Document:

<PAGE>
                                                                  EXECUTION COPY

                                                      (METAL SUPPLY AGREEMENT #2
                                                                   MOLTEN METAL)

                                                                    EXHIBIT 10.3

                          MOLTEN METAL SUPPLY AGREEMENT

                                     between

                                  NOVELIS INC.

                                 (as Purchaser)

                                       and

                                   ALCAN INC.

                                  (as Supplier)

      FOR THE SUPPLY OF MOLTEN METAL TO PURCHASER'S SAGUENAY WORKS FACILITY

           DATED JANUARY 5, 2005, WITH EFFECT AS OF THE EFFECTIVE DATE
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                                TABLE OF CONTENTS

<TABLE>
<S>  <C>                                                                      <C>
1.   DEFINITIONS AND INTERPRETATION........................................    1
2.   MOLTEN METAL..........................................................    7
3.   FORCE MAJEURE.........................................................   11
4.   ASSIGNMENT............................................................   13
5.   TERM AND TERMINATION..................................................   14
6.   EVENTS OF DEFAULT.....................................................   15
7.   REPRESENTATIONS AND WARRANTIES........................................   16
8.   CONFIDENTIALITY.......................................................   16
9.   DISPUTE RESOLUTION....................................................   16
10.  MISCELLANEOUS.........................................................   16
</TABLE>

SCHEDULES

1    Contract Tonnage and Estimated Weekly Shipping Schedule for Contract Year 1

2    Saguenay Smelters
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                          MOLTEN METAL SUPPLY AGREEMENT

THIS AGREEMENT entered into in the City of Montreal, Province of Quebec, is
dated January ___, 2005, with effect as of the Effective Date.

BETWEEN:   NOVELIS INC., a corporation incorporated under the Canada Business
           Corporations Act ("NOVELIS" or the "PURCHASER");

AND:       ALCAN INC., a corporation organized under the Canada Business
           Corporations Act ("ALCAN" or the "SUPPLIER").

RECITALS:

WHEREAS Alcan and Novelis have entered into a Separation Agreement pursuant to
which they set out the terms and conditions relating to the separation of the
Separated Businesses from the Remaining Alcan Businesses (each as defined
therein), such that the Separated Businesses are to be held, as at the Effective
Time (as defined therein), directly or indirectly, by Novelis (such agreement,
as amended, restated or modified from time to time, the "SEPARATION AGREEMENT").

WHEREAS the Supplier wishes to supply, and the Purchaser wishes to purchase,
subject to the terms and conditions of this Agreement, Molten Metal (as defined
below) required by the Purchaser at the Purchaser's Saguenay Works facility.

WHEREAS the Parties have entered into this Agreement in order to set forth such
terms and conditions.

NOW THEREFORE, in consideration of the mutual agreements, covenants and other
provisions set forth in this Agreement, the Parties hereby agree as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

     For the purposes of this Agreement, the following terms and expressions and
     variations thereof shall, unless another meaning is clearly required in the
     context, have the meanings specified or referred to in this Section 1.1:

     "AFFECTED PARTY" has the meaning set forth in Section 3.1.

     "AFFILIATE" of any Person means any other Person that, directly or
     indirectly, controls, is controlled by, or is under common control with
     such first Person as of the date on which or at any time during the period
     for when such determination is being made. For purposes of this definition,
     "CONTROL" means the possession, directly or indirectly, of the power to
     direct or cause the direction of the management and
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                                      -2-

     policies of such Person, whether through the ownership of voting securities
     or other interests, by contract or otherwise and the terms "CONTROLLING"
     and "CONTROLLED" have meanings correlative to the foregoing.

     "AGREEMENT" means this Molten Metal Supply Agreement, including all of the
     Schedules hereto.

     "ALCAN" means Alcan Inc.

     "ALCAN GROUP" means Alcan and its Subsidiaries from time to time on and
     after the Effective Date.

     "ALUMINUM PRICE" for any calendar month means the arithmetic average LME
     3-Month seller's price for primary high grade aluminum, as published in
     Metal Bulletin on each day during the calendar month preceding such
     calendar month, or as otherwise determined pursuant to Section 2.6(b). As
     an example, the Aluminum Price for the month of April will be based on
     aluminum prices published during the month of March.

     "APPLICABLE LAW" means any applicable law, rule or regulation of any
     Governmental Authority or any outstanding order, judgment, injunction,
     ruling or decree by any Governmental Authority.

     "BASE CONTRACT TONNAGE" means:

          (i)  in respect of Contract Year 1, *** Tonnes;

          (ii) in respect of Contract Year 2, *** Tonnes; and

          (iii) in respect of Contract Year 3 and each subsequent Contract Year,
               *** Tonnes,

     subject to any reduction in accordance with Section 2.4(b).

     "BILL OF LADING DATE" means the date of the bill of lading representing
     Molten Metal cargo to be delivered under this Agreement.

     "BUSINESS CONCERN" means any corporation, company, limited liability
     company, partnership, joint venture, trust, unincorporated association or
     any other form of association.

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      with the Securities and Exchange Commission. Confidential treatment has
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                                      -3-

     "BUSINESS DAY" means any day excluding (i) Saturday, Sunday and any other
     day which, in the City of Montreal (Canada) or in the City of New York
     (United States), is a legal holiday, or (ii) a day on which banks are
     authorized by Applicable Law to close in the city of Montreal (Canada) or
     in the city of New York (United States).

     "COMMERCIALLY REASONABLE EFFORTS" means the efforts that a reasonable and
     prudent Person desirous of achieving a business result would use in similar
     circumstances to ensure that such result is achieved as expeditiously as
     possible in the context of commercial relations of the type contemplated in
     this Agreement; provided, however, that an obligation to use Commercially
     Reasonable Efforts under this Agreement does not require the Person subject
     to that obligation to assume any material obligations or pay any material
     amounts to a Third Party or take actions that would reduce the benefits
     intended to be obtained by such Person under this Agreement.

     "CONSENT" means any approval, consent, ratification, waiver or other
     authorization.

     "CONTRACT PRICE" for each Tonne of Molten Metal sold and purchased
     hereunder in any month shall be:

          (i)  in respect of each month occurring in Contract Year *** to
               Contract Year *** (inclusive), the Midwest Price minus the LME
               Discount, minus the Molten Metal Discount;

          (ii) in respect of each month occurring in Contract Year *** to
               Contract Year *** (inclusive), such price as may be agreed by the
               Purchaser and the Supplier by good faith negotiations during
               Contract Year *** , and in the absence of such agreement, the
               Midwest Price calculated for such month minus the Molten Metal
               Discount; and

          (iii) in respect of each month occurring subsequent to Contract Year
               *** , such price as may be agreed as a result of good faith
               negotiations in connection with any extension of the Term
               pursuant to Section 5.3 hereof.

     Such amount shall be rounded upwards to the nearest Dollar.

     "CONTRACT TONNAGE" has the meaning set forth in Section 2.3(c).

     "CONTRACT YEAR" means (a) initially the period commencing on the Effective
     Date and ending on the last day of the calendar year in which the Effective
     Date occurs (such initial period being "CONTRACT YEAR 1") and (b)
     thereafter, each successive

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      with the Securities and Exchange Commission. Confidential treatment has
      been requested with respect to the omitted portions.
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                                      -4-

     period consisting of twelve calendar months (the first such period being
     "CONTRACT YEAR 2"), provided that the final Contract Year shall end on the
     last day of the Term.

     "CPT" means, to the extent not inconsistent with the provisions of this
     Agreement, CPT as defined in Incoterms 2000, published by the ICC, Paris,
     France, as amended from time to time.

     "DEFAULT INTEREST RATE" means the rate of interest charged by Supplier from
     time to time on late payments in accordance with Supplier's normal
     commercial practice, as indicated on invoices issued by Supplier to
     Purchaser hereunder.

     "DEFAULTING PARTY" has the meaning set forth in Section 6.

     "DELIVERY SITE" means the Purchaser's Saguenay Works facility located at
     2040 Fay Street, Jonquiere, Quebec, Canada.

     "DISPUTES" has the meaning set forth in Section 9.1.

     "DOLLARS" or "$" means the lawful currency of the United States of America.

     "EFFECTIVE DATE" means the "Effective Date" as defined in the Separation
     Agreement.

     "EVENT OF DEFAULT" has the meaning set forth in Section 6.

     "FORCE MAJEURE" has the meaning set forth in Section 3.2.

     "GOVERNMENTAL AUTHORITY" means any court, arbitration panel, governmental
     or regulatory authority, agency, stock exchange, commission or body.

     "GOVERNMENTAL AUTHORIZATION" means any Consent, license, certificate,
     franchise, registration or permit issued, granted, given or otherwise made
     available by, or under the authority of, any Governmental Authority or
     pursuant to any Applicable Law.

     "ICC" means the International Chamber of Commerce.

     "INCOTERMS 2000" means the set of international rules updated in the year
     2000 for the interpretation of the most commonly used trade terms for
     foreign trade, as published by the ICC.

     "LIABILITIES" has the meaning set forth in the Separation Agreement.

     "LME" means the London Metal Exchange.
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                                      -5-

     "LME DISCOUNT" means, (i) for each of Contract Year *** to Contract Year
     ***, inclusive, ***% of the Aluminum Price; (ii) for each of Contract Year
     *** to Contract Year ***, inclusive, such amount as may be agreed by the
     Purchaser and the Supplier as a result of good faith negotiations that
     shall take place in Contract Year ***and, in the absence of such agreement,
     zero (0); and (iii) for any Contract Year from and after Contract Year ***,
     such amount as may be agreed by the Purchaser and the Supplier in good
     faith negotiations in connection with any extension of the Term pursuant to
     Section 5.3.

     "MIDWEST PRICE" for any calendar month means the arithmetic average of the
     mid-west transaction prices for primary high grade aluminum, as published
     in Metals Week on each day during the calendar month preceding such
     calendar month or as otherwise determined pursuant to Section 2.6(b). As an
     example, the Midwest Price for the month of April will be based on metal
     prices published during the month of March.

     "MOLTEN METAL" means P1020 aluminum metal in molten form.

     "MOLTEN METAL DISCOUNT" means, (i) for each of Contract Year *** to
     Contract Year ***, inclusive, $***; (ii) for each of Contract Year *** to
     Contract Year ***, inclusive, such amount as may be agreed by the Purchaser
     and the Supplier as a result of good faith negotiations that shall take
     place in Contract Year ***; in the absence of such agreement, the Molten
     Metal Discount for Contract Years *** to *** shall be the Molten Metal
     Discount for the preceding Contract Year multiplied by a factor equal to
     ***; and (iii) for any Contract Year from and after Contract Year ***, such
     amount as may be agreed by the Purchaser and the Supplier as a result of
     good faith negotiations in connection with any extension of the Term
     pursuant to Section 5.3.

     "NOVELIS" means Novelis Inc.

     "NOVELIS GROUP" means Novelis Inc. and its Affiliates from time to time on
     and after the Effective Date.

     "PARTY" means each of the Purchaser and the Supplier as a party to this
     Agreement and "PARTIES" means both of them.

     "PERSON" means any individual, Business Concern or Governmental Authority.

     "PURCHASER" has the meaning set forth in the Preamble to this Agreement.

     "SAGUENAY SMELTER" means those aluminum smelters of the Supplier identified
     in Schedule 2.

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      with the Securities and Exchange Commission. Confidential treatment has
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                                      -6-

     "SAGUENAY WORKS" means the Purchaser's light gauge rolled products facility
     at Jonquiere, Quebec, Canada.

     "SALES TAX" means any sales, use, consumption, goods and services, value
     added or similar tax, duty or charge imposed by a Governmental Authority
     pursuant to Applicable Law.

     "SEPARATION AGREEMENT" has the meaning set out in the Preamble to this
     Agreement.

     "SPECIFICATIONS" means such specifications for Molten Metal as may be
     proposed from time to time in accordance with Section 2.7.

     "SUBSIDIARY" of any Person means any corporation, partnership, limited
     liability entity, joint venture or other organization, whether incorporated
     or unincorporated, of which a majority of the total voting power of capital
     stock or other interests entitled (without the occurrence of any
     contingency) to vote in the election of directors, managers or trustees
     thereof, is at the time owned or controlled, directly or indirectly, by
     such Person.

