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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K



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




        Date of Report (date of earliest event reported): May 15, 2003



                                   MAXXAM INC.
             (Exact name of Registrant as specified in its Charter)




                                    DELAWARE
                 (State or other jurisdiction of incorporation)




                                     1-3924
                            (Commission File Number)




                                   95-2078752
                     (I.R.S. Employer Identification Number)




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

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


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ITEM 9.  REGULATION FD DISCLOSURE

         Attached hereto as Exhibit 99.1 is a press release issued by the
Registrant on May 15, 2003 regarding its 2003 first quarter results. Pursuant to
SEC Release No. 34-47583, this information is being provided under Item 12.
Results of Operations and Financial Condition.




                                   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.


                                                         MAXXAM INC.
                                                        (Registrant)


Date: May 16, 2003              By:                /s/ Bernard L. Birkel
                                    --------------------------------------------------------
                                                      Bernard L. Birkel
                                       Secretary and Senior Assistant General Counsel




                                  EXHIBIT INDEX


Exhibit 99.1: Earnings Release issued on May 15, 2003