SECURITIES AND EXCHANGE COMMISSION**WASHINGTON, D.C. 20549**

**Form 10-K**

| **[ X ]**                  | **Annual Report pursuant to Section  13 or 15(d) of 	the Securities and Exchange Act of  1934***For the fiscal year ended***31 December 2004**OR |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| **[     ]** | **Transition Report pursuant to  Section 13 or 15(d) of the Securities Exchange Act of 1934**                                               |

*Commission file number 1-3677*

* ***Alcan Inc.**

| *Incorporated  in:*                                                                                                                                                                                                                                                                                                                                            | *I.R.S.  Employer Identification No.:*                                             |
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| **Canada**                                                                                                                                                                                                                                                                                                                                                     | **Not  applicable**                                                                |
|                                                                                                                                                                                                                                                                                                                                                           |                                                                                    |
| 1188   Sherbrooke Street West,                                                                                                                                                                                                                                                                                                                                 |                                                                                    |
| Montreal, Quebec, Canada  H3A 3G2                                                                                                                                                                                                                                                                                                                         | *Telephone:  (514) 848-8000*                                                       |
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| *Securities  registered pursuant to Section 12(b) of the Act:*                                                                                                                                                                                                                                                                                                 |
| * *                                                                                                                                                                                                                                                                                                                                                       | * *                                                                           |
| *Title  of each class*                                                                                                                                                                                                                                                                                                                                         | *Name of  each exchange on which registered*                                       |
| * *                                                                                                                                                                                                                                                                                                                                                       | * *                                                                           |
| Common  Shares, without nominal or par value                                                                                                                                                                                                                                                                                                                   | New York Stock Exchange                                                            |
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| Common  Share Purchase Rights                                                                                                                                                                                                                                                                                                                                  | New York Stock Exchange                                                            |
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| 4 7/8%  Notes due 2012                                                                                                                                                                                                                                                                                                                                         | New York Stock Exchange                                                            |
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| *Securities  registered pursuant to Section 12(g) of the Act: None*                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                           |                                                                                    |
| *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 and (2) has  been subject to such filing requirements for the past 90 days:*Yes  **X**  No ___.                                                   |
| * *                                                                                                                                                                                                                                                                                                                                                       |
| *Indicate by check mark if disclosure of delinquent filers  pursuant to Item 405 of Regulation S-K is not contained herein, and will not  be contained, to the best of registrant's knowledge, in definitive proxy or  information statements incorporated by reference in Part III of this Form  10-K or any amendment to this Form 10-K.***[ X ]** |
|                                                                                                                                                                                                                                                                                                                                                           |                                                                                    |
| *Indicate  by check mark whether the Registrant is an accelerated filer (as defined in  Exchange Act Rule 12b-2):*                                                                                                                                                                                                                                             |
| Yes  **X**  No ___.                                                                                                                                                                                                                                                                                                                             |                                                                                    |
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| *The  aggregate market value of the voting stock held by non-affiliates:*                                                                                                                                                                                                                                                                                      | USD 15,244  million, as of 30 June 2004                                            |
|                                                                                                                                                                                                                                                                                                                                                           |                                                                                    |
| *Common  Stock of Registrant outstanding:*                                                                                                                                                                                                                                                                                                                     | 370,037,313  Common Shares,	as at 2  March 2005.                                   |
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| *Documents  incorporated by reference:*                                                                                                                                                                                                                                                                                                                        |                                                                                    |
| * *                                                                                                                                                                                                                                                                                                                                                       |                                                                                    |
| * *                                                                                                                                                                                                                                                                                                                                                       | Portions  of the Proxy Circular for the Annual Meeting to be held on 28 April 2005 |
| * *                                                                                                                                                                                                                                                                                                                                                       |                                                                                    |

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**INDEX TO ALCAN INC.2004 ANNUAL REPORT ON FORM 10-K**

** **

|   |   | ***Page*****PART I**
 
 
Items 
  1 and 2
Businessand Properties..........................................................................................

6 
Overview of Operating Segments..............................................................................

6 
History / Recent Developments................................................................................
8 
Alcan Business Groups...........................................................................................
14 
Bauxite and Alumina.......................................................................................
14 
Primary Metal.................................................................................................
17 
Rolled Products Americas and Asia..................................................................
22 
Rolled Products Europe...................................................................................
23 
Engineered Products.......................................................................................
24 
Packaging......................................................................................................
29 
Information by Geographic Areas..............................................................................
30 
Research and Development......................................................................................
31 
Environment, Health and Safety................................................................................
31 
Properties..............................................................................................................
32 
Employees.............................................................................................................
32 
Patents, Licenses and Trademarks...........................................................................
32 
Competition and Government Regulations.................................................................
33Item 3LegalProceedings..................................................................................................34 EnvironmentalMatters.............................................................................................34 OtherMatters.........................................................................................................37Item 4Submissionof Matters to a Vote of Security Holders..................................................39   **PART II**  Item 5Marketfor the Registrant's Common Equity and Related Stockholder Matters..............			40Item 6SelectedFinancial Data...........................................................................................42Item 7Management'sDiscussion and Analysis of Financial Condition and   			Results of Operations..........................................................................................43Item 7AQuantitativeand Qualitative Disclosures about Market Risk........................................			43Item 8FinancialStatements and Supplementary Data..........................................................48Item 9Changesin and Disagreements with Accountants on Accounting and    Financial			Disclosure............................................................................................48Item 9A			Controlsand Procedures.........................................................................................			48Item 9BOtherInformation....................................................................................................			49   **PART III**  Item 10Directorsand Executive Officers of the Registrant......................................................			50Item 11ExecutiveCompensation.........................................................................................			54Item 12SecurityOwnership of Certain Beneficial Owners and Management.............................			54Item 13CertainRelationships and Related Transactions.........................................................			56Item 14PrincipalAccountant Fees and Services...................................................................			56   **PART IV**  Item 15           			Exhibits			andFinancial Statement Schedules.............................................................57Signatures....................................................................................................................................			61Consent ofIndependent Accountants..............................................................................................			63
 

 

**PART I**

In thisreport, unless the context otherwise requires, the following definitions apply:

"Alcan","Company", "Registrant" or the "Issuer" meansAlcan Inc. and, where applicable, one or more Subsidiaries,

"Algroup" means AlusuisseGroup Ltd. (now Alcan Holdings Switzerland Ltd.), a Subsidiary of Alcanfollowing the Algroup Combination,

"Algroup Combination" means theprocess by which Algroup became a Subsidiary of Alcan on 17 October 2000,through the completion of a share exchange offer by Alcan for the shares ofAlgroup,

"Annual Report" meansAlcan's annual report to Shareholders for the year ended31 December 2004,

"Business Group" refers toeach of Alcan's business groups: Bauxite and Alumina, Primary Metal, EngineeredProducts and Packaging and, prior to the Novelis Spin-off, Rolled ProductsAmericas and Asia and Rolled Products Europe,

"Board" or "Board ofDirectors" means the board of directors of Alcan,

"Director" means adirector of Alcan,

"Dollars" or "$"means U.S. Dollars, unless otherwise specified,

"Executive Officers" meansthe President and Chief Executive Officer, the Executive Vice Presidents, theSenior Vice Presidents, the Vice Presidents, the Treasurer, the Controller andthe Corporate Secretary of Alcan,

"Joint Venture" means anassociation (incorporated or unincorporated) of companies jointly undertaking acommercial enterprise, but in which Alcan does not hold or exercise acontrolling interest. Joint Ventures are accounted for using the equity method,except for joint ventures over which Alcan has an undivided interest in theassets and liabilities, which are consolidated to the extent of Alcan'sparticipation,

"LME" means the LondonMetal Exchange,

"Novelis" means NovelisInc., a corporation incorporated under the *Canada Business Corporations Act*and formed to acquire, pursuant to the Novelis Spin-off, the businessescontributed by Alcan,

"Novelis Spin-off" meansthe transfer to Novelis of substantially all of the aluminum rolled productsbusinesses held by Alcan prior to the Pechiney Combination and Novelis becomingan independent publicly-traded company on 6 January 2005,

"Proxy Circular" means themanagement proxy circular prepared in connection with Alcan's Annual Meeting ofShareholders to be held on 28 April 2005, and any adjournment thereof,

"Pechiney"means Pechiney, a French *société anonyme*, a Subsidiary of the Companyfollowing the Pechiney Combination,

"Pechiney Combination"means the process by which Pechiney became a Subsidiary of Alcan on15 December 2003, through the completion of a cash and Shares offerby Alcan for the securities of Pechiney,

"Related Company" means acompany in which Alcan owns, directly or indirectly, 50% or less of the votingstock and in which Alcan has significant influence over management,

"Share" or "CommonShare" means a common share in the capital of Alcan,

"Shareholder" means aholder of the Shares,

"Subsidiary" means acompany controlled, directly or indirectly, by Alcan,

"Tonne" means a metrictonne of 1,000 kilograms or 2,204.6 pounds, and

"UBC" means a usedbeverage can.

3

Unless otherwise expressly indicated, the financial andother information given in this report is presented on a consolidated basis.

Certain information called for by Items of this Form 10-KReport is incorporated by reference to the Consolidated Financial Statements,to the Management's Discussion and Analysis of Financial Condition and Resultsof Operations and to the Proxy Circular, each of which is filed herewith as anexhibit to this report. Such information is specifically identified herein,including by the reference "See Consolidated Financial Statements",''See Management's Discussion and Analysis of Financial Condition and Resultsof Operations'' or "See Proxy Circular". With the exception ofinformation specifically incorporated by reference from the Proxy Circular,such Proxy Circular is not to be deemed filed as part of this Form 10-K Report.Information incorporated by reference is considered to be part of this report,and information filed later with the Securities and Exchange Commission("SEC") will automatically update and supersede this information.

Information contained in or otherwise accessed through theCompany's website, or any other website referred to in this Form 10-K Report,does not form part of this Form 10-K Report and any website addresses containedherein are inactive textual references only.

*Special Note Regarding Forward-Looking Statements*

Certain statements made or incorporated by reference in thisreport are forward-looking statements within the meaning of the United StatesPrivate Securities Litigation Reform Act of 1995. Terms such as"believes", "expects", "may", "will","could", "should", "anticipates","estimates", "intends" and "plans" and thenegatives of and variations on terms such as these signify forward-lookingstatements. Because these forward-looking statements include risks anduncertainties, readers are cautioned that actual results may differ materiallyfrom the results expressed in or implied by the statements.

The following factors, among others, could cause actual resultsor outcomes to differ from the results expressed or implied by forward-lookingstatements:
-  changes in global supply and demandconditions for aluminum and other products;
-  changes in aluminum ingot prices; 
-  changes in raw materials costs andavailability;
-  changes in the relative values ofvarious currencies;
-  cyclical demand and pricing withinthe principal markets for Alcan's products;
-  changes in government regulations,particularly those affecting environmental, health or safety compliance; 
-  fluctuations in the supply of andprices for power in the areas in which Alcan maintains production facilities; 
-  the consequences of transferringmost of the aluminum rolled products businesses operated by Alcan to Novelis,in particular as regards to the trading price of Alcan common shares and theliabilities that could arise as a result of the Novelis Spin-off; 
-  the effect of integrating acquiredbusinesses and the ability to attain expected benefits from acquisitions; 
-  potential discovery of unanticipatedcommitments or other liabilities associated with the acquisition andintegration of Pechiney;
-  major changes in technology thataffect Alcan's competitiveness;
-  the risk of significant losses fromtrading operations, including losses due to market and credit risks associatedwith derivatives;
-  changes in prevailing interest ratesand equity market returns related to pension plan investments, which may resultin Alcan's being required to make larger than expected pension plancontributions;
-  potential catastrophic damage,increased insurance and security costs and general uncertainties associatedwith the increased threat of terrorism or war;
-  the effect of international tradedisputes on Alcan's ability to import materials, export its products andcompete internationally;
-  relationships with and financial andoperating conditions of customers and suppliers;
-  economic, regulatory and politicalfactors within the countries in which Alcan operates or sells products; and 
-  factors affecting Alcan'soperations, such as litigation, labour relations and negotiations and fiscalregimes.

4

 

Additional information concerning factors that could causeactual results to differ materially from those in forward-looking statementsinclude, but are not necessarily limited to, those discussed under the heading"Risks and Uncertainties" in the Management's Discussion and Analysisof Financial Condition and Results of Operations. The text under such headingis incorporated herein by reference.

Alcan undertakes no obligation to release publicly theresults of any future revisions it may make to forward-looking statements toreflect events or circumstances after the date of this report or to reflect theoccurrence of unanticipated events.

Alcan files annual, quarterly and special reports and otherinformation with the SEC. Any document so filed can be viewed at the SEC'spublic reference room at 450 Fifth Street, N. W., Washington, D. C. 20549.Please call the SEC at 1-800-SEC-0330 for further information on the operationof the SEC's website at www.sec.gov. Such documentsare also available through Alcan's website at www.alcan.com.Alcan's website also includes the Charters of its Board of Directors and of itsfour Committees of the Board of Directors: the Corporate Governance, the Audit,the Human Resources and the Environment, Health & Safety Committees, aswell as its *Worldwide Code of Employee and Business Conduct*, availablein 13 languages.

 

 

 

 

 

 

5

**ITEMS 1 AND 2 BUSINESS AND PROPERTIES**

Alcan is the parent company of an international groupinvolved in many aspects of the aluminum and packaging industries. ThroughSubsidiaries, Joint Ventures and Related Companies around the world, theactivities of Alcan include bauxite mining, alumina refining, production ofspecialty alumina, aluminum smelting, manufacturing and recycling, flexible andspecialty packaging, as well as related research and development.

On 18 and 26 May 2004, Alcan announced the proposed spin-offof substantially all of the aluminum rolled products businesses held by Alcanprior to the Pechiney Combination to an independent publicly-traded company,later designated as Novelis. The Novelis Spin-off was completed on 6 January2005, as discussed below.

On 31 December 2004, Alcan employed approximately 82,500 peoplein 58 countries. Following completion of the Novelis Spin-off, Alcan employedapproximately 73,000 people in 55 countries.

**A.         OVERVIEWOF OPERATING SEGMENTS**

On 31 December 2004, the Company operated through sixBusiness Groups, each responsible for the different business units of whichthey are comprised. Pechiney's business operations were integrated into theseBusiness Groups during 2004. The operating segments include the Company'sproportionate share of Joint Ventures (including Joint Ventures accounted forusing the equity method), as they are managed within each operating segment.

In 2004, the operating segments of the Company were:

1.1       ***Bauxiteand Alumina****,*headquartered inMontreal, Canada, this group comprises Alcan's worldwide activities related tobauxite mining and refining into smelter-grade and specialty aluminas, owningand/or operating seven bauxite mines and deposits in five countries , six smelter-gradealumina plants in four countries and seven specialty alumina plants in fourcountries;

1.2      ***PrimaryMetal***, alsoheadquartered in Montreal, this group comprises smelting operations, powergeneration, production of primary value-added ingot, manufacturing of smelteranodes and aluminum fluoride, technology sales, equipment sales and engineeringoperations, operating or having interests in 24 smelters in 12 countries, powerfacilities in five countries and ten technology and equipment sales centres ineight countries;

1.3       ***Rolled******Products Americas and Asia***,headquartered in Cleveland, U.S., this group produces aluminum sheet and lightgauge products, operating 15 plants in five countries;

1.4       ***RolledProducts Europe***,headquartered in Zurich, Switzerland, this group produces aluminum sheet,including automotive, can and lithographic sheet, plate and foil stockproduction, operating 21 plants in seven countries;

1.5      ***EngineeredProducts***,headquartered in Paris, France, this group produces rolled, extruded and castaluminum products, engineered shaped products and structures, including cable,wire and rod, as well as composite materials such as aluminum-plastic, fibre-reinforcedplastic and foam-plastic in 48 plants located in 11 countries. Also part ofthis group are 50 service centres in 13 countries offering technicalassistance, cutting, shaping, machining and assembling for smaller customersand the nearly 40 offices in 36 countries that sell and source products in 60countries; and

1.6       ***Packaging***, headquartered in Paris, France, this group consists of Alcan's worldwide food, pharmaceutical and medical, beauty andpersonal care and tobacco packaging businesses, operating approximately 180 plantsin 27 countries. This Business Group has a multi-material approach to customerneeds, including plastics, aluminum, paper, paperboard, glass and steel.

 

 

6

Substantially all of the rolled products facilities comprisingthe Rolled Products Americas and Asia Business Group and the Rolled ProductsEurope Business Group, as well as eight facilities from the Bauxite andAlumina, Primary Metal and Packaging Business Groups, were transferred toNovelis as of 6 January 2005 in connection with the Novelis Spin-off.

Since the Novelis Spin-off, theCompany has operated through four Business Groups: Bauxite and Alumina, PrimaryMetal, Engineered Products and Packaging.

 

 

 

 

 

 

 

7

**HISTORY / RECENT DEVELOPMENTS**

Alcan is a limited liability Canadian company, incorporatedon 3 June 1902, with its headquarters and registered office in Montreal, Canada. It was formed as a subsidiary of the Pittsburgh Reduction Company, one ofthe founding companies of the aluminum industry, to establish a smelter andhydroelectric power facility in Shawinigan, Quebec. In 1928, the internationaloperations and domestic U.S. operations were separated into two competingcompanies that became Alcan and Alcoa Inc., respectively. During the SecondWorld War, substantial expansion of hydroelectric and smelting capacity tookplace in Quebec to supply aluminum for the war effort. In the 1950s, Alcanadded hydroelectric and smelting capacity in British Columbia. During thepost-war period, Alcan expanded internationally and invested in fabricatingactivities to stimulate demand for its primary metal production.

Alcan continued its international expansion with the AlgroupCombination and the Pechiney Combination, both of which significantly increasedthe Company's presence in the packaging industry.

**1.        Alcan'sRecent Developments**

In the past year, Alcan reported the major events related toits business and corporate governance described below. Events related to the NovelisSpin-off are separately described under the heading "The Novelis Spin-off"below.

On 15 December 2003, through the PechineyCombination, Alcan acquired a majority of the shares of Pechiney, a Frenchaluminum and packaging company, which then became a Subsidiary. On6 February 2004, Alcan became owner of all outstanding Pechiney commonshares, Pechiney Bonus Allocation Rights, Pechiney OCEANEs and PechineyAmerican Depositary Shares (collectively "Pechiney securities").

On 8 January 2004, the Company announced that ithad secured 97.95% of Pechiney's total share capital as of the expiry of there-opened offer on 23 December 2003, following the initial offerlaunched by the Company for Pechiney securities in 2003. 

On 15 January 2004, Alcanacquired all Pechiney securities tendered into the re-opened offer. Asconsideration for the securities tendered into the re-opened offer, Alcanissued 2,082,075 Alcan Common Shares and paid €126 million. On19 January 2004, Alcan also paid €81 million as additionalconsideration to holders of Pechiney securities who tendered their securitiesduring the initial offer.

On 22 January 2004, theCompany announced that it would permanently halt production at its 60‐year‐oldJonquière Söderberg primary aluminum facility, in the Saguenay region of Quebec, by the second quarter of 2004. Compared to the other Alcan smelters in Quebec, the Jonquière Söderberg plant had the highest production costs, faced the greatestenvironmental challenges and was one of the least energy efficient.

On 23 January 2004, theCompany announced that its withdrawal offer had opened that day as a requiredstep for it to acquire all remaining Pechiney securities in accordance withFrench securities regulations. The withdrawal offer was opened for ten Frenchtrading days until 5 February 2004 and was followed on 6 February 2004 by acompulsory acquisition by which Alcan became the owner of the remainingPechiney securities.Theconsideration that  Alcan paid in the withdrawal offer and the subsequent compulsoryacquisition was €48.50 in cash for each Pechiney common share (including, forpurposes of the compulsory acquisition, Pechiney common shares underlyingoutstanding Pechiney American Depositary Shares); €4.85 in cash for eachPechiney Bonus Allocation Right; and €82.86 in cash for each Pechiney OCEANE.

On 9 February 2004, the Company announced that, asa result of the compulsory acquisition on 6 February 2004, it hadacquired all Pechiney securities it did not already own. The Pechiney common shareswere de-listed from the Euronext Paris stock exchange on 6 February 2004.On 9 February 2004, Pechiney filed a notice of termination ofregistration with the SEC and ceased to be a reporting issuer under the *SecuritiesExchange Act of 1934*. 

 

 

8

On 17 February 2004, theCompany announced the appointment of Mr. Yves Mansion and Mr. Jean-Paul Jacamonas Directors of the Company. Mr. Mansion is chairman and chief executiveofficer of Société Foncière Lyonnaise and a member of the French Collège del'Autorité des marchés financiers. He was group managing director of AssurancesGénérales de France from 1990 to 2001. Mr. Mansion was a member of thesupervisory board of Euler Hermes and deputy director of l'Entreprise deRecherche et d'activités pétrolières. Mr. Jacamon is non-executive chairman ofBonna Sabla and of Gardiner Group. He was chief operating officer and directorof Schneider Electric from 1996 to 2002. He is also a director of Le Carbone Lorraine, STACI and AMEC plc.

On 10 March 2004, the Companyannounced it had secured the necessary regulatory and government approvals forthe implementation of the previously announced definitive joint ventureagreement with the Qingtongxia Aluminium Company and the Ningxia Electric PowerDevelopment and Investment Co. Ltd. Alcan has forecasted an investment ofapproximately $150 million (of which $110 million was invested as at31 December 2004) for a 50% participation and for a secure powersupply in an existing 150‐kilotonne modern pre-bake smelter located inthe Ningxia autonomous region in the People's Republic of China. The jointventure agreement has also given Alcan a substantial operating role and theoption to acquire, through additional investment, up to 80% of a new 250‐kilotonnepotline, which is currently under construction.

