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): September 30, 2004

KAISER ALUMINUM CORPORATION

(Exact name of Registrant as Specified in its Charter)

Delaware
(State of incorporation) 1-9447
(Commission File Number) 94-3030279
(I.R.S. Employer Identification Number)

5847 San Felipe, Suite 2500
Houston, Texas
(Address of Principal Executive Offices) 77057-3268
(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement

On September 30, 2004, Kaiser Aluminum Corporation (“Kaiser” or the “Company”) issued a press release regarding an extension of a limited consent and waiver in respect of its post petition credit facility in the form attached hereto as Exhibit 99.1, which press release is incorporated herein by reference.

Also, on September 30, 2004, Kaiser Aluminum & Chemical Corporation (“KACC”), a wholly owned subsidiary of Kaiser, and Edward F. Houff, Kaiser’s and KACC’s Vice President and General Counsel, entered into an extension of Mr. Houff’s employment contract, which was set to expire on September 30, 2004. The terms of the extension, which is effective October 1, 2004, are materially consistent with the terms disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2003 except that Mr. Houff will not be eligible for a separate annual incentive bonus of up to $125,000 per year. The term of the extension is the earlier of Kaiser’s and KACC’s emergence from Chapter 11, an agreed termination between KACC and Mr. Houff, and June 30, 2004.

Item 8.01 Other Events

On October 4, 2004, the Company issued a press release regarding the Pension Benefit Guaranty Corporation’s termination of the Kaiser Aluminum Pension Plan in the form attached hereto as Exhibit 99.2, which press release is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits

*99.1	Press Release dated September 30, 2004
*99.2	Press Release dated October 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
Dated: October 5, 2004		Daniel D. Maddox
		Vice President and Controller

EXHIBIT INDEX

Exhibit 99.1	Press Release dated September 30, 2004*
Exhibit 99.2	Press Release dated October 4, 2004*

* Included with this filing.

EX-99.1

Exhibit 99.1

For Information: Scott Lamb
Telephone: (713) 332-4751 September 30, 2004

KAISER ALUMINUM GETS COURT APPROVAL OF WAIVER

     HOUSTON, Texas, September 30, 2004 — Kaiser Aluminum said today it has obtained approval from the U.S. Bankruptcy Court for the District of Delaware for an extension of an existing limited consent and waiver — from September 30, 2004 through October 31, 2004 — in respect of a financial covenant associated with its Post-Petition Credit Agreement. The limited consent and waiver also provides lender approval of the pending sale of Kaiser’s interests in and related to the Valco aluminum smelter in Ghana. In addition, the lenders have approved the extension pending completion of a broader amendment to the Credit Agreement.

     Kaiser’s Form 10-Q for the second quarter of 2004 includes additional details on such matters.

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

F-993

     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.

EX-99.2

Exhibit 99.2

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

KAISER ALUMINUM NOTIFIED THAT PBGC TO ASSUME
RESPONSIBILITY FOR STEELWORKER PENSION PLAN

     HOUSTON, Texas, October 4, 2004 — Kaiser Aluminum said it has been notified by the Pension Benefit Guaranty Corporation (PBGC) that the PBGC will assume responsibility for the Kaiser Aluminum Pension Plan (KAP) retroactive to April 30, 2004. The plan covers active and retired employees at certain of Kaiser’s facilities who are represented by the United Steelworkers of America (USWA).

     The PBGC’s action was not unexpected. In February 2004, Kaiser had obtained a ruling from the U.S. Bankruptcy Court for the District of Delaware that the company met the legal requirements for a distress termination of the KAP and several other plans. Subsequently, Kaiser applied for distress termination of the plan effective April 30, 2004.

     The PBGC assumed responsibility for Kaiser’s salaried employee pension plan in December 2003 and the inactive pension plan in June 2004.

     The company’s Form 10-Q for the second quarter of 2004 provides additional information on pension-related matters.

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

F-995

     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.