     "SUPPLIER" has the meaning set forth in the Preamble to this Agreement.

     "TERM" has the meaning set forth in Section 5.2.

     "TERMINATING PARTY" has the meaning set forth in Section 6.

     "THIRD PARTY" means a Person that is not a Party to this Agreement, other
     than a member or an Affiliate of Alcan Group or a member or an Affiliate of
     Novelis Group.

     "THIRD PARTY CLAIM" has the meaning set forth in the Separation Agreement.

     "TONNE" means 1,000 kilograms.

     "US PPI" means the Producer Price Index for industrial commodities, as
     published monthly by the Bureau of Labor Statistics of the U.S. Department
     of Labor.

1.2  CURRENCY

     All references to currency herein are to Dollars unless otherwise
     specified.

1.3  VIENNA CONVENTION

     The Parties agree that the terms of the United Nations Convention (Vienna
     Convention) on Contracts for the International Sale of Goods (1980) shall
     not apply to this Agreement or the obligations of the Parties hereunder.
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                                      -7-

2.   MOLTEN METAL

2.1  SUPPLY AND SALE BY THE SUPPLIER

     (a)  Subject to the terms and conditions of this Agreement, beginning on
          the Effective Date and continuing throughout the Term of this
          Agreement, the Supplier shall supply and sell to the Purchaser "CPT
          the Delivery Site" the quantities of Molten Metal determined in
          accordance with this Agreement.

     (b)  The Supplier shall supply Molten Metal produced by the Supplier from a
          Saguenay Smelter of the Supplier's choosing or from such other sources
          and locations as may be agreed.

2.2  PURCHASE BY THE PURCHASER

     Subject to the terms and conditions of this Agreement, beginning on the
     Effective Date and continuing throughout the Term of this Agreement, the
     Purchaser shall purchase and take delivery from the Supplier "CPT the
     Delivery Site" the quantities of Molten Metal determined in accordance with
     this Agreement.

2.3  QUANTITIES OF MOLTEN METAL REQUIRED BY THE PURCHASER

     (a)  The Purchaser agrees to purchase and the Supplier agrees to supply, in
          each Contract Year, Contract Tonnage of no more than the Base Contract
          Tonnage applicable for such Contract Year and no less than eighty
          percent (80%) of the Base Contract Tonnage applicable for such
          Contract Year as specified by the Purchaser pursuant to Section 2.3(c)
          below. The purchase and supply, as applicable, by the Parties, of any
          greater quantity shall be subject to further agreement of the Parties,
          at each Party's discretion.

     (b)  The Parties shall use Commercially Reasonable Efforts to arrange for
          shipping and delivery schedules to be approximately evenly spread on a
          daily and weekly basis throughout each Contract Year.

     (c)  On or before October 31 in each Contract Year, the Purchaser shall
          submit to the Supplier a notice setting forth the annual quantity of
          Molten Metal required for the next succeeding Contract Year (the
          "CONTRACT TONNAGE" for such Contract Year), which shall be no less
          than 80% of the Base Contract Tonnage applicable to the next
          succeeding Contract Year, and no more than the Base Contract Tonnage
          for such Contract Year, and an estimated shipping schedule and
          quantities of Molten Metal to be purchased in each week of such
          Contract Year; in establishing such shipping schedule, the Purchaser
          shall endeavour to divide the Contract Tonnage as evenly as possible
          for delivery throughout each day and each week in the Contract Year.
          The Contract Tonnage for Contract Year 1, and the estimated shipping
          schedule and quantities of Molten Metal to be delivered in each week
          during Contract Year 1, are set out in SCHEDULE 1 hereto.
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                                      -8-

2.4  OTHER TERMS AFFECTING QUANTITY

     (a)  Throughout the Term of this Agreement, the Purchaser shall be entitled
          to request reductions in the amount of Molten Metal to be delivered in
          any week by the Supplier hereunder by notice to the Supplier, and the
          Supplier shall adjust its shipments so as to provide such reduced
          amount in such week, provided such reduction is made in connection
          with either (i) a planned maintenance shutdown of the Purchaser's
          facilities at Saguenay Works or (ii) a statutory holiday falling in
          such week, and the Parties have agreed on the timing for any such
          maintenance shut down or variation in quantity. The Parties shall use
          their Commercially Reasonable Efforts to reach agreement under this
          Section 2.4(a) with a view to avoiding production disruptions or
          inventory buildup. Any reduction of weekly supply pursuant to this
          Section 2.4(a) shall not affect the obligations of the Purchaser and
          the Supplier under Section 2.3(a).

     (b)  The quantity of Molten Metal which the Purchaser agrees to purchase
          and the Supplier agrees to supply hereunder shall be subject to
          reduction in the event the Supplier provides notice to the Purchaser
          that one or more of the Saguenay Smelters owned by the Supplier has
          been temporarily or permanently shut down by the Supplier, provided
          such shut down has occurred as a result of a good faith decision by
          the Supplier that the continued operation of such Saguenay Smelter
          would be uneconomic or otherwise unviable for the Supplier or non
          value-maximizing for the Supplier. The reduction shall be for such
          quantity as may be agreed by the Parties and, failing agreement, shall
          be for such quantity as is equal to the Contract Tonnage multiplied by
          the annual reduction capacity of the Saguenay Smelters (or Smelter)
          that has (or have) been shut down, and divided by the total annual
          production capacity of all Saguenay Smelters before giving effect to
          the shut down. Supplier shall provide not less than 18 months prior
          notice to Purchaser before invoking this provision.

     (c)  Subject to the Parties' obligations to purchase and supply, as
          applicable, the Contract Tonnage in each Contract Year on the terms of
          this Section 2, the Parties shall consult at least once a week in
          order to agree on the quantities of Molten Metal to be supplied on a
          daily basis. The Supplier will use Commercially Reasonable Efforts to
          allocate Molten Metal produced by the Supplier on a fair basis between
          the Purchaser and facilities of the Supplier or its Affiliates that
          require Molten Metal.

2.5  SUPPLIER'S SHIPPING OBLIGATIONS

     (a)  The Supplier shall supply to the Purchaser, in accordance with the
          terms hereof, in each week, such quantity of Molten Metal as is
          identified by the Purchaser in respect of such week in a notice
          pursuant to Section 2.3(c) hereof, subject to any reduction in
          accordance with Section 2.4.
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                                      -9-

     (b)  Notwithstanding the provisions of Incoterms 2000 and Section 2.10, the
          Supplier acknowledges its responsibility to make all necessary
          arrangements for the transportation of Molten Metal to the Delivery
          Site on behalf of the Purchaser. The Supplier shall act as the
          disclosed agent of the Purchaser in entering into contracts for hiring
          carriers for the shipment of Molten Metal under this Agreement. In
          doing this, the Supplier shall use Commercially Reasonable Efforts to
          obtain the most competitive freight rates and shall obtain approval
          from the Purchaser before entering into any long term contracts for
          hiring carriers on behalf of the Purchaser. The Supplier shall use
          Commercially Reasonable Efforts to ensure that such transportation is
          suitable for delivering Molten Metal to the Delivery Site.

2.6  PRICE

     (a)  The price payable by the Purchaser to the Supplier for each Tonne of
          Molten Metal sold and purchased pursuant to Sections 2.1 and 2.2 shall
          be the Contract Price. The date used for calculating the Contract
          Price for any shipment of Molten Metal shall be the Bill of Lading
          Date.

     (b)  In the event that (i) the LME ceases or suspends trading in aluminum;
          (ii) Metal Week ceases to be published or ceases to publish the
          relevant reference price for determining the Midwest Price; or (iii)
          Metal Bulletin ceases to be published or ceases publication of the
          relevant reference price for determining the Aluminum Price, the
          Parties shall meet with a view to agreeing on an alternative
          publication or, as applicable, an alternative reference price. If the
          Parties fail to reach an agreement within sixty (60) days of any Party
          having notified the other to enter into discussions to agree to an
          alternative publication or reference price, then the Chairman of the
          LME in London, England or his nominee shall be requested to select a
          suitable reference in lieu thereof and an appropriate amendment to the
          terms of this Section 2.6. The decision of the Chairman or his nominee
          shall be final and binding on the Parties.

2.7  QUALITY

     (a)  Molten Metal supplied under this Agreement shall comply with the
          definition of "Molten Metal" set forth in Section 1.1. The Supplier
          shall use Commercially Reasonable Efforts to notify the Purchaser
          prior to shipment of any Molten Metal that does not meet this
          description. The Purchaser shall not be required to accept delivery of
          any Molten Metal that does not meet this description. If the Purchaser
          does not accept delivery of Molten Metal not meeting this description,
          the Supplier's obligation shall be limited to the assumption of all
          costs for return of such Molten Metal to the Supplier, and for the
          delivery of replacement Molten Metal to the Purchaser. All other
          express or implied warranties, conditions and other terms relating to
          Molten Metal hereunder, including warranties relating to
          merchantability or fitness for a
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                                      -10-

          particular purpose, are hereby excluded to the fullest extent
          permitted by Applicable Law.

     (b)  The Purchaser may from time to time propose that Molten Metal to be
          supplied hereunder comply with additional specifications. The Supplier
          shall use Commercially Reasonable Efforts to agree to such proposed
          modifications or additions.

     (c)  The Parties shall cooperate in good faith to develop a plan for
          addressing sodium content issues in Molten Metal supplied from the
          Supplier's Alma smelter by June 30, 2005.

2.8  PAYMENT

     (a)  The Purchaser shall pay the Supplier in full, in accordance with
          Supplier's commercial invoice, for each shipment of Molten Metal
          meeting the Specifications for P1020 aluminum metal or otherwise
          accepted by Purchaser. Payment shall be made every 14 days commencing
          February 14, 2005 (each a "Payment Date"), or if such day is not a
          Business Day, then on the immediately following Business Day. Payment
          shall be made on each Payment Date in respect of all invoices issued
          not later than 31 days prior to such payment date and not previously
          paid, with invoices issued after such date being payable on the next
          following Payment Date.

     (b)  If the Purchaser believes that a shipment of Molten Metal does not
          meet the description of Molten Metal as defined in this Agreement and
          has rejected such shipment in a timely manner in accordance with the
          terms hereof, it need not pay the invoice. However, if the Purchaser
          subsequently accepts that the Molten Metal complies with the
          requirements of this Agreement, the Purchaser shall pay the invoice
          and, if payment is overdue pursuant to Section 2.8(a) above, interest
          in accordance with Section 2.8(c).

     (c)  If any payment required to be made pursuant to Section 2.8(a) above is
          overdue, the full amount shall bear interest at a rate per annum equal
          to the Default Interest Rate calculated on the actual number of days
          elapsed, accrued from and excluding the date on which such payment was
          due, up to and including the actual date of receipt of payment in the
          nominated bank or banking account.

     (d)  All amounts paid to the Supplier or the Purchaser hereunder shall be
          paid in Dollars by wire transfer in immediately available funds or by
          ACH to the account specified by the Supplier or Purchaser, as
          applicable, by notice from time to time by one Party to the other
          hereunder.

     (e)  If any Party fails to purchase or supply, as applicable, any quantity
          of Molten Metal in any month as required under the terms of this
          Agreement, such Party shall be liable to the other Party for all
          direct damages, losses and costs
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                                      -11-

     resulting from such failure, provided that such other Party shall use its
     Commercially Reasonable Efforts to mitigate such damages, losses and costs.

2.9  DELIVERY

     Molten Metal shall be delivered CPT the Delivery Site. The delivery of
     Molten Metal pursuant to this Section 2.9 shall be governed by Incoterms
     2000, as amended from time to time.

2.10 TITLE AND RISK OF LOSS

     Title to and risk of damage to and loss of Molten Metal shall pass to the
     Purchaser as the Molten Metal is delivered by the Supplier to the carrier.

2.11 PURCHASER AS PRINCIPAL

     The Purchaser warrants that all Molten Metal to be purchased hereunder
     shall be purchased for Purchaser's own consumption. The Purchaser agrees
     that it shall not re-sell or otherwise make available to any Person any
     Molten Metal purchased from the Supplier hereunder, other than in respect
     of transactions undertaken in small quantities by the Purchaser to balance
     purchases or Purchaser's metal position.

