<PAGE>   1

================================================================================
 
                       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, 1997
 
                         Commission file number 1-3677
 
                            ALCAN ALUMINIUM LIMITED
             (Exact name of registrant as specified in its charter)
 
<TABLE>
<S>                                               <C>
                    CANADA                                         Inapplicable
       (State or Other Jurisdiction of                 (I.R.S. Employer Identification No.)
        Incorporation or Organization)
</TABLE>
 
         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, 1997, the registrant had 227,199,377 shares of common stock
(without nominal or par value) outstanding.
 
================================================================================
<PAGE>   2
 
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 Aluminium
Limited and, where applicable, one or more consolidated subsidiaries.
 
ITEM 1.  FINANCIAL STATEMENTS
 
                            ALCAN ALUMINIUM LIMITED
 
                    INTERIM CONSOLIDATED STATEMENT OF INCOME
                                  (unaudited)
 
<TABLE>
<CAPTION>
                                                                 Periods ended September 30
                                                       ----------------------------------------------
                                                          Third quarter              Nine months
                                                       --------------------      --------------------
                                                        1997          1996        1997          1996
                                                       ------        ------      ------        ------
                                                       (in millions of US$, except per share amounts)
<S>                                                    <C>           <C>         <C>           <C>
REVENUES
  Sales and operating revenues....................     $1,949        $1,859      $5,830        $5,814
  Other income....................................         16            22          63            54
                                                       ------        ------      ------        ------
                                                        1,965         1,881       5,893         5,868
                                                       ------        ------      ------        ------
COSTS AND EXPENSES
  Cost of sales and operating expenses............      1,504         1,460       4,506         4,489
  Depreciation....................................        106           108         323           326
  Selling, administrative and general expenses....        106            99         324           310
  Research and development expenses...............         16            16          50            51
  Interest........................................         26            31          77            99
  Other expenses..................................         11             8          40            55
                                                       ------        ------      ------        ------
                                                        1,769         1,722       5,320         5,330
                                                       ------        ------      ------        ------
Income before income taxes and other items........        196           159         573           538
Income taxes (note 2).............................         78            57         195           200
                                                       ------        ------      ------        ------
Income before other items.........................        118           102         378           338
Equity loss.......................................        (36)           (1)        (34)           --
Minority interests................................         (2)           --          (5)           --
                                                       ------        ------      ------        ------
NET INCOME........................................     $   80        $  101      $  339        $  338
Dividends on preference shares....................          2             4           7            14
                                                       ------        ------      ------        ------
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS....     $   78        $   97      $  332        $  324
                                                       ======        ======      ======        ======
NET INCOME PER COMMON SHARE (NOTE 3)..............     $ 0.34        $ 0.43      $ 1.46        $ 1.43
                                                       ======        ======      ======        ======
DIVIDENDS PER COMMON SHARE........................     $ 0.15        $ 0.15      $ 0.45        $ 0.45
                                                       ======        ======      ======        ======
</TABLE>
 
                                        2
<PAGE>   3
 
                            ALCAN ALUMINIUM LIMITED
 
                    INTERIM CONSOLIDATED STATEMENT OF INCOME
                                  (unaudited)
 
<TABLE>
<CAPTION>
                                                                               Nine months ended
                                                                                  September 30
                                                                              --------------------
                                                                               1997          1996
                                                                              ------        ------
                                                                              (in millions of US$)
<S>                                                                           <C>           <C>
RETAINED EARNINGS -- BEGINNING OF PERIOD.................................     $3,217        $2,959
Net income...............................................................        339           338
Dividends -- Common......................................................        103           102
          -- Preference..................................................          7            14
                                                                              ------        ------
RETAINED EARNINGS -- END OF PERIOD.......................................     $3,446        $3,181
                                                                              ======        ======
</TABLE>
 
                                        3
<PAGE>   4
 
                            ALCAN ALUMINIUM LIMITED
 
                       INTERIM CONSOLIDATED BALANCE SHEET
                              (unaudited for 1997)
 
