MONTREAL, CANADA — Alcan Inc. (NYSE, TSX: AL) today reported third quarter income from continuing operations of US$176 million, or US$0.47 per common share, up from US$108 million, or US$0.32 per common share, a year earlier. Operating earnings, which exclude foreign currency balance sheet translation effects and Other Specified Items, were US$276 million, or US$0.74 per common share, up from US$140 million, or US$0.42 per common share, a year earlier.

"Alcan delivered another strong earnings and cash-flow performance, despite rising external costs and normal seasonal slow-downs," stated Travis Engen, President and Chief Executive Officer. "We executed well against our operating plans and made excellent progress on integration, synergy capture and the spin-off of Novelis. I am very pleased with the way our people are performing at all levels across the company."

"Looking ahead, we expect aluminum fundamentals to remain strong. Raw material and energy costs will likely pose challenges in the near-term, but we are confident that our operating discipline will continue to serve us well."

Operating earnings for the third quarter of 2004 were up US$136 million from the comparable quarter of last year. The improvement reflected the benefits of higher prices, improved volumes, mark-to-market adjustments on derivatives and contributions from acquisitions and synergies. These were partially offset by higher energy-related costs, higher operating and administrative costs and the negative impact of stronger local currencies versus the U.S. dollar.

Compared to the second quarter of 2004, operating earnings increased by US$42 million, as the company benefited from higher prices, mark-to-market adjustments on derivatives, contributions from synergies and lower operating and interest costs. Partially offsetting these positive factors were lower shipments due to normal seasonal slowing, higher energy-related costs, higher administrative costs, reduced technology sales and the negative impact of stronger local currencies versus the U.S. dollar.

Income from continuing operations for the third quarter of 2004 included a primarily non-cash, after-tax loss of US$123 million, or US$0.33 per share, for the effects of foreign currency balance sheet translation, compared to an after-tax loss of US$7 million, or US$0.02 per share, in the year-ago quarter. Also included in income from continuing operations for the third quarter was a net after-tax gain of US$23 million, or US$0.06 per share, for Other Specified Items as compared to a net after-tax charge of US$25 million, or US$0.08 per share, in the corresponding period of 2003.

Deze cijfers tonen aan dat de Aluminiumtak van Corus ook z'n winst-steentje bijdraagt aan het resultaat van Corus