January 30, 2002


                                                           Media: Josh Reiss
                                                           (713) 267-3740
                                                           Investors:  Ron Kurtz
                                                           (713) 267-3686


                     MAXXAM TO DEFER EARNINGS ANNOUNCEMENT

HOUSTON, Texas (January 30, 2002) - MAXXAM Inc. (AMEX: MXM) is deferring the
release of its fourth-quarter financial results. The previously scheduled date
was January 31.

MAXXAM is taking this step as a result of the decision of Kaiser Aluminum
Corporation (NYSE: KLU) to defer its fourth-quarter earnings announcement, and
not make the $25.5 million interest payment on its 12-3/4% Senior Subordinated
Notes scheduled for February 1, 2002. Kaiser Aluminum also announced that it is
considering restructuring alternatives that could result in the non-payment of
principal and interest due February 15 on Kaiser Aluminum's 9-7/8% Senior Notes
due 2002 and interest due April 15 on Kaiser Aluminum's 10-7/8% Senior Notes due
2006. (Additional detail on Kaiser Aluminum's announcement can be found in a
press release issued this afternoon by Kaiser Aluminum.)

MAXXAM expects to issue its fourth-quarter financial results at about the time
Kaiser Aluminum issues its earnings results. A new date has yet to be set by
Kaiser Aluminum.

MAXXAM directly and indirectly holds approximately 62 percent of Kaiser
Aluminum.





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