3.   FORCE MAJEURE

3.1  EFFECT OF FORCE MAJEURE

     No Party shall be liable for any loss or damage that arises directly or
     indirectly through or as a result of any delay in the fulfilment of or
     failure to fulfil its obligations in whole or in part (other than the
     payment of money as may be owed by a Party) under this Agreement where the
     delay or failure is due to Force Majeure. The obligations of the Party
     affected by the event of Force Majeure (the "AFFECTED PARTY") shall be
     suspended, to the extent that those obligations are affected by the event
     of Force Majeure, from the date the Affected Party first gives notice in
     respect of that event of Force Majeure until cessation of that event of
     Force Majeure (or the consequences thereof).

3.2  DEFINITION

     "FORCE MAJEURE" shall mean any act, occurrence or omission (or other
     event), subsequent to the commencement of the Term hereof, which is beyond
     the reasonable control of the Affected Party including, but not limited to:
     fires, explosions, accidents, strikes, lockouts or labour disturbances,
     floods, droughts, earthquakes, epidemics, seizures of cargo, wars (whether
     or not declared), civil commotion, acts of God or the public enemy, action
     of any government, legislature, court or other Governmental Authority,
     action by any authority, representative or organisation exercising or
     claiming to exercise powers of a government or
<PAGE>
                                      -12-

     Governmental Authority, compliance with Applicable Law, blockades, power
     failures or curtailments, inadequacy or shortages or curtailments or
     cessation of supplies of raw materials or other supplies, failure or
     breakdown of equipment of facilities, the invocation of Force Majeure by
     any party to an agreement under which any Party's operations are affected,
     and any declaration of Force Majeure by the facility producing the Molten
     Metal, or any other event beyond the reasonable control of the Parties
     whether or not similar to the events or occurrences enumerated above. In no
     circumstances shall problems with making payments constitute Force Majeure.

3.3  NOTICE

     Upon the occurrence of an event of Force Majeure, the Affected Party shall
     promptly give notice to the other Party hereto setting forth the details of
     the event of Force Majeure and an estimate of the likely duration of the
     Affected Party's inability to fulfil its obligations under this Agreement.
     The Affected Party shall use Commercially Reasonable Efforts to remove the
     said cause or causes and to resume, with the shortest possible delay,
     compliance with its obligations under this Agreement, provided that the
     Affected Party shall not be required to settle any strike, lockout or
     labour dispute on terms not acceptable to it. When the said cause or causes
     have ceased to exist, the Affected Party shall promptly give notice to the
     other Party that such cause or causes have ceased to exist.

3.4  PRO RATA ALLOCATION

     If the Supplier's supply of any Molten Metal to be delivered to the
     Purchaser is stopped or disrupted by an event of Force Majeure, the
     Supplier shall have the right to allocate its available supplies of such
     Molten Metal, if any, among any or all of its existing customers whether or
     not under contract, in a fair and equitable manner. In addition, where the
     Supplier is the Affected Party, it may (but shall not be required to) offer
     to supply, from another source, Molten Metal of similar quality in
     substitution for the Molten Metal subject to the event of Force Majeure to
     satisfy that amount which would have otherwise been sold and purchased
     hereunder at a price which may be more or less than the price hereunder.

3.5  CONSULTATION

     Within thirty (30) days of the cessation of the event of Force Majeure, the
     Parties shall consult with a view to reaching agreement as to the
     Supplier's obligation to provide, and the Purchaser's obligation to take
     delivery of, that quantity of Molten Metal that could not be sold and
     purchased hereunder because of the event of Force Majeure, provided that
     any such shortfall quantity has not been replaced by substitute Molten
     Metal pursuant to the terms above.

     In the absence of any agreement by the Parties, failure to deliver or
     accept delivery of Molten Metal which is excused by or results from the
     operation of the foregoing
<PAGE>
                                      -13-

     provisions of this Section 3 shall not extend the Term of this Agreement
     and the quantities of Molten Metal to be sold and purchased under this
     Agreement shall be reduced by the quantities affected by such failure.

3.6  TERMINATION

     (a)  If an event of Force Majeure where the Affected Party is the Purchaser
          shall continue for more than ***consecutive calendar months, then the
          Supplier shall have the right to terminate this Agreement.

     (b)  If an event of Force Majeure where the Affected Party is the Supplier
          shall continue for more than ***consecutive calendar months, then the
          Purchaser shall have the right to terminate this Agreement.

4.   ASSIGNMENT

4.1  PROHIBITION ON ASSIGNMENTS

     No Party shall assign or transfer this Agreement, in whole or in part, or
     any interest or obligation arising under this Agreement, except as
     permitted by Section 4.2, without the prior written consent of the other
     Party.

4.2  ASSIGNMENT WITHIN ALCAN GROUP OR NOVELIS GROUP

     (a)  With the consent of Novelis, such consent not to be unreasonably
          withheld or delayed, Alcan may elect to have one or more of the
          Persons comprising the Alcan Group assume the rights and obligations
          of the Supplier under this Agreement, provided that

          (i)  Alcan shall remain fully liable for all obligations of the
               Supplier hereunder, and

          (ii) the transferee will remain at all times a member of the Alcan
               Group;

     any such successor to Alcan as a Supplier under this Agreement shall be
     deemed to be the "SUPPLIER" for all purposes of the Agreement.

     (b)  With the consent of Alcan, such consent not to be unreasonably
          withheld or delayed, Novelis may elect to have one or more of the
          Persons comprising the Novelis Group assume the rights and obligations
          of the Purchaser under this Agreement, provided that

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     the Securities and Exchange Commission. Confidential treatment has been
     requested with respect to the omitted portions.
<PAGE>
                                      -14-

          (i)  Novelis shall remain fully liable for all obligations of the
               Purchaser hereunder, and

          (ii) the transferee will remain at all times a member of the Novelis
               Group;

     any such successor to Novelis as Purchaser under this Agreement shall be
     deemed to be the "PURCHASER" for all purposes of this Agreement.

5.   TERM AND TERMINATION

5.1  EFFECTIVENESS

     This Agreement shall come into full force and effect upon the Effective
     Date.

5.2  TERM

     The term of this Agreement (the "TERM") shall be from the Effective Date
     until ***, unless terminated earlier or extended pursuant to the provisions
     of this Agreement.

5.3  EXTENSION

     One year prior to the expiration of the Term, the Parties may, upon the
     request of either Party, meet to negotiate in good faith a possible
     extension of the Term for a further period on terms to be mutually agreed
     (including in respect of quantities of Molten Metal to be purchased and
     supplied hereunder and pricing to apply in such further period). If no such
     Agreement is reached between the Parties, the Agreement shall terminate
     upon expiry of the Term.

5.4  TERMINATION

     This Agreement shall terminate:

     (a)  upon expiry of the Term;

     (b)  upon the mutual agreement of the Parties prior to the expiry of the
          Term;

     (c)  pursuant to Section 3.6 as a result of Force Majeure; or

     (d)  upon the occurrence of an Event of Default, in accordance with Section
          6.

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     the Securities and Exchange Commission. Confidential treatment has been
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<PAGE>
                                      -15-

6.   EVENTS OF DEFAULT

     This Agreement may be terminated in its entirety immediately at the option
     of a Party (the "TERMINATING PARTY"), in the event that an Event of Default
     occurs in relation to the other Party (the "DEFAULTING PARTY"), and such
     termination shall take effect immediately upon the Terminating Party
     providing notice to the Defaulting Party of the termination.

     For the purposes of this Agreement, each of the following shall
     individually and collectively constitute an "EVENT OF DEFAULT" with respect
     to a Party:

     (a)  such Party defaults in payment of any payments which are due and
          payable by it pursuant to this Agreement, and such default is not
          cured within thirty (30) days following receipt by the Defaulting
          Party of notice of such default;

     (b)  such Party breaches any of its material obligations pursuant to this
          Agreement (other than as set out in paragraph (a) above), and fails to
          cure it within sixty (60) days after receipt of notice from the
          non-defaulting Party specifying the default with reasonable detail and
          demanding that it be cured, provided that if such breach is not
          capable of being cured within sixty (60) days after receipt of such
          notice and the Party in default has diligently pursued efforts to cure
          the default within the sixty (60) day period, no Event of Default
          under this paragraph (b) shall occur;

     (c)  such Party breaches any material representation or warranty, or fails
          to perform or comply with any material covenant, provision,
          undertaking or obligation in or of the Separation Agreement;

     (d)  in relation to the Purchaser (1) upon the occurrence of a Non Compete
          Breach (as defined in the Separation Agreement) and the giving of
          notice of the termination of this Agreement by Alcan to Novelis
          pursuant to Section 14.03(b) of the Separation Agreement and pursuant
          to this paragraph of this Agreement, or (2) upon the occurrence of a
          Change of Control Non Compete Breach (as defined in the Separation
          Agreement) and the giving of notice of the termination of this
          Agreement by Alcan to Novelis pursuant to Section 14.04(e) of the
          Separation Agreement, in which event the termination of this Agreement
          shall be effective immediately upon Alcan providing Novelis notice
          pursuant to Section 14.03(b) or Section 14.04(e) of the Separation
          Agreement;

     (e)  such Party (i) is bankrupt or insolvent or takes the benefit of any
          statute in force for bankrupt or insolvent debtors, or (ii) files a
          proposal or takes any action or proceeding before any court of
          competent jurisdiction for dissolution, winding-up or liquidation, or
          for the liquidation of its assets, or a receiver is appointed in
          respect of its assets, which order, filing or appointment is not
          rescinded within sixty (60) days; or
<PAGE>
                                      -16-

     (f)  proceedings are commenced by or against such Party under the laws of
          any jurisdiction relating to reorganization, arrangement or
          compromise.

7.   REPRESENTATIONS AND WARRANTIES

     The Parties hereby reiterate for the purposes of this Agreement those
     representations and warranties set forth in Article VI of the Separation
     Agreement.

8.   CONFIDENTIALITY

     Each of the Parties shall at all times be in full compliance with its
     obligations under Sections 11.07 and 11.08 (Confidentiality) of the
     Separation Agreement.

9.   DISPUTE RESOLUTION

9.1  DISPUTES

     The Master Agreement with respect to Dispute Resolution, effective on the
     Effective Date, among the Parties and other parties thereto shall govern
     all disputes, controversies or claims (whether arising in contract, delict,
     tort or otherwise) ("DISPUTES") between the Parties that may arise out of,
     or relate to, or arise under or in connection with, this Agreement or the
     transactions contemplated hereby (including all actions taken in
     furtherance of the transactions contemplated hereby), or the commercial or
     economic relationship of the Parties relating hereto or thereto.

9.2  CONTINUING OBLIGATIONS

     The existence of a Dispute with respect to this Agreement between the
     Parties shall not relieve either Party from performance of its obligations
     under this Agreement that are not the subject of such Dispute.

10.  MISCELLANEOUS

10.1 CONSTRUCTION

     The terms of Section 16.04 (Construction) of the Separation Agreement shall
     apply to this Agreement, mutatis mutandis, as if all references therein to
     the "Agreement" were deemed to be references to this Agreement.

10.2 NOTICES

     All notices and other communications under this Agreement shall be in
     writing and shall be deemed to be duly given (a) on the date of delivery,
     if delivered personally, (b) on the first Business Day following the date
     of dispatch if delivered by a
<PAGE>
                                      -17-

     nationally recognized next-day courier service, (c) on the date of actual
     receipt if delivered by registered or certified mail, return receipt
     requested, postage prepaid or (d) if sent by facsimile transmission, when
     transmitted and receipt is confirmed by telephone. All notices hereunder
     shall be delivered as follows:

     IF TO THE PURCHASER, TO:

     NOVELIS INC.
     Suite 3800
     Royal Bank Plaza, South Tower
     P.O. Box 84
     200 Bay Street
     Toronto, Ontario
     M5J 2Z4
     Fax: 416-216-3930

     Attention: Chief Executive Officer

     IF TO THE SUPPLIER, TO:

     ALCAN INC.
     1188 Sherbrooke Street West
     Montreal, Quebec
     H3A 3G2
     Fax: 514-848-8115

     Attention: Chief Legal Officer

     Any Party may, by notice to the other Party, change the address or fax
     number to which such notices are to be given.

