exhibit
                    10.5 to the Report on From 10-Q for the quarterly
                    period ended September 30, 1998, filed by KAC, File No.
                    1-9447).

           10.17    Time-Based Stock Option Grant Pursuant to the Kaiser
                    1997 Omnibus Stock Incentive Plan to John T. La Duc,
                    effective July 10, 1998 (incorporated by reference to
                    Exhibit 10.6 to the Report on Form 10-Q for the
                    quarterly period ended September 30, 1998, filed by
                    KAC, File No. 1-9447).

          *10.18    Time-Based Stock Option Grant Pursuant to the Kaiser
                    1997 Omnibus Stock Incentive Plan to George T.
                    Haymaker, Jr., effective January 1, 1998.

          *10.19    Performance-Accelerated Stock Option Grant Pursuant to
                    the Kaiser 1997 Omnibus Stock Incentive Plan to George
                    T. Haymaker, Jr., effective January 1, 1998.

          *10.20    Letter Agreement, dated July 27, 1998, between KACC and
                    John H. Walker.

          *10.21    Description of Kaiser Severance Protection and Change
                    of Control Benefits Program.


          Exhibit
          Number                        Description

           10.22    Form of letter agreement with persons granted stock
                    options under the Kaiser 1993 Omnibus Stock Incentive
                    Plan to acquire shares of KAC Common Stock
                    (incorporated by reference to Exhibit 10.18 to the
                    Report on Form 10-K for the period ended December 31,
                    1994, filed by KAC, File No. 1-9447).

           10.23    Form of Deferred Fee Agreement between KAC, KACC, and
                    directors of KAC and KACC (incorporated by reference to
                    Exhibit 10 to the Report on Form 10-Q for the quarterly
                    period ended March 31, 1998, filed by KAC, File No. 1-
                    9447).

          *21       Significant Subsidiaries of KACC.

          *27       Financial Data Schedule.


          -----------------

          *         Filed herewith


                                                                 Exhibit 21


                                     SUBSIDIARIES


          Listed below are the principal subsidiaries of Kaiser Aluminum &
          Chemical Corporation, the jurisdiction of their incorporation or
          organization, and the names under which such subsidiaries do
          business.  Certain subsidiaries are omitted which, considered in
          the aggregate as a single subsidiary, would not constitute a
          significant subsidiary.

                                                            Place of
                                                            Incorporation
                    Name                                    or Organization

               Alpart Jamaica Inc.                          Delaware
               Alumina Partners of Jamaica (partnership)    Delaware
               Anglesey Aluminium Limited                   United Kingdom
               Kaiser Alumina Australia Corporation         Delaware
               Kaiser Aluminium International, Inc.         Delaware
               Kaiser Aluminum & Chemical of Canada Limited Ontario
               Kaiser Bauxite Company                       Nevada
               Kaiser Bellwood Corporation                  Delaware
               Kaiser Finance Corporation                   Delaware
               Kaiser Jamaica Bauxite Company (partnership) Jamaica
               Kaiser Jamaica Corporation                   Delaware
               Queensland Alumina Limited                   Queensland
               Volta Aluminium Company Limited              Ghana



          Principal      California               South Carolina
                         ----------               --------------
          Domestic        Los Angeles (City        Greenwood
                          of Commerce)               Engineered Products
          Operations        Engineered             Greenwood
                            Products                 Engineered Products
          and             Oxnard                     Machine Shop
          Administrative    Engineered            Tennessee
                            Products              ---------
          Offices         Pleasanton               Jackson
          (Partial List)    R&D at the Center        Engineered Products
                            for Technology,       Texas
                              Administrative      -----
                              Offices              Houston
                         Louisiana                   Kaiser Aluminum
                         ---------                   Corporation
                          Baton Rouge                Headquarters
                            Alumina Business       Sherman
                            Unit Offices             Engineered Products
                          Gramercy                Virginia
                            Alumina               --------
                         Michigan                  Richmond
                         --------                    Engineered Products
                          Detroit                 Washington
                          Southfield)             ----------
                            Automotive             Mead
                            Product                  Primary Aluminum,
                            Development and          Northwest Engineering
                            Sales                    Center
                         Ohio                      Richland
                         ----                        Engineered Products
                          Canton*                  Tacoma
                            Engineered               Primary Aluminum
                            Products               Trentwood
                          Cuyahoga Falls             Flat-Rolled
                          (50%)*                     Products
                            Engineered
                            Products
                          Newark
                            Engineered
                            Products
                         Oklahoma
                         --------
                          Tulsa
                            Engineered
                            Products
                         Pennsylvania
                         ------------
                          Erie (50%)*
                            Engineered
                            Products

          *  In separate announcements in early 1999, the Company said it
          had signed agreements to sell its interests in the assets located
          at Canton, Cuyahoga Falls, and Erie.

          -----------------------------------------------------------------
          Principal      Australia                Jamaica
                         ---------                -------
          Worldwide       Queensland Alumina       Alumina Partners of
                          Limited (28.3%)          Jamaica (65%)
          Operations        Alumina                  Bauxite,
          (Partial List) Canada                      Alumina
                         ------                    Kaiser Jamaica
                          Kaiser Aluminum &        Bauxite
                          Chemical of              Company (49%)
                          Canada Limited              Bauxite
                          (100%)                   Wales, United
                            Engineered             Kingdom
                            Products               ---------------------
                         Ghana                       Anglesey
                         -----                       Aluminium
                          Volta Aluminium            Limited (49%)
                          Company Limited             Primary
                          (90%)                       Aluminum
                            Primary Aluminum