Jaakko Nikkilä holds the position of Executive Vice President at UPM, heading the business area Specialty Paper with global sales of around EUR 1.5 billion, until year-end. Jaakko Nikkilä has extensive experience in both international sales and production of fiber-based packaging materials. He has been employed by the UPM Group since 1995 and served as a member of the UPM Group Executive Team since 2019. “I am very pleased that Jaakko Nikkilä will join Billerud to lead Region Europe where the focus for the coming years is to strengthen performance through our existing manufacturing assets. I am convinced that his qualities and deep understanding of the paper and packaging industry will be instrumental for Billerud going forward,” comments Ivar Vatne, President and CEO of Billerud. Jaakko Nikkilä, born 1967, is a Finnish citizen. He will assume the position as President of Billerud Europe on 1 May 2025 and will be based in Stockholm. As previously announced, Matthew Hirst will leave Billerud on 31 January 2025. Ivar Vatne will act as the interim President of Region Europe from 1 February to 30 April.

The American Forest & Paper Association released the November 2024 Printing-Writing Monthly report. According to the report, total printing-writing paper shipments decreased 6% in November compared to November 2023. U.S. purchases of total printing-writing papers increased 2% in October compared to the same month last year. Total printing-writing paper inventory levels increased 1% when compared to October 2024. November year-to-date (YTD) total U.S. shipments grew 2% compared to the same period last year. UFS and CFS shipments increased by 0.1% and 7% YTD, respectively. MECH shipments however, decreased 2% YTD.

Lecta is pleased to announce that its Leitza mill in Spain has obtained FSSC 22000 food safety systems certification for its metallized papers for packaging applications in the food industry. Lecta, which had already obtained FSSC 22000 certification for its Sant Joan les Fonts mill and ISO 22000 certification for food safety management systems at its Motril mill, both in Spain, thereby guarantees the safety of its manufacturing processes and end products for packaging applications in this sector. This is an essential step in meeting the needs and trust of its clients and consumers in general. FSSC 22000 and ISO 22000 food safety standards are two of the most widely known standards in the food industry and entail rigorous audits to ensure compliance.

GreenFirst Forest Products Inc., is pleased to announce a strategic agreement with Mahogany Investors, LLC regarding the sale of its entitlements to refunds, including accrued interest, related to duties imposed on softwood lumber exported from Canada to the United States during the specified period 2021 and 2022. The agreed sale price for these entitlements is approximately $17,500,000 USD, with the potential for additional proceeds based on the timing and resolution of the ongoing trade dispute. “This agreement underscores our commitment to strengthening our financial foundation while maintaining focus on our core business operations,” said Joel Fournier, GreenFirst’s CEO. “By monetizing these refund rights, we are unlocking value and enhancing our ability to pursue strategic initiatives. The recent rights offering, combined with today’s transaction, will provide enough liquidity to execute Phase I of our strategic expenditures plan to become the largest sawyer in Ontario and get the company closer to becoming a top quartile lumber producer.”

Mondi has made good progress on the previously announced €20 million investment programme at its Neusiedler uncoated fine paper mills (Austria). The full benefit of the upgrades is expected from the first quarter of 2025, including reduced greenhouse gas emissions and increased energy efficiency and operational safety. The programme includes four key projects at the Kematen pulp and paper mill: rebuild of the recovery boiler and associated infrastructure to increase energy efficiency and improve overall performance; upgrade of the pulp dryer from gas burners for air heating to steam heat exchangers to eliminate emissions and further improve safety; installation of a new steam accumulator to balance fluctuations in steam demand which improves efficiency and turbine performance; and revamp of the steam turbine with a new rotor to increase electricity production. Additional enhancements include a new steam system and heat recovery at the paper machine, and winder optimisation to improve customer reel output. The programme also included upgrades at the Theresienthal site to improve the efficiency of the paper machine’s steam and condensate system, increase automation in the additive kitchen, and introduce a refined winder concept.

