Abitibi-Consolidated Receives Softwood Lumber Duty Deposits

Montreal, Quebec, Canada, 15 November 2006 -- /PRNewswire/ -- Abitibi-Consolidated Inc. today confirmed receipt of approximately US$225 million, pertaining to softwood lumber duty deposits made by the company since 2002. The funds were transmitted to the company through an agreement with the Export Development Corporation (EDC) of Canada.

Additionally, over the next few weeks, the company anticipates receiving approximately USD 10 million of refunded deposits associated with business partnerships, representing a total refund of approximately USD 235 million.

"We are pleased to have the contentious softwood lumber dispute behind us. The refunded deposits will be targeted to debt reduction," said John Weaver, president and CEO.

Abitibi-Consolidated is a global leader in newsprint and commercial printing papers as well as a major producer of wood products, serving clients in some 70 countries from its 45 operating facilities. Abitibi-Consolidated is among the largest recyclers of newspapers and magazines in North America, diverting annually approximately 1.9 million metric ton of waste paper from landfills. It also ranks first in Canada in terms of total certified woodlands. Abitibi-Consolidated shares are traded on the Toronto Stock Exchange (TSX: A) and on the New York Stock Exchange (NYSE:ABY) .