<PAGE>

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-Q

            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

                         Commission file number 1-3677


                                   ALCAN INC.
             (Exact name of registrant as specified in its charter)


         CANADA                                   Inapplicable
(State or Other Jurisdiction of         (I.R.S. Employer Identification No.)
 Incorporation or Organization)


         1188 SHERBROOKE STREET WEST, MONTREAL, QUEBEC, CANADA H3A 3G2
            (Address of Principal Executive Offices and Postal Code)

                                 (514) 848-8000
              (Registrant's Telephone Number, including Area Code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes (X)        No ____

At September 30, 2001, the registrant had 320,844,342 shares of common stock
(without nominal or par value) outstanding.

================================================================================




<PAGE>
PART I - FINANCIAL INFORMATION

     In this report, all dollar amounts are stated in U.S. dollars and all
quantities in metric tons, or tonnes, unless indicated otherwise. A tonne is
1,000 kilograms, or 2,204.6 pounds. The word "Company" refers to Alcan Inc. and,
where applicable, one or more consolidated subsidiaries.

ITEM 1. FINANCIAL STATEMENTS

                                   ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF INCOME
(unaudited)

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------


Periods ended September 30                           Third Quarter        Nine Months
                                                   ------------------   -----------------
(in millions of US$, except per share amounts)      2001       2000      2001      2000
                                                   -------    -------   -------   -------

<S>                                                <C>        <C>       <C>       <C>

SALES AND OPERATING REVENUES                       $ 3,157    $ 1,979   $ 9,589   $ 5,966

COSTS AND EXPENSES
    Cost of sales and operating expenses             2,484      1,530     7,535     4,544
    Depreciation and amortization                      204        120       604       350
    Selling, administrative and general expenses       136         89       407       267
    Research and development expenses                   31         15        98        48
    Interest (note 11)                                  70         12       190        28
    Other (income) expenses - net (note 7)              (3)         2       117         1
                                                   -------    -------   -------   -------
                                                     2,922      1,768     8,951     5,238
                                                   -------    -------   -------   -------
Income before income taxes and other items             235        211       638       728
Income taxes (note 4)                                   67         34       226       226
                                                   -------    -------   -------   -------

Income before other items                              168        177       412       502
Equity income (loss)                                    (1)         4         2         4
Minority interests                                       3          -         3         2
                                                   -------    -------   -------   -------
NET INCOME BEFORE AMORTIZATION OF GOODWILL         $   170    $   181   $   417   $   508
Amortization of goodwill                                19          -        55         -
                                                   -------    -------   -------   -------
NET INCOME                                         $   151    $   181   $   362   $   508
Dividends on preference shares                           2          2         6         7
                                                   -------    -------   -------   -------

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS     $   149    $   179   $   356   $   501
                                                   -------    -------   -------   -------

NET INCOME PER COMMON SHARE BEFORE AMORTIZATION
    OF GOODWILL (BASIC AND DILUTED) (NOTE 2)       $  0.52    $  0.85   $  1.28   $  2.33
Amortization of goodwill per common share             0.06          -      0.17         -
                                                   -------    -------   -------   -------

NET INCOME PER COMMON SHARE (BASIC AND DILUTED)
    (NOTES 2 AND 5)                                $  0.46    $  0.85   $  1.11   $  2.33
                                                   -------    -------   -------   -------
DIVIDENDS PER COMMON SHARE                         $  0.15    $  0.15   $  0.45   $  0.45
                                                   -------    -------   -------   -------
</TABLE>

The accompanying notes are an integral part of the interim financial statements.

                                       1

<PAGE>
                                   ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Nine months ended September 30
(in millions of US$)                                     2001            2000
                                                        ------          ------

<S>                                                     <C>             <C>

RETAINED EARNINGS - BEGINNING OF PERIOD                 $ 4,290         $ 4,227

Net income                                                  362             508

Amount related to common shares purchased for
  cancellation (note 13)                                      -            (299)

Dividends - Common                                         (143)            (98)
          - Preference                                       (6)             (7)
                                                        -------         -------
RETAINED EARNINGS - END OF PERIOD                       $ 4,503         $ 4,331
                                                        =======         =======

</Table>

The accompanying notes are an integral part of the interim financial statements.

                                       2


<PAGE>

                                   ALCAN INC.

INTERIM CONSOLIDATED BALANCE SHEET
(unaudited for 2001)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(in millions of US$)                                 September 30,  December 31,
                                                         2001           2000
                                                     -----------    ------------
<S>                                                    <C>           <C>
ASSETS

CURRENT ASSETS

  Cash and time deposits                               $    223      $    261
                                                       --------      --------
  Receivables                                             2,321         2,280

  Inventories - Aluminum operating segments
                - Aluminum                                  943         1,034
                - Raw materials                             435           414
                - Other supplies                            287           268
                                                       --------      --------
                                                          1,665         1,716
              - Packaging operating segment                 426           399
                                                       --------      --------
                                                          2,091         2,115
                                                       --------      --------
TOTAL CURRENT ASSETS                                      4,635         4,656
                                                       --------      --------
Deferred charges and other assets                           717           719
Property, plant and equipment
  Cost (excluding Construction work in progress)         15,835        14,807
  Construction work in progress                             885         1,979
  Accumulated depreciation                               (6,861)       (6,753)
                                                       --------      --------
                                                          9,859        10,033
                                                       --------      --------
Intangible assets, net of accumulated amortization
  of $22 in 2001 and $5 in 2000                             312           330
Goodwill, net of accumulated amortization of $72
  in 2001 and $17 in 2000 (note 9)                        2,947         2,669
                                                       --------      --------
Total assets                                           $ 18,470      $ 18,407
                                                       ========      ========
</Table>

The accompanying notes are an integral part of the interim financial statements.

