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<CONFORMED-NAME>BOWATER INC
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<STREET1>55 EAST CAMPERDOWN WAY
<STREET2>P O BOX 1028
<CITY>GREENVILLE
<STATE>SC
<ZIP>29601
<PHONE>8642717733
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<STREET1>55 EAST CAMPERDOWN WAY
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<FILENAME>f8k040428.txt
<DESCRIPTION>8-K 040428
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported)   April 28, 2004
                                                -----------------------


                              BOWATER INCORPORATED
             (Exact name of registrant as specified in its charter)


Delaware                             1-8712                        62-0721803
(State or other                   (Commission                    (IRS Employer
jurisdiction of                   File Number)                   Identification
incorporation)                                                        No.)


                             55 East Camperdown Way
                                  P.O. Box 1028
                        Greenville, South Carolina 29602
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:  (864) 271-7733

(Former name or former address, if changed since last report):  Not applicable





<PAGE>



Item 7.  Financial Statements And Exhibits

         (c) Exhibits.

         99.1     Press Release of Bowater Incorporated dated April 28, 2004

Item 12.  Results of Operations and Financial Condition

         The information in this Form 8-K and the Exhibit attached hereto shall
not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, except as shall be expressly set forth by specific
reference in such filing.

         On April 28, 2004, Bowater Incorporated issued a press release
announcing financial results for the three months ended March 31, 2004, a copy
of which is attached hereto as Exhibit 99.1.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                                            BOWATER INCOPORATED
                                            (Registrant)


Date:  April 28, 2004               By:      /s/ David G. Maffucci
                                           -----------------------------------
                                            Name: David G. Maffucci
                                            Title: Executive Vice President and
                                                   Chief Financial Officer


<PAGE>


                                    EXHIBITS

         99.1     Press release issued by Bowater Incorporated on April 28, 2004



<PAGE>






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>release0404.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>

                                                                    Exhibit 99.1

                                                       Media contact:
                                                       Gordon R. Manuel
                                                       864-282-9448

                                                       Analyst contact:
                                                       William G. Harvey
                                                       864-282-9413


FOR IMMEDIATE RELEASE
WEDNESDAY, APRIL 28, 2004

                      BOWATER ANNOUNCES FIRST QUARTER 2004
                                FINANCIAL RESULTS

GREENVILLE,  SC - Bowater  Incorporated  (NYSE: BOW) reported a net loss of
$32.5  million or $0.57 per diluted  share,  on sales of $745.3  million for the
first quarter of 2004.  These results  compare with a net loss of $71.7 million,
or $1.26 per diluted  share,  on sales of $630.5 million in the first quarter of
2003. Before special items, the net loss for the first quarter of 2004 was $31.5
million,  or $0.55 per diluted  share,  compared with the 2003 first quarter net
loss before special items of $51.3 million, or $0.90 per diluted share.  Special
items are detailed below.


                              FINANCIAL HIGHLIGHTS
                    ($ in millions, except per-share amounts)

<TABLE>
<CAPTION>
                                                                              Three months ended
                                                                                  March 31,
<S>                                                                          <C>           <C>
                                                                             2004          2003
                                                                             ----          ----
Sales                                                                        $745.3        $630.5
Net loss                                                                     $(32.5)       $(71.7)
Loss per diluted share (In accordance with GAAP)                             $(0.57)       $(1.26)

Special Items, net of tax, (per diluted share):
Net (gain) loss on land sales and fixed assets                               $0.01         $(0.12)
Foreign exchange  loss                                                       $0.01         $ 0.37
Severance charge                                                                           $ 0.07
Adoption of new accounting standard FAS 143                                                $ 0.04
                                                                             ------------- ------------
         Loss per share excluding special items                              $(0.55)       $(0.90)
                                                                             ------------- ------------
</TABLE>


     As anticipated,  newsprint  prices rose modestly in the first quarter,  and
the company will continue to implement the February  $50 price increase  during
the second  quarter.  Shipments  decreased  slightly in the first quarter due to
seasonality  and the continuing  shift from newsprint to groundwood  specialties
production.  Operating  costs per ton  increased 5% in the quarter due to higher
energy and wood costs.  These costs are expected to return to more normal levels
in the second quarter.

                                                      (more)

<PAGE>


     Bowater's  average   transaction  price  in  coated  and  specialty  papers
decreased  $5 per short ton  compared to the fourth  quarter of 2003.  Shipments
rose  slightly  in the first  quarter  compared  to the fourth  quarter of 2003.
Bowater has informed its North American  customers of a $60 per short ton coated
paper price increase effective June 1, 2004.

