<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 MARCH 31, 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 [ ], No [ ]
 
At March 31, 1997, the registrant had 226,935,076 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>
                                                                               Three months ended
                                                                                    March 31
                                                                              --------------------
                                                                               1997          1996
                                                                              ------        ------
                                                                              (in millions of US$,
                                                                                except per share
                                                                                    amounts)
<S>                                                                           <C>           <C>
REVENUES
  Sales and operating revenues...........................................     $1,870        $1,999
  Other income...........................................................         28            16
                                                                              ------        ------
                                                                               1,898         2,015
                                                                              ------        ------
COSTS AND EXPENSES
  Cost of sales and operating expenses...................................      1,450         1,528
  Depreciation...........................................................        107           110
  Selling, administrative and general expenses...........................        103           108
  Research and development expenses......................................         16            18
  Interest...............................................................         25            36
  Other expenses.........................................................         10            27
                                                                              ------        ------
                                                                               1,711         1,827
                                                                              ------        ------
Income before income taxes and other items                                       187           188
Income taxes (note 2)                                                             45            69
                                                                              ------        ------
Income before other items................................................        142           119
Equity income............................................................          3             6
Minority interests.......................................................         (2)           --
                                                                              ------        ------
NET INCOME...............................................................     $  143        $  125
Dividends on preference shares...........................................          3             5
                                                                              ------        ------
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS...........................     $  140        $  120
                                                                              ======        ======
NET INCOME PER COMMON SHARE (NOTE 3).....................................     $ 0.62        $ 0.53
                                                                              ======        ======
DIVIDENDS PER COMMON SHARE...............................................     $ 0.15        $ 0.15
                                                                              ======        ======
</TABLE>
 
                                        2
<PAGE>   3
 
                            ALCAN ALUMINIUM LIMITED
 
              INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS
                                  (unaudited)
 
<TABLE>
<CAPTION>
                                                                               Three months ended
                                                                                    March 31
                                                                              --------------------
                                                                               1997          1996
                                                                              ------        ------
                                                                              (in millions of US$)
<S>                                                                           <C>           <C>
RETAINED EARNINGS -- BEGINNING OF PERIOD.................................     $3,217        $2,959
Net income...............................................................        143           125
Dividends -- Common......................................................         34            34
          -- Preference..................................................          3             5
                                                                              ------        ------
RETAINED EARNINGS -- END OF PERIOD.......................................     $3,323        $3,045
                                                                              ======        ======
</TABLE>
 
                                        3
<PAGE>   4
 
                            ALCAN ALUMINIUM LIMITED
 
                       INTERIM CONSOLIDATED BALANCE SHEET
                              (unaudited for 1997)
 