10.3 GOVERNING LAW

     This Agreement shall be governed by and construed and interpreted in
     accordance with the laws of the Province of Quebec and the laws of Canada
     applicable therein, irrespective of conflict of laws principles under
     Quebec law, as to all matters, including matters of validity, construction,
     effect, enforceability, performance and remedies.

10.4 JUDGMENT CURRENCY

     The obligations of a Party to make payments hereunder shall not be
     discharged by an amount paid in any currency other than Dollars, whether
     pursuant to a court judgment or arbitral award or otherwise, to the extent
     that the amount so paid upon
<PAGE>
                                      -18-

     conversion to Dollars and transferred to an account indicated by the Party
     to receive such funds under normal banking procedures does not yield the
     amount of Dollars due, and each Party hereby, as a separate obligation and
     notwithstanding any such judgment or award, agrees to indemnify the other
     Party against, and to pay to such Party on demand, in Dollars, any
     difference between the sum originally due in Dollars and the amount of
     Dollars received upon any such conversion and transfer.

10.5 ENTIRE AGREEMENT

     This Agreement, the Separation Agreement and schedules, exhibits, annexes
     and appendices hereto and thereto and the specific agreements contemplated
     herein or thereby, contain the entire agreement between the Parties with
     respect to the subject matter hereof and supersede all previous agreements,
     negotiations, discussions, writings, understandings, commitments and
     conversations with respect to such subject matter. No agreements or
     understandings exist between the Parties with respect to the subject matter
     hereof other than those set forth or referred to herein or therein.

10.6 CONFLICTS

     In case of any conflict or inconsistency between this Agreement and the
     Separation Agreement, this Agreement shall prevail.

10.7 SEVERABILITY

     If any provision of this Agreement or the application thereof to any Person
     or circumstance is determined by a court of competent jurisdiction to be
     invalid, void or unenforceable, the remaining provisions hereof, or the
     application of such provision to Persons or circumstances or in
     jurisdictions other than those as to which it has been held invalid or
     unenforceable, shall remain in full force and effect and shall in no way be
     affected, impaired or invalidated thereby, so long as the economic or legal
     substance of the transactions contemplated hereby is not affected in any
     manner adverse to any Party. Upon such determination, the Parties shall
     negotiate in good faith in an effort to agree upon such a suitable and
     equitable provision to effect the original intent of the Parties.

10.8 SURVIVAL

     The obligations of the Parties under Sections 2.6, 2.7, 2.8, 8, 9, 10.3 and
     10.8 and liability for the breach of any obligation contained herein shall
     survive the expiration or earlier termination of this Agreement.

10.9 EXECUTION IN COUNTERPARTS

     This Agreement may be executed in one or more counterparts, all of which
     shall be considered one and the same agreement, and shall become effective
     when one or
<PAGE>
                                      -19-

     more counterparts have been signed by each of the Parties and delivered to
     the other Party.

10.10 AMENDMENTS

     No provisions of this Agreement shall be deemed waived, amended,
     supplemented or modified by any Party, unless such waiver, amendment,
     supplement or modification is in writing and signed by the authorized
     representative of the Party against whom it is sought to enforce such
     waiver, amendment, supplement or modification.

10.11 WAIVERS

     No failure on the part of a Party to exercise and no delay in exercising,
     and no course of dealing with respect to, any right, power or privilege
     under this Agreement shall operate as a waiver thereof, nor shall any
     single or partial exercise of any right, power or privilege under this
     Agreement preclude any other or further exercise thereof or the exercise of
     any other right, power or privilege. The remedies provided herein are
     cumulative and not exclusive of any remedies provided by Applicable Law.

10.12 NO PARTNERSHIP

     Nothing contained herein or in the Agreement shall make a Party a partner
     of any other Party and no Party shall hold out the other as such.

10.13 TAXES, ROYALTIES AND DUTIES

     All royalties, taxes and duties imposed or levied on any Molten Metal
     delivered hereunder (other than any taxes on the income of the Supplier)
     shall be for the account of and paid by the Purchaser.

10.14 LIMITATIONS OF LIABILITY

     (a)  Neither Party shall be liable to the other Party for any indirect,
          collateral, incidental, special, consequential or punitive damages,
          lost profit or failure to realize expected savings or other commercial
          or economic loss of any kind, howsoever caused, and on any theory of
          liability (including negligence) arising in any way out of this
          Agreement; provided, however, that the foregoing limitations shall not
          limit any Parties' indemnification obligations for Liabilities with
          respect to Third Party Claims as set forth Article IX of the
          Separation Agreement (as if such Article IX was set out in full herein
          by reference to the obligations of the Parties hereunder).

     (b)  Sections 9.04, 9.05, 9.06, 9.07 and 9.09 of the Separation Agreement
          shall apply mutatis mutandis with respect to any Liability subject to
          any indemnification or reimbursement pursuant to this Agreement.
<PAGE>
                                      -20-

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]
<PAGE>
IN WITNESS WHEREOF, the Parties hereto have caused this Molten Metal Supply
Agreement to be executed by their duly authorized representatives.

                                        NOVELIS INC.

                                        By: /s/ Brian W. Sturgell
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

                                        ALCAN INC.

                                        By: /s/ David McAusland
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------<PAGE>
                                                                  EXECUTION COPY

                                                      (METAL SUPPLY AGREEMENT #3
                                                    SHEET INGOT - NORTH AMERICA)

                                                                    EXHIBIT 10.4

                             METAL SUPPLY AGREEMENT

                                     between

                                  NOVELIS INC.

                                 (as Purchaser)

                                       and

                                   ALCAN INC.

                                  (as Supplier)

                 FOR THE SUPPLY OF SHEET INGOT IN NORTH AMERICA

           DATED JANUARY 5, 2005 WITH EFFECT AS OF THE EFFECTIVE DATE]
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>   <C>                                                                    <C>
1.    DEFINITIONS AND INTERPRETATION......................................     2
2.    METAL...............................................................    10
3.    FORCE MAJEURE.......................................................    19
4.    ASSIGNMENT..........................................................    20
5.    TERM AND TERMINATION................................................    21
6.    EVENTS OF DEFAULT...................................................    22
7.    REPRESENTATIONS AND WARRANTIES......................................    23
8.    CONFIDENTIALITY.....................................................    23
9.    DISPUTE RESOLUTION..................................................    23
10.   MISCELLANEOUS.......................................................    24

SCHEDULES
1.   Product Premiums
2.   Metal Specifications
3.   Contract Year 1 Quantities
4.   Shipment and Delivery Performance
</TABLE>
<PAGE>
                             METAL SUPPLY AGREEMENT

THIS AGREEMENT entered into in the City of Montreal, Province of Quebec, is
dated January ____, 2005, with effect as of the Effective Date.

BETWEEN:   NOVELIS INC., a corporation incorporated under the Canada Business
           Corporations Act ("NOVELIS" or the "PURCHASER");

AND:       ALCAN INC., a corporation organized under the Canada Business
           Corporations Act ("ALCAN" or the "SUPPLIER").

RECITALS:

WHEREAS Alcan and Novelis have entered into a Separation Agreement pursuant to
which they set out the terms and conditions relating to the separation of the
Separated Businesses from the Remaining Alcan Businesses (each as defined
therein), such that the Separated Businesses are to be held, as at the Effective
Time (as defined therein), directly or indirectly, by Novelis (such agreement,
as amended, restated or modified from time to time, the "SEPARATION AGREEMENT").
<PAGE>
                                       -2-

WHEREAS the Supplier wishes to supply, and the Purchaser wishes to purchase,
subject to the terms and conditions of this Agreement, Metal (as defined below)
required by the Purchaser at the Delivery Sites (as defined below).

WHEREAS the Parties have entered into this Agreement in order to set forth such
terms and conditions.

NOW THEREFORE, in consideration of the mutual agreements, covenants and other
provisions set forth in this Agreement, the Parties hereby agree as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

     For the purposes of this Agreement, the following terms and expressions and
     variations thereof shall, unless another meaning is clearly required in the
     context, have the meanings specified or referred to in this Section 1.1:

     "AFFECTED PARTY" has the meaning set forth in Section 3.1.

     "AFFILIATE" of any Person means any other Person that, directly or
     indirectly, controls, is controlled by, or is under common control with
     such first Person as of the date on which or at any time during the period
     for when such determination is being made. For purposes of this definition,
     "CONTROL" means the possession, directly or indirectly, of the power to
     direct or cause the direction of the management and policies of such
     Person, whether through the ownership of voting securities or other
     interests, by contract or otherwise and the terms "CONTROLLING" and
     "CONTROLLED" have meanings correlative to the foregoing.

     "AGREEMENT" means this Metal Supply Agreement, including all of the
     Schedules hereto.

     "ALCAN" means Alcan Inc.

     "ALCAN GROUP" means Alcan and its Subsidiaries from time to time on and
     after the Effective Date.

     "ANNUAL BASE QUANTITY" means

          (i)  in respect of Contract Year 1, *** Tonnes,

          (ii) in respect of Contract Year 2, *** Tonnes,

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<PAGE>
                                       -3-

          (iii) in respect of Contract Year 3, *** Tonnes (or such other
               quantity as may be specified in writing by Novelis prior to
               September 30, 2005, provided such quantity shall be greater than
               or equal to *** Tonnes and less than or equal to *** Tonnes), and

          (iv) It is anticipated that the Parties will reach agreement on a new
               supply agreement superseding this agreement, effective starting
               the end of Contract Year 3. If the Parties fail to reach such an
               agreement, this contract will continue to be in force through the
               end of Contract Year ***, with the Annual Base Quantity for
               Contract Years *** being equal to the Annual Base Quantity of the
               prior Contract Year less a possible reduction equal to *** of the
               Contract Year 3 Annual Base Quantity. This reduction of Annual
               Base Quantity for Contract Years *** can be triggered
               unilaterally by either Party by providing written notice no later
               than 18 months prior to the start of the relevant Contract Year.

     As an example, if the Annual Base Quantity for Contract Year *** is ***
     Tonnes, then the Annual Base Quantity for Contract Year *** will be equal
     to *** Tonnes unless either Supplier or Purchaser notifies the other Party
     by June 30 of Contract Year *** that it is triggering a reduction of ***
     Tonnes (***% of the Annual Base Quantity for Contract Year ***). In the
     latter case, the Annual Base Quantity for Contract Year *** would become
     *** Tonnes, subject to any reduction in accordance with Section 2.1(c).

     "ANNUAL ORDER QUANTITY" means,

          (i)  in respect of Contract Year 1, a quantity greater than ***Tonnes
               and less than *** Tonnes,

          (ii) in respect of Contract Year 2, a quantity greater than *** Tonnes
               and less than *** Tonnes,

          (iii) in respect of Contract Year 3, a quantity greater than the
               Annual Base Quantity for Contract Year 3 minus *** Tonnes and
               less than the Annual Base Quantity for Contract Year 3 plus ***
               Tonnes, and

          (iv) in respect of each Contract Year from and after Contract Year 4,
               to Contract Year ***, inclusive, a quantity greater than *** %
               of the Annual Base Quantity for such Contract Year and less than
               or equal to *** % of the Annual Base Quantity for such Contract
               Year,

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     the Securities and Exchange Commission. Confidential treatment has been
     requested with respect to the omitted portions.
<PAGE>
                                       -4-

               which quantity, in each case, is notified by the Purchaser to the
               Supplier pursuant to Section 2.6(i).

     "APPLICABLE LAW" means any applicable law, rule or regulation of any
     Governmental Authority or any outstanding order, judgment, injunction,
     ruling or decree by any Governmental Authority.

     "APPLICABLE LME DISCOUNT PERCENTAGE" means, for each of Contract Year 1 to
     Contract Year ***, inclusive, *** %, and for any Contract Year from and
     after Contract Year ***, such percentage as may be agreed to by the
     Parties in connection with any extension of the Term pursuant to Section
     5.3.

     "BILL OF LADING DATE" means the date of the bill of lading representing
     Metal cargo to be delivered under this Agreement.

     "BUSINESS CONCERN" means any corporation, company, limited liability
     company, partnership, joint venture, trust, unincorporated association or
     any other form of association.

     "BUSINESS DAY" means any day excluding (i) Saturday, Sunday and any other
     day which, in the City of Montreal (Canada) or in the City of New York
     (United States), is a legal holiday, or (ii) a day on which banks are
     authorized by Applicable Law to close in the city of Montreal (Canada) or
     in the city of New York (United States).

