10-Q

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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

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


               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000

                        Commission File Number 333-18723


                           MAXXAM GROUP HOLDINGS INC.
             (Exact name of Registrant as specified in its charter)



               DELAWARE                                    76-0518669
      (State or other jurisdiction                       (I.R.S. Employer
   of incorporation or organization)                 Identification Number)

       5847 SAN FELIPE, SUITE 2600
             HOUSTON, TEXAS                                   77057
  (Address of Principal Executive Offices)                 (Zip Code)


       Registrant's telephone number, including area code: (713) 975-7600


      Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes /X/   No /  /

       Number of shares of common stock outstanding at May 1, 2000: 1,000


      REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A)
AND (B) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT.

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                                TABLE OF CONTENTS


PART I.  -  FINANCIAL INFORMATION

         Item 1.           Financial Statements:
                           Consolidated Balance Sheet at March 31, 2000 and
                               December 31, 1999
                           Consolidated Statement of Operations for the three
                               months ended March 31, 2000 and 1999
                           Consolidated Statement of Cash Flows for the three
                               months ended March 31, 2000 and 1999
                           Condensed Notes to Consolidated Financial
                               Statements

         Item 2.           Management's Discussion and Analysis of Financial
                               Condition and Results of Operations

         Item 3.           Quantitative and Qualitative Disclosures About
                               Market Risk

PART II.  -  OTHER INFORMATION

         Item 1.           Legal Proceedings
         Item 6.           Exhibits and Reports on Form 8-K
         Signatures

APPENDIX A - GLOSSARY OF DEFINED TERMS


                   MAXXAM GROUP HOLDINGS INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEET
               (IN MILLIONS OF DOLLARS, EXCEPT SHARE INFORMATION)




                                                                                          MARCH 31,   DECEMBER 31,
                                                                                            2000          1999
                                                                                        ------------- -------------
                                                                                         (UNAUDITED)
                                        ASSETS
                                                                                                
Current assets:
   Cash and cash equivalents........................................................... $      138.5  $      189.8
   Marketable securities...............................................................         46.9          43.8
   Receivables:
      Trade............................................................................         10.9          10.9
      Other............................................................................          2.3           9.1
   Inventories.........................................................................         42.9          44.6
   Prepaid expenses and other current assets...........................................         19.2          17.7
                                                                                        ------------- -------------
      Total current assets.............................................................        260.7         315.9
Timber and timberlands, net of accumulated depletion of $182.4 and
   $180.6, respectively................................................................        253.1         254.1
Property, plant and equipment, net of accumulated depreciation of $96.0 and
   $93.7, respectively.................................................................         99.1         100.4
Note receivable from MAXXAM Inc........................................................        155.9         147.8
Investment in Kaiser Aluminum Corporation..............................................         26.1          21.9
Deferred financing costs, net..........................................................         22.5          23.6
Deferred income taxes..................................................................         98.9         100.3
Restricted cash and marketable securities..............................................        128.5         158.9
Other assets...........................................................................          8.6           8.8
                                                                                        ------------- -------------
                                                                                        $    1,053.4  $    1,131.7
                                                                                        ============= =============

                         LIABILITIES AND STOCKHOLDER'S DEFICIT

Current liabilities:
   Accounts payable.................................................................... $        4.8  $        6.1
   Accrued interest....................................................................         14.5          34.5
   Accrued compensation and related benefits...........................................          7.6           3.7
   Deferred income taxes...............................................................          7.1           7.0
   Other accrued liabilities...........................................................          1.9           5.3
   Short-term borrowings and current maturities of long-term debt......................         39.3          16.0
                                                                                        ------------- -------------
      Total current liabilities........................................................         75.2          72.6
Long-term debt, less current maturities................................................        932.8         969.4
Deferred income taxes..................................................................         97.1          78.8
Other noncurrent liabilities...........................................................         24.8          45.8
                                                                                        ------------- -------------
      Total liabilities................................................................      1,129.9       1,166.6
                                                                                        ------------- -------------

Contingencies

Stockholder's deficit:
   Common stock, $1.00 par value; 3,000 shares authorized; 1,000 shares issued.........            -             -
   Additional capital..................................................................        168.2         123.2
   Accumulated deficit.................................................................       (244.3)       (157.7)
   Accumulated other comprehensive loss - additional minimum pension liability.........         (0.4)         (0.4)
                                                                                        ------------- -------------
      Total stockholder's deficit......................................................        (76.5)        (34.9)
                                                                                        ------------- -------------
                                                                                        $    1,053.4  $    1,131.7
                                                                                        ============= =============

The accompanying notes are an integral part of these financial statements.




                      CONSOLIDATED STATEMENT OF OPERATIONS
                            (IN MILLIONS OF DOLLARS)




                                                                                              THREE MONTHS ENDED
                                                                                                   MARCH 31,
                                                                                            -----------------------
                                                                                               2000        1999
                                                                                            ----------  -----------
                                                                                                  (UNAUDITED)
                                                                                                  
Net sales:
   Lumber and logs........................................................................  $    43.7   $     41.6
   Other..................................................................................        3.7          5.1
                                                                                            ----------  -----------
                                                                                                 47.4         46.7
                                                                                            ----------  -----------

Operating expenses:
   Cost of goods sold.....................................................................       33.1         39.8
   Selling, general and administrative expenses...........................................        4.0          3.5
   Depletion and depreciation.............................................................        4.6          4.9
                                                                                            ----------  -----------
                                                                                                 41.7         48.2
                                                                                            ----------  -----------

Operating income (loss)...................................................................        5.7         (1.5)

Other income (expense):
   Gain on sale of Headwaters Timberlands.................................................          -        239.8
   Equity in earnings (loss) of Kaiser Aluminum Corporation...............................        4.1        (13.5)
   Investment, interest and other income (expense), net...................................       10.8          8.2
   Interest expense.......................................................................      (20.2)       (20.6)
                                                                                            ----------  -----------
Income before income taxes and extraordinary item.........................................        0.4        212.4
Benefit (provision) in lieu of income taxes...............................................        1.6        (92.1)
                                                                                            ----------  -----------
Income before extraordinary item..........................................................        2.0        120.3
Extraordinary item:
   Gain on repurchase of debt, net of income tax provision of $1.0........................        1.4            -
                                                                                            ----------  -----------
Net income................................................................................  $     3.4   $    120.3
                                                                                            ==========  ===========

The accompanying notes are an integral part of these financial statements.