<TABLE>
<CAPTION>
                                                                               MARCH 31   December 31
                                                                                 1997        1996
                                                                               --------   -----------
                                                                                (in millions of US$,
                                                                                 except per common
                                                                                   share amounts)
<S>                                                                            <C>        <C>
                                               ASSETS
CURRENT ASSETS
  Cash and time deposits.....................................................  $   540      $   546
  Receivables................................................................    1,399        1,262
  Inventories -- Aluminum....................................................      744          736
             -- Raw Materials................................................      306          325
             -- Other supplies...............................................      243          244
                                                                               -------    ---------
                                                                                 1,293        1,305
                                                                               -------    ---------
                                                                                 3,232        3,113
                                                                               -------    ---------
Deferred charges and other assets............................................      303          314
Investments..................................................................      402          428
Property, plant and equipment
  Cost.......................................................................   11,404       11,517
  Accumulated depreciation...................................................    6,040        6,047
                                                                               -------    ---------
                                                                                 5,364        5,470
                                                                               -------    ---------
TOTAL ASSETS.................................................................  $ 9,301      $ 9,325
                                                                               =======    =========
                                LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
  Payables...................................................................  $ 1,020      $ 1,008
  Short-term borrowings......................................................      188          178
  Income and other taxes.....................................................       74           98
  Debt maturing within one year..............................................       19           19
                                                                               -------    ---------
                                                                                 1,301        1,303
                                                                               -------    ---------
                                                                                 1,301        1,303
                                                                               -------    ---------
Debt not maturing within one year............................................    1,298        1,319
Deferred credits and other liabilities.......................................      758          770
Deferred income taxes........................................................      982          996
Minority Interests...........................................................       71           73
SHAREHOLDERS' EQUITY
  Redeemable non-retractable preference shares...............................      203          203
  Common shareholders' equity
     Common shares...........................................................    1,242        1,235
     Retained earnings.......................................................    3,323        3,217
     Deferred translation adjustments........................................      123          209
                                                                               -------    ---------
                                                                                 4,688        4,661
                                                                               -------    ---------
Total shareholders' equity...................................................    4,891        4,864
                                                                               -------    ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY...................................  $ 9,301      $ 9,325
                                                                               =======    =========
COMMON SHAREHOLDERS' EQUITY PER COMMON SHARE.................................  $ 20.66      $ 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>
                                                                               Three months ended
                                                                                    March 31
                                                                               ------------------
                                                                               1997         1996
                                                                               -----        -----
                                                                                (in millions of
                                                                                      US$)
<S>                                                                            <C>          <C>
OPERATING ACTIVITIES
  Net income..............................................................     $ 143        $ 125
  Adjustments to determine cash from operating activities:
     Depreciation.........................................................       107          110
     Deferred income taxes................................................        (2)           1
     Equity income -- net of dividends....................................        (3)          (3)
     Change in operating working capital..................................      (191)        (131)
     Change in deferred charges, other assets,
       deferred credits and other liabilities -- net......................         5          (11)
     Gain on sales of businesses -- net...................................       (10)          (1)
     Other -- net.........................................................         9          (16)
                                                                               -----        -----
CASH FROM OPERATING ACTIVITIES............................................        58           74
FINANCING ACTIVITIES
  New debt................................................................        24            6
  Debt repayments.........................................................        (5)        (237)
                                                                               -----        -----
                                                                                  19         (231)
  Short-term borrowings -- net............................................        25           67
  Common shares issued....................................................         7            3
  Dividends -- Alcan shareholders (including preference)..................       (37)         (39)
                                                                               -----        -----
CASH FROM (USED FOR) FINANCING ACTIVITIES.................................        14         (200)
INVESTMENT ACTIVITIES
  Property, plant and equipment...........................................      (108)         (65)
  Net proceeds from disposal of businesses and other assets...............        42          339
                                                                               -----        -----
CASH FROM (USED FOR) INVESTMENT ACTIVITIES................................       (66)         274
Effect of exchange rate changes on cash and time deposits.................        (1)          (1)
                                                                               -----        -----
INCREASE IN CASH AND TIME DEPOSITS........................................         5          147
Cash of companies deconsolidated..........................................       (11)          --
Cash and time deposits -- beginning of period.............................       546           66
                                                                               -----        -----
Cash and time deposits -- end of period...................................     $ 540        $ 213
                                                                               =====        =====
</TABLE>
 
                                        5
<PAGE>   6
 
                            ALCAN ALUMINIUM LIMITED
 
                         INFORMATION BY PRODUCT SECTOR
                                  (unaudited)
 
<TABLE>
<CAPTION>
                                                              Three months ended March 31
                                                 -----------------------------------------------------
                                                    SALES AND OPERATING REVENUES
                                                 -----------------------------------
                                                                                           OPERATING
                                                  Intersector        Third parties          INCOME
                                                 -------------     -----------------     -------------
                                                 1997     1996      1997       1996      1997     1996
                                                 ----     ----     ------     ------     ----     ----
                                                                 (in millions of US$)
<S>                                              <C>      <C>      <C>        <C>        <C>      <C>
Raw materials and chemicals..................    $113     $119     $  120     $  143     $  8     $ 30
Primary metal................................     391      511        373        366      166      163
Fabricated products..........................      --       --      1,372      1,487       65       41
Intersector and other items..................    (504)    (630)         5          3        5       16
                                                 ----     ----     ------     ------     ----     ----
                                                 $ --     $ --     $1,870     $1,999     $244     $250
                                                 ====     ====     ======     ======     ====     ====
Reconciliation to net income
  Equity income..............................                                               3        6
  Corporate offices..........................                                             (34)     (26)
  Interest...................................                                             (25)     (36)
  Income taxes...............................                                             (45)     (69)
                                                                                         ----     ----
  NET INCOME.................................                                            $143     $125
                                                                                         ====     ====
</TABLE>
 