     "COMMERCIALLY REASONABLE EFFORTS" means the efforts that a reasonable and
     prudent Person desirous of achieving a business result would use in similar
     circumstances to ensure that such result is achieved as expeditiously as
     possible in the context of commercial relations of the type contemplated in
     this Agreement; provided, however, that an obligation to use Commercially
     Reasonable Efforts under this Agreement does not require the Person subject
     to that obligation to assume any material obligations or pay any material
     amounts to a Third Party or take actions that would reduce the benefits
     intended to be obtained by such Person under this Agreement.

     "CONSENT" means any approval, consent, ratification, waiver or other
     authorization.

     "CONSULTATION PERIOD" has the meaning set forth in Section 2.5.

     "CONTRACT PRICE" means, for each Tonne of Metal sold and purchased
     hereunder in any month, the aggregate of the following:

          (i)  the Midwest Price calculated for such month,

          (ii) minus the Applicable LME Discount Percentage of the LME 3-Month
               Aluminum Price for such month,

          (iii) plus the Product Premium in effect in such month,

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     the Securities and Exchange Commission. Confidential treatment has been
     requested with respect to the omitted portions.
<PAGE>
                                       -5-

          (iv) minus the Logistics Discount/Premium Amount applicable in such
               month (in case of supply to Oswego) or plus the Logistics
               Discount/Premium Amount applicable in such month (in case of
               supply to Logan),

          (v)  plus the Cut Premium, if any, applicable to such Metal, and

          (vi) plus the Small Quantity Premium, if any, applicable to such
               Metal;

     such amount shall be rounded upwards to the nearest Dollar.

     "CONTRACT YEAR" means (a) initially the period commencing on the Effective
     Date and ending on the last day of the calendar year in which the Effective
     Date occurs (such initial period being "CONTRACT YEAR 1") and (b)
     thereafter, each successive period consisting of twelve calendar months
     (the first such period being "CONTRACT YEAR 2"), provided that the final
     Contract Year shall end on the last day of the Term.

     "CPT" means, to the extent not inconsistent with the provisions of this
     Agreement, CPT as defined in Incoterms 2000, published by the ICC, Paris,
     France, as amended from time to time.

     "CUT PREMIUM" means, in respect of each Tonne of Metal supplied hereunder,
     an amount equal to (i) $*** per Tonne for one butt, or (ii) $*** per Tonne
     for two butts; provided that Cut Premium is only applicable if the
     Purchaser has requested, in the Firm Order relating to the applicable
     supply of Metal, that the Supplier remove butts of the supplied Metal.

     "DEFAULT INTEREST RATE" means the rate of interest charged by the Supplier
     from time to time on late payments in accordance with Supplier's normal
     commercial practice as indicated on invoices issued by Supplier to
     Purchaser hereunder.

     "DEFAULTING PARTY" has the meaning set forth in Section 6.

     "DELIVERY SITE" means any of the following facilities of the Purchaser, as
     specified, in respect of each shipment of Metal hereunder in the Firm
     Orders provided by the Purchaser hereunder:

          (i)  Oswego Plant, Oswego, New York;

          (ii) Logan Aluminum, Russelville, Kentucky; or

          (iii) such other facilities of the Purchaser as may be agreed to by
               the Supplier.

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     the Securities and Exchange Commission. Confidential treatment has been
     requested with respect to the omitted portions.
<PAGE>
                                       -6-

     "DISPUTES" has the meaning set forth in Section 9.1.

     "DOLLARS" or "$" means the lawful currency of the United States of America.

     "EFFECTIVE DATE" means the "Effective Date" as defined in the Separation
     Agreement.

     "ESTIMATED ANNUAL CAPACITY" has the meaning set out in Section 2.4(b)(i),
     subject to any adjustment pursuant to Section 2.5.

     "ESTIMATED ANNUAL ORDER QUANTITY" has the meaning set out in Section
     2.3(b)(i), subject to any adjustment pursuant to Section 2.5.

     "ESTIMATED MONTHLY CAPACITY" has the meaning set out in Section 2.4(b)(ii),
     subject to any adjustment pursuant to Section 2.5.

     "ESTIMATED MONTHLY CAPACITY UPDATE" has the meaning set forth in Section
     2.7(a).

     "ESTIMATED MONTHLY DEMAND" has the meaning set out in Section 2.3(b)(ii),
     subject to any adjustment pursuant to Section 2.5, Section 2.6(ii) or
     Section 2.7(b)(ii).

     "EVENT OF DEFAULT" has the meaning set forth in Section 6.

     "FIRM ORDER" has the meaning set forth in Section 2.7(b)(i).

     "FORCE MAJEURE" has the meaning set forth in Section 3.2.

     "GOVERNMENTAL AUTHORITY" means any court, arbitration panel, governmental
     or regulatory authority, agency, stock exchange, commission or body.

     "GOVERNMENTAL AUTHORIZATION" means any Consent, license, certificate,
     franchise, registration or permit issued, granted, given or otherwise made
     available by, or under the authority of, any Governmental Authority or
     pursuant to any Applicable Law.

     "ICC" means the International Chamber of Commerce.

     "INCOTERMS 2000" means the set of international rules updated in the year
     2000 for the interpretation of the most commonly used trade terms for
     foreign trade, as published by the ICC.

     "LIABILITIES" has the meaning set forth in the Separation Agreement.

     "LME 3-MONTH ALUMINUM PRICE" for any calendar month means the arithmetic
     average LME 3-Month seller's price for primary high grade aluminum, as
     published in Metal Bulletin on each day during the calendar month preceding
     such calendar month or as otherwise determined pursuant to Section 2.10(b).
     For avoidance of
<PAGE>
                                       -7-

     doubt, the LME 3-Month Aluminum Price for the month of April will be based
     on aluminum prices published during the month of March.

     "LME" means the London Metal Exchange.

     "LOGISTICS DISCOUNT/PREMIUM AMOUNT" means, for each of Contract Year 1 to
     Contract Year ***, inclusive, (i) in respect of any supply to Oswego, a
     discount of $*** per Tonne and (ii) in respect of any supply to Logan, a
     surcharge of $***per Tonne, AND FOR ANY CONTRACT YEAR FROM AND AFTER
     CONTRACT YEAR ***, SUCH AMOUNT AS MAY BE AGREED TO BY THE PARTIES IN
     CONNECTION WITH ANY EXTENSION OF THE TERM PURSUANT TO SECTION 5.3.

     "MAXIMUM ANNUAL SUPPLY OBLIGATION" means:

          (i)  in respect of Contract Year 1, *** Tonnes,

          (ii) in respect of Contract Year 2, *** Tonnes,

          (iii) in respect of Contract Year 3, Annual Base Quantity for Contract
               Year 3 plus ***Tonnes, and

          (iv) in respect of each Contract Year from and after Contract Year 4
               to Contract Year ***, inclusive, the maximum amount of the
               permitted range of the Annual Order Quantity for such Contract
               Year.

     "METAL" means aluminum sheet ingot having the specifications set forth in
     SCHEDULE 2.

     "MIDWEST PRICE" for any calendar month means the arithmetic average of the
     mid-west transaction prices for primary high grade aluminum, as published
     in Metals Week on each day during the calendar month preceding such
     calendar month or as otherwise determined pursuant to Section 2.10(b). As
     an example, the Midwest Price for the month of April will be based on metal
     prices published during the month of March.

     "MINIMUM ANNUAL PURCHASE QUANTITY" means:

          (i)  in respect of Contract Year 1, *** Tonnes,

          (ii) in respect of Contract Year 2, *** Tonnes,

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                                       -8-

          (iii) in respect of Contract Year 3, Annual Base Quantity for Contract
               Year 3 less ***Tonnes, and

          (iv) in respect of each Contract Year from and after Contract Year 4
               to Contract Year ***, inclusive, the minimum amount of the
               permitted range of the Annual Order Quantity for such Contract
               Year.

     "MONTH M1" has the meaning set forth in Section 2.7(b)(i).

     "MONTHLY OFFTAKE QUOTE" has the meaning set out in Section 2.7(b).

     "NOVELIS" means Novelis Inc.

     "NOVELIS GROUP" means Novelis Inc. and its Subsidiaries from time to time
     on and after the Effective Date.

     "PARTY" means each of the Purchaser and the Supplier as a party to this
     Agreement and "PARTIES" means both of them.

     "PERSON" means any individual, Business Concern or Governmental Authority.

     "PRODUCT PREMIUM" means,

          (i)  in respect of Metal supplied hereunder from and after January 1,
               2005 to June 30, 2005, the premiums set out in SCHEDULE 1;

          (ii) in respect of Metal supplied hereunder during the period from and
               after July 1, 2005 to June 30, 2006, the premium identified in
               paragraph (i) above, subject to adjustment in accordance with the
               mechanism described in the second part of SCHEDULE 1, and

          (iii) in respect of Metal supplied hereunder at any time from and
               after July 1, 2006, such amount, as adjusted on July 1 in each
               Contract Year by adding to the then applicable Product Premium an
               amount equal to such percentage of the then applicable Product
               Premium as is equal to 1/2 the percentage variation in the US PPI
               that has taken place between January 1 and December 31 in the
               immediately preceding calendar year,

     provided that Product Premium payable in respect of Metal in the 5XXX alloy
     series will be adjusted on January 1, 2005, July 1, 2005 and January 1,
     2006 based on actual magnesium prices paid by the Supplier during the six
     month period immediately preceding the date of adjustment (subject to the
     application of Section 2.10(c).

     "PURCHASER" has the meaning set forth in the Preamble to this Agreement.

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                                       -9-

     "SALES TAX" means any sales, use, consumption, goods and services, value
     added or similar tax, duty or charge imposed by a Governmental Authority
     pursuant to Applicable Law.

     "SEPARATION AGREEMENT" has the meaning set out in the Preamble to this
     Agreement.

     "SMALL QUANTITY PREMIUM" means an amount payable in respect of supplies
     hereunder where the alloy size combination ordered by the Purchaser in any
     Firm Order is less than 100 Tonnes, as set out below:

     For order sizes from ***   $***/Tonne
     For order sizes from ***   $***/Tonne
     For order sizes from ***   $***/Tonne

     The minimum order size shall be one cast, subject to satisfactory
     minimization by Purchaser of Firm Orders less than 100 Tonnes of items
     ordered less frequently than once a month.

     "SPECIFICATIONS" means specifications for Metal as set out in SCHEDULE 2.

     "SUBSIDIARY" of any Person means any corporation, partnership, limited
     liability entity, joint venture or other organization, whether incorporated
     or unincorporated, of which a majority of the total voting power of capital
     stock or other interests entitled (without the occurrence of any
     contingency) to vote in the election of directors, managers or trustees
     thereof, is at the time owned or controlled, directly or indirectly, by
     such Person.

     "SUPPLIER" has the meaning set forth in the Preamble to this Agreement.

     "SUPPLIER FACILITIES" means the facilities of the Supplier located in any
     of the following locations, to be selected at the Supplier's option:

          (i)  Laterriere,

          (ii) Grande-Baie,

          (iii) Becancour,

          (iv) Kitimat,

          (v)  or such other locations as may be agreed to by the Purchaser in
               accordance with Section 2.1(b).

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                                      -10-

     "SUPPLY SCHEDULE" means in respect of each Contract Year, the notice of
     Estimated Annual Capacity for such Contract Year and Estimated Monthly
     Capacity in respect of each calendar month therein, delivered by the
     Supplier pursuant to Section 2.4(b).

     "TERM" has the meaning set forth in Section 5.2.

     "TERMINATING PARTY" has the meaning set forth in Section 6.

     "THIRD PARTY" means a Person that is not a Party to this Agreement, other
     than a member or an Affiliate of Alcan Group or a member or an Affiliate of
     Novelis Group.

     "THIRD PARTY CLAIM" has the meaning set forth in the Separation Agreement.

     "TONNE" means 1,000 kilograms.

     "US PPI" means the Producer Price Index for industrial commodities, as
     published monthly by the Bureau of Labor Statistics of the U.S. Department
     of Labor.

1.2  CURRENCY

     All references to currency herein are to Dollars unless otherwise
     specified.

1.3  VIENNA CONVENTION

     The Parties agree that the terms of the United Nations Convention (Vienna
     Convention) on Contracts for the International Sale of Goods (1980) shall
     not apply to this Agreement or the obligations of the Parties hereunder.

