8-K

                                    FORM 8-K
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                           ---------------------------




                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



       Date of Report (date of earliest event reported): January 30, 2004


                           KAISER ALUMINUM CORPORATION
             (Exact name of Registrant as Specified in its Charter)



                                    DELAWARE
                 (State or other jurisdiction of incorporation)



                                     1-9447
                            (Commission File Number)



                                   94-3030279
                     (I.R.S. Employer Identification Number)




      5847 SAN FELIPE, SUITE 2500
           HOUSTON, TEXAS                           77057-3268
(Address of Principal Executive Offices)            (Zip Code)

                                 (713) 267-3777
              (Registrant's telephone number, including area code)



Item 5.    Other Events

      On January 30, 2004, Kaiser Aluminum Corporation issued a press release
in the form attached hereto as Exhibit 99.1, which press release is incorporated
herein by reference.

      On February 4, 2004, Kaiser Aluminum Corporation issued a press release
in the form attached hereto as Exhibit 99.2, which press release is incorporated
herein by reference.

Item 7.    Financial Statements and Exhibits

      (c)  Exhibits

           *Exhibit 99.1:  Press release dated January 30, 2004
           *Exhibit 99.2:  Press release dated February 4, 2004

- ---------------------------
*  Included with this filing

                                   SIGNATURES


      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                    KAISER ALUMINUM CORPORATION
                                          (Registrant)

                                    By:   /s/ Daniel D. Maddox
                                          Daniel D. Maddox
Dated:  February 4, 2004                  Vice President and Controller


                                  EXHIBIT INDEX


Exhibit 99.1:   Press release dated January 30, 2004
Exhibit 99.2:   Press release dated February 4, 2004

EX-99

                                                                    Exhibit 99.1

For Information:
Kaiser Aluminum -- Scott Lamb (713) 332-4751
USWA - David Foster (612) 623-8045                            January 30, 2004

       KAISER ALUMINUM AND USWA OUTLINE DETAILS OF AGREEMENT IN PRINCIPLE

         HOUSTON, Texas, January 30, 2004 -- Kaiser Aluminum and the United
Steelworkers of America (USWA) today summarized the details of an agreement in
principle on the terms and conditions of certain modifications to their labor
agreements covering several of the company's U.S. facilities. Among other
things, the agreement modifies the company's obligations with respect to current
and future pension and retiree medical benefits and addresses certain other
matters.

         The agreement is subject to ratification by union members, approvals by
the company's board of directors, approval by the Bankruptcy Court, and certain
other approvals. The agreement covers approximately 1,200 hourly employees at
plants in Gramercy, Louisiana; Newark, Ohio; Tulsa, Oklahoma; Richmond,
Virginia; and Trentwood and Mead, Washington. Major elements of the agreement
include the following:

- -       PENSION -- Active hourly employees will be covered under the
        Steelworkers Pension Trust (SPT); company contributions to the SPT will
        be based on $1 per employee per hour worked. In addition, the company
        will institute a defined contribution pension plan for active employees;
        company contributions to the defined contribution pension plan will
        range from $800 to $2400 per employee per year, depending on age and
        years of service. Existing USWA pension plans will be terminated and
        turned over to the Pension Benefit Guaranty Corporation (PBGC), if the
        Bankruptcy Court approves the company's separate request for termination
        of the existing plans. Current retirees will receive their future
        benefits from the PBGC.
- -       RETIREE BENEFITS - Current and future retirees and surviving spouses and
        their dependents will be provided with options for medical coverage if
        the Bankruptcy Court approves the termination of existing medical, life,
        and disability insurance programs. As a result of such termination,
        current retirees, surviving spouses, and their dependents who are not
        Medicare-eligible may elect COBRA coverage. Future retirees, and current
        retirees who decline COBRA coverage, may elect to receive benefits under
        a newly created Voluntary Employee Beneficiary Association (VEBA).
        Kaiser will fund the VEBA with a combination of cash, profit-sharing,
        and other consideration through December 31, 2012, subject to certain
        caps and limitations.
- -       NLRB Case - The parties have agreed to settle their case pending before
        the National Labor Relations Board, subject to the approval of the NLRB
        General Counsel and the Bankruptcy Court. Under the terms of the
        settlement, solely for purposes of determining distributions in
        connection with the reorganization, an unsecured pre-petition claim in
        the amount of $175 million will be allowed against the company's estate.
- -       BOARD OF DIRECTORS - Upon Kaiser's emergence from Chapter 11, the USWA
        will nominate four members of a 10-member board of directors.
- -       NEUTRALITY - The company agrees to adopt a position of neutrality
        regarding the unionization of any employees of the reorganized company.

         Kaiser's President and Chief Executive Officer Jack A. Hockema said,
"Kaiser's financial condition has imposed severe limits on what we were able to
achieve for our active and retired employees -- and there is no doubt that this
compromise will still involve significant sacrifice. However, our discussions
with the USWA were positive and cooperative, and I believe all parties were
eager to resolve these issues as fairly as possible. Although, as noted, the
agreement is still subject to a number of approvals, we believe it represents
yet another major step in our restructuring as we look forward to emerging from
Chapter 11 by mid 2004."

