BB32 San Uk Grp.perp

RNS Number:8342R
Alcan Inc
21 February 2002

Press Release

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

For immediate RElease

                     STATEMENT BY ALCAN ON BC HYDRO/POWEREX

                                CONTRACT DISPUTE

Montreal, Canada - February 20, 2002 - Alcan Inc. acknowledges the news release
issued earlier today by BC Hydro/Powerex(1) regarding the power supply contract
with Enron Power Marketing Inc. (EPMI).


The nature and amount of the BC Hydro/Powerex alleged claim against Alcan are
without foundation in Alcan's view and Alcan will contest this accordingly.
Furthermore, Alcan will seek compensation from BC Hydro/Powerex with respect to
any damages caused by their news release of February 20, 2002.


In any event, it is Alcan's position that such residual liabilities, which it
may have as a result of its assignment of the power sale agreement to EPMI in
1997 would relate to the supply of power and not be in the form of a financial
obligation. In this context it is noteworthy that Alcan is a major electrical
power supplier to BC Hydro with average annual sales in excess of US$25 million.


Alcan regrets that BC Hydro/Powerex has chosen to pursue this course of action
rather than work with Alcan to identify solutions in accordance with what has
heretofore been a long-standing and productive relationship consistent with
Alcan's 50-year contribution to the economy of British Columbia.


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.


                                      -30-

(1)Powerex Corp., a wholly-owned subsidiary of BC Hydro.

Media Contact:     Marc Osborne


                        +1 (514) 848-1342

Investor Contact:     Serge Michaud


                        +1 (514) 848-8368




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

San Uk Grp.perp (LSE:BB32)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024

San Uk Grp.perp (LSE:BB32)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024