                                       3
<PAGE>


                                   ALCAN INC.

INTERIM CONSOLIDATED BALANCE SHEET (CONT'D)
(unaudited for 2001)

--------------------------------------------------------------------------------
<Table>
<Caption>

(in millions of US$, except per share amounts)
                                                   September 30,    December 31,
                                                       2001             2000
                                                    -----------     ------------
<S>                                                 <C>             <C>
LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

    Payables                                           $  2,198       $  2,427
    Short-term borrowings                                   914          1,080
    Debt maturing within one year                            81            333
                                                       --------       --------
                                                          3,193          3,840
                                                       --------       --------

Debt not maturing within one year (note 10)               3,787          3,195
Deferred credits and other liabilities                      876            874
Deferred income taxes                                     1,187          1,227
Minority interests                                          145            244

SHAREHOLDERS' EQUITY

    Redeemable non-retractable preference shares            160            160
    Common shareholders' equity
       Common shares                                      4,655          4,597
       Retained earnings                                  4,503          4,290
       Deferred translation adjustments                     (36)           (20)
                                                       --------       --------
                                                          9,122          8,867
                                                       --------       --------
                                                          9,282          9,027
                                                       --------       --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY             $ 18,470       $ 18,407
                                                       ========       ========
COMMON SHAREHOLDERS' EQUITY PER COMMON SHARE           $  28.43       $  27.89
                                                       --------       --------
RATIO OF TOTAL BORROWINGS TO EQUITY                       34:66          33:67
                                                       --------       --------

</TABLE>

The accompanying notes are an integral part of the interim financial statements.

                                       4

<PAGE>

                                   ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
<CAPTION>
<TABLE>
-----------------------------------------------------------------------------------------------------------


Periods ended September 30                                              Third Quarter        Nine months
(in millions of US$)                                                  ----------------     ----------------
                                                                      2001        2000     2001        2000
                                                                      ----       -----     ----        ----
<S>                                                                   <C>        <C>       <C>        <C>
OPERATING ACTIVITIES
 Net income                                                          $ 151       $ 181    $ 362       $ 508
 Adjustments to determine cash from
   operating activities:
     Depreciation and amortization                                     223         120      659         350
     Deferred income taxes                                               9          12       (1)         77
     Equity income - net of dividends                                    1          (4)      (1)         (3)
     Change in operating working capital
        Change in receivables                                          (79)        135      (41)        (34)
        Change in inventories                                           14         (89)      24        (121)
        Change in payables                                             (28)        (77)    (229)         70
        Change in operating working capital due to:
          Deferred translation adjustments                              73         (32)     (11)        (61)
          Acquisitions, disposals and
            consolidations/deconsolidations                             --          --      (58)        (44)
                                                                     -----       -----    -----       -----
                                                                      (20)         (63)    (315)       (190)

     Change in deferred charges, other assets,
       deferred credits and other liabilities - net                      9         (25)     (68)          5
     Loss (gain) on sales of businesses - net                           --           1      122          (9)
     Other - net                                                         2          25       12          11
                                                                     -----       -----    -----       -----

CASH FROM OPERATING ACTIVITIES                                       $ 375       $ 247    $ 770       $ 749
                                                                     -----       -----    -----       -----

</TABLE>

The accompanying notes are an integral part of the interim financial statements.

                                       5
<PAGE>



                                   ALCAN INC.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
(unaudited)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------


PERIODS ENDED SEPTEMBER 30                                          Third Quarter          Nine months
(in millions of US$)                                              ------------------   ------------------
                                                                    2001      2000       2001       2000
                                                                 -------    -------    -------    -------
<S>                                                              <C>        <C>        <C>        <C>
FINANCING ACTIVITIES
    New debt                                                     $     9    $   633    $ 1,828    $   634
                                                                 -------    -------    -------    -------
    Debt repayments                                                 (170)       (54)    (1,476)      (324)
                                                                 -------    -------    -------    -------
                                                                    (161)       579        352        310
    Short-term borrowings - net                                      131       (228)      (143)       171
    Common shares purchased for cancellation                          --       (230)        --       (363)
    Common shares issued                                               1          2         58         18
    Dividends   - Alcan shareholders (including preference)          (50)       (35)      (149)      (105)
                - Minority interests                                  (1)        (2)        (2)        (2)
                                                                 -------    -------    -------    -------

