Exhibit 99 -Press Release

ALCAN'S THIRD QUARTER ON TRACK
Strong cash flow underscores good business performance

MONTREAL, CANADA - October 22, 2003 - Alcan Inc. (NYSE, TSX: AL) today reported third quarter operating earnings from continuing operations, excluding foreign currency balance sheet translation effects and Other Specified Items, of US$0.46 per share versus US$0.47 per share a year earlier, and net income from continuing operations of US$0.36 per share versus US$0.59 per share a year ago.

"While major economies remain mixed, we have held our course by staying focused on the controllable elements of our business. Again this quarter, cost initiatives have helped to offset the negative impact of currency movements and higher fuel and pension costs," stated Travis Engen, President and CEO. "We have also taken some important steps in the disciplined execution of our strategy. In recent quarters, we have built on strong positions in packaging and composites through the acquisitions of VAW FlexPac, Baltek and Uniwood/Fome-Cor. In the coming months, we look forward to the successful acquisition and integration of Pechiney, which will create an even more competitive company with exciting new opportunities."

Net income from continuing operations for the third quarter of 2003 included a non-cash, after-tax charge of US$8 million (US$0.02 per share) for the effects of foreign currency balance sheet translation as compared to a gain of US$55 million (US$0.17 per share) in the year-ago quarter. Also included in net income from continuing operations for the third quarter of 2003 was an after-tax net charge of US$25 million (US$0.08 per share) from Other Specified Items. Other Specified Items included the realization of deferred translation losses of US$13 million on the sale of a subsidiary in Thailand and after-tax charges of US$7 million for environmental provisions related to certain operations in the United States and Switzerland.

Foreign currency balance sheet translation effects and Other Specified Items, after-tax, resulted in a net gain of US$39 million (US$0.12 per share) in the third quarter of 2002, and a net charge of US$120 million (US$0.37 per share) in the second quarter of 2003. Other Specified Items of US$16 million in the year-ago quarter were mainly related to an asset impairment charge and increases to legal provisions. Other Specified Items in the second quarter of 2003 comprised mainly after-tax gains of US$41 million for the sale of non-core assets in Italy and a remaining portfolio investment in Japan, partially offset by US$8 million of after-tax charges for plant closures. In the first quarter, Other Specified Items were US$13 million after tax (US$0.04 per share) and comprised mainly tax adjustments relating to prior years.

After including results from discontinued operations, the Company reported net income of US$100 million (US$0.31 per share) for the quarter, compared to net income of US$191 million (US$0.59 per share) in the year-ago quarter and a net loss of US$89 million (US$0.28 per share) in the second quarter of 2003.

Alcan presents operating earnings from continuing operations in addition to net income from continuing operations and reported net income, as it is consistent with the basis on which the Company manages and evaluates the performance of business groups. The Company believes that operating earnings from continuing operations provides investors with a meaningful basis for evaluating underlying earnings trends by excluding items that are not indicative of on-going operating results, such as Other Specified Items. Also excluded is the impact of foreign currency balance sheet translation. This non-cash impact results from movements in exchange rates that can be pronounced from quarter to quarter, but which may average out over time. This information is presented in response to investor requests and is consistent with the Company's historic financial reporting practices.

	THIRD QUARTER		NINE MONTHS			SECOND QUARTER
(US$ millions, unless otherwise noted)	2003	2002	2003		2002	2003
Sales & operating revenues	3,480	3,170	10,161		9,204	3,468
Shipments (thousands of tonnes)
Ingot products¹	420	359	1,139		1,033	381
Rolled products	502	530	1,543		1,555	530
Conversion of customer-owned metal	97	102	302		272	100
Aluminum used in engineered products & packaging	127	140	418		418	144
Total aluminum volume	1,146	1,131	3,402		3,278	1,155
Ingot product realizations (US$ per tonne)	1,552	1,495	1,566		1,510	1,570
Average London Metal Exchange 3-month price (US$ per tonne)	1,420	1,329	1,397		1,367	1,379
Operating earnings - excluding foreign currency balance sheet translation and Other Specified Items	151	153	417		411	144
Foreign currency balance sheet translation	(8)	55	(250)		(29)	(146)
Other Specified Items	(25)	(16)	(12)		(31)	26
Net Income from continuing operations	118	192	155	351		24
Loss from discontinued operations	(18)	(1)	(131)		(3)	(113)
Net income (loss)	100	191	24		348	(89)