                   MAXXAM GROUP HOLDINGS INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                            (IN MILLIONS OF DOLLARS)



                                                                                                THREE MONTHS ENDED
                                                                                                     MARCH 31,
                                                                                               --------------------
                                                                                                 2000       1999
                                                                                               ---------  ---------
                                                                                                    (UNAUDITED)
                                                                                                    
Cash flows from operating activities:
   Net income................................................................................. $    3.4   $  120.3
   Adjustments to reconcile net income to net cash used for operating activities:
      Depletion and depreciation..............................................................      4.6        4.9
      Gain on sale of Headwaters Timberlands..................................................        -     (239.8)
      Extraordinary gain on repurchase of debt................................................     (1.4)
      Equity in undistributed loss (earnings) of Kaiser Aluminum Corporation..................     (4.1)      13.5
      Amortization of deferred financing costs................................................      0.6        0.6
      Net purchases of marketable securities..................................................     (0.6)      (9.8)
      Net gain on marketable securities.......................................................     (2.5)      (2.3)
      Deferral of interest payment on note receivable from MAXXAM Inc.........................     (8.1)      (7.8)
   Increase (decrease) in cash resulting from changes in:
      Receivables.............................................................................      5.8        5.4
      Inventories, net of depletion...........................................................      1.5       13.1
      Prepaid expenses and other assets.......................................................     (1.4)      (0.1)
      Accounts payable........................................................................     (1.4)      (1.1)
      Accrued interest........................................................................    (20.1)     (19.8)
      Accrued and deferred income taxes.......................................................      0.7       92.1
      Other liabilities.......................................................................      0.6        0.1
      Long-term assets and long-term liabilities..............................................     (2.0)      (0.3)
                                                                                               ---------  ---------
        Net cash used for operating activities................................................    (24.4)     (31.0)
                                                                                               ---------  ---------

Cash flows from investing activities:
   Net proceeds from dispositions of property and investments.................................        -      299.9
   Capital expenditures.......................................................................     (1.9)     (12.4)
   Restricted cash withdrawals used to acquire timberlands....................................      0.3       10.3
                                                                                               ---------  ---------
        Net cash provided by (used for) investing activities..................................     (1.6)     297.8
                                                                                               ---------  ---------

Cash flows from financing activities:
   Net borrowings under revolving credit agreements...........................................     23.2          -
   Redemptions, repurchases of and principal payments on long-term debt.......................    (15.0)      (5.4)
   Restricted cash (deposits) withdrawals, net................................................     11.5     (287.9)
   Dividends paid to stockholder..............................................................    (45.0)         -
   Other......................................................................................        -       (0.3)
                                                                                               ---------  ---------
        Net cash used for financing activities................................................    (25.3)    (293.6)
                                                                                               ---------  ---------

Net decrease in cash and cash equivalents.....................................................    (51.3)     (26.8)
Cash and cash equivalents at beginning of period..............................................    189.8      150.8
                                                                                               ---------  ---------
Cash and cash equivalents at end of period.................................................... $  138.5   $  124.0
                                                                                               =========  =========

Supplemental disclosure of cash flow information:
   Interest paid, net of capitalized interest................................................. $   39.7   $   39.4

Supplemental disclosure of non-cash investing and financing activities:
   Repurchases of debt using restricted cash and marketable securities........................ $   18.6   $      -


The accompanying notes are an integral part of these financial statements.




                   MAXXAM GROUP HOLDINGS INC. AND SUBSIDIARIES

              CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.    GENERAL

      The information contained in the following notes to the consolidated
financial statements is condensed from that which would appear in the annual
consolidated financial statements; accordingly, the consolidated financial
statements included herein should be reviewed in conjunction with the
consolidated financial statements and related notes thereto contained in the
Form 10-K. Any capitalized terms used but not defined in these Condensed Notes
to Consolidated Financial Statements are defined in the "Glossary of Defined
Terms" contained in Appendix A. All references to the "Company" include MAXXAM
Group Holdings Inc. and its subsidiary companies unless otherwise noted or the
context indicates otherwise. Accounting measurements at interim dates inherently
involve greater reliance on estimates than at year end. The results of
operations for the interim periods presented are not necessarily indicative of
the results to be expected for the entire year.

      The consolidated financial statements included herein are unaudited;
however, they include all adjustments of a normal recurring nature which, in the
opinion of management, are necessary to present fairly the consolidated
financial position of the Company at March 31, 2000, the consolidated results of
operations for the three months ended March 31, 2000 and 1999 and the
consolidated cash flows for the three months ended March 31, 2000 and 1999. The
Company is a wholly owned subsidiary of MAXXAM. Certain reclassifications of
prior period information have been made to conform to the current presentation.

      There were no reconciling items between net income and comprehensive
income in either of the three month periods ended March 31, 2000 and 1999

      SFAS No. 133 requires companies to recognize all derivative instruments as
assets or liabilities in the balance sheet and to measure those instruments at
fair value. SFAS No. 137 delayed the required implementation date of SFAS No.
133 to no later than January 1, 2001. Kaiser, the Company's equity investee, has
hedging programs which use various derivative products to "lock-in" a price (or
range of prices) for products sold or used so that earnings and cash flows are
subject to a reduced risk of volatility. Under SFAS No. 133, Kaiser will be
required to "mark-to-market" its hedging positions at the end of each period in
advance of the period of recognition for the transactions to which the hedges
relate. Kaiser will reflect changes in the fair value of its open hedging
positions as an increase or reduction in stockholders' equity through
comprehensive income. The impact of the changes in the fair value of Kaiser's
hedging positions will be reversed from comprehensive income (net of any
fluctuations in other "open" positions) and will be reflected in traditional net
income upon occurrence of the transactions to which the hedges relate. Under the
equity method of accounting which the Company follows in accounting for its
investment in Kaiser, the Company will reflect its equity share of Kaiser's
adjustments to stockholder's equity through comprehensive income.

2.    HEADWATERS TRANSACTIONS

      On March 1, 1999, the United States and California acquired the Headwaters
Timberlands, approximately 5,600 acres of timberlands containing a significant
amount of virgin old growth timber, from Salmon Creek and Pacific Lumber. Salmon
Creek received $299.9 million for its 4,900 acres, and for its 700 acres,
Pacific Lumber received the 7,700 acre Elk River Timberlands, which Pacific
Lumber contributed to Scotia LLC in June 1999. See Note 7 below for a discussion
of additional agreements entered into on March 1, 1999.