Seaman Paper Company (“Seaman Paper”), a fourth-generation, family-owned global leader in sustainable paper and packaging solutions with operations in the U.S., Asia, and Europe, has acquired Julius Glatz GmbH (“Glatz”), a pioneer in specialty papers based in Neidenfels, Rhineland-Palatinate, Germany. Founded in 1885, Glatz is a family-owned company and one of the global market leaders in producing high-quality technical specialty products. The acquisition of Glatz and its subsidiaries (Julius Glatz GmbH, PaperTec GmbH, and Glatz TransTec GmbH) bolsters Seaman Paper’s longstanding presence in Germany and adds to its global expertise and technological capabilities in the production and converting of specialty paper packaging solutions replacing single-use plastics across the globe. Terms of the transaction remain confidential.

Fedrigoni closed 3Q 2024 with revenues of 468.3 million euros compared to 412.0 million in the same period of 2023 (+13.7%) and an adjusted Ebitda of 61.7 million, 8.2% higher than the 57.0 million in 3Q 2023. A growth trajectory confirmed by the results for the first 9 months of the year, which stood at 1.425.4 million in revenues (+8.7% compared to 1.311.2 million in January-September 2023) and 221.7 million in adjusted Ebitda (+8.2%, up from 204.9 million). The Group is set to end the year with revenues over 2 billion euros. “2024 was characterized again by a discrete volatility,” comments CEO Marco Nespolo, ”we started with good results in the first six months, partially driven by a recovery in the destocking trend across the value chains we serve. In the latter part of the year we had a gradual slowdown mainly due to softening growth in some end markets such as luxury and wine&spirit. Overall it was a pretty positive year that we estimate to close with about 10% growth in Revenues and Ebitda. In fact, barring any particular surprises in the last months of the year, we expect 2024 revenues to exceed €2 billion (up from €1.8 billion in 2023) and pro forma Ebitda to exceed €370 million, up about 10% from the previous year (€337.7 million)”

Canfor Corporation announced that it has acquired 7% of outstanding shares of VIDA AB effective today (12/10/2024). The shares were acquired from certain minority shareholders utilizing their option privileges under the February 2019 agreement in which Canfor purchased 70% of VIDA AB, Sweden’s largest privately owned sawmill company. After concluding this transaction, Canfor owns 77% of VIDA AB.

The global industrial filtration market is poised for significant growth in the coming years, driven by the demand for more efficient and sustainable filtration solutions. Within this landscape, the air-oil separator market is projected to grow steadily at over 5% annually over the next decade. Air-oil separators are used in compressors and vacuum pumps, where removing residual lubricating oil is critical for machinery performance, and oil and gas systems that require impurity-free final products of the highest quality. The separators play a vital role across industries in separating oil from air or gas and thereby improving equipment performance and lifespan, recycling of lubricating oils, protecting equipment, and reducing environmental emissions. To address this growing demand, Ahlstrom, a global leader in innovative filtration solutions, is proud to introduce a groundbreaking PFAS-free filtration platform with water-repellent properties specifically designed for air-oil separation applications. This new solution offers filter manufacturers a sustainable alternative to meet stringent regulatory and performance demands while maintaining durability and reliability.

Metsä Group has committed to the Circular Economy Green Deal. In the voluntary national initiative led by the Finnish Ministry of the Environment and the Ministry of Employment and the Economy, actors set targets for 2035 and commit to actions that promote a low-carbon circular economy. We are committed to investing in research and development related to the further processing of our industrial side streams. Our goal is that three significant products or solutions based on Metsä Group’s side streams will be commercialized by 2035. The product or solution can be commercialized either by Metsä Group or by one of our partners, however, in such a way that Metsä Group has played a significant role in the development work. Commercialization in this context means annual sales of at least hundreds of tonnes or equivalent commercial agreements. Our second goal is to reduce our energy production based on the combustion of our side streams so that in 2035 our annual bioenergy production will be 1,000 gigawatt hours less than in 2025.

Sylvamo now has access to $60 million initially put in escrow for disputed goodwill tax deductions in Brazil which it intends to use to pay down debt. The company’s lenders agreed to eliminate the escrow after a Brazilian court ruled in its favor. The ruling—covering two-thirds of the amount disputed in several proceedings—is subject to appeal. Due to the potential liability of the goodwill tax deductions, lenders limited Sylvamo to $90 million in annual cash returns when it became an independent company in 2021. In September 2023, the company made a $60 million escrow deposit to remove the limit in its credit agreement, allowing it to return more than $90 million annually in cash to shareowners through share repurchases and dividends.

