BB32 San Uk Grp.perp

RNS Number:2138R
Alcan Inc
8 February 2002

Press Release

----------------------------------------------------------------------



For Immediate Release



          Alcan concludes agreement to purchase a 20 percent interest

                       in the Aluminerie Alouette smelter


Montreal, Canada - February 8, 2002 - Alcan Inc. (NYSE, TSE: AL) announces that
it has concluded an agreement with the Societe generale de financement du Quebec
(SGF) to purchase for approximately $US 165 million SGF's 20 percent interest in
the Aluminerie Alouette consortium, which operates a modern 243,000-tonne
aluminum smelter in Sept-Iles, Quebec.


"We see this as an excellent opportunity to enhance our asset base in
primary-metal," said Travis Engen, President and Chief Executive Officer of
Alcan Inc. "Alouette is a first-rate facility and this agreement allows us an
opportunity to realize our long-standing desire to acquire a partnership
position. This initiative fits very well with Alcan's governing objective to
seek out profitable growth opportunities that will enable the Company to
maximize its value. The Alcan/Alouette partnership will enhance Alcan's Quebec
smelter system in a manner that creates value and new opportunities."

The Alouette smelter entered into production in 1992. In addition to the SGF,
the equity partners in Aluminerie Alouette include: Corus Group PLC (20%); AMAG
(Austria Metall AG) (20%); VAW (20%); Kobe Steel of Japan (13.33%); and Marubeni
also of Japan (6.67%).


The completion of the sales transaction remains subject to the approval of the
Aluminerie Alouette owners in accordance with the requirements of the consortium
agreement. It also remains subject to other standard conditions, including the
receipt of applicable regulatory approvals and the completion of due diligence
investigations by Alcan with the corresponding final approval by the Alcan Board
of Directors. The parties expect to complete the transaction on or about April
30, 2002.


In connection with this agreement, Alcan will support the bid by Aluminerie
Alouette to the Government of Quebec to acquire the electrical energy for the
expansion of the Alouette smelter.


Alcan is a multinational, market-driven company and a global leader in aluminum
and specialty packaging with annual revenues of US$12.6 billion in 2001. With
world-class operations in primary aluminum, fabricated aluminum as well as
flexible and specialty packaging, Alcan is well positioned to meet and exceed
its customers' needs for innovative solutions and service. Alcan employs
approximately 48,000 people and has operating facilities in 38 countries.

Statements made in this press release which describe the Company's intentions,
expectations or predictions may be forward-looking statements within the meaning
statements involve risk and uncertainty and that the Company's results could
differ materially from those expressed or implied in such statements. Reference
should be made to the most recent Form 10-Q for a summary of major risk factors.



                                      -30-



Media Contact:     Alcan

     Marc Osborne


                        +1 (514) 848-1342

                        SGF

                        Jean-Yves Duthel

                        1+ (514) 876-9290

Investor Contact:     Alcan

     Serge Michaud


                        +1 (514) 848-8368






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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