On 14 May 2004, theCompany announced the sale of the Boxal Group, a manufacturer of aluminumaerosol cans and part of the Alcan Packaging Business Group, to Exal HoldingsB.V., a Dutch privately held company. The sale was approved by the EuropeanCommission and was part of the mandated divestments arising from the PechineyCombination.

On 9 September 2004, theCompany announced its decision to proceed with an investment to expand andimprove its Gove alumina refinery in the Northern Territory of Australia. The$1.3 billion investment was earmarked to increase the refinery's capacityfrom about 2.1 million tonnes per year to approximately 3.8 milliontonnes and represented approximately a 30% increase in the Company's overall aluminaproduction capacity.

On 28 September 2004, theCompany announced the appointment of Dr. H. Onno Ruding as aDirector of the Company. Dr. Ruding is a former Minister of Finance of the Netherlands and was an Executive Director of the International Monetary Fundin Washington, D.C. and a member of the Board of Managing Directors of AMROBank in Amsterdam. He is the former Vice Chairman of Citicorp and Citibank,N.A. Dr. Ruding serves as a director on the boards of Corning Inc., HolcimAG and RTL Group and is president of the Centre for European Policy Studies(CEPS) in Brussels.

On 8 October 2004, theCompany announced that it had reached an agreement to sell assets within its oresand concentrates trading business, which was operated through Pechiney WorldTrade (USA), Inc. and Pechiney Trading Limited (UK), to its current managementteam.

On 16 November 2004, theCompany announced the sale of the assets of its zinc and lead metal tradingbusiness to Trafigura Ltd., an independent commodity trading company. The scopeof the transaction included the inventories of Alcan's zinc and lead metaltrading and the commercial agreements related to the business, which wasoperated through Pechiney Trading Limited (UK).

On 18 November 2004, the Companyannounced that it will conduct a new feasibility study for the construction ofa new aluminum smelter in Coega, Eastern Cape Province, South Africa, with the South African Government and their Industrial Development Corporation.

On 24 November 2004, the Company announcedthat it had signed a protocol of negotiation with Alcoa World Alumina LLC andthe Government of the Republic of Guinea for the development of a 1.5-million tonneper year alumina refinery in the West African nation. The protocol sets out theitems and framework for the alumina refinery project, which will be negotiatedwith the Government of the Republic of Guinea during the upcoming months aspart of the memorandum of understanding between the parties, announced in May2004.

On 25 November 2004, theCompany announced that it has begun consultations with employee representativeson a proposed restructuring involving nine European sites. The proposedrestructuring effort would include the downsizing of activities at four sites,two potential sales and three plant closures. 

 

 

9

On 29 December 2004, theCompany announced that it had paid Powerex, a subsidiary of B.C. Hydro, a sumof $110 million to settle a claim associated with the collapse of EnronCorp. in late 2001 (see page 37). The Company also announced that it had advised B.C.Hydrothat it was providing contractual notice for the recall of 140 Megawatts ofpower it sells to B.C. Hydro under their Long-Term Electricity Purchase Agreement.

Also on 29 December 2004,the Company announced that it had entered into an agreement with MytilineosHoldings S.A. of Greece, for the sale of Alcan's controlling interest inAluminium de Grèce S.A.

On 30 December 2004, theCompany announced that it had reached agreement on the principal terms of a saleof its ferroalloy division, Pechiney Électrometallurgie (PEM), to Ferroatlántica, S.L, of Spain.

On 11 January 2005, theCompany announced it would build two new packaging plants in Russia with an investment of $55 million.

On 3 February 2005, the Companyannounced the appointment of Mr. Michael Hanley as Executive Vice President ofthe Company. Mr. Hanley also joined the Office of the President. 

On 15 February 2005, the Companyannounced that it had reached an agreement with the UK administrators ofParkside International, to acquire the assets of Parkside's flexible foodpackaging plant in Zlotow, Poland.

On 23 February 2005, the Companyannounced that it had signed a shareholders' agreement on that day with theOman Oil Company S.A.O.C. ("OOC") and the Abu Dhabi Water and Electricity Authority ("ADWEA")in the development of a proposed 325-kilotonne per annum aluminum smelterproject in Sohar, Oman. In June 2004, Alcan announced that it is committed to a20% stake in the Sohar Aluminium Company L.L.C., with OOC and ADWEA each owninga 40% share. Under a technology transfer agreement, the Company will provideSohar Aluminium Company L.L.C. with a license and related technical servicesnecessary to implement the Company's AP35 Technology. ADWEA will be providing technicalservices and management support for the power plant. Alcan would also have theoption of acquiring up to a 60% interest in a second potline of similarcapacity. The decision for the final approval of the project is expected in thesecond half of 2005, as well as final construction approval date. Constructionactivities would begin shortly thereafter, with full production expected by2008.

**2.        Novelis Spin-off**

Under the Novelis Spin-off completedon 6 January 2005, pursuant to a plan of arrangement under the *CanadaBusiness Corporations Act*, Alcan transferred to Novelis substantially allof the aluminum rolled products businesses that it held prior to the PechineyCombination, as well as certain alumina and primary metal businesses in Braziland four former Pechiney rolling facilities in Europe, and distributed theshares of Novelis to Alcan Shareholders. 

**2.1       Backgroundto the Novelis Spin-off**

In 2003, Alcan initiated anevaluation of its portfolio of businesses. As part of this exercise, astrategic review of Alcan's rolled products business was presented to the AlcanBoard of Directors. A strategy was subsequently developed by Alcan's managementinvolving the separation of Novelis and Alcan into two distinct platforms withdifferent underlying market economics. This strategy involved the spin-off of substantiallyall of Alcan's rolled products businesses into a separate legal entity, and waspresented to the Board of Directors on 14 February 2004, togetherwith a comprehensive overview of portfolio alternatives and the transactionrationale.

On 26 February 2004, the Board ofDirectors met subsequently to consider the separate investment theses and on 5 March 2004,to discuss the details of the possibility of executing the spin-off. On 24March 2004, the Board of Directors received a comprehensive report onalternatives to the proposed spin-off, its potential for value creation,expected financial performance and the duties of Directors in thecircumstances.

 

 

10

On 22 April 2004, the Board ofDirectors considered the spin-off again and, on 11 May 2004, held a detailedreview and discussion on the investment theses and execution plan prior to apublic announcement. External financial and legal advisors were present at thismeeting and reported directly to the Board of Directors. The Directorsconfirmed their continuing support for the project and, on 17 May 2004, held ameeting to approve the announcement of the spin-off. On 18 May 2004, thespin-off was publicly announced.

On 26 May 2004, Alcan publicly confirmedthat the planned spin-off was a fundamental portfolio choice that would havethe collateral benefit of achieving the separation of competing businesses thatwas required to obtain the necessary competition approvals for the PechineyCombination. Alcan and the European Commission held detailed discussionsconcerning the terms of and rationale for the proposed transaction and theasset composition of the entity to be spun-off. As part of its planning for theproposed spin-off, Alcan has taken into account the comments received from theEuropean Commission. On 3 November 2004, Alcan submitted a formal approvalproposal to the European Commission.

Also on 26 May 2004, Alcan and theUnited States Department of Justice ("DOJ") executed and filed with the UnitedStates District Court in Washington, D.C. an amended final judgment in respectof anti-trust issues relating to the Pechiney Combination. The amendmentrecognized that the Company's proposed spin-off transaction provided analternative solution to the anti-trust issue addressed by the existing order todivest the Ravenswood, West Virginia, rolling facility. According to the termsof the amendment, either the sale of the Ravenswood plant or the divestment ofthe Oswego, New York, rolling facility would sufficiently address the concernof the DOJ. The DOJ has confirmed to Alcan that the spin-off satisfied theundertaking under the amended final judgment.

On 23 June 2004 and 23 September2004, the Alcan Board of Directors reviewed the progress in relation to theproposed spin-off again.

On 28 September 2004, Alcan filedwith the securities authorities in Canada a preliminary version of the Canadiannon-offering prospectus and filed with the securities authorities in the United States the U.S. registration statement on Form 10 containing such Canadian prospectus relatingto the Novelis Spin-off. The non-offering prospectus is available on SEDAR at www.sedar.com and theregistration statement on Form 10 is available on EDGAR at www.sec.gov.

On 27 October 2004, the Board of Directors received acomprehensive update of the proposed separation and financial arrangements forthe proposed spin-off.

Following announcement of the proposed spin-off, certainparties independently expressed an interest to acquire Alcan's rolled productsbusinesses. Management, with the assistance of Alcan's financial advisors,engaged in confidential discussions with some of these parties, emphasizing theadvantages of the spin-off in terms of value, execution certainty and timing.The best of these proposed offers were presented to the Board of Directors atits 23 November 2004 meeting. The Board of Directors considered these offersand the terms, conditions and risks attached thereto and concluded that theproposed spin-off provided the best value creation proposition to Alcan'sShareholders. Consequently, the Board of Directors approved the convening of aspecial meeting of its shareholders on 22 December 2004.

On 22 December 2004, the shareholders of Alcan approved theplan of arrangement required for the Novelis Spin-off, voting, 99.92% in favour.

On 4 January 2005, the Companyannounced that the Board of Directors had given the final authorization for theNovelis Spin-off. The articles of arrangement were filed under the *CanadaBusiness Corporation Act* and the certificate of arrangement was issued givingeffect to the Novelis Spin-off on 6 January 2005.

On 6 January 2005, the Novelis Spin-offbecame effective and Novelis began operating on a stand-alone basis. 

 

 

11

Alcan and Novelis have entered intoa separation agreement providingin particular for the undertaking of Novelis not to engage, for a period offive years following the separation, in the production and sale of certainproducts for the aluminum plate and aerospace markets. Alcan and Novelis havealso entered into several ancillary agreements, including agreements withrespect to transitional services, the supply of source and manufacturedmaterials between Alcan and Novelis, intellectual property, tax sharing anddisaffiliation and employee matters.

**2.2      Reasonsfor the Novelis Spin-off**

The separation of substantially all ofthe rolled products businesses held by Alcan prior to the Pechiney Combination fromthe other Alcan businesses was a portfolio choice in the best interests ofAlcan and its Shareholders providing a number of benefits to Alcan and to thebusinesses transferred to Novelis, including:

-         *SharperBusiness Focus.*The separation of Novelis from Alcan has enabled Alcan to focus ondeveloping its portfolio of low cost alumina and primary aluminum businesses aswell as its high value-added specialty packaging, aerospace and engineeredproducts businesses. The separation permits Novelis to focus on aluminum rolledproducts, which allows Novelis to respond more quickly to market demands andefficiently allocate its capital, technical and human resources.

-         *IndependentAccess to Capital.*The separation has provided each of Alcan and Novelis withindependent access to capital, which is intended to result in more focusedcapital allocation practices including an appropriate focused alignment of debtcapacity with the individual cash generation profile of each company.

-         *TargetedIncentives for Employees.*The separation has given opportunities within each companyto provide incentives to employees that more closely align their interests withthe performance of the business within which they are employed.

-         *DistinctInvestment Profiles.*Because Alcan and Novelis operate in different industrieswith different business profiles, including different cash flow profiles, theshares of each company have distinct investment qualities. Establishing twoseparate equity securities allowed investors to hold a direct investment in thebusinesses operated by Novelis and to value each of Alcan and Novelisseparately.

-         *SoundResolution to Regulatory Requirements.*As part of the Pechiney Combination,Alcan entered into undertakings with European competition regulators thatrequired, among other things, the separation of the ownership of Alcan's NeufBrisach rolling facility in France and Norf rolling facility in Germany. Alcanalso entered into undertakings with the DOJ that required the separation of theownership of the Oswego, New York, rolling facility from Alcan's Ravenswood,   West Virginia, rolling facility. The Novelis Spin-off has offered a soundresolution to these regulatory requirements.

 

 

 

12

**2.3       NovelisFacilities**

The former Alcan facilities that weretransferred to Novelis in the Novelis Spin-off are the following:

**Novelis  Facilities**

** **

** **

**Locations**

** **

** **

**% of	Ownership**

**Products / Services**

** **

Belgium.............

Flemalle

100

Rolled  Products

Brazil.................

Pindamonhangaba

100

Rolled  Products and Recycling

Santo    Andre (Utinga)

100

Rolled  Products

Ouro  Preto†

100

Bauxite/Alumina,  Primary Metal, Power

Cubatao,  Sao Paulo (Petrocoque) †

100

Calcined  Coke

Aratu†

100

Primary  Metal

Canada..............

Kingston, Ontario

100

Rolled  Products

Saguenay, Quebec

100

Rolled  Products

Burnaby, British Columbia†

100

Rolled  Products

Toronto, Ontario†

100

Rolled  Products

France..............	

Annecy

100

Rolled  Products

Rugles

100

Rolled  Products

Germany............

Göttingen

100

Rolled  Products

Nachterstedt

100

Rolled  Products

Norf

50

Rolled  Products

Ohle†

100

Rolled  Products

Ludenscheid

100

Rolled  Products

Berlin†

100

Rolled  Products

Italy..................

Bresso

100

Rolled  Products

Borgofranco  d'Ivrea

100

Recycling

Pieve  Emanuele

100

Rolled  Products

Korea...............	

Ulsan

68

Rolled  Products

Yeongju

68

Rolled  Products

Luxembourg.......

Dudelange

100

Rolled  Products

Malaysia............

Bukit  Raja

59

Rolled  Products

Switzerland.........

Sierre*

100

Rolled  Products

United    Kingdom...

Falkirk**

100

Rolled  Products

Rogerstone

100

Rolled  Products

Warrington (Latchford Locks)

100

Recycling

Bridgnorth†

100

Rolled  Products

United    States.....

Berea, Kentucky

100

Recycling

Fairmont, West Virginia

100

Rolled  Products

Greensboro, Georgia

100

Recycling

Logan, Kentucky

40

Rolled  Products

Louisville, Kentucky

100

Rolled  Products

Oswego, New York

100

Rolled  Products and Recycling

Terre    Haute, Indiana

100

Rolled  Products

Warren, Ohio

100

Rolled  Products

†

Sites that were within Alcan Business Groups other  than Rolled Products.

*

Shared  site with the Engineered Products Business Group.

**

The  facility was closed in December 2004.

Novelis manages its activities onthe basis of geographical areas and is organized under four business groups,namely: Novelis North America; Novelis Europe; Novelis Asia; and Novelis SouthAmerica.

 

 

13

**B.        ALCANBUSINESS GROUPS**

As of the date of this report, Alcanhas four Business Groups: Bauxite and Alumina, Primary Metal, EngineeredProducts and Packaging. In 2004, prior to the Novelis Spin-off, Alcan had twoadditional Business Groups which appear in this Report: Rolled ProductsAmericas and Asia and Rolled Products Europe.

**1.         Bauxite and Alumina**

The Bauxite and AluminaBusiness Group comprises all Alcan bauxite mines and deposits, smelter‐gradealumina refineries and specialty aluminas plants[1].

**1.1       Productsand Services / Business Units**

1.1.1    ***Bauxite:*** Aluminum is one of themost abundant metals in the earth's crust but is never found in its pure form.Bauxite is the basic aluminum-bearing ore, mostly found in tropical andsub-tropical regions of the world. The bauxite mines send their output tosupply the alumina plants.

1.1.2   ***Smelter*-*Grade Alumina:*** Alumina (aluminum oxide)is produced by a chemical process. Crushed bauxite is mixed with caustic sodaunder pressure at high temperatures to create sodium aluminate. Seeded withpure alumina trihydrate, the sodium aluminate is agitated and, throughprecipitation, the caustic soda is separated and reused. The resulting productis heated to extract water and becomes calcined alumina. Depending uponquality, between four and five tonnes of bauxite are required to produceapproximately two tonnes of alumina.

1.1.3    ***SpecialtyAlumina:*** Alcan produces specialty aluminas including products for a wide arrayof applications including fire retardant products, refractory bricks, zeolite,alum, plastics, paper, solid surface products, absorbents and ceramics.

1.1.4     ***Services:*** Alcan generatesadditional revenues through the sale of engineering, technology and otherservices to both internal customers and third parties. 

**1.2        Salesand Operating Revenues**

In 2004, the Bauxite and AluminaBusiness Group had intersegment sales and operating revenues of $1.6 billionand third party sales and operating revenues of $1.5 billion, the latter makingup 6% of Alcan's 2004 sales and revenues. Average realized prices for aluminaincreased in 2004, when compared to 2003, in line with higher LME prices andhigher demand in the alumina market. Higher alumina prices contributed toimproved earnings in 2004, partially offset by a 14% production cost increaseover 2003. Production cost increases were mainly due to higher raw material,freight and energy costs and foreign exchange fluctuations.

Alcan used 12.2 million tonnes ofbauxite to produce 5.2 million tonnes of smelter-grade alumina, which were eithertransferred to its current smelting operations through swap agreements ordirect intersegment sales or sold to third parties. The balance of the smelterrequirements, 1.3 million tonnes, was purchased from third parties. Alcan alsoproduced and sold, to third parties, 0.6 million tonnes of specialty aluminas.

For further information concerningthe Bauxite and Alumina Business Group's sales to third parties, business groupprofit, total assets and the percentage of Alcan's total revenue contributed bythe Bauxite and Alumina Business Group, see Note 34 to the Consolidated FinancialStatements.

**1.3        Production/ Facilities**

1.3.1    ***Canada:*** Alcan owns the Vaudreuilalumina facility at Jonquière, Quebec. Bauxite for its operation is obtained from Brazil, Guinea and Australia (see below). Alumina and specialty alumina produced at Vaudreuilsupply, in part, the smelters in Quebec and are also sold in specialty aluminamarkets in the U.S. and Canada. Alcan also operates the Brockville specialtyalumina plant in Ontario.

[1] Except where otherwise stated, allinformation excludes Aluminium de Grèce S.A., which is classified asdiscontinued operations.

14
******
1.3.2    ***Australia:*** Alcan owns the Gove bauxiterefinery and mine in Australia's Northern Territory. In 2004, the amount ofbauxite mined at Gove was 5.8 million tonnes and the refinery produced 2.0 milliontonnes of smelter-grade alumina, which was used at the Kitimat, Iceland, Quebec and Sebree smelters as well as being sold to third parties. On 9 September 2004, theCompany announced the expansion of the Gove refinery to increase aluminacapacity to 3.8 million tonnes per year. Alcan owns directly and indirectly41.39% of Queensland Alumina Ltd. ("QAL"), which operates an aluminaplant at Gladstone, Queensland, Australia. Each participant in that plantsupplies bauxite for toll conversion. All of Alcan's bauxite processed by QALis purchased from Comalco Limited ("Comalco") in Australia under a long-term mining and exchange agreement. Alcan's share of production from QAL isused to supply third parties. Alcan and Comalco have an agreement providing forthe future development of Alcan's Ely bauxite mine in Cape York, Queensland, with Comalco's adjacent operations.

1.3.3    ***Brazil:***Alcan purchased approximately 2.1 milliontonnes of bauxite in 2004 from a 12.5% owned company, Mineração Rio do Norte S.A. ("MRN"). MRN's Porto Trombetas mine in the Amazon region has an operatingcapacity of about 16.7 million tonnes per year. Bauxite purchased from MRN isprocessed at the Vaudreuil plant (see above) and at the Alumar alumina refineryin São Luis, Brazil, which has an annual capacity of about 1.3 million tonnes;Alcan owns a 10% interest in Consorcio de Alumínio do Maranhao, the legal entity operating the Alumar refinery. AlcanAlumínio doBrasil Ltda. also hasalumina facilities (and related bauxite mining facilities) at Ouro Preto with acapacity of about 135,000 tonnes of alumina per year and 500,000 tonnes ofbauxite per year, which supply smelters in Brazil. The Ouro Preto facilitieswere transferred to Novelis.

1.3.4    ***France:***Alcan owns a 100% interest in threeplants, Gardanne, Beyrède and La Bâthie. The total production of these plantswas approximately 0.6 million tonnes for 2004 of which one third was forsmelter grade alumina (produced only at the Gardanne facility) and the balancefor specialty aluminas. The smelter grade alumina is primarily shipped to theSt. Jean de Maurianne smelter facility in France and specialty products aresold to third parties.

Alcan also has a 100%interest in Société Générale de Recherches et d'Exploitations Minières, owner of the Montroc/Paulinet fluorsparmine, which has an annual operating capacity of 70,000 tonnes.

1.3.5    ***Germany:***Alcan owns a 100%interest in Alufin (Teutschental, Germany) which produces specialty aluminaproducts from raw materials supplied by plants located in France. Total annual production for this plant is 17,000 tonnes.

1.3.6    ***Ghana:***Alcan purchased about 0.5 million tonnesof bauxite in 2004 from Ghana Bauxite Co. Ltd., in which it holds an interestof 80% and whose bauxite mine is located in Awaso. 

1.3.7    ***Greece:*** Alcan owns a 60.2% interest in Aluminiumde GrèceS.A. ("AdG"), a publicly traded company, with 10% owned by the localgovernment and the rest being widely held. The refinery produces annually 0.8million tonnes of alumina. The refinery's bauxite needs are partially suppliedby Delphi-Distomon (60% owned by Alcan) and third parties. Delphi's annualproduction is approximately 0.8 million tonnes. In December 2004, Alcanannounced an agreement to sell its controlling interest in the Greekoperations, and accordingly these operations have been classified asdiscontinued operations.

1.3.8    ***Guinea:*** Alcan and Alcoa World Alumina eachhold a 45% interest in Halco (Mining) Inc. ("Halco"), which in turn is a 51%owner of Compagnie des Bauxites de Guinée S.A. ("CBG") that currentlymines bauxite for export at Conakry, in the Boké region of the country. TheGovernment of the Republic of Guinea holds the remaining 49% of CBG. CBG hasexclusive rights through 2038 to bauxite reserves and resources in a 10,000square mile area in the northwestern part of the country. Alcoa World Alumina,Alcan and other Halco shareholders acquire CBG bauxite for use in theirindividual businesses. 