<TABLE>
<CAPTION>
                                                                            SEPTEMBER 30  December 31
                                                                                1997         1996
                                                                            -----------  -----------
                                                                               (in millions of US$)
<S>                                                                             <C>         <C>
                                               ASSETS
CURRENT ASSETS
  Cash and time deposits....................................................     $   621     $   546
  Receivables...............................................................       1,421       1,262
  Inventories -- Aluminum...................................................         785         736
              -- Raw materials..............................................         331         325
              -- Other supplies.............................................         249         244
                                                                                 -------     -------
                                                                                   1,365       1,305
                                                                                 -------     -------
Total current assets........................................................       3,407       3,113
                                                                                 -------     -------
Deferred charges and other assets...........................................         385         314
Investments.................................................................         374         428
Property, plant and equipment                                                 
  Cost......................................................................      11,524      11,517
  Accumulated depreciation..................................................       6,187       6,047
                                                                                 -------     -------
                                                                                   5,337       5,470
                                                                                 -------     -------
TOTAL ASSETS................................................................     $ 9,503     $ 9,325
                                                                                 =======     =======
</TABLE>                                                                      
 
<TABLE>
<CAPTION>
                                                                           SEPTEMBER 30   December 31
                                                                               1997           1996
                                                                           ------------   -----------
                                                                               (in millions of US$,
                                                                                 except per common
                                                                                  share amounts)
<S>                                                                            <C>         <C>
                                LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
  Payables................................................................     $ 1,106     $ 1,008
  Short-term borrowings...................................................         249         178
  Income and other taxes..................................................          80          98
  Debt maturing within one year...........................................          37          19
                                                                               -------     -------
                                                                                 1,472       1,303
                                                                               -------     -------
Debt not maturing within one year.........................................       1,250       1,319
Deferred credits and other liabilities....................................         730         770
Deferred income taxes.....................................................         993         996
Minority Interests........................................................          56          73
SHAREHOLDERS' EQUITY                                                          
  Redeemable non-retractable preference shares............................         203         203
  Common shareholders' equity                                                 
     Common shares........................................................       1,248       1,235
     Retained earnings....................................................       3,446       3,217
     Deferred translation adjustments.....................................         105         209
                                                                               -------     -------
                                                                                 4,799       4,661
                                                                               -------     -------
Total shareholders' equity................................................       5,002       4,864
                                                                               -------     -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY................................     $ 9,503     $ 9,325
                                                                               =======     =======
COMMON SHAREHOLDERS' EQUITY PER COMMON SHARE..............................     $ 21.12     $ 20.57
                                                                               =======     =======
RATIO OF TOTAL BORROWINGS TO EQUITY.......................................       23:77       23:77
                                                                               =======     =======
</TABLE>                                                                      
                                                                              
                                        4                                     
<PAGE>   5
 
                            ALCAN ALUMINIUM LIMITED
 
                  INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
                                  (unaudited)
 
<TABLE>
<CAPTION>
                                                                               Nine months ended
                                                                                  September 30
                                                                               ------------------
                                                                               1997         1996
                                                                               -----        -----
                                                                              (in millions of US$)
<S>                                                                            <C>          <C>
OPERATING ACTIVITIES
  Net income..............................................................     $ 339        $ 338
  Adjustments to determine cash from operating activities:
     Depreciation.........................................................       323          326
     Deferred income taxes................................................        16           (6)
     Equity loss -- net of dividends......................................        40            9
     Change in operating working capital..................................      (243)          49
     Change in deferred charges, other assets, deferred credits and other
      liabilities -- net..................................................       (69)           1
     Gain on sales of businesses -- net...................................       (13)          (5)
     Other -- net.........................................................        27          (21)
                                                                               -----        -----
CASH FROM OPERATING ACTIVITIES............................................       420          691
FINANCING ACTIVITIES
  New debt................................................................        39           49
  Debt repayments.........................................................       (39)        (454)
                                                                               -----        -----
                                                                                  --         (405)
  Short-term borrowings -- net............................................        95          (35)
  Common shares issued....................................................        13            9
  Redemption of preferred shares..........................................        --         (150)
  Dividends -- Alcan shareholders (including preference)..................      (110)        (116)
            -- Minority interests.........................................        (2)          --
                                                                               -----        -----
CASH USED FOR FINANCING ACTIVITIES........................................        (4)        (697)
INVESTMENT ACTIVITIES
  Property, plant and equipment...........................................      (372)        (277)
  Net proceeds from disposal of businesses and other assets...............        49          608
                                                                               -----        -----
CASH FROM (USED FOR) INVESTMENT ACTIVITIES................................      (323)         331
Effect of exchange rate changes on cash and time deposits.................        (7)          (1)
                                                                               -----        -----
INCREASE IN CASH AND TIME DEPOSITS........................................        86          324
Cash of companies deconsolidated..........................................       (11)          --
Cash and time deposits -- beginning of period.............................       546           66
                                                                               -----        -----
Cash and time deposits -- end of period...................................     $ 621        $ 390
                                                                               =====        =====
</TABLE>
 