    CASH FROM (USED FOR) FINANCING ACTIVITIES                        (80)        86        116         29
                                                                 -------    -------    -------    -------

INVESTMENT ACTIVITIES

    Property, plant and equipment                                   (232)      (328)      (729)      (975)
    Business acquisitions                                                        --       (401)      (200)
    Net proceeds from disposal of businesses,
        investments and other assets                                  12         --        206        173
                                                                 -------    -------    -------    -------

    CASH USED FOR INVESTMENT ACTIVITIES                             (220)      (328)      (924)    (1,002)
                                                                 -------    -------    -------    -------
    Effect of exchange rate changes
       on cash and time deposits                                      10         (2)        --         (5)
                                                                 -------    -------    -------    -------


    INCREASE (DECREASE) IN CASH AND TIME DEPOSITS                     85          3        (38)      (229)
    Cash of companies consolidated                                    --         --         --          5
    Cash and time deposits - beginning of period                     138         88        261        315
                                                                 -------    -------    -------    -------
    Cash and time deposits - end of period                       $   223    $    91    $   223    $    91
                                                                 =======    =======    =======    =======
</TABLE>

The accompanying notes are an integral part of the interim financial statements.


                                       6

<PAGE>


                                   ALCAN INC.

INTERIM INFORMATION BY OPERATING SEGMENT
(unaudited)
--------------------------------------------------------------------------------
<Table>
<Caption>
Periods ended September 30
(in millions of US$)

SALES AND OPERATING REVENUES - INTERSEGMENT                                  Third Quarter              Nine Months
                                                                          -------------------       -------------------
                                                                           2001         2000         2001         2000
                                                                          ------       ------       ------       ------
<S>                                                                       <C>          <C>          <C>          <C>
Primary Metal                                                            $   524      $   374      $ 1,730       $ 1,164
Aluminum Fabrication, Americas and Asia                                       35           22          132            64
Aluminum Fabrication, Europe                                                  53           65          187           202
Packaging                                                                     15           16           49            44
Intersegment and other                                                      (627)        (477)      (2,098)       (1,474)
                                                                         -------      -------      -------       -------
                                                                         $     -      $     -      $     -       $     -
                                                                         =======      =======      =======       =======

</TABLE>

<TABLE>
<CAPTION>

SALES AND OPERATING REVENUES - THIRD PARTIES                                 Third Quarter              Nine Months
                                                                          -------------------       -------------------
                                                                           2001         2000         2001         2000
                                                                          ------       ------       ------       ------
<S>                                                                       <C>          <C>          <C>          <C>
Primary Metal                                                            $   768      $   403      $ 2,188       $1,289
Aluminum Fabrication, Americas and Asia                                      939        1,024        2,924        2,980
Aluminum Fabrication, Europe                                                 720          379        2,274        1,175
Packaging                                                                    724          168        2,185          505
Other                                                                          6            5           18           17
                                                                         -------      -------       ------       ------
                                                                         $ 3,157      $ 1,979      $ 9,589       $5,966
                                                                         =======      =======      =======       ======
</TABLE>

<TABLE>
<CAPTION>

EBITDA                                                                       Third Quarter              Nine Months
                                                                          -------------------       -------------------
                                                                           2001         2000         2001         2000
                                                                          ------       ------       ------       ------
<S>                                                                       <C>          <C>          <C>          <C>
Primary Metal                                                            $   276      $   194      $   913       $  696
Aluminum Fabrication, Americas and Asia                                       87           95          258          249
Aluminum Fabrication, Europe                                                  30           33          155          110
Packaging                                                                     86            9          264           25
                                                                         -------      -------      -------       ------
EBITDA from operating segments                                               479          331        1,590        1,080
Depreciation and amortization                                               (204)        (120)        (604)        (350)
Intersegment and other *                                                      46           25         (107)          63
Corporate office                                                             (17)          (9)         (49)         (33)
Interest                                                                     (70)         (12)        (190)         (28)
Income taxes                                                                 (67)         (34)        (226)        (226)
Minority interests                                                             3         --              3            2
                                                                         -------      -------      -------       ------
NET INCOME BEFORE AMORTIZATION OF GOODWILL                               $   170      $   181      $   417       $  508
                                                                         -------      -------      -------       ------
NET INCOME AFTER AMORTIZATION OF GOODWILL                                $   151      $   181      $   362       $  508
                                                                         -------      -------      -------       ------

</TABLE>

*  Included in Intersegment and other is a pre-tax loss on the sale of the
   Jamaican bauxite and alumina operations of $123 for nine months, 2001.


                                       7
<PAGE>


                                   ALCAN INC.

               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                               September 30, 2001
                                  (Unaudited)

                 (in millions of US$, except per share amounts)




1.   ACCOUNTING POLICIES

     The unaudited interim consolidated financial statements are based upon
     accounting policies and methods of their application consistent with those
     used and described in our annual financial statements, except for the
     accounting change described in note 2. The interim financial statements do
     not include all of the financial statement disclosures included in the
     annual financial statements prepared in accordance with Canadian generally
     accepted accounting principles (GAAP) and therefore should be read in
     conjunction with the most recent annual financial statements.