 

 

15

Alcan purchased about 5.7 milliontonnes of bauxite in 2004 under contracts in effect through 2011 from CBG,whose ore is processed at the Vaudreuil plant (see above) and is also sold tothird parties. CBG has an annual operating capacity of about 13.5 milliontonnes, of which 6.2 million tonnes are reserved for Alcan needs.

On 13 May 2004, Alcan and AlcoaWorld Alumina announced the signing of a memorandum of understanding to assessthe feasibility of developing jointly a 1.5-million tonne per year aluminarefinery in the Republic of Guinea. On 24 November 2004, Alcan announced thatit had signed a protocol of negotiation with Alcoa and the Government of the Republic of   Guinea setting out the items and framework for the alumina refinery project,which are in the process of negotiation with the Government. A final investmentdecision would be made following completion of a detailed feasibility study,before December 2005.

1.3.9***     India:*** Alcan holds a 45% interest in the proposed Utkal bauxite and alumina project in Orissa, India. The planned project would include a 1.5-million tonne per year integratedalumina plant and associated bauxite mine, with potential to further expandproduction capacity.

**            Alumina Plants**

With respect to smelter-gradealumina and specialty alumina, Alcan operated the following productionfacilities:

** **

**Smelter-Grade  Alumina Refineries**

** **

** **

**Locations**

** **

** **

**% of	Ownership	by Alcan**

**Annual Capacity (thousands of tonnes)**

** **

Australia.....................	

QAL,  Gladstone

41.4

1,610

*

Gove, Northern Territory

100

1,980
 
Brazil..........................	

Ouro  Preto†

100

135

Alumar,  São Luis

10

135

*
 
Canada.......................	

Vaudreuil, Quebec

100

1,169
 
France........................	

Gardanne

100

200
 
Greece.......................	

Saint  Nicolas**

60.2

470

*

**†**

Transferred to Novelis.

*****

Represents  Alcan's share.

******

Classified  as discontinued operations.
        
**Specialty  Alumina Plants**

** **

** **

**Locations**

** **

** **

**% of	Ownership	by Alcan**

**Annual Capacity (thousands of tonnes)**

** **

Brazil..........................	

Ouro  Preto†

100

10
 
Canada.......................	

Brockville, Ontario

100

18

Vaudreuil, Quebec

100

160
 
France........................	

Gardanne

100

420

Beyrède

100

43

La Bâthie

100

28
 
Germany.....................	

Teutschenthal

100

17

**†**

Transferred to Novelis.

16

**1.4        Source Materials**

1.4.1    ***Bauxite:***Alcan obtains its bauxite frommining Subsidiaries, Joint Ventures, consortium companies and third partysuppliers. In 2004, the Company consumed 13.5 million tonnes of bauxite. Basedon bauxite deposits in numerous locations around the world, Alcan has more thansufficient bauxite reserves to meet its needs and does not believe thatavailability of bauxite will constrain its operations in the foreseeablefuture.

**Bauxite  Mines / Deposits**

** **

** **

**Locations**

** **

** **

**% of	Ownership	by Alcan**

**Annual Capacity (thousands of tonnes)**

** **

Australia...................... 

Gove, Northern Territory

100

6,000

Ely, Queensland

100

0

**
 
Brazil..........................	

Porto Trombetas

12.5

2,100

*

Ouro  Preto†

100

500
 
Ghana.........................	

Awaso

80

700

*
 
Greece.......................	

Distomon***

60.2

494

*
 
Guinea........................	

Conakry

22.9

6,200

*
 
India............................	

Orissa

45

0

**

**†**

Transferred to Novelis.

*****

Represents  Alcan's share.

**

Bauxite  extraction not yet in operation.

***

Classified  as discontinued operations.

1.4.2    ***Chemicalsand Other Materials***: Certain chemicals and other materials required for the production ofalumina, such as caustic soda, fuel oil, natural gas, lime and flocculents arepurchased from third parties.

**2.         Primary Metal**

**2.1       Products/ Business Units**

The Primary Metal Business Group represents all Alcanprimary aluminum facilities and power generation installations worldwide, aswell as technology sales, equipment sales and engineering operations[2].

2.1.1    ***PowerOperations:***Thesmelting of one tonne of aluminum requires between 13.5 and 18.5 megawatt hoursof electric energy to separate the aluminum from the oxygen in alumina. Alcanproduces electricity at its own generating plants in Canada, Brazil, the U.K., Norway and China.

2.1.2    ***SmelterOperations:***Primaryaluminum is produced through the electrolytic reduction of alumina.Approximately two tonnes of alumina yield one tonne of metal. Alcan operatesand has interests in 24 smelters in 12 countries. Products include sheet ingot,extrusion billet, rod, foundry ingot and remelt ingot for conversion intofabricated products for end-use markets in consumer goods, transportation,construction and other industrial applications.

On 10 March 2004, the Companyannounced that it secured the necessary regulatory and government approvals tomove forward with its previously announced definitive joint venture agreementwith Qingtongxia Aluminium Company and the Ningxia Electric Power Developmentand Investment Co. Ltd. Under the agreement Alcan invested $110 million as of December2004 for a 50% participation and for a secure power supply in an existing 150‐kilotonnemodern pre-bake smelter located in the Ningxia autonomous region in thePeople's Republic of China. 

[2] Except where otherwise stated, allinformation excludes Aluminium de Grèce S.A., which is classified asdiscontinued operations.

 

17

In June 2004, Alcan announced thesigning of a Memorandum of Understanding with Oman Oil Company S.A.O.C. ("OOC")and with the Abu Dhabi Water and Electricity Authority ("ADWEA") for a 20%equity interest in a proposed smelter in Sohar, Oman. On 23 February 2005, a shareholders'agreement was signed with OOC and ADWEA in the development of a proposed 325‐kilotonneper annum aluminum smelter project in Sohar, Oman. Under a technology transferagreement, Alcan would provide Sohar Aluminium Company L.L.C. with a licenseand related technical services necessary to implement Alcan's AP35 Technology.ADWEA will be providing technical services and management support for a relatedpower plant. Alcan would also have the option of acquiring up to a 60% interestin a second potline of similar capacity. The decision for the final approval ofthe project is expected in the second half of 2005, as well as finalconstruction approval date. Construction would begin shortly thereafter, withfull production expected by 2008.

On 18 November 2004, the Companylaunched a new feasibility study for the construction of a new aluminum smelterin Coega, Eastern Cape Province, South Africa, with the South AfricanGovernment. The focus of this new study will be the use of the highly efficientand advanced AP30 or AP35 smelting technologies. 

On 29 December 2004, the Companyannounced that it had entered into a binding agreement for the sale of its controlling interest in Aluminium de Grèce S.A. ("AdG") to Mytilineos Holdings S.A. of Greece. Under the termsof the agreement, Mytilineos Holdings S.A. and certain affiliated companieswill be acquiring from Alcan a 53% equity position in AdG. The balance ofAlcan's interest, some 7%, may be sold by Alcan to Mytilineos Holdings one yearafter the closing pursuant to a three-month put option. The AdG smelter hasbeen classified as discontinued operations.

2.1.3   ***ElectrometallurgyOperations:***Theelectrometallurgy facilities produce ferroalloys, silicon, specialty siliconalloys and recycled magnesium. Some of these products are especially designedto upgrade the performance of steel, cast iron and light alloys.

On 30 December 2004, the Companyannounced that it had reached agreement in principle to sell theelectrometallurgy business to Ferroatlántica,S.L., of Spain.

2.1.4    ***Trading:***Alcan trading operations are conductedby wholly-owned Subsidiaries, which trade on behalf of other AlcanSubsidiaries. They also engage in limited aluminum and related tradingactivities for third parties. Trading services include several main activities:sales of excess raw materials, such as internal supplies, managing riskexposures through LME transactions and managing the supply logistics betweensmelters and fabricating plants. The Company's third party trading functionfocuses on aluminum transactions.

2.1.5***     TechnologySales, Equipment Sales and Engineering Operations:*** This group sells smeltertechnology, equipment and engineering services to third parties and Subsidiaries.The main areas of activity are: 

-    *TechnologySales,*Aluval,which is located in Voreppe, France, provides the advanced smelter technologyin terms of productivity (production capacity and energy consumption), such as theAP18, AP22, AP30 and AP35 technology, to third parties. This sector issupported by a strong research and development program. The services includethe sale of licenses of primary aluminum smelting technology, engineering andstart-up support and technical assistance;

-    *EquipmentSales,*ÉlectricitéCharpente Levage (''ECL'') is a leading supplier of cranes and pot equipmentfor the aluminum industry. In addition, it provides cranes for baking furnacesand rodding shop equipment. The ECL operations are located in France, Canada, South Africa, Australia, the Netherlands, Mozambique and China; and

-    *EngineeringServices,*Alcan Alesa Engineering provides services and custom-made engineering solutionson a global basis to Subsidiaries as well as third parties. Alesa subsidiariesmaintain engineering offices in Switzerland and Canada. The main areas of activities include rawmaterials technologies, materials handling technologies and process automation.

 

18

**2.2        Sales and OperatingRevenues**

2.2.1    ***SmelterOperations:***In 2004, the Primary Metal Business Group recordedintersegment sales and operating revenues of $4.3 billion and third-party salesand operating revenues of $4.3 billion, the latter making up 17% of Alcan's2004 sales and operating revenues. In 2004, business group profit (as defined inthe Management's Discussion and Analysis of Financial Condition and Results ofOperations) fromcontinuing operations improved significantly as compared to 2003 and reflectedthe contribution from the Pechiney Combination and synergy benefits, highermetal realizations, better product mix and lower foreign currency balance sheet translationlosses. These favourable factors were partially offset by the adverse effectson costs of the strengthening of local currencies, higher alumina, energy andfreight costs, fuel-related raw material prices, costs related to the Arvidashutdown, as well as a 2003 favourable adjustment for asset retirementobligations.

The Company is the secondlargest aluminum producer in the world, as well as the recognized leader andsupplier of smelting technology. Approximately 50% of its primary metal isproduced using company-owned power, constituting a major competitive advantagewhen compared to the industry average of 20%. With a sharp focus on costreduction, productivity improvement and technology development, Alcan iscontinuously reinforcing its low cost primary metal position. Alcan believesthat 75% of its production is produced at costs which are lower than the worldaverage. 

Approximately half of theprimary aluminum produced in Alcan's North and South American smelters was soldat market prices to Alcan's fabricating facilities, including those that havebeen transferred to Novelis, primarily in the form of sheet ingot, rod, moltenmetal and remelt ingot. The remainder is sold to third party customers in Northand South America as well as in Asia, in the form of value-added ingot,primarily extrusion billet, sheet ingot, rod, foundry ingot or remelt ingot. Over50% of Alcan's European smelter production was consumed by Alcan's fabricatingfacilities in 2004, including those that have been transferred to Novelis.

Average ingot productrealizations were $1,884 per tonne in 2004 compared to $1,605 per tonne in 2003and $1,528 per tonne in 2002.

For further informationconcerning the Primary Metal Business Group's sales to third parties, businessgroup profit, total assets and the percentage of Alcan's total revenuecontributed by the Primary Metal Business Group, see Note 34 to the ConsolidatedFinancial Statements.

**2.3        Production Facilities andSales Centres**

2.3.1***    SmelterOperations:***As at 31 December 2004,******Alcan operated and hadinterests in 24 primary aluminum smelters with a nominal rated annual capacityof 3.4 million tonnes (representing Alcan's share only). Nine of thesesmelters, having a total nominal rated capacity of 1.6 million tonnes, arelocated in Canada; the other smelters are located in Australia, Brazil, Cameroon, China, France, Iceland, the Netherlands, Norway, Switzerland, the U.K. and the U.S. During 2004, Alcan's smelters produced 3.4 million tonnes of primaryaluminum: 1,561,400 tonnes in Canada, 196,900 tonnes in the U.S., 211,900 tonnesin the U.K., 108,800 tonnes in Brazil, 178,400 tonnes in Iceland, 82,200 tonnesin Norway, 44,900 tonnes in Switzerland, 442,200 tonnes in France, 217,800 tonnesin the Netherlands, 255,000 tonnes in Australia, 40,100 tonnes in Cameroon and43,900 tonnes in China. The smelter operated by AdG has been reclassified as adiscontinued operation.

 

 

*** ***

19

**Primary  Metal Smelter Locations**

** **

** **

**Locations**

** **

** **

**% of	Ownership	by Alcan**

**Annual Capacity (thousands of tonnes)**

** **

Australia.......

Tomago, New South Wales

51.5

263

*
 
Brazil...........

Ouro  Preto**

100

51

Aratu**

100

58
 
Cameroon....

Edea  (Alucam)***

47

45

*
 
Canada........

Alma, Quebec

100

405

Sept-Iles  (Alouette), Quebec

40

98

*

Beauharnois, Quebec

100

51

Bécancour, Quebec

25

102

*

Kitimat, British Columbia

100

277

Grande-Baie, Quebec

100

196

Laterrière, Quebec

100

219

Shawinigan, Quebec

100

93

Arvida, Quebec

100

163
 
China...........

Qingtongxia

50

75

*
 
France........	

Dunkerque

100

256

Lannemezan

100

50

Saint-Jean-de-Maurienne

100

135
 
Greece.........

Saint  Nicolas****

60.2

100

*
 
Iceland........

Reykjavik (ISAL)

100

176
 
The  Netherlands...

Vlissingen

85

190

*
 
Norway........	

Husnes  (SORAL)

50

82

*
 
Switzerland.....

Steg

100

44
 
United    Kingdom....

Lynemouth

100

169

Lochaber

100

41

United    States......

Sebree, Kentucky

100

196

**Total  Smelting Operations**

** **

** **

**3,535**

** **

**Total  Smelting Operations (excluding discontinued operations)**

** **

**3,435**

** **

*****

Represents Alcan's share.

**

Transferred  to Novelis.

***

Alcan's  direct ownership in Edea is 47%; however the Company obtains 100% of the production  of the plant as the major industrial shareholder and manager of Alucam.

****

Classified  as discontinued operations.
 
2.3.2      ***ElectrometallurgyOperations****(theseoperations have been reclassified as discontinued operations)*

**Electrometallurgy  Locations**

** **

** **
**Locations**
** **

** **

**% of	Ownership	by Alcan**

**Annual		Capacity 2004 (thousands of tonnes)**

**Principal Product**

** **

France...........

Chateau-Feuillet

100

48 
(silicon, silicocalcium,  ferrosilicon)
Anglefort

100

32 

(silicon)

Les  Clavaux

100

32 

(silicon)

Laudun

100

43 

(ferrosilicon)

Marignac

100

4 

(magnesium)

Montricher

100

24 

(silicon)

Pierrefitte

100

16 

(ferrosilicon)
  
South    Africa....

Polokwane

100

50 

(silicon)

**Total  Electrometallurgy Operations**

** **

** **

**249**

** **

*** ***

 

20
 
2.3.3    ***Technologyand Equipment Sales Centres***

*** ***

**Technology  and Equipment Sales Centres**

** **

** **

**Country**

**Location**

** **

**Country**

**Location**

** **

Australia..........

Eagle  Farm, Queensland

	Mozambique.............

Matola

Canada...........	

Quebec, Quebec

The  Netherlands.........

Ritthem

Montreal, Quebec

South    Africa...............

Richards Bay

China.............	

Shanghai

Switzerland................

Zurich

France............

Voreppe

Ronchin

*** ***

2.3.4***    Other Aluminum Sources:***Other sources of aluminuminclude the following: purchase of primary aluminum under contracts and spotpurchases, purchases of UBCs and aluminum scrap for recycling and purchases ofcustomer scrap returned against ingot or semi-fabricated product salescontracts. Such purchases are mainly from third party smelters, traders and, inthe case of scrap, from customers and dealers.

**2.4       Source Materials**

2.4.1***    ElectricalPower:***In Canada, Alcan's plants have an aggregate installed generating capacity of 3,583 megawatts,of which about 2,864 megawatts may be considered to be hydraulically availableover the long-term. These facilities supply electricity to Alcan's Canadiansmelters. All water rights pertaining to Alcan's hydroelectric installationsare owned by Alcan, except for those relating to the Peribonka River in Quebec. An annual charge is payable to the Quebec provincial government based on totalenergy generation, escalating at the same rate as the Consumer Price Index in Canada. In 1984, Alcan and the Quebec provincial government signed a lease extending the Company'swater rights relating to the Peribonka River to 31 December 2033 against anannual charge based on sales realizations of aluminum ingot, with an option toextend the term to 2058. In British Columbia, water rentals for electricityused in smelting and related purposes are directly tied to the salesrealizations of aluminum produced at Kitimat. For electricity sold to third parties,Alcan pays provincial water rentals at rates that are fixed by the British Columbia provincial government, similar to those paid by B.C. Hydro, theprovincially-owned electric utility.

One third of Alcan'sinstalled hydroelectric capacity in Canada was constructed by 1943, anotherthird by 1956 and the remainder by 1968. All these facilities are regularlymaintained and are expected to remain fully operational over the foreseeablefuture.

In addition toelectricity generated at its own plants, as described above, Alcan agreed topurchase, under a long-term agreement, between one and three billionkilowatthours of electrical energy annually from Hydro-Québec, theprovincially-owned electric utility, beginning in 2001. The AluminerieAlouette, which is 40% owned by Alcan, purchases its electricity needs fromHydro-Québec pursuant to two supply contracts. A long-term contract iscurrently in place for the existing smelter, whereas a new contract has beennegotiated for the Expansion Project (Phase II), which is near completion. TheAluminerie de Becancour, which is 25% owned by Alcan since the Pechiney Combination,also purchases its electricity needs from Hydro-Québec.

Any electricity that issurplus to Alcan's needs is sold to neighbouring utilities or customers underboth long-term and short-term arrangements.

For smelters locatedoutside of Canada, electricity is obtained from a variety of sources. Thesmelters in England and Scotland operate their own coal-fired and hydroelectricgenerating plants, respectively. In Norway, the Vigelands metal refinery (owned50% by Alcan) is provided its power needs from the Vigelands power stations. Thesmelters in Brazil obtain a portion of their electricity requirements fromowned hydroelectric generating plants and purchase the balance. The smelter inthe U.S. purchases electricity under a long-term contract through 2011 as wellas short-term contracts. The smelter in Iceland is supplied with hydroelectricpower from Iceland's national power company. The Norwegian smelter (owned 50%by Alcan) has a number of contracts for energy supply. The smelter in Switzerland is supplied with power under a short-term contract. The two larger smelters in France are supplied power under long-term contracts, whereas the Lannemezan smelter has along-term contract expiring next year. The smelter in the Netherlands, which is 85% owned by Alcan, has a number of short to medium term contracts for energysupply. The Australian smelter, which is 51.55% owned by Alcan, purchases itspower needs under two long-term contracts. The smelter in Cameroon, which is 46.7% owned by Alcan, is also supplied power under a long-term contract. Alcan'sinvestment in China, which resulted in a 50% participation in a pre-bakesmelter, has a secure power supply for its needs. 

 

 

21

** **

**Power  Locations**

** **

** **

 
**Locations**

** **

** **

**% of	Ownership	by Alcan**

**Installed Capacity (MW)**

 
** **

 
Brazil.......

Ouro  PretoPower  Stations**

100

47

 
Candonga  Power Station**

50

70

*

   
 
Canada....

Quebec Power Stations

100

2,687

 
Kemano, British Columbia

100

896

   
 
China.......

Daba  power plant

21.8

261

*

   
 
Norway....

Vigelands

100

26

  
 
United    Kingdom.....

Lynemouth  (coal-fired)

100

420

 
Highlands Power Stations

100

80

 
*	**

Represents  Alcan share.	Transferred  to Novelis.

2.4.2***     Anodes:***Anodesare used and consumed in the smelting process. Most of Alcan's smelters producetheir anodes at their own on-site facilities. Anodes are also produced in astand-alone facility in Aluminium & Chemie Rotterdam B.V., located in the Netherlands ("Aluchemie"). Alcan holds 53% of Aluchemie directly while Sor-NorgeAluminium A.S. ("SORAL"), its 50% Joint Venture, owns a further 11%.The remainder of the shares are held by Hydro Aluminum A.S. 

Each of the shareholders ofAluchemie is entitled to a volume of anodes corresponding to its participationat prices determined by formula. Alcan's share of anodes produced by Aluchemieis currently used at the Alcan Iceland Ltd. and SORAL smelters or sold to thirdparty customers.

The main raw materials for anodeproduction are calcined petroleum coke and pitch. The production processinvolves the mixing of the raw materials followed by cold shaping of the anodeand baking of the anode at elevated temperatures.

2.4.3***     Chemicals and OtherMaterials:*** Certain chemicals and other materials (e.g., aluminumfluoride, required for the production of aluminum at Alcan's smelters) are alsoproduced by its chemical operations. Other materials (e.g., caustic soda, fueloil, fluorspar and petroleum coke) are purchased from third parties.

**3.         Rolled Products Americas and Asia**

**3.1        Products**

In 2004, through an extensive network of rolled productsfacilities in North and South America and Asia, the Rolled Products Americasand Asia Business Group manufactured aluminum sheet and light gauge products,including can stock, automotive sheet and industrial products and managedAlcan's global can sheet business. Substantially all of the operations of the RolledProducts Americas and Asia Business Group were transferred to Novelis on6 January 2005.
**3.2        Sales andOperating Revenues**
In 2004, the Rolled Products Americas and Asia BusinessGroup shipped 1.8 million tonnes of rolled products that included 217,000 tonnesof customer-owned metal. The Business Group's third-party sales and operatingrevenues for 2004 were $4.4 billion, representing 18% of Alcan's total salesand operating revenues for the year. Sales increases in 2004 were driven by thecost of higher-priced metal inputs being passed through to customers inaddition to an increase of 10% in shipments. The weakening of the Dollaragainst other currencies, especially the euro, was also a factor in the salesincrease. In 2004, record shipments in Asia and South America accompanied by an7% increase in North America. The increases resulted from strong market demandand an increase in market share in South America. Volumes increased by 15% inAsia and 14% in South America.

