Bowater Incorporated 2004 Annual Report

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Bowater Incorporated, headquartered in Greenville, SC, is a leading producer of newsprint and coated mechanical papers. In addition, the company makes uncoated mechanical 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 mechanical 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 (TSX: BWX).

Supercalender section of No. 3 Paper Machine at Catawba From left: Chris Brazzell, Utility, No. 2 Paper Machine; Sam Reid, Backtender, No. 3 Paper Machine; Shannon Myers, Staff Logistics Specialist; Darrell Stiwinter, Resource Coordinator, No. 3 Paper Machine

View of the new kraft mill at Catawba

Ernie Greenwood, utility on the No. 3 Coated Paper Machine at Catawba, directing a reel to its next position on the winder.

Stinging Fork Falls, protected by a conservation easement granted by Bowater to the state of Tennessee and included in the state's Cumberland Trail and State Park system.