--------------------------------------------------------------------------------

2.   ACCOUNTING CHANGE

     In the first quarter of 2001, the Company adopted the new recommendations
     of the Canadian Institute of Chartered Accountants dealing with earnings
     per share. The standard requires the disclosure of the calculation of basic
     and diluted earnings per share and the use of the treasury stock method for
     calculating the dilutive impact of stock options. There was no impact on
     the diluted net income per common share, both before and after amortization
     of goodwill, for each period presented.

--------------------------------------------------------------------------------

3.   RECONCILIATION OF CANADIAN AND U.S. GAAP

     Differences relate principally to accounting for foreign currency
     translation, derivatives and "available for sale" securities.

     Beginning in 2001, the Company is required to adopt, for supplementary U.S.
     GAAP reporting purposes only, Financial Accounting Standards Board (FASB)
     Statements 133 and 138. These standards require that all derivatives be
     recorded in the financial statements and valued at market. However, the
     Company has elected not to adopt the FASB's optional hedge accounting
     provisions. Accordingly, for U.S. GAAP reporting purposes only, beginning
     in 2001, unrealized gains and losses resulting from the valuation of
     derivatives at market value are recognized in net income as the gains and
     losses arise and not concurrently with the recognition of the transactions
     being hedged. In its primary Canadian GAAP financial statements, the
     Company continues to recognize the gains and losses on derivative contracts
     in income concurrently with the recognition of the transactions being
     hedged.

     Upon initial adoption of the FASB standards in the first quarter of 2001,
     the cumulative effect of the accounting change results in a decrease in net
     income of $12.

                                       8
<PAGE>
3.   RECONCILIATION OF CANADIAN AND U.S. GAAP (cont'd)

<TABLE>
<CAPTION>

                                                          Third  Quarter                              Nine  Months
                                                -----------------------------------        ------------------------------------
                                                     2001                 2000                 2001                   2000
                                                -------------        --------------        --------------        --------------
                                                        $ per                 $ per                 $ per                 $ per
                                                       Common                Common                Common                Common
                                                 $      Share         $       Share         $       Share         $       Share
                                                ---     -----        ---     ------        ---     ------        ---     ------
<S>                                             <C>      <C>         <C>     <C>           <C>      <C>         <C>       <C>
     Net income - as reported                   151                  181                   362                   508

     Differences due to:
       Foreign currency translation              (2)                  (2)                   (4)                   (6)
       Valuation of derivatives                 (45)                   -                   (79)                    -
       Other                                      -                    -                     5                     -
                                                ---                  ---                   ---                   ---

     Net income from continuing
       operations before cumulative effect
       of accounting change - U.S. GAAP         104                  179                   284                   502
     Cumulative effect on prior years of
       accounting change                          -                    -                   (12)                    -
                                                ---                  ---                   ---                   ---
     Net income - U.S. GAAP                     104                  179                   272                   502
                                                ---                  ---                   ---                   ---
     Net income attributable to common
       shareholders - as reported               149     0.46         179      0.85         356      1.11         501        2.33
                                                ---     ----         ---      ----         ---      ----         ---        ----
     Net income attributable to common
       shareholders from continuing
       operations before cumulative
       effect of accounting change
       - U.S. GAAP                              102     0.32         176      0.84         278      0.87         495        2.30
                                                ---     ----         ---      ----         ---      ----         ---        ----
     Net income attributable to common
       shareholders - U.S. GAAP                 102     0.32         176      0.84         266      0.83         495        2.30
                                                ---     ----         ---      ----         ---      ----         ---        ----
</Table>

<Table>
<Caption>
                                                                                           Third Quarter
                                                               ---------------------------------------------------------------------
                                                                              2001                                   2000
                                                               ------------------------------------    -----------------------------
                                                               As reported          U.S. GAAP          As reported         U.S. GAAP
                                                               -----------          ---------          -----------         ---------
<S>                                                            <C>                 <C>                 <C>                  <C>
     Deferred charges and other
       assets - September 30                                   $   717             $   707             $   530              $   532
     Payables - September 30                                   $ 2,198             $ 2,313             $ 1,338              $ 1,338
     Deferred income taxes - September 30                      $ 1,187             $ 1,143             $   785              $   785
     Retained earnings - September 30                          $ 4,503             $ 4,447             $ 4,331              $ 4,371
     Deferred translation adjustments
       (DTA) - September 30                                    $   (36)            $   (92)            $  (132)             $  (188)

</Table>

<Table>
<Caption>
                                                                      Third Quarter                             Nine Months
                                                               -----------------------------           -----------------------------
                                                                   2001            2000                    2001              2000
                                                               --------------   ------------           ------------      -----------
<S>                                                            <C>              <C>                    <C>               <C>
     COMPREHENSIVE INCOME (U.S. GAAP ONLY)
     Net income                                                $   104             $ 179                   $ 272             $ 502
     Net change in deferred translation adjustments                185               (38)                    (16)              (56)
     Net change in market value of
       available-for-sale securities                                (7)               (3)                      4                (1)
                                                                ------            ------                  ------             -----
     Comprehensive income                                       $  282            $  138                  $  260             $ 445
                                                                ======            ======                  ======             =====
</Table>
                                       9



