*Net sales of $496 million, down 6% from the first quarter of last year *Net income of $17 million, or $1.02 per diluted share, down $7 million from the first quarter of last year *Reduced net debt by $33 million, repurchased $1 million of outstanding shares with $6 million remaining under program. “Despite the significant weather event that impacted the quarter, we delivered solid results that came in at the higher end of our expectations through strong operational execution,” said Arsen Kitch, president and chief executive officer. “Our Lewiston team did a tremendous job repairing damaged equipment under very difficult conditions and resuming operations."

The first quarter result was a clear sequential improvement. As we expected, the improvement was mainly derived from stronger sales volumes and stronger price positions within liquid packaging board. We also experienced favorable product mix changes in both regions. Despite headwinds of higher costs for energy, logistics and fiber in Europe, the Group’s EBITDA margin strengthened to 11% in the quarter. Net sales for the first quarter declined by 9% to SEK 10,423 million (11,495). Currency changes had a positive impact of 2%. The organic* and currency-neutral net sales declined by 9%, mainly due to lower sales prices and reduced sales volumes. The Group’s sales volumes totaled 921 ktons (943), negatively impacted by curtailments of production in North America.

Norske Skog’s EBITDA in the first quarter of 2024 was NOK 76 million, a decrease from NOK 760 million in the fourth quarter of 2023. The fourth quarter EBITDA was significantly influenced by business interruption insurance of NOK 625 million at Norske Skog Saugbrugs. The first quarter EBITDA was negatively impacted by deconsolidation of Norske Skog Tasman of NOK 46 million and lower European CO2-allowance prices of NOK 32 million. Demand for publication paper is stabilising, but further capacity closures are still required. Containerboard demand is increasing but still experiences excess capacity. “We are very satisfied with the demand for our publication paper products in the first quarter. We have invested close to EUR 500 million into containerboard and energy projects over the past three years, and we still maintain a very strong balance sheet and cash position. We are highly satisfied with the production ramp-up at Bruck. The feedback from our customers on product quality is positive, and this is promising for our plan to deliver a total of 760 000 tonnes of packaging paper from Bruck and Golbey into the market in the coming years. Along with the Saugbrugs management team, we have continued to identify future opportunities for Saugbrugs industrial site, and we hope to announce further details during the second quarter,” says Geir Drangsland, CEO of Norske Skog.

Massimo Reynaudo, President and CEO, comments on the results: “In Q1, recovering demand and continued successful margin management resulted in improved earnings compared to previous quarters. The destocking that characterised last year was over for all our businesses and most of them improved their performance from Q4. In addition, our transformative growth investments, UPM Paso de los Toros and OL3, delivered good contribution to earnings. Our sales were EUR 2,640 million and our comparable EBIT was EUR 333 million, broadly at similar levels as in the comparison quarters. Our operating cash flow was solid at EUR 335 million and our net debt decreased to EUR 2,312 million during the quarter.

The quality of air intake is a substantial factor in the overall performance of today’s engines. An efficient air intake filtration supports optimal operation, preventing particulate contaminants from entering the engine while optimizing fuel consumption and reducing engine wear. In this context, a longer filter lifetime is a key benefit as it ensures continuous removal of contaminants while extending service intervals and minimizing environmental impact. Ahlstrom introduces a new dual-layer filter media technology, available globally, that represents a leap forward in filtration and is a perfect solution to comply with future market needs. The dual-layer design offers up to double dust holding capacity compared to the single-layer design, as each layer serves a distinct purpose to optimize the overall retention of particles in the depth of the material. In automotive engine air intake applications, the technology has proven to extend by over 50% the filter lifetime in the same configuration. It also offers the possibility to reduce both size and weight of the filter element in vehicles where these parameters are important.

Metsä Group has entered into an extensive cooperation with international technology group ANDRITZ to conduct a pre-study for the first possible commercial mill producing the Kuura textile fiber. This new type of textile fiber, developed by Metsä Group’s innovation company Metsä Spring, is made from Finnish wood. The primary objectives of this collaboration are to develop a pulp pre-treatment method, smart ways to integrate textile fiber production into the various departments of a bioproduct mill, and automation for Kuura production. The pre-study is the first planning stage for a potential commercial mill project to process softwood pulp into a new type of man-made cellulosic fiber (MMCF). The Kuura concept produces a sustainable, high value-added product without the use of fossil fuels.