         USWA District Director David Foster said, "We believe this tentative
agreement enables us to maintain an important level of health and pension
benefits for active and retired members. Most importantly, an appropriate share
of the future profits of the company will be dedicated toward creating a new
health insurance program for our retired members. We are pleased to be part of
the solution under difficult circumstances, and we look forward to working
closely with Kaiser for the long-term success of the reorganized company."

         Kaiser has been engaged in similar discussions on retiree benefits with
other unions and with the Committee of Retired Salaried Employees.

         Kaiser Aluminum & Chemical Corporation is a leading producer of
fabricated aluminum products, alumina, and primary aluminum. It is the operating
subsidiary of Kaiser Aluminum Corporation (OTCBB: KLUCQ).

         The USWA represents 1.2 million working and retired members throughout
the United States and Canada working together to improve jobs; to build a better
future for families; and to promote fairness, justice and equality both on the
job and in our societies.

                                      F-970
Kaiser Aluminum press releases may contain statements that constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. The company cautions that any such
forward-looking statements are not guarantees of future performance and involve
significant risks and uncertainties, and that actual results may vary materially
from those expressed or implied in the forward-looking statements as a result of
various factors. Actual events could differ materially from those reflected in
the forward-looking statements contained in this press release as a result of
various factors, including but not limited to those relating to approvals
required as outlined above. No assurances can be given that all such approvals
will be obtained.

EX-99

                                                                    Exhibit 99.2

For Information:
Scott Lamb (713) 332-4751                                     February 4, 2004

               KAISER ALUMINUM REPORTS ON RESULTS OF COURT HEARING

         HOUSTON, Texas, February 4, 2004 -- Kaiser Aluminum announced that, in
a special hearing on February 2, the U.S. Bankruptcy Court for the District of
Delaware conditionally approved the company's previously announced agreement in
principle with the United Steelworkers of America (USWA), and the recently
concluded agreements in principle with the 1114 Committee, which represents
salaried retirees, and the International Association of Machinists (IAM), which
represents hourly employees at two Kaiser locations, regarding certain pension
and post-retirement benefits. The USWA and the IAM represent the vast majority
of the company's U.S. hourly employees.

         The agreements in principle are subject to various approvals, including
ratification by union members, approval by the company's Board of Directors, and
final approval by the Bankruptcy Court. The agreements are also conditioned upon
the satisfactory resolution of certain intercompany claims.

         Separately, the company continues to have discussions with four
additional unions concerning pension and post-retirement benefits.

         The agreements in principle conditionally approved by the Court provide
for:

- -       The termination of existing post-retirement benefit programs - such as
        retiree medical -- for current and future retirees who are or were
        salaried employees, members of the USWA, and members of the IAM (as well
        as surviving spouses and dependents). Under the agreements in principle,
        these participants would be provided an opportunity for continued
        retiree medical coverage through COBRA or a proposed Voluntary Employee
        Beneficiary Association (VEBA). As previously disclosed, Kaiser would
        fund the VEBA with a combination of cash, profit-sharing, and other
        consideration, subject to certain caps and limits.
- -       The termination of existing pension plans for current and future
        retirees represented by the USWA and IAM. Under the agreements in
        principle, active employees who are represented by the USWA and the IAM
        would be provided with an opportunity to participate in one or more
        replacement pension plans and/or defined contribution plans. The Court's
        conditional approval of this agreement in principle came in conjunction
        with a ruling that Kaiser has satisfied the criteria for distress
        termination of its U.S. hourly pension plans. Vested benefits under
        defined benefit pension plans are guaranteed by the PBGC, up to certain
        limits.

         After all required approvals - including final Court approval - are
obtained in connection with the agreements in principle, the company will advise
participants of the termination dates for the post-retirement and pension
benefit programs.

         On a related matter, as previously reported, the pension plan for
salaried employees was terminated by the Pension Benefit Guaranty Corporation on
December 17, 2003. Kaiser expects that current salaried employees will be
provided with an opportunity to participate in a replacement plan.

         "These agreements in principle represent the best efforts of Kaiser and
the other stakeholders to address this unfortunate situation and to provide
employees and retirees with some level of ongoing coverage while at the same
time helping Kaiser to advance toward a planned emergence from Chapter 11 at mid
year," said Jack A. Hockema, president and chief executive officer.

         Kaiser Aluminum Corporation (OTCBB:KLUCQ) is a leading producer of
fabricated aluminum products, alumina, and primary aluminum.

                                      F-971

Kaiser Aluminum press releases may contain statements that constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. The company cautions that any such
forward-looking statements are not guarantees of future performance and involve
significant risks and uncertainties, and that actual results may vary materially
from those expressed or implied in the forward-looking statements as a result of
various factors. Actual events could differ materially from those reflected in
the forward-looking statements contained in this press release as a result of
various factors, including but not limited to those relating to approvals
required as outlined above. No assurances can be given that all such approvals
will be obtained.