                                        5
<PAGE>   6
 
                            ALCAN ALUMINIUM LIMITED
 
                         INFORMATION BY PRODUCT SECTOR
                                  (unaudited)
 
<TABLE>
<CAPTION>
                                                              Periods ended September 30
                                            -----------------------------------------------------------
                                                  Sales and Operating Revenues              Operating
                                            -----------------------------------------        Income   
                                                Intersector           Third parties          
                                            -------------------     -----------------     -------------
                                             1997        1996        1997       1996      1997     1996
                                            -------     -------     ------     ------     ----     ----
                                                               (in millions of US$)
<S>                                         <C>         <C>         <C>        <C>        <C>      <C>
THIRD QUARTER
Raw materials and chemicals.............    $   131     $   126     $  140     $  122     $ 46     $ 31
Primary metal...........................        381         397        366        367      137      113
Fabricated products.....................         --          --      1,440      1,362       85       26
Intersector and other items.............       (512)       (523)         3          8      (20)      47
                                            -------     -------     ------     ------     -----    -----
                                            $    --     $    --     $1,949     $1,859     $248     $217
                                            =======     =======     ======     ======     =====    =====
Reconciliation to net income
  Equity loss...........................                                                   (36)      (1)
  Corporate offices.....................                                                   (28)     (27)
  Interest..............................                                                   (26)     (31)
  Income taxes..........................                                                   (78)     (57)
                                                                                          -----    -----
  NET INCOME............................                                                  $ 80     $101
                                                                                          =====    =====
</TABLE>
 
<TABLE>
<CAPTION>
                                                              Period ended September 30
                                            -----------------------------------------------------------
                                                  Sales and Operating Revenues              Operating            
                                            ----------------------------------------         Income   
                                                Intersector           Third parties          
                                            -------------------     -----------------     -------------
                                             1997        1996        1997       1996      1997     1996
                                            -------     -------     ------     ------     ----     ----
                                                               (in millions of US$)
<S>                                         <C>         <C>         <C>        <C>        <C>      <C>
NINE MONTHS
Raw materials and chemicals.............    $   375     $   387     $  386     $  397     $ 85     $ 88
Primary metal...........................      1,150       1,327      1,122      1,109      439      415
Fabricated products.....................         --          --      4,311      4,292      244      124
Intersector and other items.............     (1,525)     (1,714)        11         16      (34)      92
                                            -------     -------     ------     ------     -----    -----
                                            $    --     $    --     $5,830     $5,814     $734     $719
                                            =======     =======     ======     ======     =====    =====
Reconciliation to net income
  Equity loss...........................                                                   (34)      --
  Corporate offices.....................                                                   (89)     (82)
  Interest..............................                                                   (77)     (99)              
  Income taxes..........................                                                  (195)    (200)              
                                                                                          -----    -----
  NET INCOME............................                                                  $339     $338
                                                                                          =====    =====
</TABLE>
 
                                        6
<PAGE>   7
 
                            ALCAN ALUMINIUM LIMITED
 
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1997
                                  (UNAUDITED)
 
1.   DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED
     ACCOUNTING PRINCIPLES (GAAP)
 
     Differences relate principally to accounting for deferred income taxes and
     foreign currency translation.