2.   METAL

2.1  SUPPLY AND SALE BY THE SUPPLIER

     (a)  Subject to the terms and conditions of this Agreement, beginning on
          the Effective Date and continuing throughout the Term of this
          Agreement, the Supplier shall supply and sell to the Purchaser "CPT
          the applicable Delivery Site" the quantities of Metal determined in
          accordance with this Agreement.

     (b)  The Supplier shall supply Metal from a Supplier Facility of the
          Supplier's choosing or from such other sources and locations as may be
          agreed by the Parties. If the Supplier wishes at any time to deliver
          Metal hereunder to the Purchaser from a source other than the
          facilities named in the definition of "Supplier Facilities" herein, it
          may do so provided such Metal complies with the Specifications and the
          Purchaser has confirmed in writing that the source of such Metal is
          acceptable to it. The Purchaser shall act reasonably in providing such
          confirmation.
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                                      -11-

     (c)  The quantity of Metal which the Purchaser agrees to purchase and the
          Supplier agrees to supply hereunder shall be subject to reduction on a
          pro rata basis in the event the Supplier provides notice to the
          Purchaser that one of the Supplier Facilities owned by the Supplier
          has been temporarily or permanently shut down by the Supplier,
          provided such shut down has occurred as a result of a good faith
          decision by the Supplier that the continued operation of such Supplier
          Facility would be uneconomic or otherwise unviable or non
          value-maximizing for the Supplier. This reduction shall be for such
          quantity as may be agreed by the Parties and, failing agreement, shall
          be for such quantity as is equal to the Estimated Annual Capacity for
          the applicable Contract Year multiplied by the annual reduction
          capacity of the Supplier Facilities that have been shut down, and
          divided by the total annual production capacity of all Supplier
          Facilities before giving effect to the shutdown.

          Annual Base Quantity for the relevant Contract Years and other related
          volume levels will be adjusted accordingly. Any reduction pursuant to
          this section 2.1(c) in the Supplier's obligation to supply Metal shall
          only take effect 18 months after Supplier has provided notice thereof
          to Purchaser.

          Likewise, should the Purchaser decide to shut down any of its
          facilities being supplied under this Agreement, Purchaser will be
          entitled to reduce Annual Base Quantities in a similar manner and with
          the same 18-month notice to Supplier.

2.2  PURCHASE BY THE PURCHASER

     Subject to the terms and conditions of this Agreement, beginning on the
     Effective Date and continuing throughout the Term of this Agreement, the
     Purchaser shall purchase and take delivery from the Supplier "CPT the
     applicable Delivery Site" the quantities of Metal determined in accordance
     with this Agreement.

2.3  NOTIFICATION OF ESTIMATED QUANTITIES OF METAL REQUIRED BY THE PURCHASER

     (a)  The Purchaser agrees to purchase and the Supplier agrees to supply, in
          each Contract Year, in accordance with the terms hereof, a quantity of
          Metal which is no less than the Minimum Annual Purchase Quantity for
          such Contract Year.

     (b)  With respect to the purchase of Metal hereunder in any Contract Year,
          the Purchaser shall provide to the Supplier no later than on September
          1 of the Contract Year preceding such Contract Year:

          (i)  an estimate, in Tonnes, of the Annual Order Quantity (the
               "ESTIMATED ANNUAL ORDER QUANTITY" for such Contract Year); and

          (ii) an estimate, in Tonnes, of the quantity of Metal required for
               each month in such Contract Year (the "ESTIMATED MONTHLY
               DEMAND"), provided
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                                      -12-

               (1) the amount for each month shall be less than or equal to ***%
               of the Estimated Annual Order Quantity for such Contract Year
               divided by 12, and greater than or equal to ***% (or, for no more
               than 2 months, ***%), of the Estimated Annual Order Quantity
               divided by 12, and (2) the aggregate of the Estimated Monthly
               Demand amounts for all months in such Contract Year shall equal
               the Estimated Annual Order Quantity notified pursuant to
               paragraph (i) above.

          The Estimated Annual Order Quantity for Contract Year 1 and the
          Estimated Monthly Demand for each month in Contract Year 1, are set
          out in SCHEDULE 3.

2.4  NOTIFICATION OF ESTIMATED QUANTITIES OF METAL SUPPLIED BY THE SUPPLIER

     (a)  The Supplier shall have no obligation to supply Metal in a Contract
          Year in excess of the Maximum Annual Supply Obligation for such
          Contract Year, unless otherwise agreed by the Parties hereto.

     (b)  With respect to the supply of Metal hereunder in any Contract Year,
          the Supplier shall provide to the Purchaser no later than September 15
          of the Contract Year preceding such Contract Year:

          (i)  an estimate, in Tonnes, of the Supplier's supply capacity of
               Metal for such Contract Year (the "ESTIMATED ANNUAL CAPACITY"),
               which amount shall be greater than or equal to the Maximum Annual
               Supply Obligation for such Contract Year, and

          (ii) an estimate, in Tonnes, of the Supplier's supply capacity of
               Metal for each month in such Contract Year (the "ESTIMATED
               MONTHLY CAPACITY"), provided that the Estimated Monthly Capacity
               in respect of each month shall be equal to or greater than the
               Estimated Monthly Demand for such month notified by the Purchaser
               in accordance with Section 2.3(b)(ii).

          In determining the Estimated Annual Capacity and the Estimated Monthly
          Capacity, in each case, the Supplier shall take into account actual
          operating days in the relevant Contract Year or month, as applicable
          (taking into account planned shutdowns of the Supplier Facilities),
          existing commitments of the Supplier for supply to other Persons, and
          seasonal factors affecting the Supplier's capacity.

          The Estimated Annual Capacity for Contract Year 1 and the Estimated
          Monthly Capacity for each month in Contract Year 1 are set out in
          SCHEDULE 3.

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                                      -13-

2.5  CHANGES TO ESTIMATES

     In respect of the purchase and supply of Metal hereunder in any Contract
     Year, the Purchaser and Supplier agree to consult during the period
     September 1 to October 31 in the year preceding such Contract Year (the
     "CONSULTATION PERIOD") with respect to offtake and capacity issues
     effecting the estimates of purchase requirements and supply capacity
     provided by the Purchaser and Supplier, respectively, pursuant to Sections
     2.3 and 2.4. During such Consultation Period the Purchaser may propose to
     purchase a quantity of Metal in such Contract Year in excess of the Maximum
     Annual Supply Obligation for such Contract Year and/or to modify the
     Estimated Annual Order Quantity or Estimated Monthly Demand amounts
     notified by the Purchaser in respect of such Contract Year, provided that
     the Supplier shall be under no obligation to agree to such proposal by the
     Purchaser. During such Consultation Period the Supplier may propose a
     revised Supply Schedule provided that the Purchaser shall be under no
     obligation to agree to such revised Supply Schedule, and the Supplier shall
     be under no obligation to comply with the terms of such revised Supply
     Schedule, unless the Parties agree to such changes. The Parties shall
     consult and negotiate in good faith during the Consultation Period with
     respect to any such matters proposed by the Purchaser or Supplier, as
     applicable, and will discuss planned maintenance shutdowns at any of the
     Delivery Sites or the Supplier Facilities and if possible, schedule
     down-time events relating to such plant maintenance shutdowns for times
     which are mutually agreeable to the Purchaser and the Supplier with a view
     to avoiding production disruption at the Supplier Facilities or inventory
     build-ups at any of the Supplier Facilities or the Delivery Sites.

2.6  NOTIFICATION OF ANNUAL ORDER QUANTITY

     In respect of the purchase and supply of Metal hereunder in any Contract
     Year, the Purchaser shall deliver to the Supplier on or before October 31
     in the year preceding such Contract Year, a notice setting forth:

          (i)  the firm Annual Order Quantity for such Contract Year, which
               shall be no less than the Minimum Annual Purchase Quantity
               calculated for such Contract Year, and

          (ii) the Estimated Monthly Demand (which may be updated from the
               amount notified pursuant to Section 2.3(b)(ii)) for each month in
               such Contract Year provided (1) such amount in respect of each
               month shall be less than or equal to ***% of the Annual Order
               Quantity for such Contract Year divided by 12, and greater than
               or equal to ***% (or ***% for no more than 2 months) of the
               Annual Order Quantity for such Contract Year divided by 12, and
               (2) such amount in respect of any month does

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                                      -14-

               not exceed the Estimated Monthly Capacity notified by the
               Supplier in respect of such month pursuant to Section 2.4(b)(ii)
               (as such amount may be adjusted pursuant to Section 2.5).

2.7  MONTHLY QUANTITY MANAGEMENT

     (a)  Throughout the Term of this Agreement, by the first day of each month
          (and if such day is not a Business Day, on the Business Day
          immediately preceding such day), the Supplier shall notify the
          Purchaser of its updated Estimated Monthly Capacity for each month
          (including the month in which such notice is delivered) of the then
          current Contract Year (such amount referred to as the "ESTIMATED
          MONTHLY CAPACITY UPDATE"), which Estimated Monthly Capacity Update:

          (i)  shall not be subject to adjustment in excess of +/- 5% by the
               Supplier in respect of the first three months in respect of which
               such notice is sent, such that the amount notified in respect of
               such months may not be reduced or increased by more than 5% in
               subsequent Estimated Monthly Capacity Updates delivered under
               this Section 2.7;

          (ii) shall be an indicative amount for each of the remaining months in
               the then current Contract Year included in such notification,
               which amount may be modified in future Estimated Monthly Capacity
               Updates delivered pursuant to this Section 2.7; and

          (iii) shall be, in respect of each month, equal to or greater than the
               Estimated Monthly Demand most recently notified by the Purchaser
               in respect of such month pursuant to Section 2.6 (subject to any
               adjustment pursuant to Section 2.5).

     (b)  Throughout the Term of this Agreement by the 15th day of each month
          (and if such day is not a Business Day, on the Business Day
          immediately preceding such 15th day), the Purchaser shall provide to
          the Supplier a notice (referred to as the "MONTHLY OFFTAKE QUOTE")
          setting forth the following:

          (i)  the quantity of Metal which the Purchaser commits to purchase
               hereunder in the next succeeding month ("MONTH M1"), which
               quantity, shall be greater than or equal to ***% (or ***% for no
               more than 2 months) of the Annual Order Quantity for the Contract
               Year in which Month M1 takes place divided by 12, and less than
               or equal to ***% of the Annual Order Quantity for the Contract
               Year in which Month M1 takes place divided by 12, and identifying
               the Delivery Site or Delivery Sites to

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                                      -15-

               which such Metal should be delivered (which notification in
               respect of Month M1 is referred to herein as the "FIRM ORDER" for
               such month), and the Purchaser hereby agrees that it shall
               purchase from the Supplier in Month M1 a quantity of Metal which
               is no less than ***% of the quantity identified in the Firm
               Order, and no more than ***% than the quantity identified in such
               Firm Order;

          (ii) an updated Estimated Monthly Demand for each month subsequent to
               Month M1 occurring in the Contract Year in which Month M1 occurs,
               which updated amount:

               (1)  shall be greater than or equal to ***% (or ***% for no more
                    than 2 months) of the Annual Order Quantity for the Contract
                    Year in which such month takes place divided by 12, and less
                    than or equal to ***% of the Annual Order Quantity for the
                    Contract Year in which such month takes place divided by 12;
                    and

               (2)  when aggregated with all quantities of Metal actually
                    purchased by the Purchaser hereunder in all months prior to
                    Month M1 occurring in the same Contract Year, shall be no
                    less than the Minimum Annual Purchase Quantity in respect of
                    such Contract Year,

          provided that the Firm Order for Month M1 and each Estimated Monthly
          Demand for each subsequent month shall be no more than the Estimated
          Monthly Capacity Update most recently notified by the Supplier in
          respect of such month.

2.8  WEEKLY QUANTITY MANAGEMENT

     The Parties shall cooperate in coordinating capacity demand and shipments
     within each calendar month. Supplier's weekly capacity shall, absent normal
     course capacity constraints, be within the range of ***% to ***% of 1/4 of
     the Estimated Monthly Capacity Update last provided by the Supplier
     hereunder in respect of the month containing the relevant week.