      As a result of the disposition of the Headwaters Timberlands, the Company
recognized a pre-tax gain of $239.8 million ($142.1 million net of deferred
taxes) in 1999. This amount represents the gain attributable to the portion of
the Headwaters Timberlands for which the Company received $299.9 million in
cash. With respect to the remaining portion of the Headwaters Timberlands for
which the Company received the Elk River Timberlands, no gain has been
recognized as this represented an exchange of substantially similar productive
assets. These timberlands have been reflected in the Company's financial
statements at an amount which represents the Company's historical cost for the
timberlands which were transferred to the United States.

      Scotia LLC and Pacific Lumber also entered into agreements with California
for the future sale of two timber properties known as the Owl Creek grove and
the Grizzly Creek grove. Under these agreements, Scotia LLC would sell the Owl
Creek grove to California, no later than June 30, 2001, for the lesser of the
appraised fair market value or $79.7 million, and California must purchase from
Pacific Lumber, no later than October 31, 2000, all or a portion of the Grizzly
Creek grove for a purchase price determined based on fair market value, but not
to exceed $20.0 million. California also has a five year option under these
agreements to purchase additional property adjacent to the Grizzly Creek grove.
The sale of the Owl Creek grove or Grizzly Creek grove will not be reflected in
the Company's financial statements until each has been concluded.

3.    RESTRICTED CASH AND MARKETABLE SECURITIES

Cash and marketable securities include the following amounts which are
restricted (in millions):




                                                                                         MARCH 31,    DECEMBER 31,
                                                                                           2000           1999
                                                                                       ------------- --------------
                                                                                        (UNAUDITED)
                                                                                               
Current assets:
   Cash and cash equivalents:
      Amounts held as security for short positions in marketable securities..........  $       33.5  $        27.1
                                                                                       ------------- --------------

   Marketable securities, restricted:
      Amounts held in SAR Account....................................................          16.0           15.9
                                                                                       ------------- --------------

Long-term restricted cash and marketable securities:
   Amounts held in SAR Account.......................................................         141.6          153.2
   Amounts held in Prefunding Account................................................           3.0            3.3
   Other amounts restricted under the Timber Notes Indenture.........................           0.4            0.4
   Other long-term restricted cash...................................................           2.1            2.0
   Less: Amounts attributable to Timber Notes held in SAR Account....................         (18.6)             -
                                                                                       ------------- --------------
                                                                                              128.5          158.9
                                                                                       ------------- --------------

Total restricted cash and marketable securities......................................  $      178.0  $       201.9
                                                                                       ============= ==============



4.    INVENTORIES

      Inventories consist of the following (in millions):



                                                                                        MARCH 31,     DECEMBER 31,
                                                                                          2000            1999
                                                                                     --------------  --------------
                                                                                      (UNAUDITED)
                                                                                               
Lumber.............................................................................  $        27.4   $       23.2
Logs...............................................................................           15.5           21.4
                                                                                     --------------  --------------
                                                                                     $        42.9   $       44.6
                                                                                     ==============  ==============


5.    INVESTMENT IN KAISER

      The Company owns the 27,938,250 Kaiser Shares, all of which are pledged as
collateral for the MGHI Notes as of March 31, 2000. Kaiser operates in several
principal aspects of the aluminum industry through the following business
segments: bauxite and alumina, primary aluminum, flat-rolled products and
engineered products. Kaiser uses a portion of its bauxite, alumina and primary
aluminum production for additional processing at certain downstream facilities.
Kaiser's common stock is publicly traded on the New York Stock Exchange under
the trading symbol "KLU." The Kaiser Shares represent a 35.2% equity interest in
Kaiser at March 31, 2000.

      The market value for the Kaiser Shares based on the price per share quoted
at the close of business on April 28, 2000 was $118.7 million. There can be no
assurance that such value would be realized should the Company dispose of its
investment in the Kaiser Shares. The following tables contain summarized
financial information of Kaiser (in millions).




                                                               MARCH 31,   DECEMBER 31,
                                                                 2000          1999
                                                             ------------- -------------
                                                              (UNAUDITED)
                                                                     
Current assets.............................................. $      936.1  $      973.9
Property, plant and equipment, net..........................      1,038.4       1,053.7
Other assets................................................      1,175.6       1,171.2
                                                             ------------- -------------
           Total assets..................................... $    3,150.1  $    3,198.8
                                                             ============= =============

Current liabilities......................................... $      610.4  $      637.9
Long-term debt, less current maturities.....................        979.1         972.5
Other liabilities...........................................      1,365.3       1,405.4
Minority interests..........................................        117.7         117.7
Stockholders' equity........................................         77.6          65.3
                                                             ------------- -------------
        Total liabilities and stockholders' equity.......... $    3,150.1  $    3,198.8
                                                             ============= =============






                                                                        THREE MONTHS ENDED
                                                                             MARCH 31,
                                                                      -----------------------
                                                                         2000        1999
                                                                      ----------  -----------
                                                                            (UNAUDITED)
                                                                            
Net sales...........................................................  $   565.7   $    479.4
Costs and expenses..................................................     (528.8)      (512.4)
Other expenses - net................................................      (18.3)       (26.4)
                                                                      ----------  -----------
Income (loss) before income taxes and minority interests............       18.6        (59.4)
Credit (provision) for income taxes.................................       (7.3)        20.2
Minority interests..................................................        0.4          1.0
                                                                      ----------  -----------
Net income (loss)...................................................       11.7        (38.2)
Dividends on preferred stock........................................          -            -
                                                                      ----------  -----------
Net income (loss) available to common stockholders..................  $    11.7   $    (38.2)
                                                                      ==========  ===========
Equity in earnings (loss) of Kaiser.................................  $     4.1   $    (13.5)
                                                                      ==========  ===========



6.    LONG-TERM DEBT

      Long-term debt consists of the following (in millions):




                                                                                          MARCH 31,   DECEMBER 31,
                                                                                            2000          1999
                                                                                        ------------- -------------
                                                                                         (UNAUDITED)
                                                                                                
6.55% Scotia LLC Class A-1 Timber Collateralized Notes due July 20, 2028............... $      139.6  $      152.6
7.11% Scotia LLC Class A-2 Timber Collateralized Notes due July 20, 2028...............        243.2         243.2
7.71% Scotia LLC Class A-3 Timber Collateralized Notes due July 20, 2028...............        463.3         463.3
12% MGHI Senior Secured Notes due August 1, 2003.......................................        123.2         125.2
Other..................................................................................          1.2           1.1
                                                                                        ------------- -------------
                                                                                               970.5         985.4
Less: current maturities...............................................................        (16.2)        (16.0)
      Timber Notes held in SAR Account.................................................        (21.5)            -
                                                                                        ------------- -------------
                                                                                        $      932.8  $      969.4
                                                                                        ============= =============


      The amount attributable to the Timber Notes held in the SAR Account of
$18.6 million reflected in Note 3 above represents the amount paid to acquire
$21.5 million of principal amount of Timber Notes. This repurchase resulted in
an extraordinary gain of $1.4 million, net of tax.