New Force Magnetics and Master Magnetics, Inc. − a Colorado company − were acquired by a newly formed investment company now known as Master Magnetics Inc (a Delaware corporation) on April 1, 2024. Beginning on April 22, 2024, New Force Magnetics will operate as a new business unit under Master Magnetics Inc. Katie Fink will continue to provide the same level of customer service to which you are accustomed, operating under her new title, New Force Business Unit Manager. Jack Nellessen continues his employment with the company Chief R & D Strategist. Our new product offerings will expand to include not only the current flexible magnetics sheeting and strip and magnetic receptive products, but an entire array of neodymium, ceramic, ALNICO, and samarium cobalt magnets and magnetic assemblies for consumer, commercial and industrial use.

HEINZEL GROUP announces its performance for the year 2023, showcasing resilience in a complex market environment. The company reports a healthy €135,0 million of Operating Cash Flow and a simultaneous 6% reduction in CO2 emissions compared to the previous year, underscoring its dedication to both economic performance and sustainability. HEINZEL GROUP achieved net sales of €2,214.9 million in 2023, with an EBITDA of €116.5 million. Notable successes of 2023 include the startup of unbleached pulp production at Heinzel Pöls as well as the preparation of the integration of Steyrermühl operations acquired from UPM in Austria. Sebastian Heinzel, CEO of HEINZEL GROUP, commented, "In 2023 we have demonstrated resilience in challenging market conditions, especially in the containerboard segment, and we have laid the groundworks for future successes.” The Steyrermühl mill has become part of HEINZEL GROUP on January 1, 2024. The rebuilding of PM6 machine there remains well on track, with production of kraft papers slated to commence in May 2024.

Stora Enso appoints Tuomas Hallenberg as Executive Vice President of the Forest division and a member of the Group Leadership Team (GLT). He will join Stora Enso during the fourth quarter of 2024 and report to President and CEO of Stora Enso, Hans Sohlström. In this role, Hallenberg will succeed Per Lyrvall who will retire at the end of the first quarter 2025. Tuomas Hallenberg has long and diverse experience in forest business leadership. He is currently working as Senior Vice President, Property Development and Renewables, for Metsähallitus (the Finnish national forest company managing forest land and territorial water areas exceeding 12 million hectares). Prior to that, he has held several leadership roles at Metsähallitus since 2014. Between 1998 and 2014, Tuomas held various leadership and management roles at UPM, mainly in the wood sourcing and forest operations. He has a Master of Science degree in Forestry and a Master of Business Administration degree.

The jointly owned biorefinery, owned by SCA and St1, is now inaugurated. When fully operational in Gothenburg, the refinery will contribute an annual production of around 200,000 tons of renewable fuel. Mikael Källgren, Business Area Manager for Renewable Energy at SCA, notes that the inauguration marks a new milestone for SCA. The facility is the first where SCA produces renewable vehicle fuel, and SCA's share in the facility is 25 percent. The partnership and production at the facility also mean that SCA's pulp mills will be able to supply tall oil, a by-product from pulp production, for further processing at the new factory. The factory has undergone a start-up phase since the beginning of the year and has now commenced operations to produce sustainable aviation fuels (SAF), biodiesel (HVO), bio-naphtha, and bio-LPG. The inauguration of the refinery in Gothenburg also marks the culmination of a long process where an idea and vision have transformed into a state-of-the-art facility.

Canfor Corporation announced that it will optimize its footprint in southern Alabama by permanently closing its Jackson facility and expanding production at its Fulton facility with a second shift. These steps, together with the previously announced construction of a new, state-of-the art greenfield sawmill in Axis, will grow the Company’s regional manufacturing platform by 100 million board feet of production capacity and consolidate operations at modern facilities that are well positioned to be competitive for the long-term. “Canfor is working to optimize our operational footprint in southern Alabama to ensure we have wellcapitalized and highly efficient manufacturing facilities,” said Lee Goodloe, President, Canfor Southern Pine. “To this end, we are making the difficult decision to close the aging Jackson mill at the end of June, while expanding production at our nearby Fulton facility. We recognize this decision impacts our Jackson employees and community. However, we expect the majority of our employees will have an opportunity at either our expanded operation in Fulton, which will add a second shift, or in Axis once the new facility opens later this year.”

