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MAXXAM ANNUAL MEETING OF STOCKHOLDERS

 HOUSTON, May 19 /PRNewswire/ -- MAXXAM Inc. (AMEX: MXM) announced at today's annual meeting that stockholders elected Robert J. Cruikshank and re-elected Stanley D. Rosenberg and John B. Connally to the company's board of directors. Directors continuing in office are Charles E. Hurwitz and Ezra G. Levin.
 Cruikshank, 62, a certified public accountant, was a senior partner in the public accounting firm of Deloitte & Touche from 1989 until his retirement in March of this year. Prior to that, he served as managing partner of Deloitte Haskins & Sells from 1974 until 1989, when the firm merged with Touche Ross & Co. He served as a member of the board of directors of Deloitte Haskins & Sells from 1981 to 1985.
 At the meeting, MAXXAM Chairman, President and Chief Executive Officer Charles E. Hurwitz noted that the company reported a modest loss in 1992 because of cyclically weak market prices experienced by the company's Kaiser Aluminum (NYSE: KLU) subsidiary, which accounts for the majority of MAXXAM's revenue. He said the continued price weakness, in combination with one-time, non-cash charges for accounting changes and an extraordinary loss for the early retirement of debt in the first quarter of 1993, will cause MAXXAM to report a loss for 1993 despite the expected competitive operating performance of Kaiser and of MAXXAM's forest products and real estate operations.
 Hurwitz said, "When the business cycle turns up for aluminum, we'll be in a strong position to benefit -- and to prosper over the long term."
 MAXXAM operates in three industries: aluminum (through Kaiser Aluminum Corp., an 87.2 percent owned, fully integrated aluminum producer); forest products (primarily through The Pacific Lumber Co., a wholly owned subsidiary); and real estate management and development (through MAXXAM Property Co. and various wholly owned subsidiaries).
 -0- 5/19/93
 /CONTACT: Scott Lamb of MAXXAM, 713-267-3826/
 (MXM KLU)


CO: MAXXAM Inc.; Kaiser Aluminum Corp. ST: Texas IN: MNG PAP SU:

TM -- SF005 -- 0290 05/19/93 12:05 EDT
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Date:May 19, 1993
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