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, 2005**

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	____ 

Indicate by check mark whether the registrant is an accelerated filer (as	defined in Rule 12b-2 of the Exchange Act). 

Yes  **X**	    No	____

Indicate by check mark whether the registrant is	a shell company (as defined in Rule 12b-2 of the Exchange Act). 

Yes___    No   **X**	 

At November 8, 2005 the registrant had	370,691,124 shares of common stock (without	nominal or par value) outstanding.

**TABLE OF CONTENTS**

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

NOTES TO	THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

	Item 2. Managements Discussion and Analysis of Financial Condition and	Results of Operations

	Item 3. Quantitative and Qualitative Disclosures about Market Risk

	Item 4. Controls and Procedures

PART II.	OTHER INFORMATION

Items 1., 3.,	4. and 5.

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

SIGNATURE

EXHIBIT INDEX

**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 of its consolidated subsidiaries. 

**Item 1.****Financial Statements** 

**ALCAN INC.**

**INTERIM	CONSOLIDATED STATEMENT OF INCOME**(unaudited)

** **
			Third Quarter
			Nine Months
**Periods ended September			30**
**2005**
			2004
**2005**
			2004
			(*in millions of US$,			except per share amounts)*
			 
			 
			 
			 
**Sales and operating			revenues**
**4,887**
			6,184
**15,271**
			18,412
			 
** **
			 
** **
			 
**Costs and expenses**
** **
			 
** **
			 
			Cost of sales and			operating expenses, excluding depreciation 
** **
			 
** **
			 
			and amortization noted			below
**3,921**
			4,997
**12,141**
			14,887
			Depreciation and			amortization
**266**
			322
**806**
			982
			Selling, administrative			and general expenses
**331**
			398
**1,056**
			1,159
			Research and development			expenses
**66**
			54
**164**
			173
			Interest 
**92**
			73
**267**
			253
			Other expenses (income)			- net (note 11)
**55**
			49
**152**
			100
			 
**4,731**
			5,893
**14,586**
			17,554
			Income from continuing			operations before income taxes and 
** **
			 
** **
			 
			other items
**156**
			291
**685**
			858
			Income taxes (note 9)
**101**
			134
**269**
			300
			Income from continuing			operations before other items
**55**
			157
**416**
			558
			Equity income
**16**
			13
**73**
			46
			Minority interests
**1**
			1
**(1)**
			(14)
**Income from continuing			operations**
**72**
			171
**488**
			590
			Income (Loss) from			discontinued operations (note 3)
**9**
			(4)
**2**
			14
**Net income**
**81**
			167
**490**
			604
			Dividends on preference			shares
**2**
			1
**5**
			4
**Net income attributable			to common shareholders**
**79**
			166
**485**
			600
**Earnings (Loss) per			share**(note			4)
** **
			 
** **
			 
			Basic:
** **
			 
** **
			 
			Income from continuing			operations 
**       0.19**
			       0.46
**       1.30**
			       1.60
			Income (Loss) from			discontinued operations
**       0.02**
			     (0.01)
**       0.01**
			0.03
**Net income per common			share - basic**
**       0.21**
			       0.45
**       1.31**
			       1.63
			Diluted:
** **
			 
** **
			 
			Income from continuing			operations 
**       0.19**
			       0.46
**       1.30**
			       1.59
			Income (Loss) from			discontinued operations
**       0.02**
			     (0.01)
**       0.01**
			       0.03
**Net income per common			share - diluted**
**       0.21**
			       0.45
**       1.31**
			       1.62
**Dividends per common			share**
**       0.15**
			       0.15
**       0.60**
			       0.60
* The	accompanying notes are an integral part of the interim financial statements.*

****	-2-

**ALCAN INC.** 

**INTERIM	CONSOLIDATED BALANCE SHEET**	(unaudited)

			 
			 
			 
** **
**September 30,  2005**
			December 31, 2004
			(*in millions of US$)*
			 
			 
			 
			 
			 
**ASSETS**
			 
			 
			 
			 
			 