¹includes primary and secondary ingot and scrap, as well as shipments resulting from trading activities

Sales and operating revenues of US$3.5 billion in the third quarter benefited from the acquisitions of packaging (VAW FlexPac) and composite (Baltek) businesses, higher metal prices and the strengthening of the Euro. Increased third-party shipments of alumina and aluminum, together with better pricing, also contributed to the improvement over the year-ago quarter. While revenues were higher than in the second quarter of 2003, they were nonetheless affected by the summer slow-down in Europe and softer demand for rolled products in the United States.

Total aluminum volume of 1,146 thousand tonnes (kt) was 15 kt higher than a year earlier but 9 kt lower than the preceding quarter. The year-over-year increase reflects incremental volume arising from the acquisition of the second tranche of the Alouette smelter in Quebec and production restarts in Kitimat, British Columbia, partially offset by lower rolled product volumes in Europe due to business exits. Compared to the second quarter, increased third-party shipments of ingot were more than offset by the seasonal decline in rolled and fabricated product demand in Europe and weaker rolled product volumes in the United States.

Ingot product realizations, at US$1,552 per tonne, were US$57 per tonne higher than in the year-ago quarter largely reflecting the benefit of higher LME prices. Compared with the second quarter, realizations declined US$18 per tonne due to lower market premia and a changed sales mix.

Third quarter operating earnings from continuing operations, at US$151 million, were little changed from the comparable quarter of last year. Benefits from cost reduction initiatives and improved prices offset higher pension, fuel and recycled metal costs, higher depreciation expense and the negative impact of foreign currency movements. Compared to the second quarter, operating earnings increased by US$7 million as cost reductions, benefits from acquisitions, and moderating energy and recycled metal costs more than offset lower volumes in rolled product and downstream businesses and higher depreciation expenses.

Net income from continuing operations was US$118 million, down US$74 million from the year-ago quarter mainly due to the unfavourable impact of foreign currency balance sheet translation, which represented a loss of US$8 million in the third quarter of 2003 versus a gain of US$55 million a year earlier. Net income from continuing operations rose by US$94 million compared to the second quarter of 2003, which was negatively impacted by foreign currency balance sheet translation losses of US$146 million.

In line with its objective of maximizing value, the Company decided in the second quarter to sell certain non-strategic Packaging operations in order to release cash for higher value-adding opportunities. A re-evaluation of the expected proceeds on sale versus the book value of these assets resulted in an additional non-cash, after-tax impairment charge of US$22 million in the third quarter. After-tax profits from discontinued operations, excluding the impairment charge, were US$4 million in the quarter.

	THIRD QUARTER		NINE MONTHS		SECOND QUARTER
(US$ millions)	2003	2002	2003	2002	2003
Business Group Profit (BGP)
Bauxite, Alumina and Specialty Chemicals	72	78	186	205	60
Primary Metal	239	232	622	657	169
Rolled Products Americas and Asia	86	86	259	272	93
Rolled Products Europe	46	37	150	102	57
Engineered Products	28	23	72	77	21
Packaging	102	83	287	243	99
BGP (sub-total)	573	539	1,576	1,556	499
Intersegment, corporate offices and other	(85)	(21)	(201)	(146)	(41)
Restructuring, impairment and other special charges	(5)	(6)	9	(26)	16
Depreciation & amortization	(237)	(207)	(692)	(618)	(231)
Interest	(52)	(52)	(156)	(151)	(56)
Income taxes	(77)	(64)	(369)	(265)	(151)
Minority interests	1	3	(12)	1	(12)
Net Income from continuing operations	118	192	155	351	24

Business group profit (BGP) comprises earnings before interest, taxes, depreciation and amortization excluding certain items, such as corporate costs and asset impairments, that are not under the control of the business groups. These items are managed by the Company's head office, which focuses on strategy development and oversees governance, policy, legal, compliance, human resources and finance matters.