<PAGE>


3.   RECONCILIATION OF CANADIAN AND U.S. GAAP (cont'd)

<TABLE>
<CAPTION>

                                                               Nine Months
ACCUMULATED OTHER COMPREHENSIVE                             ------------------
  INCOME (U.S. GAAP ONLY)                                   2001          2000
                                                            ----          ----

<S>                                                         <C>          <C>
Accumulated other comprehensive income
  - beginning of year                                       $(61)        $(113)
Change in deferred translation adjustments                   (16)          (56)
Change in excess of market value over book value of
  available-for-sale securities                                4            (1)
                                                            ----         -----
Accumulated other comprehensive income
  - September 30                                            $(73)        $(170)
                                                            ====         =====
</TABLE>

--------------------------------------------------------------------------------

4.   INCOME TAXES

<TABLE>
<CAPTION>
                                  Third Quarter                Nine Months
                                 ---------------            ------------------
                                 2001       2000            2001          2000
                                 ----       ----            ----          ----

<S>                              <C>         <C>             <C>           <C>
     Current                     $58         $22            $227          $149
     Deferred                      9          12              (1)           77
                                 ---         ---            ----          ----
                                 $67         $34            $226          $226
                                 ===         ===            ====          ====
</TABLE>

     The composite of the applicable statutory corporate income tax rates in
     Canada is 40.1% (40.3% for 2000). The difference between income taxes
     calculated at the composite rate and the amounts shown as reported is
     primarily attributable to lower tax rates in foreign jurisdictions and
     translation gains on the revaluation of deferred tax balances, partially
     offset by unrecorded tax benefits on losses. In 2000, the difference is
     primarily attributable to prior years' tax adjustments, investment and
     other allowances and the effect of the reduced corporate income tax rate in
     Germany.

--------------------------------------------------------------------------------

5.   NET INCOME PER COMMON SHARE

     Net income per common share is based on the average number of shares
     outstanding during the period (third quarter 2001: 320.8 million; 2000:
     210.3 million; nine months 2001: 319.5 million; 2000: 215.3 million). As at
     September 30, 2001, there were 320,844,342 common shares outstanding. The
     following table outlines the calculation of basic and diluted net income
     per common share.

<TABLE>
<CAPTION>

                                                                       Third Quarter                Nine Months
                                                                     -----------------           -----------------
                                                                     2001         2000           2001         2000
                                                                     ----         ----           ----         ----
<S>                                                                 <C>          <C>            <C>          <C>
     Numerator for basic and diluted net income per
       common share                                                 $ 149        $ 179          $ 356        $ 501
                                                                    =====        =====          =====        =====
     Denominator:
       Denominator for basic net income per
         common share - weighted average of
         outstanding shares (in millions)                             321          210            320          215

       Effect of dilutive stock options (in millions)                   1            1              1            1
                                                                    -----        -----          -----        -----

       Denominator for diluted net income per
         common share - adjusted weighted average
         of outstanding shares (in millions)                          322          211            321          216
                                                                    =====        =====          =====        =====

     Net income per common share (basic and
       diluted)                                                     $0.46        $0.85          $1.11        $2.33
                                                                    =====        =====          =====        =====
</TABLE>


                                       10
<PAGE>


6.   SUPPLEMENTARY INFORMATION

<Table>
<Caption>

     STATEMENT OF CASH FLOWS            Third Quarter             Nine Months
                                      -----------------        ----------------
                                      2001         2000        2001        2000
                                      ----         ----        ----        ----
     <S>                              <C>           <C>        <C>         <C>
     Interest paid                    $ 91         $ 35        $252        $ 95
     Income taxes paid                $ 28         $ 20        $187        $135
</Table>

-------------------------------------------------------------------------------

7.   SALE OF THE JAMAICAN OPERATIONS

     Effective May 31, 2001, the Company completed the sale of its Jamaican
     operations. Proceeds from the sale were $153. The total pre-tax loss on the
     sale was $123 which was recorded in Other (income) expenses - net. An
     amount of $90 was recorded as an impairment charge in the first quarter
     with the remaining amount charged in the second quarter.

-------------------------------------------------------------------------------

8.   SALE OF ASSETS PURSUANT TO THE EUROPEAN COMMISSION REQUIREMENTS RELATED
     TO THE MERGER

     The following transactions were completed in the second quarter of 2001 as
     part of the divestment requirements imposed by the European Commission as a
     condition to its approval of the merger between Alcan and Alusuisse Group
     Ltd in October 2000.

     o   The Company sold its alumina specialties production plant, Martinswerk,
         located in Bergheim, Germany.

     o   The Company sold a number of foil container manufacturing assets in
         Spain and Germany.

     o   The Company sold its lithographic sheet production plant, Star Litho,
         located in Bridgnorth, United Kingdom.

     The Company received proceeds of approximately $35 from these sales.