Mondi South Africa has announced a significant commitment of over €680,000 (R13 million) towards water stewardship, prolonging its partnership with WWF South Africa for another three years to 2027. This marks the fourth phase of the WWF-Mondi Partnership, which has been in place for over 30 years and is one of the longest-running corporate partnerships of WWF South Africa. The partnership has historically focused on wetland conservation and water stewardship in priority catchments, and it will continue to address the pressing need for water security in South Africa. Mondi South Africa aims to work within its operations to reduce its water footprint, and support water security initiatives beyond our operational boundaries. The partnership brings together multiple stakeholder groups such as government representatives, local communities, NGOs and other private sector organisations.

Ahlstrom has acquired ErtelAlsop, a New York based manufacturer of high-performance liquid depth filter media serving end-markets in the pharmaceutical, food & beverage, flavors and fragrances, and chemical industries. As a global leader in specialty materials within lab and life sciences applications, the acquisition strengthens Ahlstrom’s position in the life science filtration market and allows Ahlstrom to enter the depth filtration space. It also marks a key milestone on Ahlstrom’s growth transformation journey and its vision to be the sustainable specialty materials company. ErtelAlsop will become part of Ahlstrom's Filtration and Life Sciences business and will be key to the company’s lab and life sciences filtration growth strategy.

Billerud is hosting a Capital Markets Day in Stockholm, where the updated strategy will be presented. Ahead of this event, the Board of Directors has decided on new long-term financial targets and on strategic investments in North America. Billerud’s updated strategy, “Way Forward”, reflects the company’s ambition to continue to be a leader in high performance paper and packaging materials. It aims to evolve towards paperboard while remaining committed to graphic and specialty paper in Region North America, and to strengthen the performance in Region Europe. “Going forward we will prioritize profitability over growth and drive performance. We will leverage the growing demand for fiber-based packaging and Billerud’s attractive niche positions, strong manufacturing capabilities and flexible production system. Successful delivery on our plans will enable a strong and competitive Billerud. We target to achieve EBITDA of above SEK 6 billion through our strategic initiatives,” says Ivar Vatne, President and CEO of Billerud.

Irving Paper will once again shut down 50 per cent of its operations beginning Monday December 2nd in response to NB Power’s record high industrial electricity rates, and remain down for at least a week. “NB Power’s continued delays at the Point Lepreau generating station have resulted in electricity rates being over one hundred percent higher than historic levels,” said Mark Mosher, Vice President of Pulp & Paper, J.D. Irving, Limited. “No business can absorb price increases of that level without negative impacts. Irving Paper has shut down or reduced its operations over 30 days so far in 2024, with more expected.” Irving Paper manufactures 400,000 tonnes of paper annually, over 95 per cent of which is exported to 65 countries. Current electricity rates have a massive impact on Irving Paper’s ability to compete.

UPM Raflatac has made further progress towards a more circular economy for plastics and a future beyond fossils during 2023. The progress towards the 2025 commitments is detailed in the New Plastics Economy Global Commitment 2024 Progress Report by the Ellen MacArthur Foundation and the UN Environment Programme (UNEP). UPM Raflatac joined the Global Commitment as the first label materials company in October 2018. “As a global partner for sustainable material solutions, the Global Commitment is an important framework for us to transparently showcase our actions in tackling plastic waste and pollution. Through developing our product and service offer, our pledge is to help companies and brand-owners increase the circularity of their packaging,” says Robert Taylor, Sustainability Director, UPM Raflatac.

Billerud is hosting a Capital Markets Day in Stockholm, where the updated strategy will be presented. Ahead of this event, the Board of Directors has decided on new long-term financial targets and on strategic investments in North America. Billerud’s updated strategy, “Way Forward”, reflects the company’s ambition to continue to be a leader in high performance paper and packaging materials. It aims to evolve towards paperboard while remaining committed to graphic and specialty paper in Region North America, and to strengthen the performance in Region Europe.