Third quarter BGP of US$72 million for Bauxite, Alumina and Specialty Chemicals was 8% lower than the previous year. Benefits from cost initiatives and higher alumina realizations were more than offset by increased foreign currency balance sheet translation losses, higher energy costs and the impact of currency movements on operating costs. Compared to the second quarter, BGP was up by 20% mainly due to higher realizations on alumina sales and the negative impact of foreign currency balance sheet translation in the earlier quarter.

For the Primary Metal Group, BGP was US$239 million for the third quarter, up US$7 million year-over-year. The benefits from ongoing profit improvement initiatives, higher metal realizations and sales volumes more than offset the negative impact of strengthening local currencies, on both costs and balance sheet translation, as well as higher raw material and pension costs. BGP increased by 41% over the second quarter, reflecting the ongoing benefits of profit improvement initiatives, higher sales volumes, marginally better metal realizations, and the absence of foreign currency balance sheet translation losses, which were US$27 million in the earlier quarter.

BGP for Rolled Products Americas and Asia, at US$86 million, was unchanged from the previous year's third quarter. Ongoing benefits from cost initiatives and the positive impact of metal pricing lags were offset by lower volumes in North America and lower recycled metal spreads. Compared to the preceding quarter, BGP declined by 8% as the positive impact of metal pricing lags and improving recycled metal spreads were more than offset by lower volumes and an unfavorable product mix in North America.

Rolled Products Europe achieved a BGP of US$46 million in the third quarter, representing an improvement of US$9 million over the year-ago quarter. Earnings benefited from an enhanced product mix, continued cost discipline and the stronger Euro. Compared to the record second quarter, BGP decreased by US$11 million mainly due to lower volumes resulting from the effects of the normal summer slow-down and tightening market conditions.

Despite continued economic weakness, Engineered Products posted a BGP of US$28 million, which was 22% higher than the year-ago quarter and 33% above the second quarter of 2003. Cost-reduction initiatives, the successful integration of the Baltek acquisition, and a stronger Euro were the main factors contributing to the improved results. Composites and cable businesses recorded solid profit improvements over both the year-ago quarter and second quarter of 2003, and profits from extrusion operations were up year over year. Automotive and transportation segments and service centers continue to be affected by weak demand. Subsequent to quarter-end, Alcan added to its composites portfolio with the acquisition of Uniwood/Fome-Cor, a manufacturer of foam-based display boards.

Packaging BGP was US$102 million in the third quarter, US$19 million ahead of the previous year, largely due to the FlexPac acquisition. Despite the adverse impact of volume weakness, results continue to improve, driven by benefits arising from foreign currency exchange, business disposals, merger synergies and restructuring programs. Packaging sales and operating revenues for the third quarter, at US$849 million, were 23% higher than a year earlier. The sharp increase reflected the FlexPac acquisition and the impact of the stronger Euro, partially offset by lower volumes. Compared to both the year-ago quarter and second quarter of 2003, demand across most segments of the flexible packaging market was markedly lower due to seasonal factors and customer de-stocking.

"Intersegment, corporate offices and other" includes the elimination of profits on intersegment sales of aluminum, as well as other non-operating items. The increase of US$64 million from the year-ago quarter reflects the impact of higher pension costs, environmental provisions and the restructuring of businesses in Southeast Asia that resulted in the realization of a deferred translation loss of US$13 million on the sale of a subsidiary in Thailand. This sale completes the restructuring that started in the second quarter with the disposal of the Company's remaining portfolio investment in Nippon Light Metal Company, Ltd., which generated a gain of US$33 million.