<TABLE>
<CAPTION>
     RECONCILIATION OF CANADIAN AND U.S. GAAP
          
                                                                1997                    1996
                                                         -------------------     -------------------
                                                            As         U.S.         As         U.S.
                                                         Reported      GAAP      Reported      GAAP
                                                         --------     ------     --------     ------
                                                        (in millions of US$, except per share amounts)
                                                                 
    <S>                                                  <C>          <C>        <C>          <C>
    Net income
    First quarter......................................   $  143      $  142      $  125      $  120
    Second quarter.....................................      116         141         112         118
    Third quarter......................................       80          90         101         111                 
                                                          ------      ------      ------      ------
    Nine months........................................   $  339      $  373      $  338      $  349
                                                          ------      ------      ------      ------
    Net income attributable to common shareholders.....   $  332      $  366      $  324      $  335
                                                          ------      ------      ------      ------
    Net income per common share........................   $ 1.46      $ 1.61      $ 1.43      $ 1.48
                                                          ------      ------      ------      ------
    Deferred income taxes -- September 30..............   $  993      $  718      $  961      $  721
                                                          ------      ------      ------      ------
    Retained earnings -- September 30..................   $3,446      $3,783      $3,181      $3,485
                                                          ------      ------      ------      ------
    Deferred translation adjustments -- September 30...   $  105      $   36      $  231      $  162
                                                          ======      ======      ======      ======
</TABLE>
 
2.   INCOME TAXES
 
<TABLE>
<CAPTION>
                                                            Third Quarter            Nine months
                                                         -------------------     -------------------
                                                           1997        1996        1997        1996
                                                          ------      -----       ------      ----- 
    <S>                                                  <C>          <C>        <C>          <C>
    Current............................................   $   56      $  81       $  179      $ 206
    Deferred...........................................       22        (24)          16         (6)
                                                          ------      -----       ------      ----- 
                                                          $   78      $  57       $  195      $ 200
                                                          ======      =====       ======      ===== 
</TABLE>
 
     The composite of the applicable statutory corporate income tax rates in
     Canada is 40.3% (40.1% for 1996).
 
     The difference between income taxes calculated at the composite rate and
     the amounts shown as reported is attributable to prior years' tax
     adjustments and investment and other allowances.
 
     In 1996, the difference is attributable to investment and other allowances
     and tax exempt items partially offset by exchange.
 
3.   NET INCOME PER COMMON SHARE
 
     Net income per common share is based on the average number of shares
     outstanding during the period (third quarter 1997: 227.1 million; 1996:
     226.2 million; nine months 1997: 227.0 million; 1996: 226.1 million). As at
     September 30, 1997, there were 227,199,377 common shares outstanding.
 
4.   SUPPLEMENTARY INFORMATION
 
     STATEMENT OF CASH FLOWS
 
<TABLE>
<CAPTION>
                                                                         Third
                                                                        quarter        Nine months
                                                                      -----------     -------------
                                                                      1997    1996    1997     1996
                                                                      ---     ---     ----     ----
    <S>                                                               <C>     <C>     <C>      <C>
    Interest paid.................................................    $28     $37     $ 78     $109
    Income taxes paid.............................................     22      47      152      188
                                                                      ---     ---     ----     ----
</TABLE>
 
                                        7
<PAGE>   8
 
SUMMARIZED FINANCIAL INFORMATION
 
     The following is summarized consolidated financial information for Alcan
Aluminum Corporation, a wholly-owned subsidiary in the United States.
 