UPM Raflatac’s RafCycle™ recycling service recently won the 2024 Innovator Award for Innovation in a Recovery Technology or Practice at the Sustainable Packaging Coalition (SPC) Impact event. ”This award is a testament to our ongoing commitment to contributing to the circular economy. By collecting and recycling the release liner waste through RafCycle service, we help businesses in the label industry meet their sustainability goals. This is true not only for our customers, but their customers as well,” said Michael Garretson, Manager, RafCycle, UPM Raflatac Americas. The SPC Innovator Awards recognize meaningful contributions and advancements towards more sustainable packaging. The awards showcase the outstanding collaboration behind extraordinary advancements in sustainability. Recognized as the original label release liner recycling service, RafCycle by UPM Raflatac has over 400 partners worldwide.

Pixelle Specialty Solutions announced a new name for their popular bulking book papers brand. 1864 Trade Book and 1864 End Leaf, the print medium of choice for book publishers and book manufacturers for more than a century, will be renamed Authors Trade Book and Authors End Leaf, respectively. The new branding is effective immediately. “Our premium trade book and end leaf papers have graced the pages of countless bestsellers, classics, and memoirs,” said Ross Bushnell, President and Chief Executive Officer. “We’re committed to consistently delivering the highest-quality book papers in all the same basis weights, shades and bulks, but now with a new name more fitting for our customers.”

UPM Raflatac, a global supplier of innovative and sustainable self-adhesive paper and film products, has been formally recognized by the Association of Plastic Recyclers (APR) for three types of biaxially-oriented polypropylene (BOPP) label products for HDPE and PP package recycling. These include Undecorated BOPP with hotmelt adhesive, Undecorated BOPP with RW85C, and Metalized undecorated BOPP with general purpose acrylic adhesive. APR Design® for Recyclability Recognition provides third-party validation that a package or packaging component’s design is compatible with the North American recycling system. This process has now confirmed that UPM Raflatac’s BOPP products, as stated above, have met the highest criteria for recyclability according to the APR Design® Guide. UPM Raflatac’s latest recognitions are all for HDPE and PP recycling.

West Fraser Timber Co. Ltd. and Mercer International Inc. announced an agreement to dissolve their 50/50 joint venture in Cariboo Pulp and Paper. West Fraser will continue as the sole owner/operator of the mill, doing business as Cariboo Pulp and Paper Company. Located in Quesnel, British Columbia, Cariboo Pulp and Paper has the capacity to produce up to 340,000 tonnes of high-quality Northern Bleached Softwood Kraft (NBSK) pulp annually, employing nearly 300 people. “Cariboo Pulp is an important member of the West Fraser family of mills," said Sean McLaren, West Fraser's President & CEO. "This agreement better positions West Fraser to support the mill and provides ongoing certainty to our talented workforce."

Domtar joined industry allies in the nonprofit groups Envelope Manufacturers Association (EMA) and Keep US Posted in continuing their postal service advocacy in March, with visits to key members of Congress. While in Washington, our representatives pressed for sensible postal rate regulations, honored postal champions and called attention to a concerning new study regarding the U.S. Postal Service’s finances. Tina Howard, Domtar’s vice president of converting sales and a member of the EMA board, joined other women leaders for a Women’s Hill Day.

SCA’s Wifstamon nursery had its seed extraction premier this past winter. Using an in-house developed kiln and seed separator, SCA can now process cones to obtain seeds from its own pine seed plantations. In the seed extraction process, the cones open up and release their seeds. It may sound simple, but it requires a quality-assured work method so as not to damage the valuable seeds. For many years, SCA has hired a contractor for its cone kilning, but as of this year, the company can process a large share of the cones itself. “It's good to be able to do some of the extraction in-house,” says Marlene Lagergren, who was the project manager for the project. “In addition, we create employment over the winter in our otherwise very seasonal business. And we enhance our skills,” adds Anders Tolblad, Manager at NorrPlant.