7.    CONTINGENCIES

      Regulatory and environmental matters play a significant role in the
Company's forest products business, which is subject to a variety of California
and federal laws and regulations, as well as the HCP and SYP and Pacific
Lumber's 2000 timber operator's license, dealing with timber harvesting
practices, threatened and endangered species and habitat for such species, and
air and water quality. As further described in Note 2 "Headwaters Transactions,"
on March 1, 1999, Pacific Lumber, including its subsidiaries and affiliates, and
MAXXAM consummated the Headwaters Agreement with the United States and
California. In addition to the transfer of the Headwaters Timberlands described
in Note 2, the SYP and the HCP were approved and the Permits were issued.

      The SYP complies with certain California Board of Forestry regulations
requiring timber companies to project timber growth and harvest on their
timberlands over a 100-year planning period and to demonstrate that their
projected average annual harvest for any decade within a 100-year planning
period will not exceed the average annual harvest level during the last decade
of the 100-year planning period. The SYP is effective for 10 years (subject to
review after five years) and may be amended by Pacific Lumber, subject to
approval by the CDF. Revised SYPs will be prepared every decade that address the
harvest level based upon reassessment of changes in the resource base and other
factors. The HCP and the Permits allow incidental "take" of certain species
located on the Company's timberlands which have been listed as endangered or
threatened under the ESA and/or CESA so long as there is no "jeopardy" to the
continued existence of such species. The HCP identifies the measures to be
instituted in order to minimize and mitigate the anticipated level of take to
the greatest extent practicable. The SYP is also subject to certain of these
provisions. The HCP and related Permits have a term of 50 years. The Company
believes that the SYP and the HCP should in the long-term expedite the
preparation and facilitate approval of its THPs, although the Company is
experiencing difficulties in the THP approval process as it implements these
agreements.

      Under the Federal Clean Water Act, the EPA is required to establish TMDLs
in water courses that have been declared to be "water quality impaired." The EPA
and the North Coast Regional Water Quality Control Board are in the process of
establishing TMDLs for 17 northern California rivers and certain of their
tributaries, including certain water courses that flow within the Company's
timberlands. The final TMDL requirements applicable to the Company's timberlands
may require aquatic measures that are different from or in addition to the
prescriptions to be developed pursuant to the watershed analysis process
provided for in the HCP.

      Lawsuits are pending and threatened which seek to prevent the Company from
implementing the HCP and/or the SYP, implementing certain of the Company's
approved THPs or carrying out certain other operations. On December 2, 1997, two
lawsuits were filed against the Company, certain of its subsidiaries and others:
the Wrigley lawsuit and the Rollins lawsuit. These actions allege, among other
things, that the defendants' logging practices have damaged the plaintiffs'
properties and property values by contributing to landslides (Rollins lawsuit)
and the destruction of certain watersheds (Wrigley lawsuit). The Company
believes that it has strong factual and legal defenses with respect to these
matters; however, there can be no assurance that they will not have a material
adverse effect on its financial position, results of operations or liquidity. On
March 31, 1999, the EPIC-SYP/Permits lawsuit was filed alleging various
violations of the CESA and the CEQA, and challenging, among other things, the
validity and legality of the Permits issued by California and the SYP. On March
31, 1999, the USWA lawsuit was filed also challenging the validity and legality
of the SYP. The Company believes that appropriate procedures were followed
throughout the public review and approval process concerning the HCP and the
SYP, and the Company is working with the relevant government agencies to defend
these challenges. Although uncertainties are inherent in the final outcome of
the EPIC-SYP/Permits lawsuit and the USWA lawsuit, the Company believes that the
resolution of these matters should not result in a material adverse effect on
its financial condition, results of operations or the ability to harvest timber.
While the Company expects environmentally focused objections and lawsuits to
continue, it believes that the HCP, the SYP and the Permits should enhance its
position in connection with these continuing challenges and, over time, reduce
or minimize such challenges.


ITEM 2.         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                RESULTS OF OPERATIONS

      The following should be read in conjunction with the financial statements
in Part I, Item 1 of this Report and Item 7. "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and Item 8.
"Financial Statements and Supplementary Data" of the Form 10-K. Any capitalized
terms used but not defined in this Item are defined in the "Glossary of Defined
Terms" contained in Appendix A.

      This Quarterly Report on Form 10-Q contains statements which constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements appear in a number of places in
this section, in Item 3. "Quantitative and Qualitative Disclosures About Market
Risk," and in Part II. Item 1. "Legal Proceedings." Such statements can be
identified by the use of forward-looking terminology such as "believes,"
"expects," "may," "estimates," "will," "should," "plans" or "anticipates" or the
negative thereof or other variations thereon or comparable terminology, or by
discussions of strategy. Readers are cautioned 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 the
forward-looking statements as a result of various factors. These factors include
the effectiveness of management's strategies and decisions, general economic and
business conditions, developments in technology, new or modified statutory or
regulatory requirements and changing prices and market conditions. This Form
10-Q and the Form 10-K identify other factors that could cause such differences
between such forward-looking statements and actual results. No assurance can be
given that these are all of the factors that could cause actual results to vary
materially from the forward-looking statements.

RESULTS OF OPERATIONS

      The Company's wholly owned subsidiary, MGI, and its operating
subsidiaries, Pacific Lumber and Britt, are engaged in forest products
operations. The Company's business is somewhat seasonal, and its net sales have
been historically higher in the months of April through November than in the
months of December through March. Management expects that the Company's revenues
and cash flows will continue to be markedly seasonal. Accordingly, the Company's
results for any one quarter are not necessarily indicative of results to be
expected for the full year.