     The company's  average  transaction price for market pulp increased $13 per
metric  ton  compared  to the  fourth  quarter  of 2003.  In  addition,  Bowater
implemented a $30 per metric ton price  increase in North America for all grades
of market pulp in April.  Yesterday,  the company announced a $30 price increase
in North America for all paper grades of market pulp effective June 1. Shipments
improved 3% compared to the fourth quarter of 2003.  Bowater's average operating
cost per metric ton for market pulp decreased 7% in the first quarter  compared
to the fourth quarter of 2003 principally due to reduced  maintenance  spending.
In the second quarter, the company expects to incur approximately $11 million in
major  maintenance  expense  for annual  outages at the  Thunder Bay and Grenada
facilities and a biennial outage at the Calhoun  facility.  As a result,  market
pulp and newsprint  production will be reduced by 17,000 and 11,000 metric tons,
respectively.

     The company's  average  transaction  price for lumber  increased by 11% and
shipments increased 5% compared to the fourth quarter of 2003.

     "We are very  encouraged by the stronger  demand for all of our  products,"
said Arnold M. Nemirow,  Chairman,  President and Chief Executive  Officer.  "We
expect higher prices and a steady  improvement in our financial  performance for
the balance of the year."

     In the first quarter,  the company  issued $250 million of senior  floating
rate  notes  due  March  2010 with a two year  non-call  provision  and used the
proceeds to repay bank debt. In April, the company entered into a new three year
$435 million revolving credit facility.

     Bowater will hold a management  conference  call to discuss these financial
results at 10:00  a.m.  EDT,  April 28,  2004.  The  conference  call  number is
888-428-4471  or 651-291-0561  (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.
EDT on  Wednesday,  April 28,  through  Wednesday,  May 5, on the  website or by
dialing  800-475-6701 or 320-365-3844  (international) and using the access code
727199.

     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 14 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 32 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).

                                     (more)

<PAGE>


         All amounts are in U.S. dollars.

     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.  Information about industry or general economic conditions contained
in this press  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.


                                      # # #
<PAGE>
                      BOWATER INCORPORATED AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF OPERATIONS
                (Unaudited, in millions except per share amounts)
<TABLE>
<CAPTION>
                                                                                 Three Months Ended
                                                                                      March 31,
                                                                               2004               2003
                                                                               ----               ----
<S>                                                                           <C>              <C>
Sales                                                                         $ 745.3          $ 630.5
Cost of sales, excluding depreciation, amortization
    and cost of timber harvested                                                567.5            516.5
Depreciation, amortization and cost of timber harvested                          86.2             82.5
Distribution costs                                                               77.0             62.1
Selling and administrative expense                                               37.0             36.8
Net gain (loss) on fixed assets and land sales(1)                                (0.9)            11.1
                                                                       -------------------   ---------------
       Operating loss                                                           (23.3)           (56.3)

Other expense (income):
    Interest income                                                              (1.0)            (1.0)
    Interest expense, net of capitalized interest                                48.2             39.9
    Foreign exchange loss                                                         0.4              8.2
    Other, net                                                                   (1.6)             0.1
                                                                        ------------------   ---------------
                                                                                 46.0             47.2
                                                                        ==================   ===============
Loss before income taxes, minority interests
and cumulative effect of accounting changes                                     (69.3)          (103.5)

Provision for income tax benefit                                                (33.8)           (30.3)
Minority interests in the net loss of subsidiaries                               (3.0)            (3.6)
                                                                        ------------------   ---------------

Loss before cumulative effect of accounting changes                             (32.5)           (69.6)
Cumulative effect of accounting changes (2)                                        -              (2.1)
                                -                                        -----------------   ---------------
Net loss                                                                      $ (32.5)          $ (71.7)
                                                                         =================   ===============
Basic loss per common share: (3)
   Loss before cumulative effect of accounting changes                         $ (0.57)          $ (1.22)
   Cumulative effect of accounting changes                                           -             (0.04)
                                                                         -----------------    --------------
    Net loss                                                                   $ (0.57)          $ (1.26)
                                                                         =================   ==============
Average common shares outstanding (3)                                            57.1              56.9
                                                                         =================   ==============
Diluted loss per common share: (3)
  Loss before cumulative effect of accounting changes                          $ (0.57)          $ (1.22)
  Cumulative effect of accounting changes                                            -             (0.04)
                                                                          -----------------   --------------
    Net loss                                                                   $ (0.57)          $ (1.26)
                                                                          =================   ==============
Average common and common equivalent shares outstanding (3)                      57.1              56.9
                                                                          =================   ==============
</TABLE>

<PAGE>

                      BOWATER INCORPORATED AND SUBSIDIARIES
                     (Unaudited, in millions of US dollars)

