Exhibit 12.1

Alcan Inc.
Computation of Earnings to Fixed Charges
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
Ratio of earnings to fixed charges			3.81		4.00		1.08			5.49			5.79			5.87

* 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.

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.

Alcan Inc.
Computation of Earnings to Fixed Charges
US GAAP
(in millions of US dollars)

		YEAR
		2002		2001			2000			1999			1998
Net income (loss) from continuing operations before cumulative effect of accounting change and extraordinary items			412		(42	)		606			455			417
Less:	Equity income of less than 50% owned companies		3		3			4			(1	)		(48	)
Plus:	Dividends received from less than 50% owned companies		3		2			1			1			5
Plus:	Minority interest of subsidiaries that have fixed charges		3		(13	)		(1	)		14			(4	)
Subtotal			415		(56	)		602			471			466
FIXED CHARGES
Amount representative of interest factor in rentals			27		24			19			19			28
Amount representative of interest factor in rentals, 50% owned companies			0		0			0			0			0
Interest expense – net			203		254			78			76			92
Interest expense, 50% owned companies			0		0			0			0			0
Capitalized interest			1		30			81			41			15
Capitalized interest, 50% owned companies			0		0			0			0			0
TOTAL FIXED CHARGES			231		308			178			136			135
Less:	Capitalized interest		1		30			81			41			15
Fixed charges added to income/(loss)			230		278			97			95			120
Plus:	Amortization of capitalized interest		24		25			21			18			15
Income taxes			313		13			259			211			210
Earnings before fixed charges and income taxes			982		260			979			795			811
Ratio of earnings to fixed charges			4.25		0.84			5.50			5.85			6.01

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

		YEAR
		2002		2001			2000			1999			1998
Net income (loss) from continuing operations before cumulative effect of accounting change and extraordinary items			412		(42	)		606			455			417
Less:	Equity income of less than 50% owned companies		3		3			4			(1	)		(48	)
Plus:	Dividends received from less than 50% owned companies		3		2			1			1			5
Plus:	Minority interest of subsidiaries that have fixed charges		3		(13	)		(1	)		14			(4	)
Subtotal			415		(56	)		602			471			466
FIXED CHARGES
Amount representative of interest factor in rentals			27		24			19			19			28
Amount representative of interest factor in rentals, 50% owned companies			0		0			0			0			0
Interest expense – net			203		254			78			76			92
Interest expense, 50% owned companies			0		0			0			0			0
Capitalized interest			1		30			81			41			15
Capitalized interest, 50% owned companies			0		0			0			0			0
TOTAL FIXED CHARGES			231		308			178			136			135
Less:	Capitalized interest		1		30			81			41			15
Fixed charges added to income/(loss)			230		278			97			95			120
Plus:	Amortization of capitalized interest		24		25			21			18			15
Income taxes			313		13			259			211			210
Earnings before fixed charges and income taxes			982		260			979			795			811
TOTAL FIXED CHARGES			231		308			178			136			135
Preference dividends			5		8			10			9			10
1 minus statutory tax rate of 40%			0.6		0.6			0.6			0.6			0.6
Preference dividends pre tax			8		13			17			15			17
Total			239		321			195			151			152
Ratio of earnings to combined fixed charges and preferred stock dividends			4.11		0.81			5.03			5.26			5.35