Alcan Inc. (NYSE, TSX: AL) announced that the registration statement filed with the Securities and Exchange Commission ("SEC") in connection with its offer for Pechiney (NYSE: PY, PARIS: PEC) has been declared effective. Accordingly, the U.S. offer is open for acceptance beginning today.

The expiration date for the U.S. offer is November 24, 2003, which will be extended if necessary, to conform to the expiration date established for the French offer. The French Conseil des Marchés Financiers (CMF) is expected to announce the expiration date of the French offer in the days to come.

Alcan is a multinational, market-driven company and a global leader in aluminum and packaging, as well as aluminum recycling with 2002 revenues of US$12.3 billion. 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 54,000 people and has operating facilities in 42 countries.

Alcan has filed with the SEC a statement to register the Alcan Common Shares to be issued in the proposed U.S. offer, including related tender/exchange offer materials. Investors and holders of Pechiney securities are urged to read the registration statement and related tender/exchange offer materials and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information. Investors and holders of Pechiney securities may obtain a free copy of the registration statement and related tender/exchange offer materials and other relevant documents at the SEC's Internet web site at www.sec.gov. The transaction-related documents are being mailed to holders of Pechiney securities. Additional copies of the transaction-related documents may be obtained at Alcan's expense by contacting the Information Agent for the offers, D.F. King & Co., Inc, toll-free at 1-800-488-8035 (North America), 0-800-90-2614 (France), 0-800-389-7892 (U.K.) or (44) 20-7920-9700 (collect in Europe).

The U.S. offer is only open to holders of Pechiney securities (other than Pechiney American Depositary Shares or ADSs) who are located in the United States and Canada and to all holders of Pechiney ADSs, wherever located.

Media contact
Joseph Singerman
+1 514 848-1355

Investor contact
Corey Copeland
+1 514 848-8368