      Due to Pacific Lumber's difficulties in implementing the Environmental
Plans and the resulting lower harvests on its property, Pacific Lumber's
production of redwood lumber has decreased. Furthermore, logging costs have
increased due to the harvest of smaller diameter logs and compliance with
environmental regulations and the Environmental Plans. Pacific Lumber has been
able to lessen the impact of these factors by instituting a number of measures
at its sawmills during the past several years designed to enhance the efficiency
of its operations, such as modernization and expansion of its manufactured
lumber facilities and other improvements in lumber recovery. See also
"--Trends."

      The following table presents selected operational and financial
information for the three months ended March 31, 2000 and 1999.



                                                                                            THREE MONTHS ENDED
                                                                                                 MARCH 31,
                                                                                        ---------------------------
                                                                                            2000          1999
                                                                                        ------------- -------------
                                                                                         (IN MILLIONS OF DOLLARS,
                                                                                        EXCEPT SHIPMENTS AND PRICES)
                                                                                                
Shipments:
   Lumber: (1)
      Redwood upper grades.............................................................          3.5           7.8
      Redwood common grades............................................................         35.4          38.7
      Douglas-fir upper grades.........................................................          2.5           2.0
      Douglas-fir common grades........................................................         19.1          15.3
      Other............................................................................          3.0           2.5
                                                                                        ------------- -------------
        Total lumber...................................................................         63.5          66.3
                                                                                        ============= =============
   Wood chips (2)......................................................................         39.0          45.4
                                                                                        ============= =============

Average sales price:

   Lumber: (3)
      Redwood upper grades............................................................. $      1,615  $      1,418
      Redwood common grades............................................................          739           560
      Douglas-fir upper grades.........................................................        1,300         1,272
      Douglas-fir common grades........................................................          424           377
   Wood chips (4)......................................................................           62            80

Net sales:
   Lumber, net of discount............................................................. $       43.7  $       41.6
   Wood chips..........................................................................          2.4           3.6
   Cogeneration power..................................................................          0.6           0.6
   Other...............................................................................          0.7           0.9
                                                                                        ------------- -------------
        Total net sales................................................................ $       47.4  $       46.7
                                                                                        ============= =============
Operating income (loss)................................................................ $        5.7  $       (1.5)
                                                                                        ============= =============
Operating cash flow (5)................................................................ $       10.3  $        3.4
                                                                                        ============= =============
Income (loss) before income taxes and extraordinary item (6)........................... $        0.4  $      212.4
                                                                                        ============= =============
Net income (7)......................................................................... $        3.4  $      120.3
                                                                                        ============= =============
Capital expenditures................................................................... $        1.9  $       12.4
                                                                                        ============= =============

- ---------------------------
(1)   Lumber shipments are expressed in millions of board feet.
(2)   Wood chip shipments are expressed in thousands of bone dry units of 2,400
      pounds.
(3)   Dollars per thousand board feet.
(4)   Dollars per bone dry unit.
(5)   Operating income before depletion and depreciation, also referred to as
      "EBITDA."
(6)   1999 results include a $239.8 million gain on the sale of the Headwaters
      Timberlands.
(7)   2000 results include an extraordinary gain of $1.4 million, net of tax,
      on the repurchase of Timber Notes.



      Net Sales
      Net sales for the 2000 first quarter increased from the 1999 first quarter
due primarily to higher prices for both redwood and Douglas-fir lumber and due
to higher shipments of Douglas-fir lumber. This improvement was offset somewhat
by lower shipments of upper and common grade redwood lumber. The decrease in
shipments is largely due to continuing reductions in the volume of logs
available for the production of lumber products. The diminished supply of
approved THPs continues to affect log supply. See "--Trends" for further
discussion of the factors affecting the supply of approved THPs.

      Operating Income (Loss)
      The Company had operating income for the quarter ended March 31, 2000 as
compared to an operating loss for the comparable 1999 quarter, primarily due to
lower cost of sales and operations, as well as an increase in net sales
discussed above. Cost of sales and operations were lower due to increased
efficiencies at the sawmills and a reduction in logging costs.

      Income (Loss) Before Income Taxes
      Income before income taxes for the first quarter of 2000 decreased from
the comparable prior year period, principally due to the gain on the sale of the
Headwaters Timberlands of $239.8 million ($142.1 million net of deferred taxes)
in March 1999. Excluding this gain, income before income taxes increased as a
result of the improvement in operating income discussed above as well as higher
equity in earnings from Kaiser.

FINANCIAL CONDITION AND INVESTING AND FINANCING ACTIVITIES

      This section contains statements which constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. See above for cautionary information with respect to such
forward-looking statements.

      As of March 31, 2000, the Company and its subsidiaries had cash and
marketable securities of $185.4 million as well as long-term restricted cash of
$128.5 million. Short and long-term restricted cash and marketable securities
includes $157.6 million held in the SAR Account (including $18.6 million of
repurchased Timber Notes). The fair value of the SAR Account as of March 31,
2000 was $158.2 million.

      Long-term debt, excluding current maturities, was $932.8 million as of
March 31, 2000 as compared to $969.4 million at December 31, 1999. The decrease
in long-term debt was primarily due to the repurchase of $21.5 million principal
amount of Timber Notes using $18.6 million of funds held in the SAR Account. In
addition, long-term debt declined as a result of principal payments on the
Timber Notes. On the January 20, 2000 note payment date for the Timber Notes,
Scotia LLC had $2.2 million in cash available to pay the $31.5 million of
interest due. Scotia LLC borrowed the remaining $29.3 million in funds under the
Scotia LLC Line of Credit. In addition, Scotia LLC repaid $12.9 million of
principal on the Timber Notes (an amount equal to Scheduled Amortization) using
funds held in the SAR Account. As of March 31, 2000, $23.2 million was
outstanding under the Scotia LLC Line of Credit.

      As of March 31, 2000, $34.1 million of borrowings was available under the
Pacific Lumber Credit Agreement, no borrowings were outstanding and letters of
credit outstanding amounted to $12.5 million.

      On March 23, 2000, the Company repurchased $2.0 million of the MGHI Notes,
reducing the outstanding balance to $123.2 million at March 31, 2000. On April
12, 2000, an additional $2.5 million of MGHI Notes were repurchased by the
Company.