 

22

  
Principal markets are beverage can sheet, containers andpackaging, transportation (including automotive), building products and otherindustrial applications.

For further information concerningthe Rolled Products Americas and Asia Business Group's sales to third parties, businessgroup profit, total assets and the percentage of Alcan's total revenuecontributed by the Rolled Products Americas and Asia Business Group, see Note 34to the Consolidated Financial Statements.

**3.3        Production/ Facilities**

At the end of 2004, the annual rolled products manufacturingcapacity in the Rolled Products Americas and Asia Business Group was:

-    North America, 1.25million tonnes, divided among the following plants: Saguenay (Quebec), Kingston(Ontario), Louisville, Logan and Berea (Kentucky), Oswego (New York),Terre-Haute (Indiana), Fairmont (West Virginia), Warren (Ohio) and Greensboro (Georgia);

-     Asia, 460,000 tonnes,divided among the Yeongju and Ulsan (Korea) and Bukit Raja (Malaysia) plants; and

-     South America, 280,000 tonnes, divided among the Pindamonhangaba (Brazil) and Utinga (Brazil) plants.

**3.4       SourceMaterials**

3.4.1    ***Sheet andPrimary Ingot:***In2004, 401,000 tonnes of sheet ingot were purchased from the Primary MetalBusiness Group and 190,000 tonnes were purchased from third party suppliers forthe Rolled Products Americas and Asia Business Group. In addition, 220,000 tonnesof primary ingot were purchased from the Primary Metal Business Group and 301,000tonnes were purchased from third party suppliers.

3.4.2    ***Recycling:***As a matter ofcourse, the Business Group operated facilities in many plants to recycle postconsumer aluminum as well as scrap aluminum generated during the manufacturingprocess at customers' and Alcan's manufacturing facilities. Recycled metal isprimarily utilized by Alcan's own rolling facilities to produce can sheet.

The Business Group had a dedicatedUBC recycling plant, which has an ultimate capacity of 80,000 tonnes per year,at Pindamonhangaba, Brazil. In addition, the Business Group operated threespecialized recycling plants in the U.S. for the recycling of UBCs and processscrap returned from customers. In the case of UBCs, the Business Group has awell-established North American recycling network. In 2004, its U.S. plants processed more than 24 billion UBCs.

**4.         Rolled Products Europe**

**4.1        Products**

In 2004, the Rolled Products Europe Business Group suppliedmarkets with a variety of aluminum rolled products including bare and coatedsheet, coil, plate and shate, which are used by customers for applications suchas building, transport, cans and closures, lithographic, foils, automotive andindustrial applications. On 6 January 2005, substantially all of theoperations of the Rolled Products Europe Business Group were transferred toNovelis.

 

23

**4.2        Sales and Operating Revenues**

In 2004, the Rolled Products Europe Business Group shipped 982,000tonnes of rolled products to third parties, that included 198,000 tonnes ofcustomer-owned metal. This Business Group's sales and operating revenues for2004 were $3.2 billion, representing 13% of total Alcan sales and operatingrevenues for the year.

In 2004, market conditions were generally difficult in Europe, and the euro continued to strengthen versus the U.S. dollar, slowing down overseasexports. Sales and operating revenues rose by 31% and shipments by 21% in 2004.The impact of higher LME prices passed through to customers accounted for mostof the improvement in sales and operating revenues, with higher shipmentsfollowing the Pechiney Combination and foreign currency translation effectsaccounting for the remaining improvement. In response to the challengingconditions, Rolled Products Europe Business Group continued to optimize itsproduct and market portfolio for increased efficiency, announcing the closureof the Falkirk and Flemalle plants. Production from these plants will bereallocated to other plants, allowing reduced costs and working capital, whileimproving customer service.

Principal markets are beverage can sheet, packaging,automotive and transportation, building products, lithographic sheet,electrical and other industrial applications.

For further information concerningthe Rolled Products Europe Business Group's sales to third parties, businessgroup profit, total assets and the percentage of Alcan's total revenuecontributed by the Rolled Products Europe Business Group, see Note 34 to the ConsolidatedFinancial Statements.

**4.3        Production Facilities**

At the end of 2004, the Rolled Products Europe BusinessGroup's annual rolled products manufacturing capacity in Europe was 1.8 milliontonnes of finished goods, divided among the following rolling plants: Flemalle(Belgium), Annecy and Rugles (France), Rogerstone (U.K.), AluNorf,Nachterstedt, Göttingen,Ludenscheid and Singen (Germany), Sierre (Switzerland), Dudelange (Luxembourg),Bresso and Pieve Emanuele (Italy).

AluNorf, in Neuss, Germany is the world's largest rollingplant and is operated as a 50% Joint Venture with Hydro Aluminum A.S. The otherplants are wholly owned.

**4.4        Source Materials**

4.4.1***     Sheet Ingot:***In 2004, 403,000 tonnes of sheet ingot were purchased from the Primary MetalBusiness Group and 239,000 tonnes were purchased from third party suppliers.

4.4.2***     Recycling:***TheBusiness Group operated a UBC collection system in the U.K., which supplies a specialized recycling plant for the recycling of UBCs and process scrapreturned from customers, with a capacity of 87,000 tonnes per year.

The Rolled Products Europe BusinessGroup played leading roles in joint industry programs to promote aluminumcollection and recycling in many countries. Facilities in many plants recyclealuminum scrap generated internally by fabricating activities. A facility inthe U.K. produces 65,000 tonnes per year of sheet ingot from aluminum scrap,and a secondary aluminum smelter in Borgofranco, Italy, which has a capacity of70,000 tonnes per year, produces secondary aluminum from aluminum scrap.

            Recycled metal is primarily utilized by therolling facilities to produce can sheet.

**5.         Engineered Products**

**5.1        Products / Business Units**

Alcan's Engineered Products Business Group manufacturescomposites and produces engineered or fabricated aluminum products for a broadrange of applications. Engineered Products Business Group develops applicationsfor its customers, especially those in the automotive, mass transportation,aerospace, marine and beverage container markets, while also supplying thearchitectural and building construction, electrical, machinery, display,leisure and wind power industries. In addition, the group includes a fullyintegrated manufacturer of aluminum cable, rod and strip products in NorthAmerica. It also produces a wide range of soft and hard aluminum alloy extrusionsas well as aluminum rolled products such as sheet, foil and plate.

 

24

The Engineered Products Business Group's product range isdivided into the following business units:

5.1.1    ***Aerospace,Transport & Industry ("ATI"):*****ATI serves customers in aerospace, marine, road andrail transportation and other engineering industries with plate, sheet, hardextrusions and castings. It offers production technical assistance, design anddelivery of cast, rolled, extruded, rolled pre-cut or shaped parts and therecycling of customers' machining scrap. 

5.1.2    ***Composites:***This unitmanufactures and supplies products including multi-material composites, forexample, comprising an outer and inner skin of aluminum sheet surrounding aplastic core; foam plastic materials, covered, if required by specific marketrequirements, with paper or plastic layers; fibre-reinforced plastic componentsand balsa core materials. The main applications for composites include buildingfacades, display and transportation, for which composites have a number ofadvantages over more traditional materials because of their lowweight-to-stiffness ratio, ease of application and design variety. 

5.1.3    ***Cable:***This unit produces cable, wherebyaluminum is cast and rolled into rod, which is then drawn into wire andstranded into cable for the transmission and distribution of electricity. Rodis also used for mechanical applications such as screen wire and strip findsapplication in cable armouring.

5.1.4    ***ExtrudedProducts:***Thisunit produces aluminum profiles by the extrusion process, which involvesforcing hot metal through a die to create profiled shapes for thetransportation, machine and building industries. Examples of end‐productsusing extrusions include parts for rail cars, buses, automotive application aswell as industrial components.

5.1.5    ***AutomotiveStructures:***Thisunit serves major automotive manufacturers with advanced automotive technology,producing advanced engineered shaped products including aluminum cockpitcarriers, bumpers and structural parts.

5.1.6    ***ServiceCentres:***The ServiceCentres typically offer various forms of fabricated aluminum including plates,extrusions and composite panels and perform value-added services for localcustomers such as cutting, shaping, machining and assembling.

5.1.7    ***AlcanInternational Network:*** This sales organization comprises nearly 40 offices in 36 countriesthat sell and source products in 60 countries. It provides marketing andsourcing services for both Alcan Business Groups and third party customers.

5.1.8    ***Ventures:*** Ventures comprises a number ofdifferent, generally smaller operations offering products such as capacitorfoil, refrigeration panels and composite structures for transportation. Itsmandate is to maximize value of existing businesses and to develop new growthopportunities.

5.1.9    ***SpecialtySheet:*** Thisbusiness unit serves customers in the can stock, bright sheet, closures,automotive, building, foil stock and standard rolled products sectors withcoils and sheet.

**5.2        Sales and Operating Revenues**

In 2004, the Engineered Products Business Group had thirdparty sales and operating revenues of $5.2 billion, representing 21% of totalAlcan sales and operating revenues for the year. Revenues were higher than in2003 mainly due to the Pechiney Combination. In 2004, the group benefited fromprice increases, higher volumes and favourable exchange rates.

5.2.1    ***AerospaceTransport & Industry ("ATI"):*** ATI had third-party sales andoperating revenues of $1,154 million in 2004. Strong aerospace volumes led tohigher revenues compared to prior years.

5.2.2    ***Composites:***Composites hadthird party sales and operating revenues of $553 million in 2004. Volumewas significantly higher than last year due to higher demand for its productsand full year revenues from the Gator-cor and Baltek acquisitions made in 2003.The market segments for the composite products are display, architecture,transportation and industry. 

 

25
******
5.2.3    ***Cable:***Cablehad third party sales and operating revenues of $557 million in 2004. Strongdemand, a better product mixand a 5% increase in production helped Cable increase revenues by more than20%. Alcan Cable is one of the largest aluminum cable manufacturers in NorthAmerica and supplies many sectors of the electrical industry and utilities,electrical distributors and original equipment manufacturers.

5.2.4    ***ExtrudedProducts:***ExtrudedProducts had third party sales and operating revenues of $748 million in 2004.The Extruded Products business unit is a leading supplier of large and hardalloy extrusions with customers in rail, bus, marine, automotive andengineering applications.****Extruded Products expanded its production ofsoft alloy extrusions with the extrusion plants acquired with the PechineyCombination. Strong demand for these products helped offset the slower demand forlarge profile rail products.

5.2.5    ***AutomotiveStructures:***Automotive had third party sales and operating revenues of$164 million in 2004. The Automotive business unit was reorganized in 2004 tofocus on automotive structures and built two new operating facilities in NorthAmerica.

5.2.6    ***Service Centres:***TheService Centres had third-party sales and operating revenues of $432 million in2004. Revenues include those of Almet Germany and Almet Belgium following the Pechiney Combination, as well as some components of Almet France. Alcan Service Centres supply mainly small and mid-sized industrial companies withspecialist services and fabricated products such as sheet, plate, compositematerials and extrusions. In 2004, management initiated the sale of certaingeneral distributor operations in France.

5.2.7    ***Alcan InternationalNetwork:*** The Alcan International Network had third party sales andoperating revenues of $603 million in 2004. The Alcan International Network waspreviously part of the International Trade Division of Pechiney.

5.2.8     ***Ventures:*** Ventureshad third party sales and operating revenues of $166 million in 2004. In 2004,management announced the sale of its high purity aluminum smelting and rollingplants in France.

5.2.9    ***Specialty Sheet:***In2004, the Specialty Sheet business of the Neuf-Brisach, France, rolling mill had third party sales and operating revenues of $790 million. Specialty sheet'srevenues benefited from strong demand for can stock and heat exchangers as wellas from favourable exchange rates.

For further information concerningthe Engineered Products Business Group's sales to third parties, business groupprofit, total assets and the percentage of Alcan's total revenue contributed bythe Engineered Products Business Group, see Note 34 to the Consolidated FinancialStatements.

**5.3        Production and Services Facilities**

Alcan's Engineered Products Business Group consists of 48 productionfacilities, 50 Service Centre facilities and 37 Alcan International Networkcommercial offices around the world. This number includes the plants located in Neuf-Brisach, France, and Ravenswood, West Virginia.

 

26

 

**Engineered  Products Facilities**

** **

 
**Locations**

** **

** **

**Products / Services**

 
** **

 
Brazil...............

Camacari

Composites

      
 
Canada...........	

Lapointe, Quebec

Cable

 
Saint-Maurice,  Quebec

Cable

 
Saguenay, Quebec

Automotive

      
 
China..............	

Shanghai

Composites

      
 
Czech Republic...

Decin

Extruded  Products

 
Strojmetal

Automotive

      
 
Ecuador...........	

Guayaquil

Composites

    
 
France..............

Saint-Florentin

Extruded  Products

 
Carquefou

Aerospace,  Transportation & Industry

 
Montreuil-Juigne

Aerospace,  Transportation & Industry

 
Issoire

Aerospace,  Transportation & Industry

 
Sabart

Aerospace,  Transportation & Industry

 
Ussel

Aerospace,  Transportation & Industry

 
Chambery

Ventures

 
Goncelin

Ventures

 
Mercus-Garrabet

Ventures

 
Froges

Ventures

 
Ham

Extruded  Products

 
Nuits-Saint-Georges

Extruded  Products

 
Neuf-Brisach

Specialty  Sheet

      
 
Germany........

Dahenfeld

Automotive

 
Gottmadingen

Automotive

 
Markt  Schwaben

Automotive

 
Osnabruck

Composites

 
Rastatt***

Automotive

 
Singen*

Automotive,  Composites, Extruded Products, Specialty Sheet

 
Burg

Extruded  Products

 
Crailsheim

Extruded  Products

 
Landau

Extruded  products

 
 
Slovenia..........

Koper

Automotive

 
 
Switzerland......

Altenrhein

Ventures

 
Gunzgen****

Composites

 
Sierre**

Extruded  Products, Specialty Sheet

 
Sins

Composites

 
Zurich

Ventures

      
 
United    Kingdom....

Chelmsford

Composites

 
Workington

Aerospace,  Transportation & Industry

      
 
United    States......

Benton, Kentucky

Composites

 
Glasgow, Kentucky

Composites

 
Roseburg, Oregon

Cable

 
Sedalia, Missouri

Cable

 
Statesville, North Carolina

Composites

 
Williamsport, Pennsylvania

Cable

 
Northvale, New Jersey

Composites

 
Novi, Michigan

Automotive

 
Vernon, California

Aerospace,  Transportation & Industry

 
Ravenswood, West Virginia

Aerospace,  Transportation & Industry

 
*

Shared  site with the Packaging business group.

**

Shared  site with Novelis.

***

Site  closed in 2004.

****

Site  sold in 2004.

27
******
5.3.1    ***AerospaceTransport & Industry ("ATI"):***The facilities are located in France(Carquefou, Montreuil-Juigne, Issoire, Sabart and Ussel), Switzerland (Sierre and Steg), in the U.K. (Workington) and in the U.S. (Vernon, California and Ravenswood,   West Virginia).

5.3.2    ***Composites:***Composites hasthe following 11 main plants: Shanghai (China), Camacari (Brazil), Guayaquil (Equador), Osnabrueck and Singen (Germany), Sins and Gunzgen (Switzerland), Chelmsford (U.K.) and Benton, Glasgow and Statesville (U.S.). The Singen site, alsopart of the Automotive and the Extruded Products business units, is shared withthe Packaging Business Group. 

5.3.3    ***Cable:***Alcan's main wire, rod, strip andcable businesses are located in Canada and the U.S.: Lapointe and St. Maurice (Quebec), Roseburg (Oregon), Sedalia (Missouri), and Williamsport (Pennsylvania).

5.3.4    ***ExtrudedProducts:***Alcanproduces extruded products at the following plants: Decin (Czech Republic), St. Florentin, Ham and Nuits-Saint-Georges (France), Singen, Burg, Crailsheim andLandau (Germany) and Sierre (Switzerland). The site located in Sierre is sharedwith Novelis, see above.

5.3.5***     AutomotiveStructures:***Among the product lines included in this business unit areextrusion-based safety systems and other structural automotive components,which are produced in Dahenfeld, Gottmadingen, Rastatt, Markt Schwaben andSingen (Germany), Koper (Slovenia), Novi, Michigan (U.S.) and Saguenay, Quebec (Canada).

5.3.6***    Service Centres:***TheService Centre network operates across most of Europe. Alcan Service Centresare established in: St. Johann im Pongau, Hallein, Leobersdorf and Vienna(Austria), Brussels and Jumet (Belgium), Charbonnières,Saint-Quentin-Fallavier, Nice, Poissy, Rive-de-Gier, Satolas, Blanquefort,Strasbourg, Seclin, Marseille, Bordeaux, Lyon, Nantes and Ozoir-la-Ferrière (France), Nurnberg, Hohenacker,Hamburg, Bad Salzungen, Duesseldorf, Fellbach, Hanover, Hebsack, Gera,Mannheim, Munich, Frankfurt, Immendingen and Cologne (Germany), Budapest(Hungary), Bologna, Florence, Milan, Padova, and Treviglio (Italy), Breda andOss (the Netherlands), Lisbon (Portugal), Oradea (Romania), Ljubljana(Slovenia), Madrid and Molins de Rey (Spain), Niederglatt, Fribourg andDagmersellen (Switzerland) and Wednesbury (U.K.). 

5.3.7***     Alcan InternationalNetwork:*** The commercial offices of the Engineered Products BusinessGroup have a global presence and are located at Algiers (Algeria), Melbourneand Victoria (Australia), Vienna (Austria), Brussels (Belgium), Sao Paulo(Brazil), Mississauga, Ontario (Canada), Beijing, Hong Kong, Taipei andShanghai (China), Prague (Czech Republic), Copenhagen (Denmark), Cairo (Egypt),Paris (France), Düsseldorf (Germany), Athens (Greece), Budapest (Hungary), Milan (Italy),Tokyo (Japan), Seoul (Korea), Mexico City and Monterrey (Mexico), Amsterdam (theNetherlands), Oslo (Norway), Manila (Philippines), Lisbon (Portugal), Bucharest(Romania), Moscow (Russia), Singapore (Singapore), Danston (South Africa),Madrid and Barcelona (Spain), Bangkok (Thailand), Istanbul (Turkey), Dubai(United Arab Emirates), Slough (U.K.) and Stamford, Connecticut (U.S.).

5.3.8     ***Ventures:***TheVentures operations are conducted at Chambery, Goncelin, Mercus-Gabarret andFroges (France), Altenrhein and Zurich (Switzerland) and Singen (Germany).

5.3.9     ***Specialty Sheet:***Beginningin January 2005, the Specialty Sheet operations are conducted at Neuf-Brisach (France) and Singen (Germany).

**5.4        Source Materials**

Aluminum used to produce engineered products is purchasedfrom the Primary Metal Business Group and from third party suppliers, whichinclude producers and traders. Recycled metal is also purchased from customersand third party suppliers, which include traders.

 

 

28

**6.         Packaging**

**6.1        Products / Business Sectors**

Alcan is a full-service packaging provider, with a worldwidepresence in food flexible, pharmaceutical & medical, beauty & personalcare, and tobacco packaging. A broad technical and geographical range ofpackaging solutions is offered using plastics, engineered films, aluminum,paper, paperboard and other materials.

In 2004, the Packaging Business Group was divided into sixsectors:

6.1.1   ***FoodPackaging Europe,***6.1.2 ***Food Packaging Americas and***6.1.3 ***FoodPackaging Asia:***Alcan Packaging manufactures a wide range of packagingproducts for the food, meat, dairy and beverage industries and is a leadingproducer of flexible and rigid specialty packaging in Europe, North America,South America and Asia, converting plastics, plastic film, foil and papermaterials into value-added packaging. Alcan Packaging provides packagingsolution expertise in wide ranging markets around the world, including beverages,biscuits/cookies/cereals, confectionery, dairy products, fresh and frozen food,instant products, pet food, retorted foods and snacks. It also produces capsand over caps for wine, champagne and liquor bottles.

The principal activities of these sectorsare printing, coating and lamination of plastic film, aluminum foil and paperinto primary packaging materials for food manufacturers. These sectors also producetheir own engineered films. The main processes used are rotogravure andflexographic printing, lamination using adhesive, wax or plastic extrusion andvarious coating processes to add barrier properties, sealability or gloss. TheFood Packaging sectors also produce capsules and closures in aluminum and tinand single and multi-layer injection and extrusion plastic bottles.

6.1.4    ***GlobalPharmaceutical Packaging:***Alcan Packaging is one of the world's leadingsuppliers of packaging to the pharmaceutical industry, with production sitesand R&D expertise in Europe, Asia and the Americas. Products and servicesinclude flexible packaging, caps and closures, contract packaging, foldingcartons, glass vials, ampoules and tubing products, medical flexible packaging,plastic bottles and science products.

6.1.5***     Global BeautyPackaging:***This unit is a world leader in the manufacture and supply ofbeauty packaging products for the make-up, fragrance and personal care markets,including collapsible tubes, mascara, lipstick, beauty promotional items,aluminum cans and bottles. Production facilities are maintained in Europe,North and South America and Asia.

6.1.6    ***Global TobaccoPackaging:***Alcan Packaging is a leading supplier to the global tobaccoindustry with manufacturing operations around the world. Tobacco packagingproducts include folding cartons, flexible packaging, inner bundling anddecorated tinplate containers.

**6.2        Sales and Operating Revenues**

Packaging sales to third parties were $6.1 billion in 2004.The Packaging Business Group's sales and operating revenues represented 25% ofAlcan's total sales and operating revenues for the year.

