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, 2003

Commission file number 1-3677

ALCAN INC.

(Exact name of registrant as specified in its charter)

 **CANADAInapplicable  
(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.

YesÖ****   No ____

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

YesÖ****   No ____

At September 30, 2003, the registrant had 322,040,012 shares of common stock (without nominal or par value) outstanding.
**CONTENTS**
PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS

Item 2. Management's discussion and analysis of financial conditions and resultsof operations

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Item 4. DisclosureControls and Procedures

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Items 2., 3., 4. and 5.

Item 6. Exhibits and Reportson Form 8-K

SIGNATURE

EXHIBITINDEX
**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)**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 12)**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 3)**(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 *The accompanying notes are an integral part of the interim    financial statements.**-2-**
CONTENTS
****ALCAN INC.     **INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(unaudited)**Nine months ended September 30***(in millions of US$)***2003**2002      
Retained earnings - beginning of year - as reported**3,503
4,074      
Accounting change - Impairment of goodwill

as at January 1, 2002 (note 2)**- 
(748)        
As restated**3,503 
3,326         
Net income**24
348         
Dividends
- Common**(193)
(144)
- Preference**(5)
(3)       **Retained earnings - end of period**3,329
3,527*The accompanying notes are an integral part of the interim    financial statements.
-3-

CONTENTS
****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 3)**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 3)**55 
208         **Total assets**18,309 
17,538 *The accompanying notes are an integral part of the interim    financial statements.
**-4-**

CONTENTS
****ALCAN INC.***********************************************************************************************************************************************************************************************************************