<TABLE>
<CAPTION>
                                                                 Third quarter        Nine months 
                                                                 -------------     -----------------
                                                                 1997     1996      1997       1996
                                                                 ----     ----     ------     ------
<S>                                                              <C>      <C>      <C>        <C>
RESULTS OF OPERATIONS
Revenues.....................................................    $948     $850     $2,767     $2,578
Costs and expenses...........................................     882      825      2,619      2,463
                                                                 ----     ----     ------     ------
Income before income taxes...................................      66       25        148        115
Income taxes.................................................      26       10         58         45
                                                                 ----     ----     ------     ------
Net income...................................................    $ 40     $ 15     $   90     $   70
                                                                 ====     ====     ======     ======
</TABLE>
 
<TABLE>
<CAPTION>
                                                                       SEPTEMBER 30    December 31
                                                                            1997          1996
                                                                       ------------    -----------
<S>                                                                        <C>         <C>
FINANCIAL POSITION
Current assets.........................................................     $ 832         $ 868
Current liabilities....................................................       414           578
                                                                            -----         -----
Working capital........................................................       418           290
Property, plant and equipment -- net...................................       742           756
Other liabilities -- net...............................................      (210)         (186)
                                                                            -----         -----
                                                                              950           860
Debt not maturing within one year......................................       105           105
                                                                            -----         -----
Net assets.............................................................     $ 845         $ 755
                                                                            =====         =====
</TABLE>
 
     In the above figures, inventories have been valued principally by the
last-in, first-out (LIFO) method. In the Company's consolidated financial
statements, the average cost method is used.
 
5.   CONTINGENT LIABILITY
 
     In July 1997, the Company received a notice of reassessment from the
     Canadian federal tax authorities seeking additional taxes of $22 in respect
     of 1988, as well as interest of $38. Although the Company is contesting the
     reassessment, it has paid the amounts claimed by the authorities in order
     to stop the potential accumulation of further interest. Most of the
     additional taxes claimed relate to transfer pricing issues and, if these
     additional taxes are finally held to be payable in Canada, the Company
     believes that the major portion would be recoverable in other countries.
     However, any interest on additional taxes ultimately held to be payable in
     Canada would not be recoverable in other countries. It is expected that a
     notice of reassessment related to l989 will also be received before the end
     of the year. The Company does not currently expect any significant impact
     from reassessments for years subsequent to 1989. Any necessary adjustments
     to the tax provisions of prior years will be reflected in the Company's
     results if it is determined that existing provisions are inadequate.
 
     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.
 
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.
 
RESULTS OF OPERATIONS
 
<TABLE>
<CAPTION>
                                                                                                Second   
                                                      Third quarter          Nine months        quarter
                                                    -----------------     -----------------     -------
                                                     1997       1996       1997       1996       1997
                                                    ------     ------     ------     ------     -------
                                                          (US$ millions, except per share amounts)
<S>                                                   <C>        <C>        <C>        <C>        <C>
Highlights
Sales and operating revenues....................    $1,949     $1,859     $5,830     $5,814     $2,011
Net income......................................        80        101        339        338        116
Net income per common share.....................      0.34       0.43       1.46       1.43       0.50
</TABLE>

                                       8
<PAGE>   9
     The Company reports consolidated net income of US$80 million, after a
special charge of $30 million, for the quarter ended September 30, 1997,
compared to $101 million for the corresponding period of 1996. After preference
share dividends, net income per common share for the quarter is 34 cents
compared to 43 cents a year earlier.
 
     On an operating basis, net income per common share in the quarter was 47
cents compared to 50 cents in the second quarter and 39 cents a year earlier.
The special charge relates to Alcan's share of construction contract losses and
restructuring provisions at Nippon Light Metal Company, Ltd. (45.6%-owned by
Alcan). In the third quarter of 1996, there was a net non-recurring gain of $8
million after tax, principally resulting from the sale of a business in Brazil.

     Demand continues to be strong in Europe and South America. However, the
very competitive environment in Europe is holding down prices for fabricated
products. Business conditions in Japan and Southeast Asia remain weak.
 