2.9  SUPPLIER'S SHIPPING OBLIGATIONS

     (a)  The Supplier shall supply to the Purchaser, in accordance with the
          terms hereof, in each month, such quantity of Metal as is identified
          by the Purchaser in respect of such calendar month in the Firm Order
          for such month delivered by the Purchaser in accordance with Section
          2.7(b)(i).

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                                      -16-

     (b)  Notwithstanding the provisions of Incoterms 2000 and Section 2.13, the
          Supplier acknowledges its responsibility to make all necessary
          arrangements for the transportation of Metal to the Delivery Site on
          behalf of the Purchaser. The Supplier shall act as the disclosed agent
          of the Purchaser in entering into contracts for hiring carriers for
          the shipment of Metal under this Agreement. In doing this, the
          Supplier shall use Commercially Reasonable Efforts to obtain
          competitive freight rates and shall consult with the Purchaser before
          entering into any long term contracts for hiring carriers on behalf of
          the Purchaser. The Supplier shall use Commercially Reasonable Efforts
          to ensure that such transportation is suitable for delivering the
          Metal to the Delivery Site.

     (c)  The Supplier undertakes to maintain the same practices and levels of
          service in respect of shipments of Metal hereunder consistent with its
          past and current practices. The Supplier undertakes to ensure that any
          shipments of Metal supplied hereunder:

          (i)  to the Purchaser's facilities at Oswego Plant, Oswego, New York,
               may be made by rail to an intermediate point (which may be
               Brockville, Ontario), with onward shipment to such Delivery Site
               by truck; and

          (ii) to the Purchaser's facilities at the Logan Aluminum Plant,
               Russellville, Kentucky, may made by either rail or truck in
               accordance with current practice. Changes to current practice
               require mutual agreement.

     (d)  Matters regarding shipment and delivery performance hereunder shall be
          governed by the provisions of SCHEDULE 4.

2.10 PRICE

     (a)  The price payable by the Purchaser to the Supplier for each Tonne of
          Metal sold and purchased pursuant to Sections 2.1 and 2.2 shall be the
          Contract Price. The date used for calculating the Contract Price for
          any shipment of Metal shall be the Bill of Lading Date.

     (b)  In the event that (i) LME ceases or suspends trading in aluminum, (ii)
          Metal Week ceases to be published or ceases to publish the relevant
          reference price for determining the Midwest Price, or (iii) Metal
          Bulletin ceases to be published or ceases publication of the relevant
          reference price for determining the LME 3-Month Aluminum Price, the
          Parties shall meet with a view to agreeing on an alternative
          publication or, as applicable, reference price. If the Parties fail to
          reach an agreement within sixty (60) days of any Party having notified
          the other to enter into discussions to agree to an alternative
          publication or reference price, then the Chairman of the LME in
          London, England or his nominee shall be requested to select a suitable
          reference in lieu thereof and an appropriate amendment to the terms of
          this Section 2.10. The decision of the Chairman or his nominee shall
          be final and binding on the Parties.
<PAGE>
                                      -17-

     (c)  The Purchaser shall be entitled to request a review by an independent
          external auditor of the Supplier's cost data used to calculate
          adjustments made to the Product Premium based on actual magnesium
          prices paid by the Supplier, which review shall be carried out on a
          confidential basis with no disclosure of such cost data to the
          Purchaser. Subject to the Supplier being satisfied, acting reasonably,
          with the arrangements in place to ensure the confidentiality of the
          cost data disclosed to such external auditors, the Supplier shall make
          such data available to such external auditors to enable such review.

2.11 QUALITY

     (a)  Metal supplied under this Agreement shall comply with the
          Specifications set forth in SCHEDULE 2. The Supplier shall use
          Commercially Reasonable Efforts to notify the Purchaser prior to
          shipment of any Metal that does not meet Specifications. The Purchaser
          shall not be required to accept delivery of any Metal that does not
          meet Specifications. If the Purchaser does not accept delivery of
          Metal not meeting Specifications, the Supplier's obligation shall be
          limited to the assumption of all costs for return of such Metal to the
          Supplier, and for the delivery of replacement Metal to the Purchaser.
          All other express or implied warranties, conditions and other terms
          relating to Metal hereunder, including warranties relating to
          merchantability or fitness for a particular purpose, are hereby
          excluded to the fullest extent permitted by Applicable Law.

     (b)  If the Specifications for Metal supplied by the Supplier change, the
          Supplier may propose that the Specifications set forth in SCHEDULE 2
          be amended to reflect such changes. If the revised Specifications do
          not result in increased costs for the processing of such Metal by the
          Purchaser, the Purchaser shall not unreasonably withhold or delay its
          consent to such changed specifications.

2.12 PAYMENT

     (a)  The Purchaser shall pay the Supplier in full, in accordance with
          Supplier's commercial invoice, for each shipment of Metal meeting the
          Specifications set out in Schedule 2 or otherwise accepted by
          Purchaser. Payment shall be made every 14 days commencing February 14,
          2005 (each a "Payment Date"), or if such day is not a Business Day,
          then on the immediately following Business Day. Payment shall be made
          on each Payment Date in respect of all invoices issued not later than
          31 days prior to such payment date and not previously paid, with
          invoices issued after such date being payable on the next following
          Payment Date.

     (b)  If the Purchaser believes that a shipment of Metal does not meet the
          Specifications set out in SCHEDULE 2 and has rejected such shipment in
          a timely manner in accordance with the terms hereof, it need not pay
          the invoice. However, if the Purchaser subsequently accepts that the
          Metal complies with
<PAGE>
                                      -18-

          the Specifications set out in SCHEDULE 2, the Purchaser shall pay the
          invoice and, if payment is overdue pursuant to Section 2.12(a) above,
          interest in accordance with Section 2.12(c).

     (c)  If any payment required to be made pursuant to Section 2.12(a) above
          is overdue, the full amount shall bear interest at a rate per annum
          equal to the Default Interest Rate calculated on the actual number of
          days elapsed, accrued from and excluding the date on which such
          payment was due, up to and including the actual date of receipt of
          payment in the nominated bank or banking account.

     (d)  All amounts paid to the Supplier or the Purchaser hereunder shall be
          paid in Dollars by wire transfer in immediately available funds or by
          ACH to the account specified by the Supplier or Purchaser, as
          applicable, by notice from time to time by one Party to the other
          hereunder.

     (e)  If any Party fails to purchase or supply, as applicable, any quantity
          of Metal in any month as required under the terms of this Agreement,
          such Party shall be liable to the other Party for all direct damages,
          losses and costs resulting from such failure, provided that such other
          Party shall use its Commercially Reasonable Efforts to mitigate such
          damages, losses and costs.

2.13 DELIVERY

     Metal shall be delivered CPT the Delivery Site identified in each Firm
     Order. The delivery of Metal pursuant to this Section 2.13 shall be
     governed by Incoterms 2000, as amended from time to time.

2.14 TITLE AND RISK OF LOSS

     Title to and risk of damage to and loss of Metal shall pass to the
     Purchaser as the Metal is delivered by the Supplier to the carrier.

2.15 PURCHASER AS PRINCIPAL

     Purchaser warrants that all Metal to be purchased hereunder shall be
     purchased for Purchaser's own consumption. Purchaser agrees that it shall
     not re-sell or otherwise make available to any Person any Metal purchased
     from the Supplier hereunder, other than in respect of transactions
     undertaken in small quantities by the Purchaser to balance purchases or
     Purchaser's metal position.
<PAGE>
                                      -19-

3.   FORCE MAJEURE

3.1  EFFECT OF FORCE MAJEURE

     No Party shall be liable for any loss or damage that arises directly or
     indirectly through or as a result of any delay in the fulfilment of or
     failure to fulfil its obligations in whole or in part (other than the
     payment of money as may be owed by a Party) under this Agreement where the
     delay or failure is due to Force Majeure. The obligations of the Party
     affected by the event of Force Majeure (the "AFFECTED PARTY") shall be
     suspended, to the extent that those obligations are affected by the event
     of Force Majeure, from the date the Affected Party first gives notice in
     respect of that event of Force Majeure until cessation of that event of
     Force Majeure (or the consequences thereof).

3.2  DEFINITION

     "FORCE MAJEURE" shall mean any act, occurrence or omission (or other
     event), subsequent to the commencement of the Term hereof, which is beyond
     the reasonable control of the Affected Party including, but not limited to:
     fires, explosions, accidents, strikes, lockouts or labour disturbances,
     floods, droughts, earthquakes, epidemics, seizures of cargo, wars (whether
     or not declared), civil commotion, acts of God or the public enemy, action
     of any government, legislature, court or other Governmental Authority,
     action by any authority, representative or organisation exercising or
     claiming to exercise powers of a government or Governmental Authority,
     compliance with Applicable Law, blockades, power failures or curtailments,
     inadequacy or shortages or curtailments or cessation of supplies of raw
     materials or other supplies, failure or breakdown of equipment of
     facilities, the invocation of Force Majeure by any party to an agreement
     under which any Party's operations are affected, and any declaration of
     Force Majeure by the facility producing the Metal, or any other event
     beyond the reasonable control of the Parties whether or not similar to the
     events or occurrences enumerated above. In no circumstances shall problems
     with making payments constitute Force Majeure.

3.3  NOTICE

     Upon the occurrence of an event of Force Majeure, the Affected Party shall
     promptly give notice to the other Party hereto setting forth the details of
     the event of Force Majeure and an estimate of the likely duration of the
     Affected Party's inability to fulfil its obligations under this Agreement.
     The Affected Party shall use Commercially Reasonable Efforts to remove the
     said cause or causes and to resume, with the shortest possible delay,
     compliance with its obligations under this Agreement provided that the
     Affected Party shall not be required to settle any strike, lockout or
     labour dispute on terms not acceptable to it. When the said cause or causes
     have ceased to exist, the Affected Party shall promptly give notice to the
     other Party that such cause or causes have ceased to exist.
<PAGE>
                                      -20-

3.4  PRO RATA ALLOCATION

     If the Supplier's supply of any Metal to be delivered to the Purchaser is
     stopped or disrupted by an event of Force Majeure, the Supplier shall have
     the right to allocate its available supplies of such Metal, if any, among
     any or all of its existing customers whether or not under contract, in a
     fair and equitable manner. In addition, where the Supplier is the Affected
     Party, it may (but shall not be required to) offer to supply, from another
     source, Metal of similar quality in substitution for the Metal subject to
     the event of Force Majeure to satisfy that amount which would have
     otherwise been sold and purchased hereunder at a price which may be more or
     less than the price hereunder.

3.5  CONSULTATION

     Within thirty (30) days of the cessation of the event of Force Majeure, the
     Parties shall consult with a view to reaching agreement as to the
     Supplier's obligation to provide, and the Purchaser's obligation to take
     delivery of, that quantity of Metal that could not be sold and purchased
     hereunder because of the event of Force Majeure, provided that any such
     shortfall quantity has not been replaced by substitute Metal pursuant to
     the terms above.

     In the absence of any agreement by the Parties, failure to deliver or
     accept delivery of Metal which is excused by or results from the operation
     of the foregoing provisions of this Section 3 shall not extend the Term of
     this Agreement and the quantities of Metal to be sold and purchased under
     this Agreement shall be reduced by the quantities affected by such failure.

3.6  TERMINATION

     (a)  If an event of Force Majeure where the Affected Party is the Purchaser
          shall continue for more than twelve (12) consecutive calendar months,
          then the Supplier shall have the right to terminate this Agreement.

     (b)  If an event of Force Majeure where the Affected Party is the Supplier
          shall continue for more than twelve (12) consecutive calendar months,
          then the Purchaser shall have the right to terminate this Agreement.

4.   ASSIGNMENT

4.1  PROHIBITION ON ASSIGNMENTS

     No Party shall assign or transfer this Agreement, in whole or in part, or
     any interest or obligation arising under this Agreement except as permitted
     by Section 4.2, without the prior written consent of the other Party.
<PAGE>
                                      -21-

4.2  ASSIGNMENT WITHIN ALCAN GROUP OR NOVELIS GROUP

     (a)  With the consent of Novelis, such consent not to be unreasonably
          withheld or delayed, Alcan may elect to have one or more of the
          Persons comprising the Alcan Group assume the rights and obligations
          of the Supplier under this Agreement, provided that

          (i)  Alcan shall remain fully liable for all obligations of the
               Supplier hereunder, and

          (ii) the transferee will remain at all times a member of the Alcan
               Group;

     any such successor to Alcan as a Supplier under this Agreement shall be
     deemed to be the "SUPPLIER" for all purposes of the Agreement.