Business group profitfor 2004 was $303 million higher than in 2003 in large part due to thecontribution of former Pechiney businesses and driven bystrong organic volume growth, operational progress, synergies and favourableforeign exchange impacts. Substantial operating cost reductions were also achieved,resulting both from ongoing productivity programs and from the carry-overimpact of prior year restructuring activities. These major operational advancesmore than offset a major raw material price rise that resulted in particularfrom the significant increase of plastic resin prices in the second half of theyear. Full pass-through of these increased costs was not possible beforeyear-end on account of the normal re-pricing time lag.  

6.2.1    ***FoodPackaging Europe:***The food sector is the largest in terms of sales distribution by market. FoodPackaging Europe generated third party sales and operating revenues of $2.0 billionin 2004.

6.2.2     ***FoodPackaging Americas:*** Third party sales and operating revenues were $1.5 billion in 2004.

 

 

29
******
6.2.3     ***FoodPackaging Asia:***Third party sales and operating revenues were $0.2 billion in 2004.

6.2.4     ***GlobalPharmaceutical Packaging:***Third party sales and operating revenues were $0.8 billionin 2004.

6.2.5     ***GlobalBeauty Packaging:***Third party sales and operating revenues were $1.1 billion in 2004.

6.2.6     ***GlobalTobacco Packaging:***Third party sales and operating revenues were $0.5 billion in 2004.

For further information concerning the Packaging BusinessGroup's sales to third parties, business group profit, total assets and thepercentage of Alcan's total revenue contributed by the Packaging BusinessGroup, see Note 34 to the Consolidated Financial Statements.

**6.3        Production Facilities**

Alcan has 179 packaging plants in 27 countries.

6.3.1    ***FoodPackaging Europe:***Alcan produces an extensive range of products at its manufacturingfacilities in the Czech Republic (1 plant), France (11 plants), Germany (5plants), Ireland (1 plant), Italy (4 plants), Morocco (1 plant), theNetherlands (1 plant), Portugal (1 plant), Spain (4 plants), Switzerland (2plants), Turkey (1 plant), the U.K. (2 plants), Chile (1 plant), Canada (1plant) and the U.S. (1 plant). 

6.3.2    ***FoodPackaging Americas:***Manufacturing facilities are located in the U.S. (19 plants), Argentina (2 plants), Brazil (1 plant), Canada (2 plants), Mexico (2 plants), France (1 plant) and the U.K. (1 plant).

6.3.3     ***FoodPackaging Asia:***Thefood markets are served from China (4 plants), Indonesia (1 plant), New Zealand (1 plant), Philippines (1 plant) and Thailand (2 plants).

6.3.4   ***GlobalPharmaceutical Packaging:***Alcan's pharmaceutical products are manufactured and sentfrom the U.S. (20 plants), Belgium (1 plant), Brazil (1 plant), Canada (1plant), China (1 plant), France (7 plants), Germany (1 plant), Italy (1 plant),Puerto Rico (2 plants), Switzerland (1 plant) and the U.K. (1 plant).

6.3.5    ***GlobalBeauty Packaging:***Alcan produces its beauty and personal care solutions in France (15plants), Brazil (2 plants), Canada (1 plant), China (1 plant), Czech Republic(2 plants), Germany (1 plant), Indonesia (1 plant), Italy (5 plants), Mexico (3plants), Poland (1 plant), Spain (2 plants), the U.K. (1 plant) and the U.S. (5plants).

6.3.6   ***GlobalTobacco Packaging:*** The production facilities are located in the U.K. (20 plants), Canada (1 plant), Germany (1 plant), Kazakhstan (1 plant), the Netherlands (2 plants), Turkey (1 plant) and the U.S. (2 plants).

**6.4       Source Materials**

Packaging is made from a variety of materials includingaluminum, plastics, paper, paper board, glass and steel. Aluminum foil stockused in packaging is in part purchased from other Business Groups. Other sourcematerials are purchased from many third party suppliers.

**C.        INFORMATIONBY GEOGRAPHIC AREAS**

See Note 33 to the Consolidated Financial Statements forfinancial information by geographic areas.

 

 

 

 

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**D.          RESEARCHAND DEVELOPMENT**

Alcan's research and development ("R&D") comprisesa global system of research laboratories, applied engineering centers and planttechnical departments covering all major markets and regions. Alcan invested $239 million,$190 million and $115 million in R&D in 2004, 2003 and 2002, respectively.Pechiney invested €93 million and €90 million in R&D in 2003 and 2002, respectively.

With the Pechiney Combination, the Company's R&D capabilitywas significantly strengthened by the addition of specialized laboratories anda leading R&D presence in the aerospace sector.

Alcan's R&D laboratories collaborate on projects withleading universities in various parts of the world and the Company's scientistsand engineers regularly publish articles on research topics in peer-reviewedjournals.

1.1       Research Laboratoriesrelating to the Bauxite and Alumina Business Group are located in Gardanne(France), Saguenay, Quebec (Canada) and Brisbane (Australia).

1.2       Research Laboratoriesrelating to the Primary Metal Business Group are located in the Saguenay, Quebec(Canada), Voreppe, Chambery and Saint-Jean-de-Maurienne (France).

1.3       Research Laboratoriesrelating to the Rolled Products Americas and Asia Business Group are located inKingston, Ontario (Canada), Spokane, Washington and Aurora, Illinois (U.S.).

1.4       Research Laboratoriesrelating to the Rolled Products Europe Business Group are located in Voreppe(France) and Neuhausen (Switzerland).

1.5       ResearchLaboratories relating to the Engineered Products Business Group are located in Neuhausen (Switzerland), Kingston, Ontario (Canada) and Voreppe (France). Applied engineering center dedicatedto the mass transportation industries is located in Zurich (Switzerland). The centers specialized in the automotive industry arelocated in Detroit, Michigan (U.S.) and Singen (Germany). These applied engineering centers support Alcan'soverall research activities and focus on product applications and providetechnical development support to customers. The applied engineering centersdraw extensively on the resources and specific competencies of the centrallaboratories.

1.6       Research Laboratoriesrelating to the Packaging Business Group are located in Neenah (U.S.) and Neuhausen(Switzerland).

In addition to innovations from operations personnel, thecentral laboratories are complemented by the technical departments in thevarious plants as well as from applied engineering centers located close to keymarkets and operating divisions.

**E.         ENVIRONMENT,HEALTH & SAFETY**

Alcan is subject to a broad range of environmental laws andregulations in each of the jurisdictions in which it operates. These laws andregulations, as interpreted by relevant agencies and the courts, imposeincreasingly stringent environmental protection standards regarding, amongother things, air emissions, wastewater storage, treatment and discharges, theuse and handling of hazardous or toxic materials, waste disposal practices, andthe remediation of environmental contamination. The costs of complying withthese, including participation in assessments and remediation of sites, couldbe significant. In addition, these standards can create the risk of substantialenvironmental liabilities, including liabilities associated with divestedassets and past activities. Currently, Alcan is involved in a number ofcompliance efforts and legal proceedings concerning environmental matters.

The Company published its third corporate sustainabilityreport in 2004. This report discusses the Company's challenges, goals, andsuccesses related to building a sustainable and profitable future. For example,data is included on the significant Company-wide greenhouse gas reductionsachieved through Alcan's ongoing TARGET program that was launched in 2001.

 

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The Company was selected as a member of the Dow JonesSustainability World Index for the fourth time in the past five years.Furthermore, Alcan is actively involved in the World Business Council forSustainable Development Project on Accountability and Reporting and theCompany's President and Chief Executive Officer is chair of the World EconomicForum's Water Initiative aimed at protecting and managing the world's waterresources.

In 2003, Alcan implemented the Alcan Integrated ManagementSystem ("AIMS"), built on three key components, namely Value BasedManagement, Continuous Improvement and *EHS FIRST,*which must ensure thatthe same focus on value, improvement and environment, health and safety isfound in each of its operations.

Maximizing Value is Alcan's governing objective and ValueBased Management is the framework for all strategic investment decisions.

*EHS FIRST*represents a focus on environment, health and safetythroughout the Company, and is aligned with ISO 14001, a globally acceptedenvironmental standard, and OHSAS 18001, an international occupational healthand safety certification. All Alcan sites are well advanced towards the goal offull compliance by the end of 2005. Newly acquired facilities will have two yearsto comply. EHS capital expenditures in 2004 were $79 million and are projectedto be $131 million and $157 million in 2005 and 2006, respectively. Expenditurescharged against income for environmental protection were $175 million in 2004and are expected to be $218 million and $193 million in 2005 and 2006,respectively.

Continuous Improvement initiatives at Alcan were formalizedunder a common system in 2003 with the aim of maximizing opportunities byimproving the Company's competitive position and efficiency. Alcan's continuousimprovement system integrates two complementary approaches, Lean Manufacturingand Six Sigma.

**F.         PROPERTIES**

Alcan believes that its properties, most of which are owned,are suitable and adequate for its operations.

**G.         EMPLOYEES**

As at 31 December 2004, before the Novelis Spin-off, Alcanemployees were located as follows: approximately 27,800 in North America, 41,000in Europe, 3,900 in South America, and 9,800 in Asia, Pacific and other areas.A majority of the hourly-paid employees are represented by labour unions.

There are 26 collective labour agreements in effect in Canada. Labour agreements for unionized employees at Alcan facilities in Quebec expire at the end of2006 or in 2007. In British Columbia, the collective Labour Agreement atKitimat expires in 2005.

In all other locations, collective agreements are negotiatedon a site, regional or national level, and are of different durations.

Following the Pechiney Combination, France became the country where Alcan employs the largest number of employees. Employment conditionsare defined by French law and by four national collective agreements relatingto various industrial sectors: chemicals, mechanics, plastic transformation andcardboard transformation. Additional specific agreements exist at eachindividual company. Pension liabilities are not included in collectiveagreements, as pensions in France mostly result from a compulsory systemmanaged at the national level. Complementary pensions for same individualsresult from their specific contracts.
**H.          PATENTS, LICENSES AND TRADEMARKS**
Alcan owns, directly or through Subsidiaries, a large numberof patents in Canada, the U.S., the European Union as well as in othercountries, which relate to the products, uses and processes of its businesses.The life of a patent is most commonly 20 years from the filing of the patentapplication. Alcan is continually filing new patent applications. Allsignificant patents will be maintained until their formal expiration. Therefore,at any point in time, the range of life of the Company's patents will be fromone to 20 years.

 

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Alcan owns a number of trademarks that are used to identifyits businesses and products. The Company's trademarks have a term of three toten years. As a result, at any point in time, the Company will have trademarksat the end of their term and others with a full ten-year term. At the end oftheir term, significant trademarks will be renewed for a further three to tenyears.

Alcan has also acquired certain intellectual property rightsunder licenses from others for use in its businesses.

Alcan's patents, licenses and trademarks constitute valuableassets; however, the Company does not regard any single patent, license ortrademark as being material to its sales and operations viewed as a whole. TheCompany has no material licenses or trademarks the duration of which cannot, inthe judgment of management, be extended or renewed as necessary.

**I.          COMPETITIONAND GOVERNMENT REGULATIONS**

The aluminum and packaging businesses are highly competitivein price, quality and service. The Company experiences competition from anumber of companies in all major markets. In addition, aluminum products facecompetition from products fabricated from several other materials such asplastic, steel, iron, copper, glass, wood, zinc, lead, tin, titanium,magnesium, cement and paper. The Company believes that its competitive standingin aluminum production is enhanced by its ability to supply its own power tomany smelters at low cost.

The operations of the Company, like those of otherinternational companies, including its access to and cost of raw materials andrepatriation of earnings, may be affected by such matters as fluctuations inmonetary exchange rates, currency and investment controls, withholding taxesand changes in import duties and import restrictions. Imports of ingot andother aluminum products into certain markets may be subject to importregulations and import duties.  These affect the Company's sales realizations and mayaffect the Company's competitive position. Shipments of the Company's productsare also subject to the anti‐dumping laws of some importing countries,which prohibit sales of imported merchandise at less than defined fair values.

 

 

 

 

 

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**ITEM 3 LEGAL PROCEEDINGS**

The responsibility for each case marked with an asterisk hasbeen assumed by Novelis and will not be reported on by Alcan in the future.Many of the company names featured in these cases will be changed to reflecttheir being affiliates of Novelis.

**A.        ENVIRONMENTALMATTERS**

**1.        Cases**

**PAS Site*.** Alcan's subsidiary, Alcan Aluminum Corporation ("Alcancorp"),and third parties were defendants in a lawsuit instituted in July 1987 by theU.S. Environmental Protection Agency ("EPA"), relating to the PollutionAbatement Services site, a third-party disposal site, in Oswego, New York.Alcancorp was alleged to have contaminated this site through the disposal ofwaste materials disposed by contractors employed by Alcancorp (and othercompanies). In January 1991, the U.S. District Court for the Northern Districtof New York found Alcancorp liable for a share of the clean-up costs for thesite, and in December 1991 determined the amount of such share to be$3,175,683. Alcancorp appealed this decision to the United States Court ofAppeals, Second Circuit. In April 1993, the Second Circuit reversed theDistrict Court and remanded the case for a hearing on what liability, if any,might be assigned to Alcancorp depending on whether Alcancorp could prove thatwaste did not contribute to the costs of remediation at the site. This matterwas consolidated with another case, instituted in October 1991 by the EPAagainst Alcancorp in the U.S. District Court for the Northern District of NewYork seeking clean-up costs in regard to the Fulton Terminals Superfund site in  Oswego County, New York, which was also owned by PAS. The demand hearing washeld in October 1999. The trial court re-instituted its judgment holdingAlcancorp liable. The amount of the judgment plus interest was $13.5 million asof December 2000. The case was appealed and in the first quarter 2003, theSecond Circuit affirmed the decision of the trial court. In 2004, Alcancorppaid $13.9 million in respect of the EPA claim, representing the full amount ofthe judgment plus interest, and $1.6 million to the State of New York, and iscurrently responsible for future oversight costs, which are currently estimatedat approximately $600,000.

**PAS Owego Site Performing Group*.** Alcancorp has also been sued by 10other potentially responsible parties ("PRPs") at the PAS Site seekingcontribution from Alcancorp for costs they collectively incurred in cleaning upthe PAS Site from 1990 to present.  The costs incurred by the PRPs to datetotal approximately $6.4 million plus accrued interest.  Based upon currentlyavailable record evidence, Alcancorp contests responsibility for costs incurredby the PRPs.

**Butler Tunnel Site*.**Alcancorp was a party in a 1989 EPA lawsuit before the U.S.District Court for the Middle District of Pennsylvania involving the ButlerTunnel Superfund site, a third party disposal site. In May 1991, the Courtgranted summary judgment against Alcancorp for alleged disposal of hazardouswaste. In 1995, after unsuccessful appeals, Alcancorp paid the entire judgmentplus interest.

The United States government filed a second cost recoveryaction against Alcan seeking recovery of expenses associated with theinstallation of an early warning system for potential future releases for the Butler site. The complaint does not disclose the amount of costs sought by the government.The case has been held in abeyance since shortly after it was filed, so therehas been no opportunity for discovery to fully determine the type of remedialaction, the total cost, the existence of other settlements or the existence ofother non-settling PRPs that may exist for potential contribution. In December2004, a motion for partial summary judgment was heard and is under advisement.

**Tri-Cities Site*.**In 1994, Alcancorp and other companies responded to an EPAinquiry concerning the shipment of old drums to Tri-Cities Inc. (New York). The company previously reprocessed barrels. In 1996, the EPA issued anadministrative order directing the defendants to clean up the site. Alcancorprefused to participate claiming that the drums sent to Tri-Cities were empty atthe time of delivery. In September 2002, notification was received from the EPAthat it contended Alcancorp was responsible for past and future response costswith accrued interest and penalties for its violation of the administrativeorder. Alcancorp responded by a letter outlining its objections to the EPA'sdetermination. The EPA has since indicated that the matter has been referred tothe DOJ for enforcement. In December 2004, a consent decree was negotiated withthe DOJ and the EPA. Under this consent agreement, Alcancorp will pay $360,000as a civil penalty as well as $600,000 in past costs.  Future costs have beencapped at a maximum payment of $800,000.

 

 

 

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**Quanta Resources Facility*.**In June 2003, the DOJ filed aSuperfund costs recovery action in Federal Court for the Northern District ofNew York against Alcancorp and Russell Mahler, seeking unreimbursed responsecosts, stemming from the disposal of rolling oil emulsion at Quanta Resourcesfacility in Syracuse, New York. The parties are in the process of discovery. In2003, Alcancorp met with the DOJ and EPA who quantified potential liability forunreimbursed costs and penalties in the amount of $1,400,000.

**Sealand Site*.**New York State claims Alcancorp's waste sent to the Sealand, New York site ishazardous; Alcancorp disputes this. There are several PRPs. In 1993, Alcancorpdeclined a request to participate in a program to provide drinking water toarea residents, contending that Alcancorp's waste did not cause or contributeto the harm caused at the site. In 2003, Alcan met with the DOJ and the EPA,who quantified the potential liability of unreimbursed costs at $2.6 million.

**Omega Chemical Site.**In February 1996, the Company's U.K. Subsidiary, BritishAlcan Aluminium plc ("British Alcan"), sold its investment in LuxferUSA Limited. As part of the sale, British Alcan agreed to indemnify thepurchaser for certain liabilities, including those arising out of the followingproceeding. Luxfer is a participant in a joint defense group being sued by theEPA in the District Court, Central District of California, in regard to wasteLuxfer sent, from 1976 to 1991, to the Omega chemical waste Superfund site, athird party disposal site in Whittier, California. Large waste generators arecleaning up the site. Luxfer, being a small contributor, is discussingsettlement offers. In 2000, Luxfer and other members of the joint defense groupentered into a consent decree with the EPA to complete the remediation. Therewere no developments in 2004.

**Pennsauken Landfill.**Alcancorp is a third party defendant in a suit seekingresponse costs initiated in December 1995 by the State of New Jersey allegingthat a disposal company that had been used by Alcancorp disposed of hazardousmaterial in a landfill in Pennsauken. Including Alcancorp, there are 277 thirdparty defendants in this action. Various discovery issues remain outstanding.In 2002, the court granted the third party defendants the right to conductdepositions of the other party's experts. The discovery process continued in2003. There were no developments in 2004.

**Diamond Alkali Superfund Site - Lower Passaic River Initiative*.**In 2003,Alcancorp received a letter from the EPA regarding an investigation beinglaunched into possible contamination of the Lower Passaic River in 1965.Alcancorp has been identified as a PRP arising from one of its plants in Newark, New Jersey which may have generated hazardous waste. A remedial investigationfeasibility study is scheduled to be carried out over several years. Alcancorphas entered into a consent decree with other PRPs and will participate in aremedial feasibility study.

**Jarl Extrusions (Rochester, NY)*.** The Property was acquired in 1988and operations were subsequently discontinued. The property was sold inDecember 1996.  Alcancorp retained liability under the terms of sale. Alcancorpentered into a consent decree with New York State under which evaluation of thesite was performed in 1990-91.  Most of the contamination was determined tohave come from an adjoining site. In its response to Alcancorp's investigationreport, the State asked Alcancorp to admit to liability for off-site pollution(a Superfund site is located next door) and that hazardous sludge was dumped inthe ponds behind the building. Alcan denied these allegations. In light of theState's failure to cooperate with Alcancorp in the remediation of this siteunder the consent decree, Alcancorp filed a notice of protest with the State.Alcancorp's appeal was denied, but the State later approved a new remedialinvestigation report negotiated between NYSDEC and Alcancorp. A feasibilitystudy for site remediation was then approved by NYSDEC.  Negotiations on aconsent order for remedial design construction were completed and the orderwill be finalized once restrictive deed covenants have been filed for theproperty. Most of the clean-up has been completed. NYSDEC approved a long-termoperation and monitoring plan ("O&M"). Alcancorp continues to conductO&M and has sought permission to decommission two monitoring wells. 

**Millville, New Jersey Plant.**In 1997, Wheaton USA Inc. ("Wheaton"), a wholly-ownedSubsidiary, began building new furnaces at its Millville, New Jersey glassplant that were alleged to violate air emission regulations. The New JerseyDepartment of Environmental Protection ("NJDEP") issued a citationfor violation of permits. The EPA issued an information request to which Alcanresponded. Wheaton made modifications to the two furnaces. Wheaton is awaitinga review and approval from the NJDEP. There were no further developments in 2004.

 

 

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**Clifton, New Jersey Facility.**Lawson Mardon USA plc. ("LM USA"), a wholly-owned Subsidiary, is undertaking a site investigation and clean-up of the landat its Clifton, New Jersey plant, in compliance with a NJDEP permit. No courtaction was brought. According to studies, offsite contamination was not aresult of LM USA's operations. LM USA has reached an agreement with the NJDEPfor alleged on-site contamination whereby LM USA would isolate the area andwould monitor the ground water for two years. LM USA completed the remediationand ground water monitoring in 2004 and is awaiting a final determination ofthe NJDEP. 

**LM Trentesaux Site.**In 1999, an investigation was carried out at a site owned bya Subsidiary, Lawson Mardon Trentesaux SA ("LM Trentesaux"), at Tourcoing, France. The land was found to be contaminated by solvent, fuel and chemicalproducts resulting from engraving and packaging activities. An estimate of theclean-up costs was established. The investigation was also conducted todetermine whether the contamination was the sole responsibility of LMTrentesaux and whether the migration of the contamination was possible. Groundcontamination caused by solvent was treated and further treatment for othersubstances may be required.

**Algoods Ontario Remediation.**Beginning in 1995, environmentalinvestigations have been conducted into the presence of oil, gasoline andvolatile organic compounds ("VOCs") in the soil and groundwater atthe Algoods plant site in Ontario, Canada and third party properties adjacentto this site. Algoods was sold in 1996 and under the terms of the agreement,the Company retains liability for this case. A remediation plan was approvedwith the Ministry of Environment ("MOE") for the oil removal andrecovery is approximately 85% complete. A gasoline recovery system wascommissioned by Alcan and accepted by the owner of the affected property. MOErequested and has received from Alcan a delineation study with respect to VOCsin the surrounding area. In 2004, MOE advised the Company that additional workis required. The scope of this work is currently under discussion.

