Exhibit 12.3

Alcan Inc.
Computation of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Canadian GAAP
(in millions of US dollars)

				YEAR
		3 months
		2003		2002		2001*			2000*			1999*			1998
Consolidated net income (loss) before extraordinary item			13		374		2			610			448			399
Less:	Equity income of less than 50% owned companies		0		3		3			4			(1	)		(48	)
Plus:	Dividends received from less than 50% owned companies		0		3		2			1			1			5
Plus:	Minority interest of subsidiaries that have fixed charges		1		3		(13	)		(1	)		14			(4	)
Subtotal			14		377		(12	)		606			464			448
FIXED CHARGES
Amount representative of interest factor in rentals			7		27		24			19			19			28
Amount representative of interest factor in rentals, 50% owned companies			0		0		0			0			0			0
Interest expense - net			49		203		254			78			76			92
Interest expense, 50% owned companies			0		0		0			0			0			0
Capitalized interest			1		1		30			81			41			15
Capitalized interest, 50% owned companies			0		0		0			0			0			0
TOTAL FIXED CHARGES			57		231		308			178			136			135
Less:	Capitalized interest		1		1		30			81			41			15
Fixed charges added to income/(loss)			56		230		278			97			95			120
Plus:	Amortization of capitalized interest		6		24		25			21			18			15
Income taxes			141		293		42			254			211			210
Earnings before fixed charges and income taxes			217		924		333			978			788			793
TOTAL FIXED CHARGES			57		231		308			178			136			135
Preference dividends			2		5		8			10			9			10
1 minus tax rate of 40%			0.6		0.6		0.6			0.6			0.6			0.6
Preference dividends pre tax			3		8		13			17			15			17
Total			60		239		321			195			151			152
Ratio of earnings to combined fixed charges and preferred stock dividends			3.62		3.86		1.04			5.02			5.22			5.23

* Revised due to accounting change as described in note 3, Accounting Changes, under Deferred Foreign Exchange Translation Gains and Losses in the 2002 Annual Report.