<TABLE>
<CAPTION>

Consolidated Balance Sheet                                                       March 31,       December 31,
                                                                                   2004              2003
                                                                                -------------    -------------
<S>                                                                             <C>               <C>
Current Assets:
   Cash and cash equivalents                                                        $ 35.6         $ 19.4
   Accounts receivable, net                                                          372.2          360.9
   Inventories                                                                       302.2          293.1
   Other current assets                                                              158.0          169.6
                                                                                --------------   --------------
        Total current assets                                                         868.0          843.0
                                                                                --------------   --------------
Timber and timberlands                                                               183.1          184.1
Fixed assets, net                                                                  3,481.2        3,557.3
Goodwill                                                                             828.2          828.2
Other assets                                                                         199.1          203.2
                                                                                --------------    -------------
                                                                                 $ 5,559.6      $ 5,615.8
                                                                                ==============    =============
Current liabilities:
  Current installments of long-term debt                                            $ 13.3         $ 13.4
  Short-term bank debt                                                               120.0          200.5
  Accounts payable and accrued liabilities                                           418.5          434.1
  Dividends payable                                                                   11.7           11.7
                                                                                -------------     -------------
        Total current liabilities                                                    563.5          659.7
                                                                                ===============   =============
Long-term debt, net of current installments                                        2,437.9        2,292.4
Pension, other postretirement benefits and
    other long-term liabilities                                                      488.0          481.4
Deferred income taxes                                                                450.0          500.3
Minority interests in subsidiaries                                                    66.4           69.3
Shareholders' equity                                                               1,553.8        1,612.7
                                                                                --------------    -------------
                                                                                 $ 5,559.6      $ 5,615.8
                                                                                ==============    =============
</TABLE>


<TABLE>
<CAPTION>

                                                                                       Three Months Ended
Consolidated Cash Flow                                                                       March 31,
                                                                                --------------------------------
                                                                                   2004                2003
<S>                                                                             <C>                 <C>
                                                                                --------------     -------------
Cash flows (used for) from operating activities                                 $ (21.0)             $ 48.6
                                                                                --------------     ------------
Cash flows from (used for) investing activities:
    Cash invested in fixed assets, timber and timberlands                         (18.9)              (96.3)
    Disposition of fixed assets, timber and timberlands                             1.6                11.4
                                                                                --------------     ------------
                                                                                  (17.3)              (84.9)
                                                                                --------------     ------------
Cash flows from (used for) financing activities:
    Cash dividends, including minority interests                                  (11.5)              (11.5)
    Financing activities, net                                                      63.1                99.3
    Stock options exercised                                                         2.9                 0.2
    Other                                                                           -                   0.1
                                                                                --------------      -----------
                                                                                   54.5                88.1
                                                                                --------------      -----------
Net increase in cash and cash equivalents                                        $ 16.2              $ 51.8
                                                                                ==============      ===========
</TABLE>
<PAGE>
BOWATER INCORPORATED AND SUBSIDIARIES
Notes to the Press Release and Unaudited Consolidated Financial Statements


     (1)  During the first three months of 2004,  Bowater recorded a net pre-tax
          loss of $0.9 million,  or $0.01 per diluted share after tax related to
          land  sales  and gains or losses  on fixed  assets.  During  the three
          months  ended March 31, 2003,  Bowater  recorded a net pre-tax gain of
          $11.1 million,  or $0.12 per diluted share after tax,  related to land
          sales and gains or losses on fixed assets.

     (2)  Effective  January 1, 2003,  Bowater  adopted  Statement  of Financial
          Accounting  Standards (SFAS) No. 143, "Accounting for Asset Retirement
          Obligations."  SFAS No. 143 requires entities to record the fair value
          of a liability  for an asset  retirement  obligation  in the period in
          which it is  incurred.  The  adoption  of SFAS  No.  143  resulted  in
          non-cash,  after tax  cumulative  effect  charges of $2.1 million,  or
          $0.04 per diluted share in the first quarter of 2003.

     (3)  For the  calculation  of basic and diluted  earnings per share for the
          three  months  ended March 31, 2004 and 2003,  no  adjustments  to net
          income (loss) are necessary.  The effect of dilutive securities is not
          included in the  computation for the three months ended March 31, 2004
          and 2003 to prevent antidilution.

     (4)  A reconciliation  of certain  financial  statement line items reported
          under generally accepted  accounting  principles  ("GAAP") to earnings
          reported before special items is presented below. We believe that this
          measure   allows   investors  to  more  easily  compare  our  on-going
          operations  and  financial  performance  from  period to period.  This
          measure is not as complete as GAAP earnings;  consequently,  investors
          should rely on GAAP earnings. In addition to GAAP earnings, we use the
          other measures that we disclose in order to provide perspective on our
          financial performance.


