Washington, D.C. 20549

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report: September 11, 2003

ITEM 5. Other Events

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.

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ITEM 5. Other Events

Alcan Inc.'s (the "Company", "we", "us" and "our") Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2002 Annual Report, which is incorporated by reference in our Form 10-K for the fiscal year ended December 31, 2002, as amended by our Amendment to Report on Form 10-K/A dated September 11, 2003 (the "Amended Form 10-K"), includes certain financial measures that do not have uniform definitions and whose titles do not describe how they are calculated. These financial measures are effective average interest rate, free cash flow, and debt as a percent of invested capital.

The following explanations and tables present, for each such financial measure, a clear description of its calculation and a reconciliation to figures reported in our GAAP financial statements and certain supplemental information concerning each measure that are in response to recent rules adopted by the Securities and Exchange Commission regarding non-GAAP financial measures. The table at page 7 presents certain information concerning our stock-based compensation plans that supplements the information in note 20 of the Company's consolidated financial statements.

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The reconciliation below explains the derivation of the Company's effective average interest rate disclosed in the Company's Amended Form 10-K. The Company believes that information about the effective average interest rate paid by the Company may be a useful supplement to the information about interest expense included in the Company's consolidated financial statements because it represents the average cost of debt for the period in question. The measure may facilitate the comparison and evaluation of the cost-effectiveness of the Company's debt portfolio with that of other companies and market benchmarks. The effective average interest rate is equal to the ratio of interest expense to debt. Interest expense is total interest expense before the deduction of capitalized interest and excluding interest charges not relating to debt. Debt is equal to the average of total debt (that is, short-term borrowings, debt maturing within one year, debt not maturing within one year and debt of operations held for sale) for the quarterly period reported and for the prior four quarters. Management believes that a five quarter average result provides a more accurate representation of the average debt balance outstanding for the entire period.

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The table below reconciles the Company's free cash flow information, as disclosed in the Company's Amended Form 10-K, to its consolidated statement of cash flows. The term does not have a uniform definition. As a result, the Company's measure of free cash flow may not be comparable to other issuers' measures of free cash flow. The Company defines free cash flow as the amount equal to cash from operating activities net of uses of that cash for dividends and investments in property, plant and equipment. The Company believes that free cash flow is a useful supplemental measure as it presents the cash available to the Company for financing and business acquisition activities.

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This reconciliation is presented to explain our calculation of debt as a percent of invested capital disclosed in the Company's Amended Form 10-K. Debt as a percent of invested capital does not have a uniform definition. Because other issuers may calculate debt as a percent of invested capital differently, our calculation may not be comparable to other issuers' calculations. The reconciliations of borrowings, equity and invested capital in the table below are presented to explain our calculation. The figure is calculated by dividing borrowings into total invested capital. Total invested capital is equal to the sum of borrowings and equity. Borrowings is the sum of the amounts for short-term borrowings, debt maturing within one year, debt not maturing within one year and debt of operations held for sale. Equity is the sum of the amounts for common shareholders' equity, redeemable non-retractable preference shares and minority interests. Minority interests, which represent the equity in the Company's consolidated subsidiaries that is owned by third parties, are included in equity as the Company believes that, for purposes of calculating debt as a percent of invested capital, minority interests have characteristics that are more similar to equity than to debt. Minority interests do not have characteristics such as fixed payment terms or interest terms that are associated with debt. The full amount of debt of consolidated subsidiaries is included in borrowings and accordingly, equity, for purposes of calculating debt as a percent of invested capital, includes both the Company's equity in consolidated subsidiaries and the minority interest shareholders' equity in the Company's consolidated subsidiaries. The Company believes that debt as a percent of invested capital can be a useful supplemental measure of the Company's financial leverage because it indicates the extent to which it is financed by debtholders. The measure is widely used to assess the relative amounts of capital put at risk by debtholders and equity investors.

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Set forth below is supplemental information concerning our equity compensation plans (all of which have been approved by shareholders) as of December 31, 2002.

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SIGNATURES

Date: September 11, 2003

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