<TABLE>
<CAPTION>
                                                                      Third                       Second
                                                                     quarter       Nine months    quarter
                                                                  -------------   -------------   -------
VOLUMES                                                           1997    1996    1997    1996     1997
                                                                  -----   -----   -----   -----   -------
                                                                          (thousands of tonnes)
<S>                                                               <C>     <C>     <C>     <C>     <C>
Shipments
  Ingot products*.............................................      215     212     643     609      216
  Fabricated products.........................................      436     374   1,295   1,159      448
Fabrication of customer-owned metal...........................       70      70     210     196       73
                                                                  ------  ------  ------  ------   ------
Total volume..................................................      721     656   2,148   1,964      737
                                                                  ======  ======  ======  ======   ======
Ingot product realizations (US$ per tonne)....................    1,733   1,595   1,733   1,688    1,770
Fabricated product realizations (US$ per tonne)...............    2,950   3,282   2,970   3,337    2,990

</TABLE>
 
*includes primary and secondary ingot and scrap
 
     Sales and operating revenues for the third quarter of 1997 were 3% down on
the second quarter but 5% ahead of the comparable period of 1996. Higher volumes
compared to the year-ago quarter were offset by lower fabricated product price
realizations.
 
     Total fabricated products volumes, which include products fabricated from
customer-owned metal, were 506 thousand tonnes (kt) in the third quarter, some
3% lower than in the previous quarter, reflecting seasonally slower demand.
Fabricated products volumes were up 14% on the third quarter of 1996.
 
     Fabricated product realizations were lower than in the second quarter,
largely due to further weakening of European currencies against the dollar.
Compared to the year-ago quarter, currency movements were more than offset by
reduced costs resulting in an improvement in fabricated products margins.
 
 
PRODUCT SECTOR REVIEW
 
     The Company reports selected information by major product sector, viewed on
a stand-alone basis. Transactions between product sectors are conducted on an
arm's length basis and reflect market-related prices. Thus, profit on all
alumina produced by the Company, whether sold to third parties or used in the
Company's smelters, is included in the raw materials and chemicals sector.
Similarly, income from primary metal operations is mainly profit on metal
produced by the Company, whether sold to third parties or used in the Company's
fabricating operations. Income from fabricated product businesses represents
only the fabricating profit on rolled products and downstream businesses.
 
                                       9
<PAGE>   10
 
<TABLE>
<CAPTION>
                                                                 Third                          Second    
                                                                quarter         Nine months     quarter
                                                             -------------      -----------     --------
                                                                                               
                                                             1997     1996     1997     1996      1997
                                                             ----     ----     ----     ----      ----
                                                                          (US$ millions)
<S>                                                          <C>      <C>      <C>      <C>      <C>
Operating income
  Raw materials and chemicals............................      46       31       85       88        31
  Primary metal..........................................     137      113      439      415       136
  Fabricated products....................................      85       26      244      124        94
  Intersector and other items............................     (20)      47      (34)      92       (19)
                                                              ---      ---      ---      ---       ---
                                                              248      217      734      719       242
Equity loss............................................       (36)      (1)     (34)      --        (1)
Corporate offices........................................     (28)     (27)     (89)     (82)      (27)
Interest.................................................     (26)     (31)     (77)     (99)      (26)
Income taxes.............................................     (78)     (57)    (195)    (200)      (72)
                                                              ---      ---      ---      ---       ---
Net income...............................................      80      101      339      338       116
                                                              ===      ===      ===      ===       ===
</TABLE>
 
     Operating profits from raw materials and chemicals operations showed a
further improvement in the third quarter due to higher volume and reduced costs.
 
     Results from primary operations were little changed from the second quarter
but show a 21% improvement over the third quarter of 1996 reflecting higher
prices.
 
     Operating income from fabricated products was slightly down on the second
quarter due to seasonally lower volumes, but continues to show a year-on-year
improvement reflecting improved margins due to cost reductions and higher
capacity utilization.
 
     "Intersector and other items" includes the deferral or realization of
profits on intersector sales of metal. Realizations of such deferred profits
were substantial in 1996 due to falling ingot prices at that time. In the first
nine months of 1997 profits on intersector sales were deferred due to higher
prevailing ingot prices.
 
     Equity loss for the quarter includes a loss of $37 million from NLM. Of
this, $30 million is a special charge relating to construction contract losses
and business rationalization costs.
 