<PAGE>

                        Three Months Ended March 31, 2004
                (unaudited, in millions except per share amounts)
<TABLE>
<CAPTION>

                                                                 Adjustment for Special Items
                                                                                           Adoption
                                                            Land sales                      of New       GAAP as
                                                 GAAP as     & fixed   Foreign             accounting adjusted for
                                                 reported     assets   exchange Severence  standards  Special Items
                                                -------------------------------------------------------------------

<S>                                               <C>         <C>         <C>       <C>       <C>      <C>
Operating income (loss)                           $ (23.3)    $ 0.9       $ -       $ -       $ -      $ (22.4)
Other expense (income)
 Interest income                                     (1.0)        -         -         -         -         (1.0)
 Interest expense, net of capitalized interest       48.2         -         -         -         -         48.2
 Foreign exchange loss (gain)                         0.4         -      (0.4)        -         -            -
 Other, net                                          (1.6)        -         -         -         -         (1.6)
                                                 --------------------------------------------------------------
                                                     46.0         -      (0.4)        -         -         45.6
                                                 --------------------------------------------------------------
Loss before income taxes, minority interests
  and cumulative effect of accounting changes       (69.3)      0.9       0.4         -         -        (68.0)
Provision for income tax expense (benefit)          (33.8)      0.4      (0.1)        -         -        (33.5)
Minority interests in the net income (loss) of
 subsidiaries                                        (3.0)       -         -         -         -          (3.0)
                                                 --------------------------------------------------------------
Income (loss) before cumulative effect of
  accounting changes                                (32.5)      0.5       0.5         -         -        (31.5)
Cumulative effect of accounting changes                 -         -         -         -         -            -
                                                 --------------------------------------------------------------
Net income (loss)                                 $ (32.5)    $ 0.5     $ 0.5       $ -       $ -      $ (31.5)
                                                 ---------------------------------------------------------------
Shares                                               57.1      57.1      57.1                             57.1
                                                ---------------------------------------------------------------
 EPS                                              $ (0.57)   $ 0.01    $ 0.01       $ -       $ -      $ (0.55)
                                                ---------------------------------------------------------------
Effective tax rate                                  48.8%     44.4%    -25.0%         -         -        49.3%
                                                ---------------------------------------------------------------

</TABLE>

                        Three Months Ended March 31, 2003
                (unaudited, in millions except per share amounts)
<TABLE>
<CAPTION>

                                                                        Adjustment for Special Items
                                                                                           Adoption
                                                            Land sales                      of New      GAAP as
                                                  GAAP as    & fixed   Foreign             accounting adjusted for
                                                 reported     assets   exchange Severence  standards  Special Items
                                                -------------------------------------------------------------------

<S>                                               <C>       <C>           <C>     <C>         <C>      <C>
Operating income (loss)                           $ (56.3)  $ (11.1)      $ -     $ 6.7       $ -      $ (60.7)
Other expense (income)
 Interest income                                     (1.0)        -         -         -         -         (1.0)
 Interest expense, net of capitalized interest       39.9         -         -         -         -         39.9
 Foreign exchange loss (gain)                         8.2         -      (8.2)        -         -            -
 Other, net                                           0.1         -         -         -         -          0.1
                                                 --------------------------------------------------------------
                                                     47.2         -      (8.2)        -         -         39.0
                                                 --------------------------------------------------------------
Loss before income taxes, minority interests and
 cumulative effect of accounting changes           (103.5)    (11.1)      8.2       6.7         -        (99.7)
Provision for income tax expense (benefit)          (30.3)     (4.2)    (12.3)      2.6         -        (44.2)
Minority interests in the net income (loss)
 of subsidiaries                                     (3.6)              (0.6)        -          -         (4.2)
                                                 --------------------------------------------------------------
Income (loss) before cumulative effect of
 accounting changes                                 (69.6)     (6.9)     21.1       4.1         -        (51.3)
Cumulative effect of accounting changes              (2.1)       -         -         -        2.1         -
                                                 --------------------------------------------------------------
Net income (loss)                                 $ (71.7)   $ (6.9)   $ 21.1     $ 4.1     $ 2.1      $ (51.3)
                                                ---------------------------------------------------------------
Shares                                               56.9      56.9      56.9      56.9      56.9         56.9
                                                ---------------------------------------------------------------
 EPS                                              $ (1.26)  $ (0.12)   $ 0.37    $ 0.07    $  0.04      $ (0.90)
                                                ---------------------------------------------------------------
Effective tax rate                                  29.3%     37.8%   -150.0%     38.8%         -         44.3%
                                                ---------------------------------------------------------------

</TABLE>

     A schedule of historical  financial  and operating  statistics is available
upon request and on Bowater's web site (www.bowater.com).




</TEXT>
</DOCUMENT>
</SUBMISSION>