Restructuring, impairment and other special charges for the third quarter arose mainly from operations in the United Kingdom and Malaysia. The second quarter of 2003 included a gain on sale of non-core assets in Italy amounting to US$18 million.

Depreciation and amortization of US$237 million was US$30 million higher than in the year-ago quarter largely due to the impact of the stronger Euro, the purchase of FlexPac and increased ownership in the Alouette smelter. Compared to the second quarter of 2003, depreciation was US$6 million higher due in large part to the FlexPac acquisition.

Interest expense of US$52 million was unchanged from the year-ago quarter and US$4 million lower than in the preceding quarter. Debt as a percent of invested capital at September 30, 2003 was 31%, compared to 32% at the end of the second quarter of 2003 and the year-ago third quarter.

The Company's effective tax rate on income from continuing operations was 40% in the quarter and 69% for the first nine months of the year, reflecting the effects of balance sheet translation and Other Specified Items. Included in the quarter's results was the realization of a non-tax deductible deferred translation loss on the sale of the Company's subsidiary in Thailand. Currency-related items increased the effective tax rate by 7 percentage points for the quarter and 39 percentage points for year to date.

For the third quarter of 2003, the average number of common shares outstanding was 321.8 million compared to 321.3 million in the comparable year-ago quarter and 321.7 million in the second quarter of 2003. At September 30, 2003, 322.0 million shares were outstanding.

In the near term, the Company does not foresee any significant improvement in economic activity and will continue to be adversely affected by year-over-year increases for certain costs, such as fuel and pensions. Based on an average LME aluminum price of about US$1,500 per tonne, Alcan currently expects that operating earnings from continuing operations per common share, excluding foreign currency balance sheet translation effects and Other Specified Items, will be between US$0.30 and US$0.40 for the fourth quarter of 2003.

Management does not provide guidance on earnings per share from continuing operations because changes in foreign exchange rates and Other Specified Items that form part of this measure are, by their nature, often unpredictable. Sensitivities to exchange rates and metal prices are provided below:

Exchange rate on long-term profitability (annual)
Canadian dollar +1 US cent $(11) $ (0.03)

Exchange rate on balance sheet translation *
Canadian dollar +1 US cent $(17) $ (0.05)

Alcan is a multinational, market-driven company and a global leader in aluminum and specialty packaging with 2002 revenues of US$12.5 billion. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs 54,000 people and has operating facilities in 42 countries.

Statements made in this press release which describe the Company's or management's objectives, projections, estimates, expectations or predictions of the future may be "forward-looking statements" within the meaning of securities laws, which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "estimates," "anticipates" or the negative thereof or other variations thereon. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company's actual actions or results could differ materially from those expressed or implied in such forward-looking statements or could affect the extent to which a particular projection is realized. Important factors which could cause such differences include global supply and demand conditions for aluminum and other products, aluminum ingot prices and changes in raw materials' costs and availability, changes in the relative value of various currencies, cyclical demand and pricing within the principal markets for the Company's products, changes in government regulations, particularly those affecting environmental, health or safety compliance, economic developments, relationships with and financial and operating conditions of customers and suppliers, the effects of integrating acquired businesses and the ability to attain expected benefits and other factors within the countries in which the Company operates or sells its products and other factors relating to the Company's ongoing operations including, but not limited to, litigation, labour negotiations and fiscal regimes.

Other Specified Items include, for example: restructuring charges; asset impairment charges; unusual environmental charges; gains and losses on non-routine sales of assets, businesses or investments; gains and losses from legal claims; gains and losses on the redemption of debt; income tax adjustments related to prior years and the effects of changes in income tax rates; and other items that do not typify normal business activities.

Free cash flow consists of cash from operations less dividends and capital expenditures.