      The indenture governing the MGHI Notes, among other things, restricts the
ability of the Company to incur additional indebtedness and liens, engage in
transactions with affiliates, pay dividends and make investments. During the
three months ended March 31, 2000, the Company received an aggregate of $108.4
million in dividends from MGI, $90.0 million of which were made available using
proceeds from the sale of the Headwaters Timberlands. The Company in turn paid a
$45.0 million dividend to MAXXAM.

      The Company anticipates that existing cash, cash equivalents, marketable
securities, funds available from the SAR Account and available sources of
financing will be sufficient to fund its working capital and capital expenditure
requirements for the next year. With respect to long-term liquidity, although
the Company believes that its existing cash and cash equivalents should provide
sufficient funds to meet the working capital and capital expenditure
requirements for itself and its subsidiaries, until such time as Pacific Lumber
has adequate cash flows from operations, and/or dividends from Scotia LLC, there
can be no assurance that this will be the case. Furthermore, due to its highly
leveraged condition, the Company is more sensitive than less leveraged companies
to factors affecting its operations, including governmental regulation and
litigation affecting its timber harvesting practices (see Note 7 to the
Consolidated Financial Statements), increased competition from other lumber
producers or alternative building products and general economic conditions.

TRENDS

      This section contains statements which constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. See above for cautionary information with respect to such
forward-looking statements.

      The Company's forest products operations are conducted by MGI through
Pacific Lumber and Britt. Regulatory and environmental matters play a
significant role in Pacific Lumber's operations. See Note 7 to the Consolidated
Financial Statements and Item 1. "Business - Forest Products Operations" of the
Form 10-K for a discussion of these matters. Compliance with such laws,
regulations and judicial and administrative interpretations, and related
litigation have increased the cost of logging operations and at times have
delayed or reduced harvest. The Company's forest products segment has also been
adversely affected by a lack of available logs as a result of a severely
diminished supply of available THPs. Prior to the consummation of the Headwaters
Agreement on March 1, 1999, the reduced number of approved THPs was attributable
to several factors, including a significantly reduced level of THPs submitted by
Pacific Lumber to the CDF during the second half of 1998 and during the first
two months of 1999. See Item 7. "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Trends" of the Form 10-K for a
discussion of other factors which affected THP submissions and approvals during
the above time period.

      With the consummation of the Headwaters Agreement, Pacific Lumber has
completed its work in connection with preparation of the Environmental Plans;
however, significant additional work continues to be required in connection
with their implementation. As a result of the implementation process, 1999 was a
transition period for Pacific Lumber with respect to the filing and approval of
its THPs. The transition period has continued into 2000. Pacific Lumber believes
that the rate of submissions of THPs during 2000 will increase significantly.
However, Pacific Lumber believes that the review and approval process for THPs
through at least the second quarter of 2000 will continue to be slower than
Pacific Lumber has historically experienced as Pacific Lumber, the CDF and other
agencies continue to develop procedures for implementing the Environmental
Plans. Nevertheless, Pacific Lumber anticipates that after a transition period,
the implementation of the Environmental Plans will streamline the process of
preparing THPs and potentially shorten the time to obtain approval of THPs.

      There can be no assurance that Pacific Lumber will not continue to
experience difficulties in receiving approvals of its THPs similar to those it
has been experiencing. Furthermore, there can be no assurance that certain
pending legal, regulatory and environmental matters or future governmental
regulations, legislation or judicial or administrative decisions, or adverse
weather conditions, would not have a material adverse effect on the Company's
financial position, results of operations or liquidity. See Part II. Item 1.
"Legal Proceedings" and Note 7 to the Consolidated Financial Statements for
further information regarding regulatory and legal proceedings affecting the
Company's operations.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      This section contains statements which constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. See Item 2. "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for cautionary information with respect to
such forward-looking statements.

      This item is not applicable for the Company and its subsidiaries; however,
Kaiser, the Company's equity investee, utilizes hedging transactions to lock-in
a specified price or range of prices for certain products which it sells or
consumes and to mitigate its exposure to changes in foreign currency exchange
rates. See Item 3. "Quantitative and Qualitative Disclosures about Market Risk"
from Kaiser's Quarterly Report on Form 10-Q filed for the period ended March 31,
2000 included as Exhibit 99.1 hereto for information relative to Kaiser's
hedging activities.


                           PART II. OTHER INFORMATION


ITEM 1.         LEGAL PROCEEDINGS

      Reference is made to Item 3 of the Form 10-K for information concerning
material legal proceedings with respect to the Company. The following material
developments have occurred with respect to such legal proceedings subsequent to
the filing of the Form 10-K.

      TIMBER HARVESTING LITIGATION

      With respect to the Rollins lawsuit described in the Form 10-K, on April
26, 2000, the Court dismissed four of the plaintiffs' ten causes of action,
including their allegations that the defendants had violated the California
business and professions code.

      On March 10, 2000, the EPIC/THP 97-520 lawsuit was filed in the Superior
Court of Humboldt County. Plaintiffs allege that the CDF violated the Forest
Practices Act and the California Public Resources Code by approving an amendment
to THP 97-520 (which covers approximately 700 acres of timberlands adjoining the
Headwaters Timberlands) as a "minor" amendment. The plaintiffs seek an order
requiring the CDF to withdraw its approval of the minor amendment to THP 97-520,
and enjoining Pacific Lumber from harvesting under THP 97-520. It is impossible
for Pacific Lumber to assess the potential impact of this matter in the short
term, but it believes that an adverse outcome will not in the long term have a
material adverse effect on its consolidated financial position, results of
operations or liquidity.


ITEM 6.         EXHIBITS AND REPORTS ON FORM 8-K

      A.   EXHIBITS:

           *27.1      Financial Data Schedule for the quarter ended March 31,
                      2000
           *99.1      Item 3. of Kaiser Aluminum Corporation's Quarterly Report
                      on Form 10-Q for the quarter ended March 31, 2000

   * Included with this filing.

      B.   REPORTS ON FORM 8-K:

      None.


                                   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 thereunto duly authorized, who have signed this report on behalf of
the Registrant and as the principal financial and accounting officers of the
Registrant, respectively.




                                      MAXXAM GROUP HOLDINGS INC.





