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): December 19, 2003


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



                                    DELAWARE
                 (State or other jurisdiction of incorporation)



                                     1-3605
                            (Commission File Number)



                                   94-0928288
                     (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 December 19, 2003, Kaiser Aluminum & Chemical Corporation issued a
press release in the form attached hereto as Exhibit 99.1, which press release
is incorporated herein by reference. Annual benefit payments to participants
from KRP are currently in the range of $15 million.

Item 7.    Financial Statements and Exhibits

      (c)  Exhibits

           *Exhibit 99.1:  Press release dated December 19, 2003

- ---------------------------
*  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 & CHEMICAL CORPORATION
                                         (Registrant)

                              By:    /s/ Daniel D. Maddox
                                     Daniel D. Maddox
Dated:  December 19, 2003            Vice President and Controller


                                  EXHIBIT INDEX


Exhibit 99.1:   Press release dated December 19, 2003

EX-99

                                                                    Exhibit 99.1

For information:  Scott Lamb
Telephone:  (713) 332-4751                                     December 19, 2003


     KAISER ALUMINUM RELUCTANTLY AGREES TO TERMINATION OF SALARIED EMPLOYEES
                                 RETIREMENT PLAN

      HOUSTON, Texas, December 19, 2003 -- Kaiser Aluminum said that it has been
notified by the Pension Benefit Guaranty Corporation (PBGC) that the PBGC
intends to assume responsibility for the Kaiser Aluminum Salaried Employees
Retirement Plan (KRP) as of December 17, 2003. After appropriate consultation
with its advisors, the Unsecured Creditors' Committee, the Asbestos Claimants
Committee, and certain other constituents, the company has reluctantly agreed to
the termination of the plan.

      The Company has stated since the inception of its Chapter 11
reorganization proceedings that pension obligations were one of the significant
legacy factors that would have to be addressed during the reorganization
process. Further, the Company has stated that it did not expect to make any
pension contributions in respect of its domestic pension plans during the
pendency of the cases because it believes that virtually all of such amounts are
pre-petition obligations. In addition, the company also has previously stated
that termination of the pension plans was a possibility.

      The PBGC action does not address seven other defined benefit plans
sponsored by the Company and thus does not resolve all the pertinent issues
surrounding the Company's material pension obligations. As previously disclosed,
the Company is discussing modification or termination of hourly retiree benefits
pursuant to collective bargaining with the appropriate union representatives.


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

                                      F-965

Company 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.