News Releases

    • AbitibiBowater Launches 30-Day Review of All Businesses
          ABH (TSX, NYSE)
          MONTREAL, Nov. 6 /CNW Telbec/ - This morning, Abitibi-Consolidated Inc.
      and Bowater Incorporated announced their respective third quarter 2007
      earnings. Separately, AbitibiBowater Inc. has released the Company's key
      business priorities. They will be discussed in more detail during the
      management-hosted quarterly conference call to be held today at
      10:00 a.m. (Eastern).The following specific priorities have been established:
           - The Company originally announced its expectation to realize in excess
             of $250 million in annualized synergies over the next two years. The
             Company now expects to achieve this targeted run rate by the end of
             the first quarter of 2009.
           - A debt-reduction target of $1 billion over the next three years will
             enhance the global competitiveness of the Company.
           - AbitibiBowater will demonstrate its superior customer focus by
             providing access to a broad range of forest products and best-in-class
             customer service, with an unsurpassed commitment to environmental
             sustainability.Over the next 30 days, AbitibiBowater's Executive Team will complete a
      strategic review of each business and develop complete action plans for
      achieving these business priorities, inclusive of sales and marketing plans.
          Combination of Abitibi-Consolidated Inc. and Bowater Incorporated
          On January 29, 2007, Abitibi-Consolidated Inc. and Bowater Incorporated
      announced the execution of a definitive agreement to combine in an all-stock
      merger of equals. On October 29, 2007, the two companies announced the
      completion of the transaction.
          AbitibiBowater produces a wide range of newsprint and commercial printing
      papers, market pulp and wood products. It is the eighth largest publicly
      traded pulp and paper manufacturer in the world. Following the required
      divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will
      own or operate 31 pulp and paper facilities and 35 wood products facilities
      located in the United States, Canada, the United Kingdom and South Korea.
      Marketing its products in more than 80 countries, the Company is also among
      the world's largest recyclers of newspapers and magazines, and has more
      third-party certified sustainable forest land than any other company in the
      world. The Company's shares trade under the stock symbol ABH on both the New
      York Stock Exchange and the Toronto Stock Exchange.
          Forward-Looking Statements
          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 ability to realize synergies from the
      combination of Abitibi-Consolidated Inc. and Bowater Incorporated, the
      anticipated timing of and the progress of integration efforts related to the
      combination, our ability to reduce our debt, our competitive position, our
      ability to maintain and improve customer service levels, and our business
      outlook, strategies and assessment of market conditions. Forward-looking
      statements may be identified by the use of forward-looking terminology such as
      the words "expect", "will", "believe", "anticipate", and other terms with
      similar meaning indicating possible future events or actions or potential
      impact on the business or stockholders of AbitibiBowater.
          These forward-looking statements are not guarantees of future
      performance. They are based on management's assumptions, beliefs and
      expectations, all of which involve a number of business risks and
      uncertainties that could cause actual results to differ materially. These
      risks and uncertainties include, but are not limited to, negative industry
      conditions and further growth in alternative media, actions of competitors,
      Canadian dollar exchange rates, the demand for higher margin coated and
      uncoated mechanical paper, and the costs of raw materials such as energy,
      chemicals and fiber. In addition, with respect to forward-looking statements
      relating to the combination of Abitibi-Consolidated and Bowater, the following
      factors, among others, could cause actual results to differ materially from
      those set forth in the forward-looking statements: the risk that the
      businesses will not be integrated successfully or that the anticipated
      improved financial performance, product quality and product development will
      not be achieved; the risk that other combinations within the industry or other
      factors may limit our ability to improve our competitive position; the risk
      that the cost savings and other expected synergies from the transaction may
      not be fully realized or may take longer to realize than expected; and
      disruption from the transaction making it more difficult to maintain
      relationships with customers, employees or suppliers. Additional factors are
      listed from time to time in AbitibiBowater's filings with the Securities and
      Exchange Commission and the Canadian securities regulatory authorities,
      including those factors contained in the company's registration statement on
      Form S-3 filed on October 29, 2007, under the caption "Risk Factors." All
      forward-looking statements in this news release are expressly qualified by
      information contained in the company's filings with the Securities and
      Exchange Commission and the Canadian securities regulatory authorities.
      AbitibiBowater disclaims any obligation to update or revise these
      forward-looking statements.
          Any information about industry or general economic conditions contained
      in this news release is derived from third-party sources that the company
      believes are widely accepted and accurate; however, the company has not
      independently verified this information and cannot assure its accuracy.
      For further information:
      For further information: Investors, Duane Owens, (864) 282-9488,; Media and Others, Seth Kursman, (514)