Earlier this week, the European Commission issued a public notification that it had received notice of the proposed transfer of ownership of Asia Pulp & Paper Group (“APP”) to Jackson Wijaya, the founder and sole owner of Domtar. This transfer, once completed, will be the outcome of normal course succession planning by Jackson Wijaya’s father, Oei Tjie Goan, which is particularly prevalent among families of Indonesian and other Southeast Asian entrepreneurs, like the Wijayas. As is well known, Jackson Wijaya comes from an entrepreneurial family, spanning generations. Jackson decided to follow the family tradition of launching his own independent business. Having attended the University of Michigan, Jackson was familiar with North America and felt that it was the right place to branch out on his own, founding what is now known as Domtar. Fast-forward several years, under Jackson’s ownership the company has grown from a few assets to an institution with a significant presence in Canada and the United States, as well as operations in France and Brazil.

Lecta has announced the spin-off of its Self-Adhesives business unit from Torraspapel S.A.U. This spin-off will be effective as of January 1, 2025. It entails ​the creation of the new company Lecta Self-Adhesives España, S.L.U., which will take over all activities, agreements and commercial relationships relating to the Lecta's self-adhesives business, including all its self-adhesive products. This strategic decision reflects Lecta's transformation and specialization of the Lecta Group that has taken place in recent years, which already envisaged the spin-off of its distribution business in Southern Europe and is now focused on its self-adhesive materials unit. With this new structure, Lecta seeks to optimize the management and profitability of the business through specialization, increase production efficiency and analyze and adapt the opportunities of each business unit to market demands and the needs of its customers.

The Government of Newfoundland and Labrador today announced that an agreement has been extended between Newfoundland and Labrador Hydro (Hydro) and Corner Brook Pulp and Paper Limited. The extended agreement, which became effective on October 1 for a period of six months, includes Hydro purchasing excess green energy from Corner Brook Pulp and Paper’s Deer Lake Power assets. In turn, Corner Brook Pulp and Paper will continue its efforts to identify new revenue sources from viable wood-based projects in order to unlock Newfoundland and Labrador’s high forest potential while further stabilizing the mill’s sustainability and future. The agreement between Hydro and Corner Brook Pulp and Paper for energy generated from Corner Brook Pulp and Paper’s existing power generation facilities will provide flexibility for Hydro to draw upon when needed, particularly during winter months. There is no impact on the ratepayer as a result of the agreement.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the global availability of Polar Smooth 150 Air. Suitable for both indoor and outdoor use on most surfaces including painted walls, melamine, glass and many other flat or simple curve surfaces, Polar Smooth 150 Air is the ideal solution for applications spanning interior décor, wall and window graphics, decals and stickers, point of sale, and construction hoardings and barriers. At 6 mil (150µ) thick, Polar Smooth 150 Air ensures an easier installation compared to thinner alternatives. This thickness provides added convenience, particularly for users looking to avoid lamination or seeking a simpler installation process. The film is available in both permanent and removable options.

The Norwegian Environment Agency has given prior notice of a potential decision to exclude Norske Skog Skogn and Norske Skog Saugbrugs from participation in the European Union Emission Trading System (EU ETS) in the period from 2026 to 2030, with the effect that the mills do not receive free allocation of European Union Allowances (EUAs) in the period. "This is a significant setback for sustainable industry and very disappointing for everyone that has invested and prioritised a transition from fossil fuels to renewable energy. Implementation of the revised biomass qualification criterion will incentivise installations to continue or even increase their use of fossil fuels. Together with industry partners and stakeholders, we will work towards biomass being treated on equal basis to other decarbonisation measures. On the positive side, we see positive political development for CO2 compensation being reintroduced in Austria, which would neutralize the effects of exclusion from free allocation of EUAs in Norway", says CEO Geir Drangsland.

Ahlstrom, a global leader in fiber-based specialty materials, has been awarded a Platinum Medal, the highest recognition level, in the EcoVadis sustainability assessment, ranking Ahlstrom among the top one percent of companies evaluated over the past 12 months. The platinum score is based on the company’s sustainability performance in four categories: Environment, Labour and Human Rights, Ethics, and Sustainable Procurement. “We are very proud of this recognition. Through our safe and sustainable solutions and commitment to continuous improvement—highlighted by our newly validated Science-Based Targets and membership in the WBCSD—we are well-positioned to support our customers in achieving their sustainability ambitions.