     (b)  With the consent of Alcan, such consent not to be unreasonably
          withheld or delayed, Novelis may elect to have one or more of the
          Persons comprising the Novelis Group assume the rights and obligations
          of the Purchaser under this Agreement, provided that

          (i)  Novelis shall remain fully liable for all obligations of the
               Purchaser hereunder, and

          (ii) the transferee will remain at all times a member of the Novelis
               Group;

     any such successor to Novelis as Purchaser under this Agreement shall be
     deemed to be the "PURCHASER" for all purposes of this Agreement.

5.   TERM AND TERMINATION

5.1  EFFECTIVENESS

     This Agreement shall come into effect upon the Effective Date.

5.2  TERM

     The term of this Agreement (the "TERM") shall be from the Effective Date
     until ***, unless terminated earlier or extended pursuant to the provisions
     of this Agreement.

----------
***  Certain information on this page has been omitted and filed separately with
     the Securities and Exchange Commission. Confidential treatment has been
     requested with respect to the omitted portions.
<PAGE>
                                      -22-

5.3  EXTENSION

     One year prior to the expiration of the Term, the Parties may, upon the
     request of any Party, meet to negotiate in good faith a possible extension
     of the Term for a further period on terms to be mutually agreed (including
     in respect of quantities and price of Metal to be purchased and supplied
     hereunder). If no such agreement is reached between the Parties, the
     Agreement shall terminate upon expiry of the Term.

5.4  TERMINATION

     This Agreement shall terminate:

     (a)  upon expiry of the Term;

     (b)  upon the mutual agreement of the Parties prior to the expiry of the
          Term;

     (c)  pursuant to Section 3.6 as a result of Force Majeure; or

     (d)  upon the occurrence of an Event of Default, in accordance with Section
          6.

6.   EVENTS OF DEFAULT

     This Agreement may be terminated in its entirety immediately at the option
     of a Party (the "TERMINATING PARTY"), in the event that an Event of Default
     occurs in relation to the other Party (the "DEFAULTING PARTY"), and such
     termination shall take effect immediately upon the Terminating Party
     providing notice to the Defaulting Party of the termination.

     For the purposes of this Agreement, each of the following shall
     individually and collectively constitute an "EVENT OF DEFAULT" with respect
     to a Party:

     (a)  such Party defaults in payment of any payments which are due and
          payable by it pursuant to this Agreement, and such default is not
          cured within thirty (30) days following receipt by the Defaulting
          Party of notice of such default;

     (b)  such Party breaches any of its material obligations pursuant to this
          Agreement (other than as set out in paragraph (a) above), and fails to
          cure it within sixty (60) days after receipt of notice from the
          non-defaulting Party specifying the default with reasonable detail and
          demanding that it be cured, provided that if such breach is not
          capable of being cured within sixty (60) days after receipt of such
          notice and the Party in default has diligently pursued efforts to cure
          the default within the sixty (60) day period, no Event of Default
          under this paragraph (b) shall occur;
<PAGE>
                                      -23-

     (c)  such Party breaches any material representation or warranty, or fails
          to perform or comply with any material covenant, provision,
          undertaking or obligation in or of the Separation Agreement;

     (d)  in relation to the Purchaser (1) upon the occurrence of a Non Compete
          Breach (as defined in the Separation Agreement) and the giving of
          notice of the termination of this Agreement by Alcan to Novelis
          pursuant to Section 14.03(b) of the Separation Agreement and pursuant
          to this paragraph of this Agreement, or (2) upon the occurrence of a
          Change of Control Non Compete Breach (as defined in the Separation
          Agreement) and the giving of notice of the termination of this
          Agreement by Alcan to Novelis pursuant to Section 14.04(e) of the
          Separation Agreement, in which event the termination of this Agreement
          shall be effective immediately upon Alcan providing Novelis notice
          pursuant to Section 14.03(b) or Section 14.04(e) of the Separation
          Agreement;

     (e)  such Party (i) is bankrupt or insolvent or takes the benefit of any
          statute in force for bankrupt or insolvent debtors, or (ii) files a
          proposal or takes any action or proceeding before any court of
          competent jurisdiction for dissolution, winding-up or liquidation, or
          for the liquidation of its assets, or a receiver is appointed in
          respect of its assets, which order, filing or appointment is not
          rescinded within sixty (60) days; or

     (f)  proceedings are commenced by or against such Party under the laws of
          any jurisdiction relating to reorganization, arrangement or
          compromise.

7.   REPRESENTATIONS AND WARRANTIES

     The Parties hereby reiterate for the purposes of this Agreement those
     representations and warranties set forth in Article VI of the Separation
     Agreement.

8.   CONFIDENTIALITY

     Each of the Parties shall at all times be in full compliance with its
     obligations under Sections 11.07 and 11.08 (Confidentiality) of the
     Separation Agreement.

9.   DISPUTE RESOLUTION

9.1  DISPUTES

     The Master Agreement with respect to Dispute Resolution, effective on the
     Effective Date, among the Parties and other parties thereto shall govern
     all disputes, controversies or claims (whether arising in contract, delict,
     tort or otherwise) ("DISPUTES") between the Parties that may arise out of,
     or relate to, or arise under or
<PAGE>
                                      -24-

     in connection with, this Agreement or the transactions contemplated hereby
     (including all actions taken in furtherance of the transactions
     contemplated hereby), or the commercial or economic relationship of the
     Parties relating hereto or thereto.

9.2  CONTINUING OBLIGATIONS

     The existence of a Dispute with respect to this Agreement between the
     Parties shall not relieve either Party from performance of its obligations
     under this Agreement that are not the subject of such Dispute.

10.  MISCELLANEOUS

10.1 CONSTRUCTION

     The terms of Section 16.04 (Construction) of the Separation Agreement shall
     apply to this Agreement, mutatis mutandis, as if all references therein to
     the "Agreement" were deemed to be references to this Agreement.

10.2 NOTICES

     All notices and other communications under this Agreement shall be in
     writing and shall be deemed to be duly given (a) on the date of delivery if
     delivered personally, (b) on the first Business Day following the date of
     dispatch if delivered by a nationally recognized next-day courier service,
     (c) on the date of actual receipt if delivered by registered or certified
     mail, return receipt requested, postage prepaid or (d) if sent by facsimile
     transmission, when transmitted and receipt is confirmed by telephone. All
     notices hereunder shall be delivered as follows:

     IF TO THE PURCHASER, TO:

     NOVELIS INC.
     Suite 3800
     Royal Bank Plaza, South Tower
     P.O. Box 84
     200 Bay Street
     Toronto, Ontario
     M5J 2Z4

     Fax: 416-216-3930

     Attention: Chief Executive Officer
<PAGE>
                                      -25-

     IF TO THE SUPPLIER, TO:

     ALCAN INC.
     1188 Sherbrooke Street West
     Montreal, Quebec
     H3A 3G2
     Fax: 514-848-8115

     Attention: Chief Legal Officer

     Any Party may, by notice to the other Party, change the address or fax
     number to which such notices are to be given.

10.3 GOVERNING LAW

     This Agreement shall be governed by and construed and interpreted in
     accordance with the laws of the Province of Quebec and the laws of Canada
     applicable therein, irrespective of conflict of laws principles under
     Quebec law, as to all matters, including matters of validity, construction,
     effect, enforceability, performance and remedies.

10.4 JUDGMENT CURRENCY

     The obligations of a Party to make payments hereunder shall not be
     discharged by an amount paid in any currency other than Dollars, whether
     pursuant to a court judgment or arbitral award or otherwise, to the extent
     that the amount so paid upon conversion to Dollars and transferred to an
     account indicated by the Party to receive such funds under normal banking
     procedures does not yield the amount of Dollars due, and each Party hereby,
     as a separate obligation and notwithstanding any such judgment or award,
     agrees to indemnify the other Party against, and to pay to such Party on
     demand, in Dollars, any difference between the sum originally due in
     Dollars and the amount of Dollars received upon any such conversion and
     transfer.

10.5 ENTIRE AGREEMENT

     This Agreement, the Separation Agreement and schedules, exhibits, annexes
     and appendices hereto and thereto and the specific agreements contemplated
     herein or thereby, contain the entire agreement between the Parties with
     respect to the subject matter hereof and supersede all previous agreements,
     negotiations, discussions, writings, understandings, commitments and
     conversations with respect to such subject matter. No agreements or
     understandings exist between the Parties with respect to the subject matter
     hereof other than those set forth or referred to herein or therein.
<PAGE>
                                      -26-

10.6 CONFLICTS

     In case of any conflict or inconsistency between this Agreement and the
     Separation Agreement, this Agreement shall prevail.

10.7 SEVERABILITY

     If any provision of this Agreement or the application thereof to any Person
     or circumstance is determined by a court of competent jurisdiction to be
     invalid, void or unenforceable, the remaining provisions hereof, or the
     application of such provision to Persons or circumstances or in
     jurisdictions other than those as to which it has been held invalid or
     unenforceable, shall remain in full force and effect and shall in no way be
     affected, impaired or invalidated thereby, so long as the economic or legal
     substance of the transactions contemplated hereby is not affected in any
     manner adverse to any Party. Upon such determination, the Parties shall
     negotiate in good faith in an effort to agree upon such a suitable and
     equitable provision to effect the original intent of the Parties.

10.8 SURVIVAL

     The obligations of the Parties under Sections 2.10, 2.11, 2.12, 8, 9, 10.3
     and 10.8 and liability for the breach of any obligation contained herein
     shall survive the expiration or earlier termination of this Agreement.

10.9 EXECUTION IN COUNTERPARTS

     This Agreement may be executed in one or more counterparts, all of which
     shall be considered one and the same agreement, and shall become effective
     when one or more counterparts have been signed by each of the Parties and
     delivered to the other Party.

10.10 AMENDMENTS

     No provisions of this Agreement shall be deemed waived, amended,
     supplemented or modified by any Party, unless such waiver, amendment,
     supplement or modification is in writing and signed by the authorized
     representative of the Party against whom it is sought to enforce such
     waiver, amendment, supplement or modification.

10.11 WAIVERS

     No failure on the part of a Party to exercise and no delay in exercising,
     and no course of dealing with respect to, any right, power or privilege
     under this Agreement shall operate as a waiver thereof, nor shall any
     single or partial exercise of any right, power or privilege under this
     Agreement preclude any other or further exercise thereof or the exercise of
     any other right, power or privilege. The remedies provided herein are
     cumulative and not exclusive of any remedies provided by Applicable Law.
<PAGE>
                                      -27-

10.12 NO PARTNERSHIP

     Nothing contained herein or in the Agreement shall make a Party a partner
     of any other Party and no Party shall hold out the other as such.

10.13 TAXES, ROYALTIES AND DUTIES

     All royalties, taxes and duties imposed or levied on any Metal delivered
     hereunder (other than any taxes on the income of the Supplier) shall be for
     the account of and paid by the Purchaser.

10.14 LIMITATIONS OF LIABILITY

     (a)  Neither Party shall be liable to the other Party for any indirect,
          collateral, incidental, special, consequential or punitive damages,
          lost profit or failure to realize expected savings or other commercial
          or economic loss of any kind, howsoever caused, and on any theory of
          liability (including negligence) arising in any way out of this
          Agreement; provided, however, that the foregoing limitations shall not
          limit any Parties' indemnification obligations for Liabilities with
          respect to Third Party Claims as set forth Article IX of the
          Separation Agreement (as if such Article IX was set out in full herein
          by reference to the obligations of the Parties hereunder).

     (b)  Sections 9.04, 9.05, 9.06, 9.07 and 9.09 of the Separation Agreement
          shall apply mutatis mutandis with respect to any Liability subject to
          any indemnification or reimbursement pursuant to this Agreement.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]
<PAGE>
IN WITNESS WHEREOF, the Parties hereto have caused this Metal Supply Agreement
to be executed by their duly authorized representatives.

                                        NOVELIS INC.

                                        By: /s/ Brian W. Sturgell
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

                                        ALCAN INC.

                                        By: /s/ David McAusland
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

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