BOW Bowater Inc

    Bowater Inc.

Bowater Incorporated (NYSE: BOW) announced that it expects a fourth quarter loss
of $0.45 to $0.55 per share before special items. This corresponds to a third
quarter loss of $0.03 per share before these items.

In the fourth quarter, prices of newsprint, coated, and specialty papers
improved; however, market pulp and lumber prices declined. The company incurred
approximately 31,000 metric tons of market pulp production downtime due to
maintenance outages and capital projects. In addition, newsprint production was
curtailed for capital projects and market related reasons by 57,000 metric tons.
The company's production costs were higher due to the stronger Canadian dollar,
increased maintenance spending and higher energy and chemical costs.

The reported net loss for the fourth quarter is expected to be in the range of
$0.75 to $0.85 per share compared to a third quarter loss of $0.32 per share.
This includes $0.30 per share of special items comprised of an estimated $0.07
per share for severance and an estimated $0.23 per share for foreign exchange
losses.

All amounts are in U.S. dollars.

Bowater will release fourth quarter and 2004 financial results before the market
opens on Thursday, January 27, 2005. A management conference call will be held
to discuss these financial results at 10:00 a.m. EST, January 27, 2005. The
conference call number is 800-553-5275 or 612-332-1025 (international). The call
will also be broadcast via the Internet. Interested parties may connect to the
Bowater website at www.bowater.com, then follow the on-screen instructions for
access to the call and related information. A replay of the call will be
available from 1:30 p.m. EST on Thursday, January 27, through Thursday, February
3, on the website or by dialing 800-475-6701 or 320-365-3844 (international) and
using the access code 765238.

The company's expectations as to its results for the fourth quarter are based on
preliminary estimates that are subject to further review and revision.
Statements in this news release that are not reported financial results or other
historical information are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. They include, for example,
statements about our business outlook, assessment of market conditions,
strategies, future plans, future sales, prices for our major products, inventory
levels, capital spending and tax rates. These forward-looking statements are not
guarantees of future performance. They are based on management's expectations
that involve a number of business risks and uncertainties, any of which could
cause actual results to differ materially from those expressed in or implied by
the forward-looking statements. The risks and uncertainties relating to the
forward-looking statements in this news release include those described under
the caption "Cautionary Statement Regarding Forward-Looking Information" in
Bowater's annual report on Form 10-K for the year ended December 31, 2003, and
from time to time, in Bowater's other filings with the Securities and Exchange
Commission.

Bowater Incorporated, headquartered in Greenville, SC, is a leading producer of
newsprint and coated groundwood papers. In addition, the company makes uncoated
groundwood papers, bleached kraft pulp and lumber products. The company has 12
pulp and paper mills in the United States, Canada and South Korea and 12 North
American sawmills that produce softwood lumber. Bowater also operates two
facilities that convert a groundwood base sheet to coated products. Bowater's
operations are supported by approximately 1.4 million acres of timberlands owned
or leased in the United States and Canada and 30 million acres of timber cutting
rights in Canada. Bowater is one of the world's largest consumers of recycled
newspapers and magazines. Bowater common stock is listed on the New York Stock
Exchange, the Pacific Exchange and the London Stock Exchange. A special class of
stock exchangeable into Bowater common stock is listed on the Toronto Stock
Exchange (TSE: BWX).

    CONTACT: Bowater Incorporated
             Media Contact: Gordon R. Manuel, 864-282-9448
             Analyst Contact: Duane A. Owens, 864-282-9488

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