“Q3 2024 was a challenging quarter for GreenFirst and the broader industry. July was our toughest month, primarily due to low pricing, but both August and September saw improvements in pricing. Average Western Base pricing rose from $338/mfbm in July to $428/mfbm early November 2024. In July, due to market conditions and high inventory levels, we implemented targeted curtailments equivalent to six weeks of production. Despite this, our operations ran smoothly for the remainder of the quarter. We also continue to manage cash tightly, including postponing capital expenditures during the third quarter. Aside from the curtailment in July, we achieved good operational performance, breaking production records across multiple sites. In fact, during the third quarter, our efficiency was 4% higher as compared to 2023. Looking ahead, we expect pricing to continue improving for the rest of the year, primarily driven by industry curtailments across North America and reversals in monetary policy by the Bank of Canada and the US Federal Reserve. However, we remain cautious in the short term, and the Company will continue to focus on tightly managing its costs and liquidity. Finally, as previously announced, GreenFirst will continue its strategy of selling non-core assets.” said Joel Fournier, Chief Executive Officer of GreenFirst.

Monadnock Paper Mills, Inc., the oldest continuously operating paper mill in the United States, is pleased to announce the release of its updated Fine Printing Papers Swatchbook. This carefully curated collection showcases the rich textures, vibrant finishes, and unrivaled performance of Monadnock’s most celebrated paper lines, including Astrolite®, Astrolite® Digital+, Caress®, and Dulcet®. Tailored for designers, brand owners, and printers, this swatchbook goes beyond a simple showcase—it provides an immersive, tactile experience that brings the luxurious qualities of Monadnock’s fine papers to life. From high-end brochures to photography books and archival prints, the Fine Printing Papers Swatchbook highlights how Monadnock’s premium fine papers can elevate any project. “Our Fine Printing Papers Swatchbook serves as a gateway to inspiration,” says Julie Brannen, Director of Sales and Sustainable Solutions at Monadnock Paper Mills, Inc. “We’ve designed it to offer a hands-on experience that allows creatives the opportunity to fully engage with the paper’s tactile qualities and see firsthand how our craftsmanship can transform their most important projects into evocative stories.”

Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras: We delivered strong earnings with a 20% adjusted EBITDA margin and outstanding free cash flow in the third quarter, driven by solid operational performance, good commercial execution and stable input costs. The quarter also had no planned maintenance outages. On Oct. 31, we announced we are mutually terminating a supply agreement for uncoated freesheet, bristols and specialty papers from International Paper’s Georgetown, South Carolina, mill, effective Dec. 31, 2024. We will continue to optimize our North America region by leveraging strategic initiatives to simplify the business, unlock efficiencies and drive earnings growth. We have seen encouraging increases in industry demand across our regions and expect recent capacity reduction announcements to lead to more favorable supply and demand balance trends in 2025. We are confident in our strategy to grow earnings and cash flow by continuing to invest in high-return projects in our mills and processes.

“Supremex’ third quarter operating performance was driven by higher envelope volume and improving packaging markets, and although profitability was impacted by approximately $1.9 million of non-operating items, it remains below its true potential,” said Stewart Emerson, President and CEO of Supremex. “As anticipated, envelope volumes continue to improve from the lows of 2023, and backlogs are stronger. However, the market continues to give back some of the pricing gains made in 2022 and profitability was also impacted by the temporary effect of our consolidation in the Greater Toronto Area, which is expected to yield important benefits going forward. In packaging, sales for e-commerce fulfillment remained solid and channels subject to discretionary consumer demand have improved, while increased profitability reflected greater efficiency from recent cost reduction and productivity initiatives and the benefits of improved absorption. Additionally, with a new senior leader steering our folding carton activities, we are confident that we will further leverage our high-quality assets, blue-chip customer base and dedicated employees. Based on a gradually improving market, efficiency and productivity gains, and the expectation of a substantial gain on the sale-leaseback transaction, the Board of Directors has decided to increase the dividend."

