Sustana is thrilled to join the ranks of hundreds of companies with GHG emission reduction targets approved by the Science Based Targets initiative (SBTi) and in line with limiting global average temperature rise to 1.5° C.
We committed to reduce absolute Scope 1 and Scope 2 GHG emissions 42% by 2030 from a 2021 base year and have pledged to measure and reduce Scope 3 emissions.
“Sustainability has always been at the root of Sustana’s identity, and this commitment furthers our mission to mitigate climate change and be good stewards of the environment,” said Fabian de Armas, Chief Executive Officer for Sustana.
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Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Following a strong last quarter, I am pleased we were able to exceed our expectations for the year with Adjusted EBITDA* of US$684 million for the year ended September 2024. Our strong performance occurred against the backdrop of the subdued macroeconomic environment, ongoing low consumer confidence, and persistent geopolitical uncertainty. A key highlight was the pulp segment’s strong performance, driving record profitability for the South African region. However, paper markets remained subdued, with the expected recovery in demand after the prolonged destocking phase of 2023 unfolding slower than anticipated. Significant fixed costs savings were achieved through our strategic rationalisation actions.”
The Tasman mill has over the last period commenced production of paper for supplies into the Asian packaging markets in the form of Pulp on Reel. This is part of the ongoing strategic development process to transition the Tasman mill in New Zealand out of standard newprint production. As part of the same strategic review, Norske Skog has received significant inbound interest for Nature’s Flame pellets facility located close to the Tasman mill; therefore, Norske Skog has decided to launch a process to asses the best long term ownership structure for this operation. “The Tasman mill management and the larger Australasian organisation have shown entrepreneurial spirit in quickly developing an alternative business case for the mill, making good commercial use of existing assets and infrastructure on the site. I am certain that the continuing work will result in further ways to maximise the potential in the Tasman mill’s excellent fiber access and fiber processing competencies” says Norske Skog Chief Executive Officer, Sven Ombudstvedt.
As announced on 14 July 2017, the ad hoc committee of holders of the EUR 290 million senior secured notes and the holders of the EUR 100 million NSF loan notes due 2020 (the "NSF"), who hold approximately 46 per cent. of the group's financial indebtedness (excluding local facilities), have provided Norske Skog with a recapitalization proposal. The company has shared its views on the proposal with the SSN AHC and the NSF holders and the SSN AHC and the NSF holders have shared their proposal with other creditor groups. The company has also received a short-form term sheet from the SSN AHC and the NSF holders relating to the provision of (i) a short term Euro 15 million secured facility guaranteed by certain members of the group and (ii) a backstop guarantee facility to help support the operating business of the company's subsidiaries. The company is in the process of considering these financing proposals. To allow for the conclusion of the ongoing stakeholder discussions to be reflected, the company has also today announced that the deadline for the current exchange offers and consent solicitations has been further extended from 31 July 2017 to 11 August 2017. Click Read More below for additional details.