Alcan has filed with the Securities and Exchange Commission ("SEC") a registration statement to register the Alcan Common Shares to be issued in the proposed U.S. offer, including related tender/exchange offer materials. Investors and Pechiney securityholders are urged to read the registration statement and related tender/exchange offer materials (when available) and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information. Investors and Pechiney securityholders may obtain a free copy of the registration statement and related tender/exchange offer materials (when available) and other relevant documents at the SEC's Internet web site at www.sec.gov and Pechiney securityholders will receive information at an appropriate time on how to obtain transaction-related documents for free from Alcan.

The Alcan common shares offered in the French offer, which is not being made to holders of Pechiney securities located in the United States or Canada, or to holders of Pechiney American Depositary Shares wherever located, will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Alcan's quarterly results conference call with investors and analysts will take place on Wednesday, October 22, 2003 at 10:00 a.m. and will be webcast via the Internet at www.alcan.com.

Supporting documentation (press release, financial statements, investor presentation and supplementary information) is available at www.alcan.com, using the Investors link.

ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF INCOME
(unaudited)

Periods ended September 30	Third Quarter		Nine Months
(in millions of US$, except per share amounts)	2003	2002	2003	2002

Sales and operating revenues	3,480	3,170	10,161	9,204

Costs and expenses
Cost of sales and operating expenses	2,741	2,499	8,027	7,259
Depreciation and amortization	237	207	692	618
Selling, administrative and general expenses	186	136	525	416
Research and development expenses	34	28	95	83
Interest (note 3)	52	52	156	151
Restructuring, impairment and other special charges	5	6	(9)	26
Other expenses (income) - net	33	(12)	142	38
	3,288	2,916	9,628	8,591
Income from continuing operations
before income taxes and other items	192	254	533	613
Income taxes	77	64	369	265
Income from continuing operations before other items	115	190	164	348
Equity income (loss)	2	(1)	3	2
Minority interests	1	3	(12)	1
Income from continuing operations	118	192	155	351
Loss from discontinued operations (note 2)	(18)	(1)	(131)	(3)
Net income	100	191	24	348
Dividends on preference shares	2	1	5	3
Net income attributable to common shareholders	98	190	19	345
Net income per common share - basic
and diluted
Income from continuing operations	0.36	0.59	0.47	1.07
Loss from discontinued operations	(0.05)	-	(0.41)	-
Net income	0.31	0.59	0.06	1.07
Dividends per common share	0.15	0.15	0.60	0.45

ALCAN INC.

INTERIM CONSOLIDATED BALANCE SHEET
(unaudited for 2003)


		September 30,	December 31,
(in millions of US $)		2003	2002
ASSETS
Current assets
Cash and time deposits		123	109
Trade receivables (net of allowances of $64 in 2003 and $58 in 2002)		1,516	1,264
Other receivables		491	542
Inventories	- Aluminum operating segments
	Aluminum	891	905
	Raw materials	417	390
	Other supplies	316	296
		1,624	1,591
	- Packaging operating segment	496	368
		2,120	1,959
Current assets held for sale (note 2)		79	76
		4,329	3,950
Deferred charges and other assets		689	666
Property, plant and equipment
Cost (excluding Construction work in progress)		18,617	17,630
Construction work in progress		783	570
Accumulated depreciation		(8,859)	(8,107)
		10,541	10,093
Intangible assets (net of accumulated amortization of $77 in 2003
and $53 in 2002)		316	318
Goodwill		2,379	2,303
Long-term assets held for sale (note 2)		55	208
Total assets		18,309	17,538

ALCAN INC.

INTERIM CONSOLIDATED BALANCE SHEET (cont'd)
(unaudited for 2003)


	September 30,	December 31,
(in millions of US$)	2003	2002
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Payables and accrued liabilities	2,520	2,294
Short-term borrowings	385	381
Debt maturing within one year	181	295
Current liabilities of operations held for sale (note 2)	38	47
	3,124	3,017
Debt not maturing within one year (note 4)	3,369	3,186
Deferred credits and other liabilities	1,682	1,418
Deferred income taxes	1,263	1,120
Long-term liabilities of operations held for sale (note 2)	7	22
Minority interests	148	150
Shareholders' equity
Redeemable non-retractable preference shares	160	160
Common shareholders' equity
Common shares	4,720	4,703
Retained earnings	3,329	3,503
Deferred translation adjustments	507	259
	8,556	8,465
	8,716	8,625
Total liabilities and shareholders' equity	18,309	17,538

ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
Periods ended September 30	Third Quarter		Nine Months
(in millions of US$)	2003	2002	2003	2002
OPERATING ACTIVITIES
Income from continuing operations	118	192	155	351
Adjustments to determine cash from
operating activities:
Depreciation and amortization	237	207	692	618
Deferred income taxes	20	19	89	59
Asset impairment provisions	10	13	18	22
Loss (Gain) on sale of businesses and investments - net	13	-	(38)	-
Change in operating working capital:
Change in receivables	(15)	32	56	83
Change in inventories	125	37	65	60
Change in payables	(11)	(79)	(47)	(170)
Total change in operating working capital	99	(10)	74	(27)
Change in deferred charges, other assets, deferred credits
and other liabilities - net	54	(21)	160	44
Other - net	2	12	26	4
Cash from operating activities in continuing operations	553	412	1,176	1,071
Cash from operating activities in
discontinued operations (note 2)	7	8	14	7
Cash from operating activities	560	420	1,190	1,078

ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (cont'd)
(unaudited)
Periods ended September 30		Third Quarter		Nine Months
(in millions of US$)		2003	2002	2003	2002
FINANCING ACTIVITIES
New debt, net of issuance costs		30	502	535	684
Debt repayments		(229)	(542)	(575)	(734)
		(199)	(40)	(40)	(50)
Short-term borrowings - net		15	(13)	(49)	(188)
Common shares issued		9	2	17	12
Dividends	Alcan shareholders (including preference)	(50)	(49)	(150)	(147)
	Minority interests	(1)	(2)	(11)	(5)
Cash used for financing activities in continuing operations		(226)	(102)	(233)	(378)
Cash from (used for) financing activities
in discontinued operations (note 2)		(4)	1	(8)	-
Cash used for financing activities		(230)	(101)	(241)	(378)
INVESTMENTS AND OTHER ASSETS
Property, plant and equipment		(241)	(156)	(578)	(413)
Business acquisitions (note 5)		(83)	(165)	(431)	(337)
		(324)	(321)	(1,009)	(750)
Net proceeds from disposal of businesses,
investments and other assets		3	19	56	66
Cash used for investment activities in continuing operations		(321)	(302)	(953)	(684)
Cash used for investment activities
in discontinued operations (note 2)		(2)	(7)	(6)	(12)
Cash used for investment activities		(323)	(309)	(959)	(696)
Effect of exchange rate changes
on cash and time deposits		1	-	5	8
Increase (Decrease) in cash and time deposits		8	10	(5)	12
Cash of subsidiaries consolidated (deconsolidated) - net		(11)	-	19	-
Cash and time deposits - beginning of period		127	121	110	119
Cash and time deposits - end of period in continuing operations		123	133	123	133
Cash and time deposits - end of period in discontinued operations		1	(2)	1	(2)
Cash and time deposits - end of period		124	131	124	131

The unaudited interim consolidated financial statements do not include all of the financial statement disclosures required to be in accordance with Canadian generally accepted accounting principles for interim reporting and, therefore, should be read in conjunction with the most recent annual financial statements.

In the second quarter of 2003, the Company committed to a plan to sell certain non-strategic Packaging operations. These businesses are classified as held for sale and are included in discontinued operations. An impairment charge of $22, after tax, and $135, after tax, for the third quarter and nine months of 2003, respectively, was recorded in discontinued operations to reduce the carrying values of these businesses to estimated fair values less costs to sell. Certain financial information has been reclassified in the prior periods to present these businesses as discontinued operations on the income statement, as assets held for sale and liabilities of operations held for sale on the balance sheet and as cash flows from (used for) discontinued operations on the statement of cash flows. All of these divestments are expected to be completed within one year.

