EXHIBIT 12.1

BOWATER INCORPORATED
STATEMENT OF COMPUTATION OF UNAUDITED RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIO INFORMATION)


                                                    Three Months Ended March 31,
                                                    ----------------------------

                                                        2002              2001
                                                    ----------------------------

EARNINGS:

Income before income taxes and minority interests     $  9.6          $  62.6

Add: Fixed charges from below                           46.3             41.7
Less: Capitalized interest                               1.5              3.0
                                                    ----------------------------
                                                      $ 54.4          $ 101.3
                                                    ============================

FIXED CHARGES:

Interest expense, net of interest capitalized           41.8             35.2
Capitalized interest                                     1.5              3.0
Estimate of interest within rental expense               0.7              0.7
Amortized premium and discounts related to
  indebtedness                                           2.3              2.8
                                                    ----------------------------

                                                      $ 46.3          $  41.7
                                                    ============================

RATIO OF EARNINGS TO FIXED CHARGES                      1.2x             2.4x
                                                    ============================