Alcan in Advanced Discussions for the Sale of its Ferroalloy Division 2004/12/23

Montreal, Canada — Alcan Inc. (NYSE, TSX: AL) announced today that it is in advanced discussions with Ferroatlántica, Spain’s leader in ferroalloys and an electrical power producer, regarding the potential sale of its ferroalloy division, Pechiney Électrométallurgie (PEM). "The consideration of the possible sale of PEM is part of our on-going efforts to identify and develop value creating options," said Cynthia Carroll, President and Chief Executive Officer of Alcan Primary Metal Group. The shared objective of the parties is to finalize the terms and conditions of a proposed transaction over the next two weeks. The Company will communicate any material development in due course. Today’s Alcan is a multinational, market-driven company and a global leader in aluminum and packaging, as well as aluminum recycling. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, aerospace applications, bauxite mining and alumina processing, Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs 88,000 people and has operating facilities in 58 countries and regions. -30- Media Contact: Chrystèle Ivins Tel. : +1-33 1 56 28 24 18 chrystele.ivins@alcan.com Anik Michaud Tel.: +1-514-848-8151 media.relations@alcan.com Investor Contact: Corey Copeland Tel.: +1-514-848-8368 investor.relations@alcan.com

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