-------------------------------------------------------------------------------

                                       11
<PAGE>
9.   ACQUISITION OF 30% OF GOVE ALUMINA REFINERY

     In the first quarter of 2001, the Company acquired the remaining 30% of the
     Gove alumina refinery and related bauxite mine at a cost of $379, subject
     to certain post-closing adjustments. As a result of this transaction, the
     Company now owns 100% of these assets. The acquisition is accounted for
     using the purchase method of accounting. The purchase price was allocated
     in the accounts based on the assigned fair values of the assets acquired
     and liabilities assumed as follows:

<Table>
     <S>                                            <C>
     Working capital                                $ 17
     Property, plant and equipment                   172
                                                    ----
                                                     189
     Other liabilities - net                          41
     Long-term debt                                    1
                                                    ----
                                                      42
                                                    ----
     Fair value of net assets                       $147
                                                    ====
</Table>

     The difference between the total purchase price and the net fair value of
     all identifiable assets and liabilities acquired was $232 and is accounted
     for as goodwill, which is being amortized over a period of 40 years using
     the straight-line method of amortization.

-------------------------------------------------------------------------------

10.  LONG TERM DEBT

     In the second quarter of 2001, the Company issued Euro 600 million of 5.5%
     Euro notes due 2006.

     During the first quarter of 2001, the Company issued $400 of 6.45%
     debentures due 2011 and $400 of 7.25% debentures due 2031.

-------------------------------------------------------------------------------

11.  CAPITALIZATION OF INTEREST COSTS

     Total interest costs in the third quarter and nine months were $72 and $220
     (2000 : $34 and $84) respectively of which $2 and $30 (2000 : $22 and $56)
     were capitalized.

-------------------------------------------------------------------------------

12.  PRIOR PERIOD AMOUNTS

     Certain prior period amounts have been reclassified to conform with the
     2001 presentation.

-------------------------------------------------------------------------------

13.  SHARE REPURCHASE PROGRAM

     Under a normal course issuer bid, which terminated on June 18, 2001, the
     Company was authorized to repurchase up to 21,800,000 common shares,
     representing approximately 10% of the outstanding shares. In 2001, nil
     common shares were purchased under this authorization.

     In the third quarter and nine months of 2000, 6,938,100 common shares and
     11,238,100 common shares, respectively, were purchased under this
     authorization.

                                       12
<PAGE>
In the opinion of management, all adjustments necessary for a fair presentation
of interim period results have been included in the financial statements. These
interim results are not necessarily indicative of results for the full year.

                                       13

<PAGE>
Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS.

The Company reports third quarter consolidated net income, excluding
non-recurring items and foreign currency translation effects, of US$121 million
(US$0.37 per share) compared to US$141 million (US$0.66 per share) in the third
quarter of 2000 and US$128 million (US$0.41 per share) in the second quarter of
2001.

Including non-recurring items and foreign currency translation effects, net
income for the quarter was US$151 million (US$0.46 per share) compared to US$181
million (US$0.85 per share) a year earlier and to US$74 million (US$0.23 per
share) in the previous quarter.

For the first nine months of 2001, earnings per share, excluding non-recurring
items and foreign currency translation effects, were US$1.29 per share compared
to US$2.06 per share during the first nine months of 2000. On an as reported
basis, earnings per share were US$1.11 compared to US$2.33 for the comparable
period of 2000.

The Company expects business conditions to continue to be challenging. However,
the Company considers itself to be well positioned given its sound financial
situation, the positive contribution from the new smelter in Alma, which has now
reached full operating capacity, and the impact of earnings improvement measures
presently in place. In addition, the Company is implementing a restructuring
program aimed at safeguarding its competitiveness. The restructuring program is
expected to have a positive impact of approximately US$200 million on annual
pre-tax earnings when fully implemented. The Company expects that the total
costs associated with implementing this program will amount to approximately
US$250 million. Most of these one-time costs are expected to be provided for
during the fourth quarter of 2001.

                                       14
<PAGE>
CONSOLIDATED REVIEW

<Table>
<Caption>


(US$ millions, unless otherwise noted)                               Third Quarter                Nine Months         Second Quarter
                                                                  -------------------        --------------------     --------------
                                                                  2001           2000           2001       2000             2001
                                                                  ----           ----           ----       ----             ----
<S>                                                              <C>            <C>            <C>        <C>               <C>
SALES & OPERATING REVENUES                                       3,157          1,979         9,589        5,966           3,162

Shipments (thousands of tonnes)
  Ingot products 1                                                  368            203         992           600             328
  Rolled products                                                   474            463       1,486         1,377             493
  Conversion of customer-owned metal                                 84             87         262           252              87
  Aluminum used in engineered products & packaging                  123             71         452           214             143
                                                                  -----          -----        ----         -----           -----
TOTAL ALUMINUM VOLUME                                             1,049            824       3,192         2,443           1,051

Ingot product realizations (US$ per tonne)                        1,575          1,726       1,623         1,718           1,628