Date: May 1, 2000        By:   /S/          PAUL N. SCHWARTZ
                                 -------------------------------
                                            Paul N. Schwartz
                                  Vice President, Chief Financial Officer
                                             and Director
                                      (Principal Financial Officer)




Date: May 1, 2000         By:  /S/       ELIZABETH D. BRUMLEY
                                 --------------------------------------
                                         Elizabeth D. Brumley
                                             Controller
                                    (Principal Accounting Officer)


                                                                      APPENDIX A


                            GLOSSARY OF DEFINED TERMS


Britt:  Britt Lumber Co., Inc., an indirect wholly owned subsidiary of MGI

CDF:  California Department of Forestry and Fire Protection

CEQA:  California Environmental Quality Act

CESA:  California Endangered Species Act

Company:  MAXXAM Group Holdings Inc., a wholly owned subsidiary of MAXXAM

Environmental Plans:  The HCP and the SYP

EPA:  Environmental Protection Agency

EPIC-SYP/Permits lawsuit: An action entitled Environmental Protection
Information Association, Sierra Club v. California Department of Forestry and
Fire Protection, California Department of Fish and Game, The Pacific Lumber
Company, Scotia Pacific Company LLC, Salmon Creek Corporation, et al. (No.
99CS00639) filed March 31, 1999 in the Superior Court of Sacramento County

EPIC/THP 97-520 lawsuit: A lawsuit entitled Environmental Protection Information
Center, Sierra Club v. California Department of Forestry and Fire Protection,
Does I-X, Scotia Pacific Holding Company, Pacific Lumber Company and Does XI-XX
(THP 520) (No. CV-000170) which was filed in the Superior Court of Humboldt
County on March 10, 2000

ESA:  The federal Endangered Species Act

Forest Practice Act:  The California Forest Practice Act

Form 10-K: The Company's Annual Report on Form 10-K filed with the Securities
and Exchange Commission for the fiscal year ended December 31, 1999

HCP: The habitat conservation plan covering multiple species approved on March
1, 1999 in connection with the consummation of the Headwaters Agreement

Headwaters Agreement: The September 28, 1996 agreement between Pacific Lumber,
Scotia LLC, Salmon Creek, the United States and California which provided the
framework for the acquisition by the United States and California of the
Headwaters Timberlands

Headwaters Timberlands: Approximately 5,600 acres of Pacific Lumber timberlands
consisting of two forest groves commonly referred to as the Headwaters Forest
and the Elk Head Springs Forest which were sold to the United States and
California on March 1, 1999

Kaiser: Kaiser Aluminum Corporation, an equity investee of the Company engaged
in aluminum operations

Kaiser Shares: 27,938,250 shares of the common stock of Kaiser, all of which are
pledged as collateral for the MGHI Notes

MAXXAM:  MAXXAM Inc.

MGHI Notes:  12% Senior Secured Notes of the Company due August 1, 2003

MGI:  MAXXAM Group Inc., a wholly owned subsidiary of the Company
Pacific Lumber:  The Pacific Lumber Company, a wholly-owned subsidiary of MGI

Pacific Lumber Credit Agreement: The revolving credit agreement between Pacific
Lumber and a bank which provides for borrowings of up to $60.0 million, all of
which may be used for revolving borrowings, $20.0 million of which may be used
for standby letters of credit and $30.0 million of which may be used for
timberland acquisitions.

Permits: The incidental take permits issued by the United States and California
pursuant to the HCP

Prefunding Account: Restricted cash held in an account by the trustee under the
indenture governing the Timber Notes to enable Scotia LLC to acquire timberlands

Rollins lawsuit: An action entitled Jennie Rollins, et al. v. Charles Hurwitz,
John Campbell, Pacific Lumber, MAXXAM Group Holdings Inc., Scotia Pacific
Holding Company, MAXXAM Group Inc., MAXXAM Inc., Barnum Timber Company (No.
9700400) filed on December 2, 1997 in the Superior Court of Humboldt County

Salmon Creek: Salmon Creek Company LLC, a wholly owned subsidiary of Pacific
Lumber

SAR Account: Funds held in a reserve account to support principal payments on
the Timber Notes

Scotia LLC: Scotia Pacific Company LLC, a limited liability company wholly owned
by Pacific Lumber

Scotia LLC Line of Credit: The agreement between a group of lenders and Scotia
LLC pursuant to which it may borrow in order to pay interest on the Timber Notes

SFAS No. 133: Statement of Financial Standard No. 133, "Accounting for
Derivative Instruments and Hedging Activities"

SFAS No. 137: Statement of Financial Standard No. 137, "Accounting for
Derivative Instruments and Hedging Activities - Deferral of Effective Date of
SFAS No. 133"

SYP: The sustained yield plan approved on March 1, 1999 in connection with the
consummation of the Headwaters Agreement

THP: Timber harvesting plan required to be filed with and approved by the CDF
prior to the harvesting of timber

Timber Notes: Scotia LLC's $867.2 million original aggregate principal amount of
6.55% Series B Class A-1 Timber Collateralized Notes, 7.11% Series B Class A-2
Timber Collateralized Notes and 7.71% Series B Class A-3 Timber Collateralized
Notes due July 20, 2028

Timber Notes Indenture: The indenture governing the Timber Notes

TMDLs:  Total maximum daily load limits

USWA lawsuit: An action entitled United Steelworkers of America, AFL-CIO, CLC,
and Donald Kegley v. California Department of Forestry and Fire Protection, The
Pacific Lumber Company, Scotia Pacific Company LLC and Salmon Creek Corporation
(No. 99CS00626) filed on March 31, 1999 in the Superior Court of Sacramento
County

Wrigley lawsuit: An action entitled Kristi Wrigley, et al. v. Charles Hurwitz,
John Campbell, Pacific Lumber, MAXXAM Group Holdings Inc., Scotia Pacific
Holding Company, MAXXAM Group Inc., MAXXAM Inc., Scotia Pacific Company LLC and
Federated Development Company (No. 9700399) filed December 2, 1997 in the
Superior Court of Humboldt County

EX-27.1

 


<ARTICLE>                     5
<LEGEND>
     This schedule contains summary financial information extracted from the
     Company's consolidated balance sheet and consolidated statement of
     operations and is qualified in its entirety by reference to such
     consolidated financial statements together with the related footnotes
     thereto.