Total interest costs in continuing operations in the third quarter and nine months of 2003 were $55 and $161 respectively (2002: $52 and $151) of which $3 and $5 (2002: nil) were capitalized.

On July 7, 2003, the Company announced its intention to launch a tender offer to acquire all of the outstanding shares, convertible debentures, Bonus Allocation Rights and American Depositary Shares of Pechiney. On October 7, 2003, the Company announced that following the clearance by the French Commission des opérations de bourse of the documentation for its offer in France for Pechiney and the publication in France of such documentation, the French Conseil des marchés financiers published the notification of the opening of the offer. Accordingly, the French offer is made and open for acceptance beginning October 7, 2003.

The Company's offer in the U.S. is expected to open soon following completion of a review by the Securities and Exchange Commission of Pechiney's annual disclosure documentation. Pechiney securities may not yet be tendered pursuant to Alcan's U.S. offer.

Pechiney is an international group listed on the Paris and New York Stock exchanges. Its three core businesses are primary aluminum, aluminum conversion and packaging. Pechiney employs 34,000 employees. The offer is conditional upon the tendering of more than 50% of the total diluted number of Pechiney shares to the offer. The Company expects the offer to be completed by December 31, 2003.

On April 30, 2003, the Company completed the acquisition of VAW Flexible Packaging from Norsk Hydro for a cost of $341, subject to post-closing adjustments. The business combination is accounted for using the purchase method of accounting and the results of operations are included in the Consolidated Financial Statements since acquisition.

As part of the acquisition of VAW Flexible Packaging in the second quarter of 2003, the Company acquired, directly and indirectly, 63% of the total issued share capital of Strongpack Plc in Thailand. Strongpack is engaged in packaging businesses, providing production and processing services on all types of flexible packaging materials. On June 20, 2003, the Company acquired an additional 11% of Strongpack at a price of $4.

Also, as part of the acquisition of VAW Flexible Packaging, the Company acquired 70% of the total issued share capital of Rotopak in Turkey. Rotopak is engaged in the food flexible packaging business. On August 28, 2003, the Company acquired an additional 30% of Rotopak at a price of $24.

On July 1, 2003, the Company completed the acquisition of Baltek Corporation for a cost of $38. The business combination is accounted for using the purchase method of accounting and the results of operations are included in the Consolidated Financial Statements since acquisition.

In the third quarter of 2003, the Company increased its ownership position in Aluminium Company of Malaysia from 36% to 59% by acquiring additional shares from Nippon Light Metal in exchange for its ownership in Alcan Nikkei Siam Limited in Rangsit, Thailand and a cash payment of $6. The sale of Alcan Nikkei Siam Limited resulted in the realization of deferred translation losses of $13, which is recorded in Other expenses (income) - net. Aluminium Company of Malaysia is a manufacturer of light gauge aluminum products.

On October 6, 2003, the Company completed the acquisition of Uniwood/Fome-Cor Division of Nevamar for $95, subject to post-closing adjustments. Uniwood/Fome-Cor is one of the largest US-based manufacturers of foam-based display boards, with its head offices and production facilities in Statesvilles, North Carolina and another production site in Glasgow, Kentucky.

MEDIA CONTACT: Joseph Singerman	INVESTMENT CONTACT: Corey Copeland
Tel.: (514) 848-1355	Tel. (514) 848- 8368

Conference call numbers:	Conference call numbers:
North America (800) 660-7963	North America (800) 840-6238
Local & overseas (416) 641-6666	Local & overseas (416) 641-6712

ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(unaudited)

Nine months ended September 30 (in millions of US$)		2003	2002
Retained earnings - beginning of period		3,503	3,326	*
Net income		24	348
Dividends	- Common	(193)	(144)
	- Preference	(5)	(3)
Retained earnings - end of period		3,329	3,527

* Restated in 2002 to reflect accounting change of $(748) with respect to impairment of goodwill.

Press Release