Billerud Appoints New President for North America

On 21.5.2018, the Helsinki Court of Appeal rendered its judgment in a case in which Metsähallitus claims damages from Metsäliitto Cooperative, Stora Enso Oyj and UPM-Kymmene Corporation based on their conduct on the wood market in 1997–2004. In its judgment, the Court of Appeal rejected the claims made by Metsähallitus and ordered Metsähallitus to compensate the defendants’ legal costs. The total amount of the joint and several claim for damages made by Metsähallitus in the Court of Appeal was 124.9 million euros. Metsäliitto Cooperative’s share of the capital of the claimed damages was 39.1 million euros. In addition, Metsähallitus claimed compensation for indirect damages, VAT, interest and compensation for legal costs. Click Read More below for additional information.

Clearwater Paper Corporation announced a preliminary update to the company’s previous outlook for fourth quarter 2020 Adjusted EBITDA of $52 to $62 million. Due to significantly greater than expected demand in tissue, strong operating performance, and favorable cost trends, the company now expects Adjusted EBITDA for the fourth quarter of 2020 to be in the range of $71 to $76 million. “Demand for tissue products increased significantly in November through mid-December. We believe that the recent increase in COVID-19 cases caused a temporary change in consumer buying patterns, which are starting to normalize in later December,” said Arsen Kitch, president and chief executive officer. “We now expect our fourth quarter volumes to be above our previous guidance, with shipments exceeding those experienced in the fourth quarter of 2019,” Kitch concluded.

Third Quarter Highlights: On August 28, 2021 completed the acquisition of sawmill and newsprint assets from certain Canadian subsidiaries of Rayonier Advanced Materials Inc. in Ontario and Quebec. *The mills continue to operate as ‘business as usual’ as Management focuses on setting up its back-office functions in North Bay and Toronto. *Q3 results includes only 4 weeks of operating results for the newly acquired operations. *Q3 2021 reported a negative Adjusted EBITDA of $4,736 after adjusting for acquisition related expenses. *Q3 2021 net loss of $13,486 ($0.16 loss per share) includes the expensing of transaction costs. *Lumber markets have rebounded in September and October from the low prices in August.