Abitibi-Consolidated Announces Permanent Closure of Two Newsprint Mills

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Abbey Nat.Dub.	LSE:ABY	London	Ordinary Share	IE0000081780	SHS

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Abitibi-Consolidated Announces Permanent Closure of Two Newsprint Mills

14/12/2005 8:56pm

PR Newswire (US)

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MONTREAL, Dec. 14 /PRNewswire-FirstCall/ -- Abitibi-Consolidated Inc. today announced the permanent closure of the Stephenville, Newfoundland and Labrador, and Kenora, Ontario newsprint mills. Today's announcement follows a protracted period of discussions with governments, the unions and other stakeholders. "We could not find a viable long-term solution to return the two mills to profitability," said John Weaver, President and CEO. "These decisions are difficult but essential to achieve our objectives. We recognize the hard work of many committed people but after much effort, we simply could not overcome the inherent challenges facing these operations," added Weaver. These decisions have resulted in the permanent removal of 344,000 tonnes of capacity, in addition to 90,000 tonnes previously announced. In the fourth quarter of 2005, Abitibi-Consolidated will, on a pre-tax basis, record asset write downs of approximately $155 million and incur mill closure costs of approximately $50 million, of which $35 million is cash. The Company is proceeding with necessary notifications, severance payments owing and will work in concert with the local communities, unions and governments to provide support services to affected workers. Abitibi-Consolidated is a leading producer of newsprint and commercial printing papers as well as a major supplier of wood products. Committed to the sustainable forest management of more than 40 million acres through third- party certification, the Company is serving customers in 70 countries from its 50 operating facilities. Abitibi-Consolidated is also the largest recycler of newspapers and magazines in North America. Company shares are traded on the Toronto Stock Exchange (TSX: A) and on the New York Stock Exchange (NYSE: ABY). DATASOURCE: ABITIBI-CONSOLIDATED INC. CONTACT: Denis Leclerc, Communications and Government Affairs, (514) 394-3601,

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