**Howmet Sites.**Under the stock purchase agreement between Pechiney andBlade Corporation for the divestiture of certain Pechiney subsidiaries(Pechiney Corporation, Howmet Corporation, Howmet Cercast) dated 12 October1995, Pechiney agreed to indemnify Blade Corporation, without limitation intime or a ceiling on the indemnification amount, with respect to certainenvironmental matters (Howmet Sites) that exceeded a reserve of $6 million onthe pro-forma 1995 balance sheet of Pechiney. Alcoa, the legal successor ininterest to Blade Corporation and beneficiary of the indemnification clause,asked Pechiney in 2002 to pay for the remediation costs exceeding the $6million provision concerning the environmental risks at several sites.

**Omega Chemical Sites.**In addition to Alcan's defense of Luxfer at this site,Howmet is also named as a PRP at the Omega Chemical site. Howmet entered into aconsent decree, the total cost of which is estimated at $15 million to allPRPs. Howmet recently entered into a revocable assignment of contributionclaims in favour of the Omega Chemical PRP Group, LLC.

**Dover, New Jersey Site.**In 1997, Howmet notified Pechiney of high PCB readings at Dover, New Jersey. There are other possible environmental concerns at the Dover site aswell. In April 1991, Howmet entered into an administrative order with the Stateof New Jersey for a remedial investigation/feasibility study. That process isnot complete and a remedy has yet to be selected. Additionally, Howmet receivedoral notification in January 2004 that the State of New Jersey was seekingnatural resources damages ("NRD") for claimed impact on the sitegroundwater. The State of New Jersey is thus asking for money damages for theimpact on the groundwater separate and above the remediation costs.

**Combe Fill South Landfill.**In 1998, the U.S. and the New Jersey Department of Environmental Protection sued Howmet and other parties fordamages and response costs in response to the environmental conditions at theCombe Fill South Landfill in New Jersey. The governments claim both past costsfor remediation and future costs. An alternative dispute resolution process isunderway under the supervision of the U.S. District Court for the District ofNew Jersey. Howmet submitted its position paper on allocation on 15 January2004. There are hundreds of parties involved in the suit and allocations arenot yet final.

**Holden Mine Site.**In a 1993 settlement agreement, Pechiney had agreed toindemnify Alumax for certain claims, including in relation to environmentalmatters relating to the Holden Mine. Holden Mine was an underground copper minethat Howe Sound Company operated from 1936 until 1957. It is located in aremote wilderness area in the Wenatchee National Forest in the State of Washington. The U.S. Forest Service, together with officials of the State of Washington and the EPA, requested the performance of a remedial investigation. Anadministrative order was entered in 1997. The remedial investigation identifiedseveral remedial scenarios with a wide range in cost. Total site costs(including investigation costs) and NRDs may exceed $30 million. Alcansubmitted its final draft feasibility study in February 2004 and meetings tookplace at several times in 2004. Alcan does not yet have an agreement with theagencies on the remedy or NRDs obtained. 

 

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**Blackbird Mine.**In 1994 and 1995, Pechiney signed a consent decree, with theU.S. Forest Service, National Oceanic and Atmosphere Administration and theEPA, as well as the State of Idaho and two Administrative Orders with the EPAfor a remedial investigation/feasibility study and early action clean-up of theBlackbird Mine. Pechiney must pay a significant portion of the total cost ofthe Blackbird Mine clean-up. The U.S. must pay a smaller portion of theremediation expenses with a cap. The removal actions, which began in 1995, arelargely but not entirely complete. The U.S. investigated arsenic contaminationat neighboring Panther Creek Inn and a soil removal remediation was performedin 1998. In August 2002, the EPA issued its proposed remedial plan for BlackbirdMine, which includes copper and cobalt actions. In Spring 2003, the EPA issueda record of decision ("ROD"), which the Company views as unfavourableand costly. Pechiney is also trying to negotiate a modification of the consentdecree to extend the time for achieving water quality standards from 2002 to2005. Negotiations with the various agencies concerning the ROD and the consentdecree were held during 2003. The U.S. also issued a unilateral administrativeorder ("UAO") on 11 July 2003. The UAO became effective on 10 August 2003. The parties indicatedtheir intent to comply on 14 August 2003. The EPA estimated the ROD remedy costat $15.4 million present value in addition to what has already been paid. TheEPA also demanded $25 million in financial assurance from the parties. TheCompany is vigorously opposing certain elements of the additional work. 

**Tungsten Mine Site.**In April 2000, the North Carolina Department of Environment& Natural Resources, Division of Waste Management sought cooperation forthe removal of drummed hazardous substances and for monitoring, testing,analyzing and reporting on the Tungsten Mine Site, in Vance County, NorthCarolina. Pechiney is the successor to Haile Mining Company, which it isbelieved mined the site from approximately 1945 through the late 1950s. A firstmeeting of PRPs took place in October 2001. In October 2004, the State of North Carolina met with the PRPs and presented a proposed remedial plan to which they mustrespond. Remedial action is expected to cost approximately $3 million for whichthe Company would be partially responsible.

**Pohatcong Valley Site.**The U.S. Department of Interior notified Pechiney Plastic Packaging Inc.("PPPI") on 19 November 1999 that it wanted to geophysically logcertain wells at the Washington, New Jersey facility as it seeks to identifypossible contributors of a specific contaminant - TCE - to the Pohatcong ValleySuperfund Site. This matter involves both an on-site remediation of theWashington Plant, which is near completion and a Superfund Site, which is inthe early stages of investigation. 

**High Point Sanitary Landfill.**PPPI is one of four parties that hadentered into a 1998 consent order with the NJDEP for the remediation of aformer landfill in Franklin County, New Jersey. Negotiations continue betweenthe parties and the NJDEP, with the Company's share of remediation costs, ifany, being undetermined.

**2.        Reviewsand Remedial Actions**

From time to time, the Company is subject to environmentalreviews and investigations. The Company has established procedures forreviewing environmental investigations and any possible remedial action on aregular basis. Although the Company cannot reliably estimate all of the costswhich may ultimately be borne by it, the Company has no reason to believe thatany remedial action will materially impair its operations, materially affectits financial condition or materially affect the Company's liquidity. 

**B.        OTHERMATTERS**

**Powerex Litigation.**In 1997, as part of the claim settlement arrangementsrelated to the British Columbia Government's cancellation of the KemanoCompletion Project, the Company obtained the right to transfer a portion of apower supply contract with B.C. Hydro to a third party. The Company sold the right to supply this portion to EnronPower Marketing Inc. ("EPMI"), a subsidiary of Enron Corporation("Enron"). To obtain the consent of B.C. Hydro, the Company wasrequired to retain a residual obligation for EPMI's performance under the powersupply contract in the event that EPMI became unable to perform, to a maximumaggregate amount of $100 million, with mitigation and subrogation rights. B.C.Hydro assigned its rights to receive the power to B.C. Hydro's affiliate,Powerex Corporation ("Powerex"). On 2 December 2001, EPMI and Enronfiled for protection under Chapter 11 of the U.S. Bankruptcy Code and Powerexalleged that Alcan owed it a termination payment of more than $100 million.On 17 January 2003, an arbitrator confirmed Powerex's claim for $100 million.In 2003 and 2004, there were legal proceedings in Oregon and British Columbiarelated to the judicial review and enforcement of the 17 January 2003 arbitralaward. On 7 October 2004, Alcan and Powerex agreed to terminate all legalproceedings and, on 23 December 2004, Alcan paid to Powerex $110 million infull and final payment of the claim (inclusive of accrued interest). 

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**Kaiser Aluminum Corporation.**On 21 January 2004, Kaiser AluminumCorporation and affiliated entities filed a motion before the U.S. BankruptcyCourt for the District of Delaware seeking to reject the five-year aluminasupply agreement between Kaiser Aluminum International, Inc. ("KAII")and Pechiney Trading Company ("PTC"). The agreement provides for thesupply of 300,000 tonnes of alumina per year to PTC, from January 2002 to theend of 2006. KAII assumed the agreement after it had entered into the U.S.Chapter 11 debtor protection status. The Court specifically authorized theassumption of the agreement under applicable provisions of the U.S. BankruptcyCode at the request of the Kaiser debtors. PTC believes that the agreement isvalid and enforceable, and filed objections to the motion as well as severalmotions of its own against the Kaiser entities. On 22 March 2004, the motionwas definitively withdrawn and the alumina supply agreement remains valid andenforceable.

The Company is also involved in ordinary course litigationin jurisdictions throughout the world, none of which, in the Company's belief,could materially impair its operations, materially affect its financialcondition or materially affect the Company's liquidity.

 

 

 

 

 

 

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**ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS**

A Special Meeting of holders of Common Shares, Series CPreference Shares and Series E Preference Shares of Alcan was held on 22December 2004 to approve the arrangement resolution in connection with the arrangementpursuant to which most of the aluminum rolled products businesses operated byAlcan were to be transferred to Novelis and the shares of Novelis were to bedistributed to Common Shareholders of Alcan.

The Special Meeting was called to consider the arrangement resolution.On a vote by ballot, the arrangement resolution was carried, with 227,278,318Shares voted FOR and 269,756 Shares voted AGAINST the arrangement resolution.The percentage of the vote in favour was 99.92%.

 

 

 

 

 

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**PART II**

**ITEM 5 MARKET FOR THE REGISTRANT'S COMMON EQUITY ANDRELATED STOCKHOLDER MATTERS**

The principal markets for trading in Alcan's Common Sharesare the New York and Toronto stock exchanges. The Common Shares are also tradedon the London, Paris and Swiss stock exchanges. The transfer agents for theCommon Shares are CIBC Mellon Trust Company in Montreal, Toronto, Winnipeg, Regina, Calgary and Vancouver, Mellon Investors Services L.L.C. in New York, and Capita IRG in England. Common Share dividends, if declared, are paidquarterly on or about the 20th of March, June, September andDecember to Shareholders of record on or about the 20th of February,May, August and November, respectively.

The number of holders of record of Common Shares on 2 March2005 was approximately 17,470. 

While the Company intends to pursue a policy of payingquarterly dividends, the level of future dividends will be determined by theBoard of Directors in light of earnings from operations, capital requirementsand the financial condition of the Company. The Company's cash flow isgenerated principally from operations and also by dividends and interestpayments from Subsidiaries, Joint Ventures and Related Companies. Thesedividend and interest payments may be subject, from time to time, to regulatoryor contractual restraints, withholding taxes and foreign governmentalrestrictions affecting repatriation of earnings.

Dividends paid on Common Shares held by non-residents of Canada will generally be subject to Canadian withholding tax which is levied at the basic rate of 25%,although this rate may be reduced depending on the terms of any applicable taxtreaty. For residents of the U.S., the treaty-reduced rate is currently 15%.

** **

 
Dividend ($)

New York Stock Exchange ($)

Toronto Stock Exchange (CAN$)

2004 Quarter

** **

High

Low

Close

Avg. Daily Volume

High

Low

Close

Avg. Daily Volume

**First**

**0.150**

**49.32**

**40.36**

**44.79**

**           1,854,861**

**66.08**

**53.75**

**58.29**

**        1,459,467**

**Second**

**0.150**

**47.03**

**36.82**

**41.40**

**           1,799,261**

**61.87**

**51.02**

**55.20**

**        1,175,892**

**Third**

**0.150**

**47.93**

**38.07**

**47.80**

**           1,022,138**

**60.74**

**50.71**

**60.50**

**           934,561**

**Fourth**

**0.150**

**52.65**

**45.74**

**49.04**

**           1,011,520**

**62.80**

**56.04**

**58.80**

**           983,343**

**Year**

**0.600**

** **

** **

** **

** **

** **

** **

** **

** **

**2003 Quarter**

** **
                        
** **

First

0.150

32.09

26.25

27.90

              759,193	

49.61

38.77

41.15

            865,840 

Second

0.150

32.98

27.10

31.29

              619,357	

44.60

39.30

42.01

            787,154 

Third

0.150

39.83

29.68

38.26

           1,341,545	

53.80

40.86

52.40

         1,129,083 

Fourth

0.150

48.35

38.31

46.95

           1,819,066	

64.25

49.83

60.57

         1,071,741 

Year

0.600

*   The share pricesare those reported as ''New York Stock Exchange - Consolidated Trading'' andreported by the Toronto Stock Exchange.

**Equity Compensation Plan Information**

The information required is incorporated by reference to theProxy Circular in section entitled ''Securities Authorized for Issuance UnderEquity Compensation Plans'' on page 26.
**Sales of Unregistered Securities**
In 2004, the Company issued 244,842 Common Shares to formerholders of Pechiney options that resided outside the United States and Canada upon the exercise of such options.  These Common Shares were not registered under the *SecuritiesAct of 1933*, as amended (the "Securities Act") in reliance on RegulationS.  The dates of sale and amounts of Common Shares are set forth below:

 

40
 
**2004 Exercises - Dates**

**Dates**

**Number	of Shares**

**Dates**

**Number	of Shares**

**Dates**

**Number	of Shares**

13-Jan-04

14

25-Jun-04

978

07-Oct-04

2,190

21-Jan-04

2,099

05-Jul-04

1,225

08-Oct-04

838

03-Feb-04

1,225

22-Jul-04

700

12-Oct-04

2,273

09-Feb-04

4,052

31-Aug-04

978

13-Oct-04

361

22-Mar-04

718

02-Sep-04

8,961

14-Oct-04

524

29-Mar-04

7

03-Sep-04

9,774

16-Oct-04

140

01-Apr-04

1,750

06-Sep-04

35,841

18-Oct-04

1,600

13-Apr-04

2,871

07-Sep-04

59,498

22-Oct-04

8,604

14-Apr-04

5

08-Sep-04

2,793

5-Nov-04

2,000

19-Apr-04

2,991

10-Sep-04

1,816

15-Nov-04

11,446

20-Apr-04

26

20-Sep-04

2,152

16-Nov-04

377

21-Apr-04

509

28-Sep-04

20,072

23-Nov-04

1,397

26-Apr-04

6

29-Sep-04

98

30-Nov-04

718

04-Jun-04

2,153

30-Sep-04

23,244

11-Dec-04

4,303

16-Jun-04

561

06-Oct-04

4,195

In addition, the Company's subsidiary Pechiney sold a totalof 1,237,558 of the Company's Common Shares between 23 January 2004and 30 January 2004 and between 25 June 2004 and 29 June 2004.The Common Shares had been acquired by Pechiney in connection with its tenderof Pechiney common shares to the initial and follow up offers made by theCompany between October 2003 and January 2004 to purchase Pechiney securities. The sales were made through the facilities of the New York Stock Exchangewithout registration under the Securities Act or an applicable exemption fromregistration. The dates of sales and amounts of Common Shares are as follows:185,000 Shares on 23 January 2004, 107,000 Shares on 26 January 2004,87,500 Shares on 27 January 2004, 71,600 Shares on 28 January 2004,104,600 Shares on 29 January 2004, 135,969 Shares on 30 January2004, 146,700 Shares on 25 June 2004, 217,889 Shares on28 June 2004 and 181,300 Shares on 29 June 2004; for atotal of 1,237,558 Shares.

The aggregate proceeds of the unregistered sales of the CommonShares discussed above were approximately $52.3 million. These proceeds wereused for general corporate purposes.

 

 

 

 

 

41

**ITEM 6 SELECTED FINANCIAL DATA**

**SELECTED HISTORICAL FINANCIAL DATA**(in millions of Dollars, except for per share amounts)

** **

**Years ended 31 December**

*U.S. GAAP*

**2004**

** **

**2003**

** **

**2002**

** **

**2001**

** **

**2000**
 
Sales and operating revenues

24,885

13,850 

12,483 

12,545 

9,237
 
Income (Loss) from  continuing operations

252

262 

421 

(60)

582
 
Income (Loss) from  discontinued operations

6

(159)

(21)

(6)

-
 
Cumulative effect of  accounting changes

-

(39)

(748)

(12)

-
 
Net income (Loss)

258

64 

(348)

(78)

582
 
Earnings (Loss) per share:
 
Basic and diluted:
 
Income  (Loss) from continuing operations

0.67   
0.79 

1.29 

(0.21)

2.31
 
  
Loss  from discontinued operations

0.02     	
(0.49)

(0.07)

(0.02)

-
 
Cumulative  effect of accounting changes

-

(0.12)

(2.32)

(0.04)

-
 
Net  income (Loss) per share

0.69   
0.18 

(1.10)

(0.27)

2.31
 
Cash dividends per share

0.60

0.60 

0.60 

0.60 

0.60
  
Total assets

33,341

31,948 

17,761 

17,551 

17,846
  
Long-term debt (including  current portion)

6,914

7,778 

3,369 

3,411 

3,423
 
Alcanhas historically prepared and filed its financial statements in accordance withCanadian generally accepted accounting principles (GAAP) with a reconciliationto U.S. GAAP. On 1 January 2004, the Company adopted U.S. GAAP as itsprimary reporting standard for presentation of its Consolidated Financial Statements.  Historical Consolidated Financial Statements were restated in accordance withU.S. GAAP. Note 35 of theConsolidated Financial Statements, prepared in accordance with U.S. GAAPprovides an explanation and reconciliation of differences between U.S. and Canadian GAAP.

The financialinformation for all prior periods has been reclassified for discontinuedoperations. For a description of the Company's discontinued operations andassets held for sale, see Note 5 to the Consolidated Financial Statements,prepared in accordance with U.S. GAAP. Unaudited pro forma condensedconsolidated information of the Company as at and for the year ended 31 December2004, giving effect to the Novelis Spin-off as at 1 January 2004 forthe statement of income and as of 31 December 2004 for the balance sheet,is included in Note 7 to the Consolidated Financial Statements.

In2003, the Company retroactively adopted Statement of Financial AccountingStandard (SFAS) No. 143, Asset Retirement Obligations.  An after-tax charge of$39 million for the cumulative effect of accounting change was recorded as aresult of the new standard, relating primarily to costs for spent potliningdisposal for pots currently in operation.  See Note 4 of the ConsolidatedFinancial Statements, prepared in accordance with U.S. GAAP.

In2002, the Company adopted SFAS No. 142, Goodwill and Other Intangible Assets. An after-tax charge of $748 million for the cumulative effect of accountingchange was recorded as a result of the new standard, relating to impairment ofgoodwill. See Note 4 of the Consolidated Financial Statements, prepared inaccordance with U.S. GAAP.

 

42

In2001, the Company adopted SFAS Nos. 133 and 138, Accounting for Derivative Instrumentsand Hedging Activities.  These standards require that all derivatives berecorded in the financial statements at fair value.  Unrealized gains andlosses resulting from the valuation of derivatives at fair value are recognizedin net income as the gains and losses arise and not concurrently with therecognition of the transactions being hedged.  An after-tax charge of $12million for the cumulative effect of accounting change was recorded as a resultof the new standard.

Theaccounting policies adopted by the Company during the years 2002 to 2004 aredescribed in Note 4 of the Consolidated Financial Statements, prepared inaccordance with U.S. GAAP.

Thedata presented above should also be read in conjunction with Management'sDiscussion and Analysis of Financial Condition and Results of Operations.

**ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS**

Management's Discussion and Analysis of Financial Conditionand Results of Operations is filed as exhibit 99.3 and  is incorporated byreference.

**ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURESABOUT MARKET RISK**

**Interest Rates**

The impact of a 10% increase in interest rates on theCompany's variable rate debt outstanding at 31 December 2004 and 31 December2003 net of its invested surplus cash and time deposits at 31 December 2004 and31 December 2003 would be to reduce net income by $7 million and $5 million,respectively. The fixed rate debt is expected to be outstanding until maturity asthe Company does not intend to refinance its fixed rate debt prior to maturity.Transactions in interest rate financial instruments for which there is nounderlying interest rate exposure to the Company are prohibited. For accountingpolicies for interest rate swaps used to hedge interest costs on certain debt,see Note 3 of the Consolidated Financial Statements.

**Currency Derivatives**

The schedule below presents fair value information andcontract terms relevant to determining future cash flows categorized byexpected maturity dates of the Company's currency derivatives (principallyforward and option contracts) outstanding as at 31 December 2004.