                                        6
<PAGE>   7
 
                            ALCAN ALUMINIUM LIMITED
 
               NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 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>
                                                                        First Quarter
                                                         -------------------------------------------
                                                                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.........................................   $  143      $  142      $  125      $  120
                                                          ------      ------      ------      ------
    Net income attributable to common shareholders.....   $  140      $  139      $  120      $  115
                                                          ------      ------      ------      ------
    Net income per common share........................   $ 0.62      $ 0.61      $ 0.53      $ 0.51
                                                          ------      ------      ------      ------
    Deferred income taxes -- March 31..................   $  982      $  736      $  970      $  750
                                                          ------      ------      ------      ------
    Retained earnings -- March 31......................   $3,323      $3,625      $3,045      $3,333
                                                          ------      ------      ------      ------
    Deferred translation adjustments -- March 31.......   $  123      $   60      $  256      $  176
                                                          ======      ======      ======      ======
</TABLE>
 
2.   INCOME TAXES
 
<TABLE>
<CAPTION>
                                                                                         First
                                                                                        Quarter
                                                                                      -----------
                                                                                      1997    1996
                                                                                      ---     ---
    <S>                                                                               <C>     <C>
    Current.......................................................................    $47     $68
    Deferred......................................................................     (2)      1
                                                                                      ---     ---
                                                                                      $45     $69
                                                                                      ===     ===
</TABLE>
 
     The composite of the applicable statutory corporate income tax rates in
     Canada is 40.2%.
 
     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 foreign tax rate differences 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 (first quarter 1997: 226.8 million; 1996:
     226.0 million). As at March 31, 1997, there were 226,935,077 common shares
     outstanding.
 
4.   SUPPLEMENTARY INFORMATION
 
     STATEMENT OF CASH FLOWS
 
<TABLE>
<CAPTION>
                                                                                         First
                                                                                        Quarter
                                                                                      -----------
                                                                                      1997    1996
                                                                                      ---     ---
    <S>                                                                               <C>     <C>
    Interest paid.................................................................    $28     $42
    Income taxes paid.............................................................    $60     $73
                                                                                      ---     ---
</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>
                                                                              First Quarter
                                                                         ------------------------
                                                                           1997          1996
                                                                         --------     -----------
<S>                                                                      <C>          <C>
RESULTS OF OPERATIONS
Revenues.............................................................      $865          $ 822
Cost and expenses....................................................       840            780
                                                                           ----          -----
Income before incomes taxes..........................................        25             42
Income taxes.........................................................        10             16
                                                                           ----          -----
Net income...........................................................      $ 15          $  26
                                                                           ====          =====
</TABLE>
 
<TABLE>
<CAPTION>
                                                                         MARCH 31     December 31
                                                                           1997          1996
                                                                         --------     -----------
<S>                                                                      <C>          <C>
FINANCIAL POSITION
Current assets.......................................................      $714          $ 868
Current liabilities..................................................       394            578
                                                                           -----         -----
Working capital......................................................       320            290
Property, plant and equipment -- net.................................       755            756
Other liabilities -- net.............................................      (200)          (186)
                                                                           -----         -----
                                                                            875            860
Debt not maturing within one year....................................       105            105
                                                                           -----         -----
Net assets...........................................................      $770          $ 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.
 
     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.
 
                                        8
<PAGE>   9
 
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.
 
RESULTS OF OPERATIONS
 
<TABLE>
<CAPTION>
                                                                         First quarter       Fourth
                                                                       -----------------     quarter
                                                                        1997       1996       1996
                                                                       ------     ------     -------
                                                                         (US$ millions, except per
                                                                              share amounts)
<S>                                                                    <C>        <C>        <C>
Highlights
Sales and operating revenues.......................................    $1,870     $1,999     $1,800
Net income.........................................................       143        125         72
Net income per common share........................................      0.62       0.53       0.31
</TABLE>
 
     Alcan reported consolidated net income of US$143 million for the quarter
ended March 31, 1997, compared to $125 million for the year earlier quarter and
$72 million for the fourth quarter of 1996. After preference share dividends,
net income per common share for the quarter is 62 cents compared to 53 cents a
year earlier and 31 cents in the prior quarter.
 
     Results for the first quarter of 1997 include after-tax gains of $36
million or 16 cents per share. These comprise a gain on the sale of downstream
businesses in South America of $10 million and a favourable income tax
adjustment in Canada related to prior years of $26 million.
 