**Current assets**
** **
			  			
			Cash and time deposits
**236**
			184
			Trade receivables (net			of allowances of $70 in 2005 and $99 in 2004)
**2,490**
			3,247
			Other receivables
**925**
			936
			Deferred income taxes
**125**
			214
			Inventories (note 12)
**2,805**
			4,040
			Current assets held for			sale (note 3)
**176**
			791
**Total current assets**
**6,757**
			9,412
			 
** **
			 
			Deferred charges and			other assets
**2,334**
			2,877
			Deferred income taxes
**964**
			870
			Property, plant and			equipment
** **
			 
			Cost (excluding			Construction work in progress)
**16,706**
			21,595
			Construction work in			progress
**1,439**
			1,177
			Accumulated depreciation
**(7,097)**
			(9,478)
			 
**11,048**
			13,294
			Intangible assets (net			of accumulated amortization of $194 in 2005
			 
			 
			   and $172 in 2004)
**884**
			1,230
			Goodwill
**4,958**
			5,496
			Long-term assets held			for sale (note 3)
**28**
			162
**Total assets**
**26,973**
			33,341
			 
			 
			 
			 
			 
			 
*The	accompanying notes are an integral part of the interim financial statements.*

**-3-

**ALCAN INC.** 

**INTERIM	CONSOLIDATED BALANCE SHEET**	(cont'd)****(unaudited)****

			 
			 
			 
** **
**September 30, 2005**
			December 31, 2004
			(*in millions of US$)*
			 
			 
			 
			 
			 
**LIABILITIES AND			SHAREHOLDERS' EQUITY**
			 
			 
			 
			 
			 
**Current liabilities**
			 
			 
			Payables and accrued			liabilities
**4,386**
			5,843
			Short-term borrowings
**284**
			2,486
			Debt maturing within one			year
**841**
			569
			Deferred income taxes
**28**
			23
			Current liabilities of			operations held for sale (note 3)
**75**
			335
**Total current			liabilities**
**5,614**
			9,256
			 
** **
			 
			Debt not maturing within			one year 
**5,503**
			6,345
			Deferred credits and			other liabilities
**4,307**
			4,986
			Deferred income taxes
**1,349**
			1,543
			Long-term liabilities of			operations held for sale (note 3)
**4**
			249
			Minority interests
**73**
			236
			 
** **
			 
**Shareholders' equity**
** **
			 
			Redeemable			non-retractable preference shares
**160**
			160
			Common shareholders'			equity
** **
			 
			Common shares
**6,110**
			6,670
			Additional paid-in			capital
**695**
			112
			Retained earnings
**3,340**
			3,362
			Common shares held by a			subsidiary
**(31)**
			(35)
			Accumulated other			comprehensive income (loss) (note 16)
**(151)**
			457
			 
**9,963**
			10,566
			 
**10,123**
			10,726
			 
** **
			 
			Commitments and			contingencies (note 15)
** **
			 
			 
** **
			 
**Total liabilities and			shareholders' equity**
**26,973**
			33,341
			 
			 
			 
*The	accompanying notes are an integral part of the interim financial statements.*

	-4-

**ALCAN INC.**

	 

**INTERIM	CONSOLIDATED STATEMENT OF CASH FLOWS**	(unaudited)

** **
			Third Quarter
			Nine Months
**Periods ended September			30**
**2005**
			2004
**2005**
			2004
			(*in millions of US$)*
			 
			 
			 
			 
			 
			 
			 
			 
			 
**OPERATING ACTIVITIES**
			 
			 
			 
			 
			 
			 
			 
			 
			 
			Net income
**81**
			167
**490**
			604
			Loss (Income) from			discontinued operations
**(9)**
			4
**(2)**
			(14)
			Income from continuing			operations
**72**
			171
**488**
			590
			Adjustments to determine			cash from operating activities:
** **
			 
** **
			 
			Depreciation and			amortization
**266**
			322
**806**
			982
			Deferred income taxes
**86**
			(17)
**128**
			(3)
			Equity income, net of			dividends
**(5)**
			(11)
**(29)**
			(28)
			Asset impairment			provisions
**5**
			10
**40**
			20
			Loss (Gain) on sale of			businesses and investments - net
**(5)**
			(2)
**11**
			(44)
			Stock option			compensation
**4**
			3
**14**
			7 |
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