Chief Executive Officer Julie Schertell commented, "We saw meaningful increases in volume and profitability in Filtration and our overall SAS segment during the third quarter, with SAS segment adjusted EBITDA increasing almost 20% year over year. This was somewhat offset by results in Advanced Films, which were impacted by automotive and construction end markets. As such, we have launched a turnaround effort specific to Advanced Films focused on demand generation, operational performance and increased customer and end market diversification. This turnaround effort will be similar to the approach we used for Healthcare throughout 2023, which year-to-date, resulted in above-market sales growth of more than 5% and materially improved profitability versus the same period in 2023. Given the prevailing macro-economic conditions and the slow pace of demand recovery, we continue to prioritize those things that we can control and execute on actions to mitigate external market factors, such as the $20 million reduction in non-operating cost announced earlier this year. Additionally, we are increasing capacity in our growth categories of filtration, specialty tapes, release liners and medical films, while at the same time reducing cost and optimizing our supply chain by reducing our plant footprint from 48 sites at the time of the merger to 35 sites today and our warehousing footprint by more than 25%. These actions reduce cost and complexity, and support sustained margin improvements as demand returns.”

Ahlstrom’s transformation efforts are delivering results. Our comparable EBITDA in the third quarter reached a record level, reflecting our ongoing commitment to performance and growth. Driven by our dedication to science and our desire to help customers navigate global trends, we continue to launch new products, with the introduction this quarter of recyclable packaging material for the bouillon cube segment. This innovation replaces thousands of tons of plastic and supports sustainable development. Moreover, our enhanced customer collaboration has led to our customer loyalty score reaching the highest decile in our industry in the latest measurement, which makes me particularly proud. Our margin on variable cost per ton continued to increase to a record high level, thanks to our improved operational performance driven by our transformation initiatives. Adjusted for the Stenay divestment in 2023, our deliveries increased by 1% compared to the previous year. We continued to strengthen our business portfolio by consolidating our footprint in parchment paper production at the Saint-Séverin site following the closure of the Bousbecque mill. Our centralized operations ensure efficiency and continued growth. In addition, we successfully completed the transaction to divest the Aspa pulp mill in November, supporting our growth transformation and focus on specialty materials production.

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.”

Domtar Corporation announced the successful acquisition of Iconex Paper from Atlas Holdings. Iconex Paper converts thermal paper parent rolls into point-of-sale (POS) receipt rolls, serving customers in industries such as food service, retail, pharmacy and financial services from its five North American locations in Arizona, Kansas, Tennessee, Virginia and Mexico. "Receipt products used by consumers every day — such as ATM, gas pump, food service and retail receipts — begin with thermal paper manufactured at Domtar's West Carrollton, Ohio, facility," says Steve Henry, Domtar's president of Paper and Packaging. "With this acquisition, we're well positioned to ensure customers experience the operational and supply chain excellence that comes from a fully integrated North American receipt paper business." "This strategic acquisition demonstrates our commitment as an advocate for paper-based products and the paper industry's long-term sustainability," Henry said. "We are delighted to welcome Iconex Paper to the Domtar family, and we look forward to jointly strengthening the point-of-sale paper business."

“We delivered a strong third quarter, even as we dealt with the impact of Hurricane Helene at our Augusta, Georgia and Shelby, North Carolina facilities,” said Arsen Kitch, president and CEO. “We are also pleased that we closed on the sale of our tissue business and are now well positioned to execute on our strategy of building a premier paperboard company that is focused on servicing independent converters in North America.” Clearwater Paper's Board of Directors has approved a new $100 million share repurchase authorization, allowing the Company to opportunistically repurchase shares in addition to offsetting the dilution from employee share grants. This authorization replaces the Company’s previous authorization. The timing and amount of any repurchases of common stock will be solely at the discretion of the Company and is subject to general business and market conditions, as well as other factors.

The decision not to pursue the acquisition of a majority stake in BoingTech, a specialized RFID inlay and tag producer operating in China and Malaysia follows changes in the conditions surrounding the mutual obligations and commitments between Fedrigoni and Inlay Link, BoingTech’s controlling shareholder. Fedrigoni has formally informed Inlay Link of this change in direction, reaffirming its commitment to strategic growth that aligns with evolving business dynamics.

Solenis, a leading global producer of specialty chemicals, has acquired BASF’s flocculants business for mining applications. This strategic acquisition enhances Solenis’ portfolio, ensuring a comprehensive solution for its mining and mineral processing customers. The integration of BASF’s flocculants business will enable Solenis to offer an expanded range of products and services, addressing the diverse needs of the mining industry. This acquisition underscores Solenis’ commitment to providing innovative and sustainable solutions that improve operational efficiency and environmental performance.