<TABLE>
<CAPTION>
                                                                         First quarter       Fourth
                                                                       -----------------     quarter
                                                                        1997       1996       1996
                                                                       ------     ------     -------
                                                                           (thousands of tonnes)
<S>                                                                    <C>        <C>        <C>
Volumes
Shipments
  Ingot products*..................................................       212        194        201
  Fabricated products..............................................       411        384        380
Fabrication of customer-owned metal................................        67         56         62
                                                                       ------     ------     ------
Total volume.......................................................       690        634        643
                                                                       ======     ======     ======
Ingot product realizations (US$ per tonne).........................     1,696      1,749      1,566
Fabricated product realizations (US$ per tonne)....................     2,969      3,472      3,101
</TABLE>
 
     --------------------
 
     *includes primary and secondary ingot and scrap
 
     Sales and operating revenues for the first quarter of 1997 were 4% higher
than in the fourth quarter of 1996 but some 6% below the comparable period of
1996. Higher volumes compared to the year-ago quarter were offset by lower price
realizations. Total fabricated product volumes, which include products
fabricated from customer-owned metal, were 478 thousand tonnes (kt) in the
current quarter, some 8% higher than both the most recent quarter and the first
quarter of 1996.
 
     The lower average price realization for shipments of fabricated products
compared to the year-ago first quarter reflects a change in mix caused by
business disposals, weaker prices and currency movements. The lower average
price realization compared to the fourth quarter of 1996 is due to changes in
sales mix and the weaker continental European currencies against the US dollar.
 
     Despite higher volumes, cost of sales and operating expenses in the first
quarter of 1997 were lower than in the comparable period of 1996 reflecting
changes in sales mix, due principally to business disposals, and currency
movements.
 
     Selling, administrative and general expenses declined by $5 million from
the year-ago quarter, largely due to the disposal of certain businesses.
 
     The effective tax rate was 24% for the first quarter of 1997 due to the
favourable tax adjustment in Canada. Adjusting for this item the effective rate
was 38%; the difference between this rate and the Company's composite statutory
rate in Canada of 40.2% is attributable principally to investment and other
allowances and tax exempt items.
 
                                        9
<PAGE>   10
 
PRODUCT SECTOR REVIEW
 
     Alcan 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.
 
<TABLE>
<CAPTION>
                                                                                First
                                                                               quarter       Fourth
                                                                             -----------     quarter
                                                                             1997    1996     1996
                                                                             ----    ----    -------
                                                                             (US$ millions)
<S>                                                                          <C>     <C>     <C>
Operating income
  Raw materials and chemicals............................................      8      30         7
  Primary metal..........................................................    166     163       104
  Fabricated products....................................................     65      41         3
  Intersector and other items............................................      5      16        55
                                                                             ---     ---       ---
                                                                             244     250       169
Equity income (Loss).....................................................      3       6       (10)
Corporate offices........................................................    (34)    (26)      (35)
Interest.................................................................    (25)    (36)      (26)
Income taxes.............................................................    (45)    (69)      (26)
                                                                             ---     ---       ---
Net income...............................................................    143     125        72
                                                                             ===     ===       ===
</TABLE>
 
     Operating profits from raw material and chemical operations were little
changed from the fourth quarter but were down from the year-ago first quarter,
due mainly to lower contract prices for alumina. Improved results from primary
operations over the fourth quarter of 1996 reflect stronger market prices for
ingot.
 
     The improvement in results from fabricated product businesses is due to
higher volumes with a corresponding recovery in profit margins over the fourth
quarter of 1996. The fourth quarter of 1996 also included rationalization
expenses of $13 million, before tax, in Europe.
 
     "Intersector and other items" primarily reflects 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 quarter of 1997 profits on intersector sales were deferred as
ingot prices increased, but this was offset by the gain on disposal of
businesses and interest earned on surplus cash.
 
     Alcan recorded a profit from equity-accounted companies of $3 million for
the first quarter. The loss for the fourth quarter of 1996 was due to
restructuring charges of $12 million at Alcan's 45.6%-owned affiliate in Japan,
Nippon Light Metal Company, Ltd. (NLM).
 