Rolled product realizations (US$ per tonne) 2                     2,379          2,420       2,412         2,434           2,409
Average London Metal Exchange 3-month price                       1,405          1,587       1,493         1,580           1,511
  (US$ per tonne)
Net income excluding non-recurring items
  and foreign exchange translation                                  121            141         414           449             128
  Non-recurring items                                                --             31         (87)           32             (17)
  Foreign exchange translation                                       30              9          35            27             (37)
Net income including non-recurring items
  and foreign exchange translation                                  151            181         362           508              74
Economic Value Added (EVA(R)), excluding
  purchase accounting adjustments 3                                   8             36          88           119              14
Economic Value Added (EVA(R)), including
  purchase accounting adjustments 3                                (111)           N/A        (268)          N/A            (110)
</Table>

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

2  Excluding conversion of customer owned metal

3  Goodwill and asset revaluation related to the merger with algroup, as well as
   depreciation and amortization thereon

Sales and operating revenues for the quarter were significantly higher than the
year-ago quarter, due mainly to the merger with Alusuisse Group Ltd ("algroup"),
which was completed in October 2000. This also explains the increase in total
aluminum volume over the year-ago quarter. Compared to the preceding quarter,
sales and operating revenues were essentially unchanged as lower aluminum
selling prices and rolled product shipments were offset by higher shipments of
alumina and ingot products.

Total aluminum volume was 1,049 thousand tonnes (kt) in the quarter, compared to
824 kt a year earlier and to 1,051 kt in the preceding quarter. This includes
shipments of ingot and rolled products, conversion of customer-owned metal, and
aluminum used in engineered products and packaging.


                                       15
<PAGE>

Ingot products realizations of US$1,575 per tonne decreased by 9% from the
year-ago quarter compared with a 11% decrease in the London Metal Exchange (LME)
price. Compared to the previous quarter, ingot realizations decreased by 3%
versus a 7% decline in the LME price, due mainly to the time lag of about one
month in pricing ingot products to customers.

Rolled products realizations of US$2,379 per tonne were 2% lower than in the
prior-year and only 1% lower than in the previous quarter.

For the quarter, net income of US$151 million was US$77 million higher than in
the previous quarter. The US$77 million improvement was due mainly to favourable
movements in quarter-end foreign currency exchange rates, and to the absence of
a loss on disposal that was recorded in the previous quarter. The effect of
these two items more than offset the impact of lower aluminum prices and
weakening economic conditions during the quarter.

During the quarter, EVA(R) excluding purchase accounting adjustments was $8
million compared to $14 million in the second quarter of this year. These
adjustments relate to goodwill and asset revaluation arising from the algroup
merger. Including purchase accounting adjustments, EVA was a negative US$111
million, essentially unchanged compared to the previous quarter.

SEGMENT REVIEW
<TABLE>
<CAPTION>

                                                        Third Quarter                    Nine Months                 Second Quarter
                                                       ------------------              ------------------            ---------------
(US$ millions)                                         2001          2000              2001          2000                  2001
                                                       ----          ----              ----          ----                  ----
<S>                                                    <C>           <C>               <C>           <C>                   <C>
EBITDA
   Primary Metal                                        276           194                913          696                   287
   Aluminum Fabrication, Americas and Asia               87            95                258          249                    79
   Aluminum Fabrication, Europe                          30            33                155          110                    60
   Packaging                                             86             9                264           25                    92

EBITDA from operating segments                          479           331              1,590        1,080                   518
   Depreciation & amortization                         (204)         (120)              (604)        (350)                 (204)
   Intersegment and other                                46            25               (107)          63                   (37)
   Corporate offices                                    (17)           (9)               (49)         (33)                  (18)
   Interest                                             (70)          (12)              (190)         (28)                  (65)
   Income taxes                                         (67)          (34)              (226)        (226)                 (101)
   Minority interests                                     3            --                  3            2                    (1)



Net income before goodwill amortization                 170           181                417          508                    92
Net income after goodwill amortization                  151           181                362          508                    74
</TABLE>


                                       16
<PAGE>


SEGMENTS

Third quarter earnings before interest, taxes, depreciation and amortization
(EBITDA) for Primary Metal, at US$276 million, increased by 42% compared to the
year-ago quarter, due mainly to higher shipments of ingot products and to the
merger with algroup, which more than offset the effect of lower aluminum selling
prices. Compared to the preceding quarter, EBITDA was 4% lower as a decrease in
selling prices for ingot products and alumina more than offset the favourable
change in foreign exchange balance sheet translation and lower production costs
in Primary Metal.

For Fabrication, Americas and Asia, EBITDA of US$87 million was 8% lower than in
the previous year, mainly as a result of lower rolled product shipments in North
America and Asia. Compared to the preceding quarter, EBITDA increased by 10%,
due mainly to lower production costs in the North American sheet and cable
businesses, offset in part by lower shipments of rolled products in all regions.

For Fabrication, Europe, EBITDA, at US$30 million was US$3 million lower than in
the previous year. Compared to the second quarter of 2001, EBITDA decreased by
US$30 million, due mainly to lower rolled product shipments resulting from the
weakening economic conditions and seasonal effects, and to higher production
costs for rolled products.

