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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 11, 2004



                                   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 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

      Attached hereto as Exhibit 99.1 is a press release issued by the
Registrant on May 11, 2004, regarding its 2004 first quarter results.


                                   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 12, 2004           By:                /s/ Bernard L. Birkel
                                --------------------------------------------------------
                                                  Bernard L. Birkel
                                   Secretary and Senior Assistant General Counsel




                                  EXHIBIT INDEX


Exhibit 99.1: Earnings Release issued on May 11, 2004