Australia’s white paper industry is dead, leaving rural communities to pick through the pulp (theguardian.com)

Metsä Group has on 13 May 2024 completed a transaction in which the ownership in the group’s Russian subsidiaries Metsä Svir LLC, Metsä Forest St. Petersburg LLC, Metsä Forest Podporozhye LLC and Metsä Board Rus LLC has transferred to VLP Group. The parties have agreed not to disclose the purchase price of the transaction. VLP Group operates in forestry and forest industry mainly in Vologda region, Russia. Metsä Group held a minority ownership in VLP Group during 2003–2017. In 2022 Metsä Group stopped its business operations in Russia, including the operations of the Svir sawmill, wood procurement and paperboard sales. As result of the completed transaction Metsä Group does not hold any assets in Russia anymore.

Solenis has completed its previously announced acquisition of the paper process chemicals business of Kolb Distribution Ltd. The deal also includes a long-term supply agreement, in which the KLK Kolb Group will manufacture paper process chemicals exclusively for Solenis. “Bringing together the Kolb team with our consumer solutions business adds to our ability to deliver expanded offerings and provide cost-effective solutions for our EMEA pulp and paper customers. Kolb’s portfolio includes the latest innovations in deposit control, cleaning and foam control agents that will strengthen our commitment to providing more value to our customers,” said John Panichella, CEO, Solenis.

Highlights *Fourth quarter 2023 net loss from continuing operations was $21.6 million or $0.12 per share (diluted), compared to net earnings of $2.7 million or earnings of $0.01 per share (diluted) in the third quarter of 2023. For fiscal 2023, net loss from continuing operations was $48.8 million or $0.27 per share (diluted), compared to a net loss of $4.1 million or $0.02 per share (diluted) in 2022 on the same basis. *Average lumber prices for Q4 2023 were lower than Q3 2023, with an average selling price of $611/mfbm compared to $642/mfbm in Q3 2023. There was strong pricing momentum in the first half of Q3 2023 due to supply related concerns, which benefited results at the beginning of the third quarter. Despite lower prices, volumes in Q4 2023 were higher than Q3 2023 due to increased demand in the latter half of Q4 driven by positive trends in US housing starts and the central banks indicating a pause of further interest rate hikes. *The valuation provision for lumber and log inventory was decreased to $4.3 million from $8.7 million at the end of Q4 2022, generating a $4.4 million credit to cost of sales in fiscal 2023. *US Department of Commerce’s (“US DOC”) Final Determination of its Fourth Administrative Review resulted in a final duty rate of 8.05%. The Company stands to benefit from an approximate US$6.9 million (CAD$9.2 million) recovery on duties paid in 2021, as recorded in 2023. Additionally, the ongoing lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023.