 

 

43

*(in US$  millions, except for average contract rate)*

**2005**

**2006**

**2007**

**2008**

**2009**

**2010**

**Total Nominal Amount**

**Fair Value**
 
**FORWARD CONTRACTS**
 
**To buy USD against the foreign currency**
 
CHF

Nominal amount

64

28

2

2

1

-

97

(13)

* *

*Average contract rate*

*1.307*

*1.294*

*1.287*

*1.261*

*1.238*

*-*

* *

* *
 
GBP

Nominal amount

34

3

-

-

-

-

37

(1)

*Average contract rate*

*1.840*

*1.906*

*-*

*-*

*-*

*-*

* *

* *
 
JPY

Nominal amount

6

-

-

-

-

-

6

-

*Average contract rate*

*108.7*

-

-

-

-

-
 
ZAR

Nominal amount

1

-

-

-

-

-
   
*Average contract rate*

*4.38*

-

-

-

-

-

1  
**To sell USD against the foreign currency**
 
AUD

Nominal amount

36

-

-

-

-

-

36

-

*Average contract rate*

*0.775*

*-*

*-*

*-*

*-*

*-*

* *

* *
 
GBP

Nominal amount

25

-

-

-

-

-

25

1 

*Average contract rate*

*1.814*

*4.916*

*-*

*-*

*-*

*-*

* *

* *
 
BRL

Nominal amount

3

-

-

-

-

-

3

- 

*Average contract rate*

*2.810*

*-*

*-*

*-*

*-*

*-*

* *

* *
 
EUR

Nominal amount

63

13

16

-

-

-

92

11 

*Average contract rate*

*1.283*

*0.753*

*1.140*

*1.154*

*-*

*-*

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

CHF

Nominal amount

1

*-*

*-*

*-*

*-*

-

1

*-*

*Average contract rate*

*1.107*

*-*

*-*

*-*

*-*

*-*

* *

* *
 
** **

**To sell EUR against the foreign currency**
 
USD

Nominal amount

654

129

76

12

6

-

877

(61)

*Average contract rate*

*1.281*

*1.240*

*1.210*

*1.088*

*1.125*

*-*

* *

* *
 
USDNominal amount
-     
1,355    -     -     -     -    
1,355 
(167)    *Average contract rate*
-     
*1.1984*    -     -     -     -                                        
CHF

Nominal amount

65

31

5

4

3

-

108

(1)

*Average contract rate*

*1.522*

*1.495*

*1.461*

*1.443*

*1.427*

*-*

* *

* *
 
GBP

Nominal amount

106

14

-

-

-

-

120

(1)

*Average contract rate*

*0.703*

*0.707*

-

-

-

-
 
ZAR

Nominal amount

17

1

-

-

-

-

18

1 

*Average contract rate*

*8.128*

*8.043*

*-*

*-*

*-*

*-*

* *

* *
 
44

*(in US$  millions, except for average contract rate)*

**2005**

**2006**

**2007**

**2008**

**2009**

**2010**

**Total Nominal Amount**

**Fair Value**
 
**FORWARD CONTRACTS (cont'd)**
 
**To buy EUR against the foreign currency**
 
GBP

Nominal amount

127

13

2

-

-

-

142 

3 

*Average contract rate*

*0.699*

*0.716*

*0.736*

*-*

*-*

*-*

* *

* *

AUD

Nominal amount

8

-

-

-

-

-

8 

-

*Average contract rate*

*1.774*

-

-

-

-

-

CHF

Nominal amount

12

-

-

-

-

-

12 

- 

*Average contract rate*

*1.528*

*-*

*-*

*-*

*-*

*-*

* *

* *

JPY

Nominal amount

42

-

-

-

-

-

42 

-

*Average contract rate*

*30.527*

*-*

*-*

*-*

*-*

*-*

* *

* *

Other

Nominal amount

10

-

-

-

-

-

10 

- 

** **

** **

**To sell GBP against the foreign currency**
 
CHF

Nominal amount

21 

-

-

-

-

-

21 

- 

*Average contract rate*

*2.17 *

-

-

-

-

-
 
Other

Nominal amount

12 

-

-

-

-

-

12 

-
 
* *

** **

** **

** **

** **

** **

** **

** **

** **

**OPTIONS**
  
**To sell USD against the foreign currency**
 
EUR

Nominal amount

50

-

-

-

-

-

50 

14

*Average contract rate*

*0.973*

*-*

*-*

*-*

*-*

*-*

* *

* *
 
GBP

Nominal amount

4

-

-

-

-

-

4 

-

*Average contract rate*

*1.710*

*-*

*-*

*-*

*-*

*-*

* *

* *
 
The schedule below presents fair value information andcontracts terms relevant to determining future cash flows categorized byexpected maturity dates of the Company's currency derivatives (principallyforward and option contracts) outstanding as at 31 December 2003.

 

45

 
*(In US$ millions, except for average  contract rate)***2004****2005****2006****2007****2008****2009****Total  Nominal Amount****Fair  Value**                              **FORWARD CONTRACTS**                                                      **To purchase USD against the foreign currency**                                                      CHFNominal amount
20

29

16

2

1

1

69

(11)
   Average contract rate
1.572

1.387

1.336

1.287

1.261

1.238
                                    GBPNominal amount
11

8

3

-

-

-

22

-
   Average contract rate
1.740

1.686

1.587
  -  -  -      
**To sell USD against the 	foreign currency**

AUD

Nominal amount

118

-

-

-

-

-

118

31

Average contract rate

0.577

-

-

-

-

-

GBP

Nominal amount

6

        1 

-

-

-

-

7

1

Average contract rate

1.509

1.407

-

-

-

-

BRL

Nominal amount

          2 

-

-

-

-

-

2

-

Average contract rate

2.9

-

-

-

-

-

EUR

Nominal amount

195

     63 

20

9

-

-

287

43

Average contract rate

1.113

0.971

0.897

1.045

-

-

**To sell EUR against the 	foreign currency**

USD

Nominal amount

352

49

13

4

8

-

426

(32)

Average contract rate

1.164

1.099

1.059

0.975

1.076

-

USD

Nominal amount

-

-

1,256

-

-

-

1,256

(44)

Average contract rate

-

-

1.198

-

-

-

-

CHF

Nominal amount

41

10

8

4

4

3

70

-

Average contract rate

1.535

1.511

1.487

1.461

1.443

1.427

ZAR

Nominal amount

30

6

-

-

-

-

36

-

Average contract rate

8.590

8.305

-

-

-

-

**To buy EUR against the 	foreign currency**

GBP

Nominal amount

55

3

-

-

-

-

58

-

Average contract rate

0.711

0.713

-

-

-

-

CHF

Nominal amount

2

-

-

-

-

-

2

-

Average contract rate

1.511

-

-

-

-

-

JPY

Nominal amount

15

-

-

-

-

-

15

1

Average contract rate

130.1

-

-

-

-

-

Other

Nominal amount

63

-

-

-

-

-

63

-

46

*(In US$ millions, except for average  contract rate)*

**  **

**2004**

**  **

**2005**

**  **

**2006**

**  **

**2007**

**  **

**2008**

**  **

**2009**

**Total  Nominal Amount**

** Fair  Value**

**To buy CHF against other 	foreign currency**

 
 
Other

Nominal amount

1

-

-

-

-

-

1

-

 
 
**To buy GBP against other 	foreign currency**

 
 
Other

Nominal amount

36

-

-

-

-

-

36

-

 
** **

** **

** **

** **

** **

** **

** **

** **

 
OPTIONS
 
**To sell USD against the 	foreign currency**

 
 
AUD

Nominal amount

70

-

-

-

-

-

70

16

 
Average contract rate

0.564

 
 
GBP

Nominal amount

9

-

-

-

-

-

9

-

 
Average contract rate

1.710

 
 
EUR

Nominal amount

325

-

-

-

-

-

325

51

 
Average contract rate

0.942

  
Any negative impact of currency movements on the currencycontracts that the Company has taken out to hedge identifiable foreign currencycommitments to buy or sell goods and services, would be offset by an equal andopposite favourable exchange impact on the commitments being hedged.Transactions in currency related financial instruments for which there is nounderlying foreign currency exchange rate exposure to the Company are prohibited.For accounting policies relating to currency contracts, see Note 3 of theConsolidated Financial Statements.

**Derivative Commodity Contracts**

The effect of a reduction of 10% in aluminum prices on theCompany's aluminum forward and options contracts outstanding at 31 December2004 would be to increase net income over the period ending December 2006 byapproximately $70 million ($59 million in 2005 and $11 million in 2006). As of31 December 2003, such sensitivity was $26 million ($11 million in 2004 and $15million in 2005). The results as of 31 December 2004 reflect a 10% reductionfrom the 31 December 2004, three-month LME aluminum closing price of $1,958 pertonne and assume an equal 10% drop has occurred throughout the aluminum forwardprice curve existing as at 31 December 2004. The Company's aluminum forwardcontract positions, producing the above results, are taken out to hedge futurepurchases of metal that are required for firm sales and purchase commitments tofabricated products customers and hedge future sales. Consequently, anynegative impact of movements in the price of aluminum on the forward contractswould be offset by an equal and opposite impact on the sales and purchasesbeing hedged.

 

47

Transactions in metal related financial instruments forwhich there is no underlying metal price exposure to the Company areprohibited, except for a small trading portfolio of metal forwards notexceeding 24,000 tonnes, which is marked to market. In addition, see page 23 of the Management's Discussion and Analysis ofFinancial Condition and Results of Operations.

**ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

The information required is filed as exhibit 99.4 and isincorporated by reference and includes the Consolidated Financial Statements andNotes thereto and the "Auditors' Report" and the section entitled"Quarterly Financial Data".

The location of Financial Statements and other materialrequired under this Item is found under Item 15 of this report.

**ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTSON ACCOUNTING AND FINANCIAL DISCLOSURE**

The Company has nothing to report under this Item.

**ITEM 9A CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures:**

Asof 31 December 2004, an evaluation was carried out under the supervision andwith the participation of the Company's management, including the ChiefExecutive Officer and Chief Financial Officer, of the effectiveness of thedesign and operation of Alcan's disclosure controls and procedures (as definedin Rules 13a-15(e) and 15d-15(e) under the *Securities Exchange Act of 1934*).As the control deficiency relating to the allocation of goodwill to onereporting unit acquired in a business combination as hereinafter described, wascorrected after 31 December 2004 but prior to the completion of the financialstatements, the Chief Executive Officer and Chief Financial Officer concludedthat Alcan's disclosure controls and procedures provide reasonable assurance ofeffectiveness.

**Management's report on internal control over financial reporting:**

Management of Alcan is responsible for establishing and maintaining adequateinternal control over financial reporting. Alcan's internal control overfinancial reporting is a process designed under the supervision of Alcan'sprincipal executive and principal financial officers to provide reasonableassurance regarding the reliability of financial reporting and the preparationof the Company's financial statements for external reporting purposes inaccordance with U.S. GAAP.

Asof 31 December 2004, management conducted an assessment of the effectiveness ofthe Company's internal control over financial reporting based on the criteriaestablished in *Internal Control - Integrated Framework*issued by theCommittee of Sponsoring Organizations of the Treadway Commission (COSO). Thisassessment identified one control deficiency in the Company's internal controlover financial reporting that constitutes a material weakness, as defined by thePublic Company Accounting Oversight Board's Auditing Standard No. 2, thatexisted as of 31 December 2004.  The deficiency in question was that theCompany's methodology for allocating goodwill resulted in an excess allocationof goodwill to one reporting unit consisting of certain fabricating businessesacquired in the Pechiney Combination and for which the Company properlydetermined goodwill to be impaired in the fourth quarter of 2004.  Theexcess allocation of goodwill to the reporting unit resulted in an overstatementof the fourth quarter 2004 goodwill impairment charge of which $109 millionrelated to this material weakness.  The appropriate corrections were madeprior to the completion of the financial statements and resulted in an increaseto the Company's net income for the year and for the fourth quarter of 2004, butdid not have any effect on previously filed financial statements.  Becauseof the existence of the deficiency in question at year-end, management hasconcluded that the Company's internal control over financial reporting wasineffective as of 31 December 2004.  

** **

48

Management's assessment of the effectiveness of the Company's internal controlover financial reporting as of 31 December 2004 has been audited byPricewaterhouseCoopers LLP, an independent registered public accounting firm, asstated in their report appearing on pages 2 and 3 of the Consolidated FinancialStatements, which expresses an unqualified opinion on management's assessmentand, due to the control deficiency described above, an adverse opinion withrespect to the effectiveness of the Company's internal control over financialreporting as of 31 December 2004.

**Remediation of the deficiency**

The deficiency in question was corrected by making appropriatechanges to the Company's documented accounting policies and procedures forallocating goodwill to reporting units acquired in a business combination.

**Management's report on Consolidated Financial Statements**

Management has concluded that the consolidated financial statements presentfairly, in all material respects, the financial position of the Company as atDecember 31, 2004, 2003 and 2002 and the results of its operations and its cashflows for each of the years in the three year period ended December 31, 2004 inaccordance with generally accepted accounting principles in the United States. The consolidated financial statements have been audited byPricewaterhouseCoopers LLP as stated in their report which expressed anunqualified opinion thereon.

**ITEM 9B OTHER INFORMATION**

The Company has nothing to report under this Item.

 

 

 

 

49

**PART III**

**Information in this part is based on information containedin the Company's Proxy Circular dated 2 March 2005.**

**ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THEREGISTRANT**

**A.          IDENTIFICATIONOF DIRECTORS**

Alcan has a *Worldwide Code of Employee and BusinessConduct* that governs all employees of Alcan as well as the Directors. As anannex to the Code and supplemental thereto, the Company has adopted a *Codeof Ethics for Senior Financial Officers* including the Chief ExecutiveOfficer, the Executive Financial Officer and the Controller, which is availableon the Company's website at www.alcan.com.

Supplemental information required by this item isincorporated by reference to the Proxy Circular on pages 9 to 15, in the section entitled ''Corporate GovernancePractices''.

The term of office of each Director runs from the time ofhis or her election to the next succeeding annual meeting or until he or sheceases to hold office as such.

The following are nominees for election as Directors:

**ROLAND BERGER, 67,****Director since 2002; Munich, Germany.**Mr. Berger is non-executive chairman of Munich-based RolandBerger Strategy Consultants, one of the leading global strategy consultancieswhich he founded in 1967. He is also a member of various supervisory boards andconsultant groups, pursues extensive commitments in the public sector and is anexpert on corporate management and general economic and social issues.*(1), (3), (5)*

**L. DENIS DESAUTELS, o.c.,f.c.a., 61, Director since 2003; Ottawa, Ontario.**Mr. Desautels is executive-in-residence at the School of Management of the University of Ottawa. He was Auditor General of Canada from 1991 to 2001, prior to which he had been a senior partner of the accounting firm ofErnst & Young LLP. Mr. Desautels is chairman of the Laurentian Bank of Canada, a director of The Jean Coutu Group (PJC) Inc., a leading distributor of pharmaceuticals andrelated products, and of Bombardier Inc. and a member of the AccountingStandards Oversight Council of the Canadian Institute of Chartered Accountants.

*(1), (2*), (3)*

**TRAVIS ENGEN, 60, Director since 1996; New Canaan, Connecticut.**See Item 10 (B) ("Identification of ExecutiveOfficers") below.

**L. YVES FORTIER, c.c.,q.c., 69, Director since 2002; Montreal, Quebec.**Mr. Fortier is Chairman of the Board of Alcan and is chairmanand a senior partner of the law firm Ogilvy Renault in Montreal. From 1988 to1992, he was Ambassador and Permanent Representative of Canada to the United Nations. He is also governor of Hudson's Bay Company and a director of NOVAChemicals Corporation and Nortel Networks Corporation. Mr. Fortier is a trusteeof the International Accounting Standards Committee.*(1*), (4)*

**JEAN-PAUL JACAMON, 57, Director since 2004; Mareil-Marly, France.**Mr. Jacamon is non-executive chairman of Bonna Sabla, aleading manufacturer of precast concrete products, and of Gardiner Group, adistributor of electronic and surveillance systems. He was previously chiefoperating officer and director of Schneider Electric from 1996 to 2002. He isalso a director of Le Carbone Lorraine, a world specialist in carbon and graphiteproducts and their application, STACI, a leader in computer software forbusiness to business on the web, and AMEC plc, an international engineeringservices company. *(1), (3)*

 

 

50

**WILLIAM R. LOOMIS, JR., 56, Director since 2002; Santa Barbara, California.**Mr. Loomis is involved in investmentand academic activities. He was a limited managing director of Lazard LLC fromJanuary 2001 to March 2004. He was chief executive officer of Lazard LLC fromNovember 2000 to December 2001. He was previously deputy chief executiveofficer from 1999 and a managing director from 1995 of Lazard Frères & Co.He is a director of Limited Brands, Inc. and Ripplewood Holdings LLC.*(1), (2), (4), (5*)*

**YVES MANSION, 54, Director since 2004; Paris, France.**Mr. Mansion is chairman and chief executive officer of Société FoncièreLyonnaise since March2002 and a member of the French Collège de l'Autorité des marchés financiers. He wasgroup managing director of Assurances Générales de France from 1990 to 2001.Mr. Mansion is a member of the supervisory board of Euler Hermes and deputydirector of l'Entreprise de Recherche et d'activités pétrolières.*(1), (2)*

**CHRISTINE MORIN-POSTEL, 58, Directorsince 2003; Neuilly sur Seine, France.**Mrs. Morin-Postel was, until 2003,executive vice president in charge of human resources at Suez Group. She waspreviously chief executive officer of Société Générale de Belgique from 1998 to 2001. Mrs. Morin-Postelis a director of 3i Group plc, a world leader in venture capital, andPilkington plc, a world leader in manufacturing of glass and glazing products.She is also a member of the supervisory board of Royal Dutch Shell Company.*(1), (2)*

**H. ONNORUDING, 65, Director since 2004; Brussels, Belgium.**Dr. Ruding was Minister of Financeof the Netherlands and was an executive director of the International MonetaryFund in Washington, D.C. and a member of the Board of managing directors ofAMRO Bank in Amsterdam. He was, until 2003, vice chairman of Citicorp andCitibank, N.A. Dr. Ruding is a director of Corning Inc, Holcim AG and RTLGroup. He is chairman of BNG NV (Bank for the Netherlands Municipalities) andthe Centre for European Policy Studies (CEPS) in Brussels. Dr. Ruding is also amember of the international advisory committees of Robeco Group, Citigroup andthe Federal Reserve Bank of New York.*(1), (3)*

**GUY SAINT-PIERRE, c.c,70, Director since 1994; Montreal, Quebec.**Mr. Saint-Pierre was, until 2004, chairman of the board ofthe Royal Bank of Canada. He was president and chief executive officer ofSNC-Lavalin Group Inc., a leading engineering-construction firm, from 1989 to1996 and chairman from 1996 to 2002. Mr. Saint-Pierre is a director of theInstitute for Research on Public Policy.*(1), (2), (3), (5)*

**GERHARD SCHULMEYER, 66, Director since 1996; Greenwich, Connecticut.**Mr. Schulmeyer is professor of practice at MIT Sloan Schoolof Management since 2002. From 1998 until 2001, he was president and chiefexecutive officer of Siemens Corporation, a leading company in electronics andelectrical engineering. He serves on the boards of Zurich Financial Services,Ingram Micro Inc., and Korn/Ferry International as well as the internationaladvisory board of Banco Santander Central Hispano.*(1), (3*), (4)*

**PAUL M. TELLIER, p.c.,c.c., q.c., 64, Director since 1998; Montreal, Quebec.**Mr. Tellier was, until December 2004, president and chiefexecutive officer of Bombardier Inc. From 1992 to 2002, he was president andchief executive officer of the Canadian National Railway Company. He is adirector of McCain Foods, Bell Canada and BCE Inc. He is former chairman of theConference Board of Canada.*(1), (2), (4*)*

**MILTON K. WONG, c.m.,54, Director since 2003; Vancouver, British Columbia.**Mr. Wong is non-executive chairman of HSBC Asset Management(Canada) Limited since 1996 and Chancellor of Simon Fraser University in British Columbia. He was founder and chairman of M.K. Wong & Associates util it wassold in 1996 to HSBC. He serves as a director on the boards of the Aga KhanFoundation Canada, the Canada-U.S. Fulbright Program, the Pacific SalmonEndowment Society, Genome BC and the Pierre Elliott Trudeau Foundation. He isthe founder and past-chairman of the Laurier Institution, a non-profitorganization for advancing knowledge of the economics of cultural diversity.*(1), (4)*

 

51
**Committee Memberships**
*1.      *Corporate Governance

*2.      *Audit

*3.      *Human Resources

*4.      *Environment, Health & Safety

*5.      *Nominating

*     Committee Chairman

**B.         IDENTIFICATIONOF EXECUTIVE OFFICERS**

The following is certain information with respect to Alcan'sExecutive Officers:

**TRAVIS ENGEN, 60, President and Chief Executive Officer andDirector, Alcan Inc.**Mr. Engen has been President and CEO of Alcan since March2001. Prior to joining the Company, Mr. Engen had been chairman and chiefexecutive of ITT Industries, Inc. since 1995. Mr. Engen is a director ofLyondell Chemical Company and the Canadian Council of Chief Executives. He is vicechairman of the World Business Council for Sustainable Development and ischairman of the International Aluminium Institute and of The Prince of Wales InternationalBusiness Leaders Forum.

**RICHARD B. EVANS, 57, Executive Vice President, Office ofthe President, Alcan Inc.**Mr. Evans has held this position since 1 January 2002 andcurrently oversees two of Alcan's four Business Groups: Packaging andEngineered Products. Prior to the Novelis Spin-off from 2002 to 2004, he hadsimilar responsibility for Bauxite and Alumina, Primary Metal and EngineeredProducts. From 2000 to 2001, Mr. Evans was based in Zurich and was responsiblefor the merger integration of the Company and Algroup. He has held severalpositions within the Company, including Executive Vice President, President, *AluminumFabrication, Europe*(March 1999) and Executive Vice President, *FabricatedProducts, North America*. Prior to joining the Company in January 1997, Mr.Evans held senior management positions with Kaiser Aluminum & ChemicalCorporation. Mr. Evans is a director of Bowater Incorporated and theInternational Aluminium Institute.

**MICHAEL HANLEY, 39, Executive Vice President, Office of thePresident, Alcan Inc., *President and Chief Executive Officer, Alcan Bauxiteand Alumina*.**Mr. Hanley oversees two of Alcan's Business Groups: Bauxiteand Alumina and Primary Metal. He has held this position since 3 February 2005.Until a successor is named, he will maintain his responsibility as *Presidentand Chief Executive Officer, Alcan Bauxite and Alumina*(January 2002)*.*Hehas held several positions with the Company: Vice President, Investor Relations(September 2000), Vice President and Assistant Financial Controller, *GlobalFabrication*(July 1999) and Director, Finance, *Bauxite, Alumina andChemicals Group*(June 1998). Prior to joining the Company in June 1998, Mr.Hanley was vice president and chief financial officer of Gaz Metropolitain Inc.

**GEOFFERY E. MERSZEI, 53, Executive Vice President and ChiefFinancial Officer, Alcan Inc.**Mr. Merszei joined the Company in September 2001. Prior tohis current position, he was vice president and treasurer of The Dow ChemicalCompany. He worked for 24 years in senior financial positions with Dow inEurope, Asia-Pacific and North America.