GEOGRAPHIC REVIEW
 
<TABLE>
<CAPTION>
                                                                 Third                           Second
                                                                quarter         Nine months      quarter
                                                             -------------     -------------     -------
                                                             1997     1996     1997     1996      1997
                                                             ----     ----     ----     ----     -------
                                                                          (US$ millions)
<S>                                                          <C>      <C>      <C>      <C>      <C>
Net income (Loss)
  Canada.................................................      58       42      189      147        46
  United States..........................................      41        8      107       56        40
  South America..........................................       3       16       22       36         5
  Europe.................................................       6        2       33       17        15
  Asia and Pacific.......................................     (27)       6       (7)      21         7
  Other (including eliminations).........................      (1)      27       (5)      61         3
                                                              ---      ---      ---      ---       ---
  Net income.............................................      80      101      339      338       116
                                                              ===      ===      ===      ===       ===
</TABLE>
 
     In Canada, net income improved over the second quarter largely due to
improved results from primary metal operations.
 
     In the United States, results were similar to the second quarter and remain
substantially ahead of the year-ago quarter primarily due to improved rolled
products volumes and margins.
 
     Net income from South America was lower than the year-ago quarter which
included an after-tax gain of $13 million from the sale of a business.

     In Europe, net income was lower than in the second quarter due mainly to
seasonally lower fabricated products volumes. Results in 1997 include relining
expenses relating to an idle smelter potline.
 
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     In the Asia and Pacific region, the downturn in economic activity,
particularly in the building and construction industry, has adversely affected
results that include the special charge mentioned above.
 
     The "Other" category includes a charge for the deferral of unrealized
profits on inter-regional sales of ingot whereas in the year-ago quarter this
result was favourable as previously deferred profits were recognized.
 
LIQUIDITY AND CAPITAL RESOURCES
 
OPERATING ACTIVITIES
 
     Cash generated from operating activities during the first nine months of
1997 was $420 million, down from $691 million in the comparable period of 1996
primarily due to an increase in operating working capital which resulted
principally from higher sales volumes.
 
FINANCING ACTIVITIES
 
     Cash used for financing activities in the first nine months of 1997 was $4
million compared to $697 million in the comparable period of 1996. In the 1996
period, the Company prepaid $367 million of debentures incurring an after-tax
charge of $12 million and redeemed $150 million of preference shares. The
debt:equity ratio at September 30 was unchanged from June at 23:77 versus 24:76
a year ago. The ratio at the end of the third quarter improves to 16:84 when
adjusted to reflect surplus cash. Total debt at September 30, 1997, was $1,536
million versus $1,517 million at the same date last year.
 
     At the end of the third quarter of 1997, the Company had cash and time
deposits of $621 million.
 
INVESTMENT ACTIVITIES
 
     Capital expenditures during the first nine months of 1997 were $372
million, compared to $277 million a year earlier. Significant investment
decisions reached so far in 1997 include a $350 million expansion of sheet
rolling capacity in Brazil and the $130 million development of a bauxite mine in
Australia. Both investments are scheduled for completion in 1999.
 
     Through the first nine months of 1997, net proceeds from disposals of
businesses and other assets were $49 million, compared to $608 million a year
earlier, most of which was generated by the sale of downstream businesses in the
United Kingdom and on the sale of Alcan's investment in Toyo Aluminium K.K. in
Japan.
 
CONTINGENT LIABILITY
 
     In July 1997, the Company received a notice of reassessment from the
Canadian federal tax authorities seeking additional taxes. This is discussed in
Note 5 to the Interim Consolidated Financial Statements in Item 1 of Part I of
this report.
 
PART II -- OTHER INFORMATION
 
ITEMS 1. THROUGH 5.
 
     The registrant has nothing to report under these items.

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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
 
(a)   Exhibits

     (27)  Financial Data Schedule.

     (99)  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
 
     None were filed in the quarter ended September 30, 1997.
 

 
                                   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 ALUMINIUM LIMITED
 
Dated: November 14, 1997              By:   /s/ Denis G. O'Brien      
                                          -----------------------------
                                          Denis G. O'Brien
                                          Controller
                                          (Chief Accounting Officer
                                          and a Duly Authorized Officer)
 
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                                 EXHIBIT INDEX


Exhibit
Number                           Description

(27)      Financial Data Schedule.

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



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