<CIK>                         0001029500
<NAME>                        MAXXAM Group Holdings Inc.
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. DOLLARS

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              DEC-31-2000
<PERIOD-START>                                 JAN-01-2000
<PERIOD-END>                                   MAR-31-2000
<EXCHANGE-RATE>                                1
<CASH>                                         138,500
<SECURITIES>                                   46,900
<RECEIVABLES>                                  13,200
<ALLOWANCES>                                   0
<INVENTORY>                                    42,900
<CURRENT-ASSETS>                               260,700
<PP&E>                                         195,100
<DEPRECIATION>                                 96,000
<TOTAL-ASSETS>                                 1,053,400
<CURRENT-LIABILITIES>                          75,200
<BONDS>                                        972,100
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       0
<OTHER-SE>                                     (76,500)
<TOTAL-LIABILITY-AND-EQUITY>                   1,053,400
<SALES>                                        47,400
<TOTAL-REVENUES>                               47,400
<CGS>                                          33,100
<TOTAL-COSTS>                                  33,100
<OTHER-EXPENSES>                               8,600
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             20,200
<INCOME-PRETAX>                                400
<INCOME-TAX>                                   (1,600)
<INCOME-CONTINUING>                            2,000
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                1,400
<CHANGES>                                      0
<NET-INCOME>                                   3,400
<EPS-BASIC>                                    0
<EPS-DILUTED>                                  0



 

EX-99.1

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     This section contains forward-looking statements that involve risk and
uncertainties. Actual results could differ materially from those projected in
these forward-looking statements.

     The following sets forth updated information regarding the impact on future
earnings of adverse market changes related to KACC's alumina and primary
aluminum hedging positions resulting from the downward shift in the forward
market prices for primary aluminum experienced during the first quarter of 2000,
as well as additional hedging positions put in place during the quarter. See
"Quantitative and Qualitative Disclosures About Market Risk" in the Company's
Annual Report on Form 10-K for additional information regarding KACC's hedging
activities.

     On average, before consideration of hedging activities, any fixed price
contracts with fabricated aluminum products customers, variations in production
and shipment levels, and timing issues related to price changes the Company
estimates that each $.01 increase (decrease) in the market price per
price-equivalent pound of primary aluminum increases (decreases) the Company's
annual pre-tax earnings by approximately $15.0 million.

     As of March 31, 2000, approximately 65%, 45% and 15% of KACC's net
hedgeable volume with respect to the remainder of 2000, 2001 and 2002,
respectively, is subject to a minimum and maximum contract price. If the March
31, 2000 London Metal Exchange ("LME") cash price for primary aluminum of
approximately $.69 per pound were to be the prevailing price during the period
of these hedging contracts, the Company estimates that it would realize a net
aggregate pre-tax reduction of operating income of approximately $40.0 million
from its hedging positions and fixed price customer contracts during the
remainder of 2000, 2001 and 2002. The Company estimates that a hypothetical $.10
increase from the March 31, 2000, LME price would result in an additional net
aggregate pre-tax reduction of operating income of approximately $100.0 million
being realized during the remainder of 2000, 2001 and 2002 related to KACC's
hedging positions and fixed price customer contracts. Approximately 25% of any
reductions in operating income would occur in the second quarter of 2000 as the
maximum contract prices in that period are lower than in the other periods. Both
amounts above are versus what the Company's results would have been without the
derivative commodity contracts and fixed price customer contracts discussed
above. Conversely, the Company estimates that a hypothetical $.10 decrease from
the March 31, 2000, LME price would result in an aggregate pre-tax increase in
operating income of approximately $65.0 million being realized during 2000 and
2001 related to KACC's hedging positions and fixed price customer contracts. It
should be noted, however, that, since the hedging positions and fixed price
customer contracts lock-in a specified price or range of prices, any increase or
decrease in earnings attributable to KACC's hedging positions or fixed price
customer contracts would be significantly offset by a decrease or increase in
the value of the hedged transactions.

     As stated in Note 5 of Notes to Interim Consolidated Financial Statements,
KACC has certain hedging positions which do not qualify for treatment as a
"hedge" under current accounting guidelines and thus must be marked-to-market
each period. Fluctuations in forward market prices for primary aluminum would
likely result in additional earnings volatility as a result of these positions.
The Company estimates that a hypothetical $.10 increase in spot market prices
from the March 31, 2000, LME cash price would, if the forward market were in a
"contango" position (i.e., where future prices exceed spot prices), result in
additional aggregate mark-to-market charges of between $20.0 - $30.0 million
during the balance of 2000 and 2001. Conversely, the Company estimates that a
hypothetical $.10 decrease in quarter-end 2000 spot market prices would result
in aggregate mark-to-market income of up to $19.0 million during the balance of
2000 and 2001 (which is the amount of cumulative net mark-to-market losses
reflected

                                      -20-
   22

              KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

through March 31, 2000). For purposes of this computation, the Company assumed
that the forward market would be essentially "flat" (i.e., future prices would
approximate the current forward market price).

     The foregoing estimated earnings impact on 2001 excludes the possible
effect on pre-tax income of Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities," which must be
adopted by the Company as of January 1, 2001.

     In addition to having an impact on the Company's earnings, a hypothetical
$.10-per-pound change in primary aluminum prices would also impact the Company's
cash flows and liquidity through changes in possible margin advance
requirements. At March 31, 2000, KACC had made margin advances of approximately
$10.0 million and had posted letters of credit totaling $20.0 million in lieu of
paying margin advances. Increases in primary aluminum prices subsequent to March
31, 2000, could result in KACC having to make additional margin advances or post
additional letters of credit and such amounts could be significant. If primary
aluminum prices increased by $.10 per pound (from the March 31, 2000 LME price)
by June 30, 2000 and the forward curve were as described above, it is estimated
that KACC could be required to make additional margin advances in the range of
$60.0 to $90.0 million. On the other hand, a hypothetical $.10 decrease in
primary aluminum prices by June 30, 2000, using the same forward curve
assumptions stated above, would be expected to result in KACC receiving all of
its March 31, 2000, margin advances. KACC's exposure to margin advances is
expected to improve throughout 2000 as its year 2000 positions, which have a
lower average maximum contract price than KACC's 2001 positions, expire. KACC is
also considering various financing and hedging strategies to limit its exposure
to further margin advances in the event of aluminum price increases. However, no
assurance can be given that KACC will be successful in this regard.

10-Q

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