The Packaging group's EBITDA, at US$86 million, increased by US$77 million
compared to the previous year, as a result of the merger with algroup. EBITDA
was US$6 million lower than in the previous quarter, as the effect of lower
sales volume and a non-recurring gain recorded in the second quarter were offset
partly by manufacturing cost reductions, lower material costs and a more
favourable sales mix.

"Intersegment and other" includes the deferral or realization of profits on
intersegment sales of aluminum as well as other non-operating items. The third
quarter included a realization of previously deferred profits as aluminum prices
and inventories declined during the quarter. The previous quarter included a
US$33 million charge relating to the sale of the Company's operations in
Jamaica.

For the first nine months of 2001, excluding the currency revaluation of
Canadian dollar deferred taxes and the tax effect of the business disposal in
Jamaica, the Company's effective tax rate was 37%.

LIQUIDITY AND CAPITAL RESOURCES

OPERATING ACTIVITIES

Cash generated from operating activities during the first nine months of 2001
was US$770 million compared to US$749 million in the comparable period of 2000.
Higher cash generation was largely offset by an unfavourable change in operating
working capital, most of which occurred during the first six months.

FINANCING ACTIVITIES

Cash from financing activities in the first nine months of 2001 was US$116
million compared to US$29 million in the same period in 2000. During the first
nine months of this year, total net debt raised was US$209 million. This


                                       17
<PAGE>
includes 17 the issue in March 2001 of US$400 million of 6.45% debentures due
2011 and US$400 million of 7.25% debentures due 2031. The new debt was used
mainly to purchase the remaining 30% interest in the Gove alumina refinery and
related bauxite mine, and to fund the Alma smelter project. On 2 May 2001, the
Company issued Euro 600 million of 5.5% Euro notes due 2006. Net proceeds from
the sale of the Notes have been used to repay debt outstanding under bank credit
facilities and commercial paper borrowings. The remaining debt repayments were
made using cash from operating activities.

The debt:equity ratio at September 30, 2001 was 34:66, unchanged compared to the
end of the second quarter and 25:75 a year ago. Interest expense for the
quarter, at US$70 million, was US$58 million higher compared to the previous
year due to increased borrowings following the algroup merger, the investment to
complete the new smelter in Alma, and the acquisition of the remaining 30%
interest in the Gove alumina refinery and related bauxite mine. Interest expense
was US$5 million higher than in the previous quarter as less interest was
capitalized in relation to the new Alma smelter.

INVESTMENT ACTIVITIES

Capital expenditures during the first nine months of 2001 were US$729 million
compared to US$975 million a year earlier. The most important project during the
period was the construction of the Alma, Quebec aluminum smelter, which reached
full operation on September 30, 2001.

During the first quarter, the Company acquired the remaining 30% of the Gove
alumina refinery and related bauxite mine at a cost of US$379 million, subject
to certain post-closing adjustments. As a result of this transaction, the
Company owns 100% of these assets.

Effective May 31, 2001, the Company completed the sale of the Jamaican
operations. Proceeds from the sale were US$153 million. In addition, during the
second quarter of 2001, the Company completed the divestment requirements
imposed by the European Commission in October 2000 as a condition to its
approval of the merger between Alcan and Alusuisse Group Ltd. The Company
received proceeds of approximately US$35 million from these sales.

CURRENCY HEDGING OF AUSTRALIAN DOLLAR

At September 30, 2001, the Company has hedged $AUD969 million of its future
Australian dollar commitments in respect of its Australian dollar operating cost
exposure, through forward exchange contracts and options maturing over the next
three years.

CAUTIONARY STATEMENT

Readers are cautioned that forward looking statements contained in this
Management's Discussion and Analysis should be read in conjunction with
"Cautionary Statements for Purposes of the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995" at Exhibit No. 99.3.


                                       18


<PAGE>


PART II.  OTHER INFORMATION

ITEMS 1. THROUGH 5.

The registrant has nothing to report under these items.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits

             (99.1)   Alcan Inc. Stock Price Appreciation Unit Plan

             (99.2)   Alcan Inc. 2001 Deferred Share Unit Plan for Non-Executive
                      Directors

             (99.3)   Cautionary statement for purposes of the "Safe Harbor"
                      provisions of the Private Securities Litigation Reform Act
                      of 1995. (Filed herewith)


        (b)  Reports on Form 8-K

             No reports were filed during the quarter ended 30 September 2001.


                                   SIGNATURE


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 thereunto duly authorized.


                                           ALCAN INC.


Dated: November 13, 2001                   By: /s/  Richard Genest
                                           ----------------------------
                                           Richard Genest
                                           Vice President and Controller
                                           (A Duly Authorized Officer)


                                       19
<PAGE>

                                  EXHIBIT INDEX
<Table>
<Caption>

Exhibit
Number       Description

<S>          <C>
(99.1)       Alcan Inc. Stock Price Appreciation Unit Plan

(99.2)       Alcan Inc. 2001 Deferred Share Unit Plan for Non-Executive
             Directors

(99.3)       Cautionary statement for purposes of the "Safe Harbor" provisions
             of the Private Securities Litigation Reform Act of 1995. (Filed
             herewith.)
</Table>
                                       20