     The increase in cost of Corporate Offices, compared to a year ago, results
from the cost of a major project to re-engineer the finance function with
transaction processing concentrated on shared service centres. The benefits of
this will be felt throughout the organization.
 
     A favourable tax adjustment of $26 million in Canada, arising out of
settlement of a dispute relating to prior years, is included in the tax charge
for the first quarter of 1997.
 
                                       10
<PAGE>   11
 
GEOGRAPHIC REVIEW
 
<TABLE>
<CAPTION>
                                                                           First quarter     Fourth
                                                                           -------------     quarter
                                                                           1997     1996      1996
                                                                           ----     ----     -------
                                                                                (US$ millions)
<S>                                                                        <C>      <C>      <C>
NET INCOME (LOSS)
  Canada.................................................................  $ 85     $ 51       $28
  United States..........................................................    26       21        14
  South America..........................................................    14        6         6
  Europe.................................................................    12       13         4
  Asia and Pacific.......................................................    13       14        (8)
  Other (including eliminations).........................................    (7)      20        28
                                                                           ----     ----       ---
NET INCOME...............................................................  $143     $125       $72
                                                                           ====     ====       ===
</TABLE>
 
     In Canada, operating net income improved from the fourth quarter due to
higher metal prices; also included is the favourable income tax adjustment
referred to above.
 
     In the United States, net income from operations improved from the previous
quarter principally due to higher ingot and fabricated product realizations.
 
     Operating results in South America were little changed but the net income
includes a $10 million gain on the sale of non-strategic businesses.
 
     Despite continued weak business conditions in continental Europe, results
improved reflecting higher rolled products shipments.
 
     Results in the Asia and Pacific region for the quarter improved as the
fourth quarter of 1996 included restructuring charges at NLM.
 
     The loss from "Other" in the quarter arises principally from the deferral
of unrealized profits on inter-regional sales of ingot. In the first and fourth
quarters of 1996 this was favourable as previously deferred profits were
recognized.
 
LIQUIDITY AND CAPITAL RESOURCES
 
OPERATING ACTIVITIES
 
     Cash generated from operating activities during the first quarter of 1997
was $58 million, down from $74 million in the comparable period of 1996
primarily due to a higher investment in operating working capital, due
principally to higher sales volumes.
 
FINANCING ACTIVITIES
 
     Cash from financing activities in the first quarter of 1997 was $14 million
compared to an outflow in the first quarter of 1996 of $200 million. In the 1996
first quarter, the Company prepaid $232 million of debentures incurring an
after-tax charge of $12 million. At March 31,1997 the debt:equity ratio was
23:77 compared to 27:73 a year earlier and unchanged from the December 1996
level. Adjusted for surplus cash, the ratio for the last two quarters improves
to 17:83. Total debt at March 31, 1997, was $1,505 million versus $1,811 million
at the same date last year.
 
     At the end of the first quarter of 1997, Alcan had cash and time deposits
of $540 million.
 
INVESTMENT ACTIVITIES
 
     Capital expenditures during the first quarter of 1997 were $108 million,
compared to $65 million a year earlier.
 
     Through the first three months of 1997, net proceeds from disposals of
businesses and other assets were $42 million, compared to $339 million a year
earlier, most of which was generated by the sale of downstream businesses in the
United Kingdom.
 
KEMANO COMPLETION PROJECT ("KCP")
 
     On April 14, Alcan served a writ of summons and statement of claim on the
Government of British Columbia in a lawsuit seeking compensation for the
Company's loss on the project. KCP was rejected by the province more than two
years ago, after Alcan had invested CAN$535 million (approximately $460 million)
in the project. The action
 
                                       11
<PAGE>   12
 
reflects Alcan's conviction that the latest negotiation process was incapable of
leading to an equitable resolution of the issues. Alcan's investment in KCP was
written down in the third quarter of 1995 by an extraordinary after-tax charge
to income of $280 million.
 
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
 
      Not applicable.
 
(b)   Reports on Form 8-K
 
      None were filed in the quarter ended 31 March 1997.
 
                                       12
<PAGE>   13
 
                                   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: 13 May 1997                       By: /s/  Suresh Thadhani
                                            ----------------------------------
                                            Suresh Thadhani
                                            Vice President and Chief Financial
                                               Officer
                                            (Principal Financial Officer
                                            and a Duly Authorized Officer)
 
                                       13