ALLETE INC — Director's Dealing 2004

Jul 27, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ALLETE INC (ALE)
CIK: 0000066756
Period of Report: 2004-07-20

Reporting Person: Stellmaker Donald W (Treasurer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	48.78	Direct
Common Stock	742	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$25.68	2012-01-02	Common Stock (1719)		Direct
Employee Stock Option (right to buy)	$20.51	2013-02-03	Common Stock (860)		Direct
Employee Stock Option (right to buy)	$32.55	2014-02-02	Common Stock (1536)		Direct

Footnotes

F1: 50% vested January 2, 2003 and 50% vested January 2, 2004.

F2: The options will vest in three equal installments on February 2, 2005, February 2, 2006 and February 2, 2007.