**DAVID L. McAUSLAND,51, Executive Vice President, Corporate Development and Chief Legal Officer,Alcan Inc.**Mr. McAusland has held this position since February 2005 andhis responsibilities include worldwide legal and regulatory affairs, mergers,acquisitions and major transactions as well as corporate developmentinitiatives. He joined the Company in June 1999 as Vice President, Chief LegalOfficer and Secretary. Prior to joining, he was managing partner at ByersCasgrain, a Montreal law firm, and was president of the Montreal Board ofTrade. Mr. McAusland is a director of Cogeco Inc., Cogeco Cable Inc. and CascadesInc.

**DANIEL GAGNIER, 58, Senior Vice President, Corporate andExternal Affairs, Alcan Inc.**Mr. Gagnier's responsibilities include corporatecommunications, government relations and environment, health and safety. Mr.Gagnier was appointed Vice President, Corporate Affairs, in December 1994, andin 1995 his responsibilities were expanded to include environment, occupationalhealth and safety issues for Alcan on a worldwide basis. Prior to joiningAlcan, Mr. Gagnier held senior administrative positions with the Government ofCanada.

 

 

52

**GASTON OUELLET, 62, Senior Vice President, Human Resources,Alcan Inc.**Mr. Ouellet has held this position since October 2000. Hewas appointed Vice President, Human Resources in April 1993. Mr. Ouellet joinedthe Company in 1967.

**CYNTHIA CARROLL, 48, Senior Vice President, Alcan Inc., *Presidentand Chief Executive Officer, Alcan Primary Metal*.**Mrs. Carroll has held this position since 1 January 2002 andher responsibilities include Alcan primary metal facilities and power generationinstallations. She has held several positions with the Company: Vice President,*President Bauxite, Alumina and Specialty Chemicals*(1998), managingDirector of Aughinish Alumina Limited (1996) and Vice President/General Managerof Alcan Foil Products (1991).

**MICHEL JACQUES, 52, Senior Vice President, Alcan Inc., *Presidentand Chief Executive Officer, Alcan Engineered Products*.**Mr. Jacques has held this position since 3 October 2003.Prior to the Pechiney Combination, Mr. Jacques was Vice President, Strategic ManagementSupport, a position he held since 1 January 2002 and assisted the Office of thePresident and the executive management team in addressing high value at stakeissues and providing expertise to business groups. He has also held variouspositions with the Company: Director, Corporate Development (September 2000),Vice President, Metal Management, Business Planning and Development, *AlcanEurope* (1997), and Director, Metal Management, Logistics and InformationTechnology (September 1996).

**CHRISTEL BORIES, 40, Senior Vice President, Alcan Inc., *Presidentand Chief Executive Officer, Alcan Packaging*.**Mrs. Bories has held this position since 3 December 2003.She joined Pechiney in April 1995 as Senior Vice President of Strategy andControl, and Secretary to the Executive Committee. In 1998, she becameExecutive Vice President, member of the Executive Committee of Pechiney. InJanuary 1999, she was appointed head of the Packaging Sector of Pechiney. Shealso supervised Pechiney's General Procurement activities.

**RHODRI J. HARRIES, 41, Vice Presidentand Treasurer, Alcan Inc.**Mr. Harries joined the Company inAugust 2004. Prior to his current position, he was assistant treasurer ofGeneral Motors Corporation. He worked for over 15 years in treasury and financepositions with General Motors in Europe, North America and Asia-Pacific. 

**THOMAS J. HARRINGTON, 46, Vice President and Controller,Alcan Inc.**Prior to joining the Company in November 2002, Mr.Harrington was employed at General Electric Company, from 1997 to 2002, wherehe held several accounting and financial positions, leading to his role asglobal controller for GE Medical Systems. Prior to joining GE, Mr. Harringtonwas with Deloitte & Touche LLP, in California, from 1991 to 1997.

**ROY MILLINGTON, 45, Corporate Secretary, Alcan Inc.**Mr. Millington has held this position since July 2001. Assenior legal counsel, he was previously based in Zurich and was active in theglobal legal integration of the Company and Algroup. He has been a member ofAlcan's legal department since 1989 and served with British Alcan Aluminium plcfrom 1995 to 1997.

 

 

53

**ITEM 11 EXECUTIVE COMPENSATION**

The information required is incorporated by reference to theProxy Circular, pages 24 to 30, in the section entitled "Executive Officers' Compensation".

**Human Resources CommitteeInterlocks and Insider Participation**

Nomember of the Human Resources Committee has ever been an officer or employee ofthe Company or of any of its Subsidiaries. None of the Company's Executive Officersserves on the board of directors or on the compensation committee of any otherentity, any officers of which served on either the Board or the Human ResourcesCommittee.

**ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIALOWNERS AND MANAGEMENT**

**Share Ownership of Certain Beneficial Owners**

The following shareholder reported to the SEC on Schedule13G that it owned more than five percent of Alcan's Common Shares. Except asset forth below, to Alcan's knowledge as of the date of this report, no person ownedbeneficially five percent or more of Alcan's Common Shares.

** **

**Name and Address of  Beneficial Owner**

** **

**Amount and Nature of  Beneficial Ownership**

** **

**Percent of Outstanding  Common Shares Owned**

Capital Group International Inc.	11100    Santa Monica Blvd.	Los Angeles, CA  90025

22,087,290 (1)

6.0%

(1)   Capital Group International, Inc. is the parent holding company of a group of investment management companies. It reported that it had sole power to vote 17,915,690 Shares, sole power to dispose of 22,087,290 Shares and shared power to vote or dispose of none of the Shares in a filing with the SEC on Form 13G on 11 February 2005.

**Share Ownership of Directors and Executive Officers**

Directors and Executive Officers as a group beneficially own350,281 Common Shares (including shares over which control or direction isexercised). This represents 0.09% of Common Shares issued and outstanding. Inaddition, Executive Officers as a group have Options (as defined in the ProxyCircular) to purchase 3,759,918 Shares.

The following table lists ownership of Alcan's Common Sharesby each Director, by each named executive officer in the executive officers'compensation table on page 24 of the ProxyCircular, and by all Directors and Executive Officers as a group as of 2 March2005.

 

 

54

**Name**

**Current Beneficial Holdings**

**Shares Subject to Options[1]**

**Stock Price Appreciation Units[2]**

**Number of Deferred Share Units**

**Total**

Roland  Berger (D)

-

N/A

N/A

5,185[3]

5,185

L. Denis Desautels (D)

573

N/A

N/A

3,3493

3,922

Travis Engen (D, O)

225,500

1,815,517

N/A

2,1923

2,043,209

L. Yves Fortier (D)

1,000

N/A

N/A

16,6333

17,633

Jean-Paul Jacamon (D)

136

N/A

N/A

1,795 

1,931

William R. Loomis (D)

10,000

N/A

N/A

8,4063

18,406

Yves Mansion (D)

-

N/A

N/A

3,6753

3,675

Christine  Morin-Postel (D)

-

N/A

N/A

5,2683

5,268

H. Onno Ruding (D)

112

N/A

N/A

4493

561

Guy Saint-Pierre (D)

16,170

N/A

N/A

8,9763

25,146

Gerhard Schulmeyer (D)

2,245

N/A

N/A

8,8093

11,054

Paul M. Tellier (D)

1,958

N/A

N/A

14,3343

16,292

Milton K. Wong (D)

40,000

N/A

N/A

6,2743

46,274

Richard B. Evans (O)

25,000

447,264

85,530

35,101[4]

667,895

Geoffery E. Merszei (O)

21,000

405,754

N/A

N/A 

426,754

Cynthia Carroll (O)

-

245,433

N/A

N/A 

245,433

All Directors and Officers as a group

(25 individuals)

350,281

3,640,347

164,103

128,146

4,260,197

D - DirectorO - Officer

The fifth named Executive Officer, Brian W. Sturgell hasleft the Company to become chief executive officer of Novelis.

[1]  Represents shares that may be acquired through the exercise of B, C, D, and Eoptions as described in the Proxy Circular on pages 25 and 26.

[2]  Indicates number of units awarded under the Alcan Stock Price Appreciation UnitPlan. The Plan is described on page 28 of the Proxy Circular. The units arepayable in cash.

[3]  Indicates number of deferred share units awarded under the Directors DeferredShare Unit Plan. The Plan is described on page 31 of the Proxy Circular. Theunits are payable in cash.

[4]  Mr. Evans holds 31,521 deferred shares units under the Executive Deferred ShareUnit Plan, and 3,580 units under the Medium-Term Incentive Plan, which has beendiscontinued. The Executive Deferred Share Unit Plan is described on page 20 ofthe Proxy Circular. The units are payable in cash.

55
****
**ITEM 13 CERTAIN RELATIONSHIPS AND RELATEDTRANSACTIONS**

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

The information required is incorporated by reference to theProxy Circular, page 33, the section entitled"Indebtedness of Directors and Executive Officers".

The interest rate is currently nil on all outstanding optionloans.

**ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information required is incorporated by reference to theProxy Circular, pages 16 and 17, the sections entitled "Report of the Audit Committee" and"Auditors".

 

 

 

 

 

 

56

**PART IV**

**ITEM 15 EXHIBITSAND FINANCIAL STATEMENT SCHEDULES**

**A.   1.   FINANCIALSTATEMENTS**

           The information required is filed as exhibit 99.4 and is incorporated byreference herein. 

            Unaudited pro formacondensed consolidated information of the Company as at and for the year ended 31December 2004, giving effect to the Novelis Spin-off as of 1 January 2004 forthe statement of income and as of 31 December 2004 for the balance sheet, isincluded in Note 7 to the Consolidated Financial Statements. This pro formainformation complies with the requirements of Article 11 of Regulation S-X.

            List of FinancialStatements Included under Item 8 of this Report:

            -  Auditors' Report

            -  ConsolidatedStatement of Income

            -  Consolidated BalanceSheet

            -  ConsolidatedStatement of Cash Flows

            -  Notes to ConsolidatedFinancial Statements

            -  Quarterly FinancialData (unaudited)

            -  Eleven-Year Summary

**2.   FINANCIAL STATEMENTSSCHEDULES**

      The required information isshown in the Consolidated Financial Statements or Notes thereto.

**3.   EXHIBITS**

**     **References to documents filed by theCompany prior to April 1987 are to SEC File No. 1-3555. References to documentsfiled by the Company after April 1987 are to SEC File No. 1-3677.

(3)      Articles ofIncorporation and By-laws:

3.1       RestatedArticles of Incorporation dated 6 January 2005. (Incorporated by reference toexhibit 3.1 to the Company's Current Report on Form 8-K filed on 7 January2005.)

3.2        By-law No. 1A.(Restated). (Incorporated by reference to exhibit 3.1 to the Annual Report onForm 10-K of the Company for 2003.)

(4)       Instrumentsdefining the rights of security holders:

4.1.1    Indenture, datedas of 15 May 1983 between Alcan Inc. and Bankers Trust Company, as Trustee.(Incorporated by reference to exhibit 4.1 to the Company's RegistrationStatement on Form S-3 (No. 33-29761) filed with the Commission on 7 July 1989.)

4.1.2    First SupplementalIndenture dated as of 1 January 1986 to the Indenture dated as of 15 May 1983between Alcan Inc. and Bankers Trust Company, as Trustee. (Incorporated byreference to exhibit 4.2 to the Company's Registration Statement on Form S-3(No. 33-29761) filed with the Commission on 7 July 1989.)

4.1.3    SecondSupplemental Indenture dated as of 30 June 1989 to the Indenturedated as of 15 May 1983 between Alcan Inc. and Bankers Trust Company, asTrustee. (Incorporated by reference to exhibit 4.3 to the Company'sRegistration Statement on Form S-3 (No. 33-29761) filed with the Commission on7 July 1989.)

4.1.4    ThirdSupplemental Indenture dated as of 19 June 1989 to the Indenture dated as of 15May 1983 between Alcan Inc. and Bankers Trust Company, as Trustee.(Incorporated by reference to exhibit (4)(a) to the Company's Current Report onForm 8-K dated 26 July 1989 filed with the Commission on 26 July 1989(Commission File Number 1-3677).)

 

57

4.1.5    FourthSupplemental Indenture dated as of 17 July 1990 to the Indenture dated as of 15May 1983 between Alcan Inc. and Bankers Trust Company, as Trustee.(Incorporated by reference to exhibit 4.5 to the Company's RegistrationStatement on Form S-3 (No. 333-35977) filed with the Commission on 20 July1990.)

4.1.6    FifthSupplemental Indenture dated as of 1 January 1995 to the Indenture dated as of15 May 1983 between Alcan Inc. and Bankers Trust Company, as Trustee.(Incorporated by reference to exhibit 4.6 to the Company's RegistrationStatement on Form S-3 (No. 333-76535) filed with the Commission on 19 April1999.)

4.1.7     SixthSupplemental Indenture dated as of 8 April 2002 to the Indenture dated as of 15May 1983 between Alcan Inc. and Bankers Trust Company, as Trustee.(Incorporated by reference to exhibit 4.7 to the Company's RegistrationStatement on Form S-3 (No. 333-85998) filed with the Commission on 11 April2002.)

4.1.8    Form ofSeventh Supplemental Indenture to the Indenture dated 15 May 1983 between AlcanInc. and Bankers Trust Company, as Trustee. (Incorporated by reference toexhibit 4.8 to the Company's Registration Statement on Form S-3 (No.333-105999) filed with the Commission on 10 June 2003.)

4.1.9    Form ofEighth Supplemental Indenture to the Indenture dated 15 May 1983 between AlcanInc. and Bankers Trust Company, as Trustee. (Incorporated by reference toexhibit 4.9 to the Company's Registration Statement on Form S-3 (No.333-110739) filed with the Commission on 25 November 2003.)

4.1.10   Specimen Formof Debt Security. (Incorporated by reference to exhibit 4.1 to Form 8-A filedwith the Commission on 10 September 2002.)

4.2       Form ofcertificate for the Registrant's Common Shares. (Incorporated by reference toexhibit 4.2 to the Annual Report on Form 10-K of the Company for 1989.)

4.3       ShareholderRights Agreement as re-confirmed on 25 April 2002 between Alcan Inc. and CIBCMellon Trust Company as Rights Agent, which Agreement includes the form ofRights Certificates. (Incorporated by reference to exhibit 4 to the QuarterlyReport on Form 10-Q for the quarter ended 30 June 2002.)

(10)     Material Contracts:

10.1      EmploymentAgreement, dated 23 February 2001, with Travis Engen. (Incorporated byreference to exhibit 10.14 to the Annual Report on Form 10-K of the Company for2000.)

10.2      EmploymentAgreement, dated 31 December 2001, with Brian W. Sturgell. (Substantiallysimilar agreements have been entered into with Richard B. Evans, Geoffery E.Merszei and Cynthia Carroll.) (Incorporated by reference to exhibit 10.19 tothe Annual Report on Form 10-K of the Company for 2001.)

10.3     Alcan ExecutiveShare Option Plan. (Incorporated by reference to the section entitled "ThePlan" on pages 3 through 8 and on pages 3 through 7 of the Prospectusesdated 30 April 1990 and 28 April 1993, respectively, filed as part of theCompany's Registration Statements on Form S-8 (Nos. 33‐34716 and33-61790).)

10.4     Alcan ExecutivePerformance Award Plan revised as of October 1994. (Incorporated by referenceto exhibit 10.3 to the Annual Report on Form 10-K of the Company for 1994.)

10.5     Alcan FlexiblePerquisites Program (Canada). (Incorporated by reference to exhibit 10.6 to theAnnual Report on Form 10-K of the Company for 1995.)

 

58

10.6     AlcanCorporation Flexible Perquisites Program (U.S.), dated 1 January 2003.(Incorporated by reference to exhibit 10.6 to the Annual Report on Form 10-K ofthe Company for 2003.)

10.7     AlcanCorporation Executive Company Vehicle Program (U.S.), dated 7 November 2000.(Incorporated by reference to exhibit 10.7 to the Annual Report on Form 10-K ofthe Company for 2003.)

10.8    Alcan Pension Planfor Officers, dated 1 January 2003. (Incorporated by reference to exhibit 10.8to the Annual Report on Form 10-K of the Company for 2003.)

10.9     B.C./Alcan Inc.1997 Agreement. (Incorporated by reference to exhibit 10.12 to the QuarterlyReport on Form 10-Q of the Company for the quarter ended 30 June 1997.)

10.10   Alcan Inc. StockPrice Appreciation Unit Plan, dated 27 September 2001. (Incorporated byreference to exhibit 99.1 to the Quarterly Report on Form 10-Q of the Companyfor the quarter ended 30 September 2001.)

10.11   Alcan Inc. 2001Deferred Share Unit Plan for Non-Executive Directors dated 1 April 2001.(Incorporated by reference to exhibit 99.2 to the Quarterly Report on Form 10-Qof the Company for the quarter ended 30 September 2001.)

10.12    TotalShareholder Return Performance Plan as of 1 January 2002. (Incorporated byreference to exhibit 10.20 to the Annual Report on Form 10-K of the Company for2001.)

10.13    Change ofControl Agreement dated 1 August 2002 with Travis Engen. (Incorporated byreference to exhibit 10.18 to the Annual Report on Form 10-K of the Company for2002.)

10.14    Change ofControl Agreement dated 1 August 2002 with Richard B. Evans. (Substantiallysimilar agreements have been entered into with Brian W. Sturgell, Geoffery E.Merszei and Cynthia Carroll.) (Incorporated by reference to exhibit 10.19 tothe Annual Report on Form 10-K of the Company for 2002.)

10.15    Special award ofrestricted stock units dated 17 December 2003 for Brian W. Sturgell.(Incorporated by reference to exhibit 10.15 to the Annual Report on Form 10-Kof the Company for 2003.)

10.16    SeparationAgreement dated 31 December 2004 between Alcan Inc. and Novelis Inc.(Filed herewith.)

(14.1)  *WorldwideCode of Employee and Business Conduct.*(Incorporated by reference to exhibit 14.1 to the AnnualReport on Form 10-K of the Company for 2003.)

(14.2)  *Code of Ethics for Senior FinancialOfficers.*(Incorporatedby reference to exhibit 14.2 to the Annual Report on Form 10-K of the Companyfor 2003.)

(21)     Subsidiaries andRelated Companies of the Company is on page 64.(Filed herewith.)

(23)     Consent ofIndependent Accountants is on page 63. (Attached hereto.)

 

59

(24)     Powers ofAttorney. (Filed herewith.)

24.1          Power ofAttorney of L. D. Desautels

24.2          Power ofAttorney of L. Y. Fortier

24.3          Power ofAttorney of J.-P. Jacamon

24.4          Power ofAttorney of W. R. Loomis

24.5          Power ofAttorney of Y. Mansion

24.6          Power ofAttorney of C. Morin-Postel

24.7          Power ofAttorney of G. Saint-Pierre

24.8          Power of Attorneyof G. Schulmeyer

24.9          Power ofAttorney of P. M. Tellier

24.10        Power ofAttorney of M. K. Wong

(31.1)  Section 302 Certification signed byTravis Engen on 14 March 2005. (Filed herewith.)

(31.2)  Section 302 Certification signed by Geoffery E. Merszei on14 March 2005. (Filed herewith.)

(32.1)  Section 906 Certification signed byTravis Engen on 14 March 2005. (Filed herewith.)

(32.2)  Section 906 Certification signed by Geoffery E. Merszei on14 March 2005. (Filed herewith.)

(99.1)  Charter ofthe Audit Committee. (Filed herewith.)

(99.2)  Proxy Circular. (Filedherewith.)

(99.3)  Management's Discussion andAnalysis of Financial Condition and Results of Operations (Filed herewith.)

(99.4)  Consolidated FinancialStatements (Filed herewith.)

 

 

 

 

60

**SIGNATURES**

** **

Pursuant to the requirements of Section 13 or 15(d) of the *SecuritiesExchange Act of 1934*, the Registrant has duly caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.

**ALCAN INC.**
         
16  March 2005

By:

*

L. Yves Fortier, *Chairman of the Board*

Pursuant to the requirements of the *Securities ExchangeAct of 1934*, this report has been signed below by the following persons onbehalf of the Registrant and in the capacities indicated, on 16 March 2005.

/s/ Travis Engen

Travis Engen, *Director, President and		Chief Executive Officer*

*(Principal Executive Officer)*
         
 

Roland Berger, *Director*
   
*

L. Denis Desautels, *Director*
   
*

L. Yves Fortier, *Chairman of the Board*
   
*

Jean-Paul Jacamon, *Director*
   
*

William R. Loomis, Jr., *Director*
   
*

Yves Mansion, *Director*
   
*

Christine Morin-Postel, *Director*
   
 

H. Onno Ruding, *Director*
   
*

Guy Saint-Pierre, *Director*
   
*

Gerhard Schulmeyer, *Director*
   
*

Paul M. Tellier, *Director*
   
61

*

Milton K. Wong, *Director*
   
/s/ Geoffery E. Merszei

Geoffery E. Merszei, *Executive Vice President and Chief  Financial Officer*

*(Principal Financial Officer)*
   
/s/ Thomas J. Harrington

Thomas J. Harrington, *Vice President and Controller*

*(Principal Accounting Officer)*
      
* By: Roy Millington *as Attorney-in-fact*

 

 

62

**CONSENT OF INDEPENDENT ACCOUNTANTS**

We hereby consent to the incorporation by reference in theRegistration Statements on Form S-3 (Nos. 2‐78713, 333-83336, 333-105999and 333-110739) and on Form S-8 (Nos. 333-06210, 333-89711 and 333-111555) of AlcanInc., of our report, dated 16 March 2005 relating to the financial statements,management's assessment of the effectiveness of internal control over financialreporting and the effectiveness of internal control over financial reporting,and our Comments by Auditors for on Canada‐U.S. Reporting Difference dated 16March 2005 which appears in the Annual Report to Shareholders, which isincorporated by reference in this Annual Report on Form 10-K.  We alsoconsent to the reference to us the heading "Controls andProcedures" in such Registration Statement.

** **

Montreal, Canada

16 March 2005

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

 

 

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