Clearwater Paper Corporation announced the successful completion of the sale of its tissue business to Sofidel America Corp., a subsidiary of Sofidel S.p.A., for $1.06 billion in cash, prior to customary purchase price adjustments. The transaction represents a significant step in the Company’s transformation into a premier independent supplier of paperboard packaging products to North American converters. Terms of the sale were first announced on July 22, 2024. “This is the next big step in transforming Clearwater into a premier independent paperboard packaging supplier in North America,” said Arsen Kitch, president and chief executive officer of Clearwater Paper. “While it’s the right business decision, it’s a bittersweet moment for our company. We are parting ways with valued colleagues, and that’s difficult. The Tissue team has built a fantastic business and delivered strong results. I am proud of their work and wish them well.” “We’ll use the proceeds from the sale to pay down debt and strengthen our balance sheet. We will be well positioned to scale and diversify our paperboard business to create long-term value for our shareholders,” said Mr. Kitch.

Paper Excellence Group announced the operational integration of the recently acquired Domtar Corporation and Resolute Forest Products with the legacy Paper Excellence business, forming a leading, unified forest products company in North America. This integration represents a strategic alignment of the companies’ strengths, resources and expertise, creating a stronger organization poised for future growth and innovation, while maintaining the highest levels of environmental stewardship. Together, the companies will now be doing business as Domtar. Domtar’s new brand identity symbolizes the combined legacy, shared values and forward-looking vision of the three organizations. The new logo reflects the spirit of collaboration, sustainability and commitment to excellence that will define Domtar’s future. The inclusion of a seedling in the logo represents the company’s commitment to nurturing potential and fostering growth, symbolizing the start of something new and the continuous journey toward flourishing success. It also signifies an important evolution, capturing the essence of the gradual development of our legacy companies and the natural progression from a small, humble beginning to a thriving, mature global organization.

Sylvamo and International Paper are mutually terminating a supply agreement for uncoated freesheet, bristols and specialty papers at the Georgetown, South Carolina, mill. The agreement will terminate Dec. 31, 2024. Sylvamo is successfully transitioning many paper grades from Georgetown to its Ticonderoga, New York, and Eastover, South Carolina, mills to continue supplying customers. International Paper has announced plans to discontinue operations at the Georgetown mill. “We have been preparing for this possibility since our 2021 spinoff from International Paper. We will support our customers through this transition and will retain the most profitable products from Georgetown, reducing economic downtime in our mill system and improving our mix,” said Jean-Michel Ribiéras, chairman and chief executive officer. “Looking ahead, we are confident in our future and our strategy to grow earnings and cash flow by continuing to invest in high-return projects in our mills and processes.”

President and CEO Ilkka Hämälä: The economy continued to be weak in the third quarter of 2024. In the wood market, trade was normal, and prices remained at a record high, compared with figures across the last two decades. A high cost level combined with low demand across the board resulted in a weak result for the third quarter. The quarterly result was significantly improved by the business interruption insurance compensation for the accident at the Kemi bioproduct mill, which was allocated to the first half. Negotiations on the final insurance compensation are still underway, but EUR 67 million in compensation was recorded for the third quarter. The slowdown in the construction industry continues, and there are no signs of a change in the demand for sawn timber and plywood. Demand for Kerto® LVL has remained strong, proving the product’s competitiveness in construction industry solutions. In China, the pulp market picked up in September, and prices began to gradually increase in softwood pulp trade. Demand remained stable in the European pulp market even though prices continued to decrease, still remaining higher than the price level in Asia. In Europe, the paperboard market continues to be affected by Asian paperboard imports to regions neighbouring the EU such as Türkiye. In the US, the market situation has remained slightly stronger than in Europe. As is typical of consumer products, demand for tissue papers has been stable, and profitability has remained at a reasonable level.

Comments by the CEO: The third quarter was another solid quarter for Billerud. As we had planned, our net sales grew, and profitability improved in both regions. The positive profitability trend we have seen from the beginning of the year continued. The Group’s EBITDA margin ended at 14%, our strongest result since Q4 2022. Production stability was solid in the quarter and our scheduled maintenance stops in three mills went according to plan. Yet again, region North America delivered an excellent financial performance with double digit sales growth and 18% EBITDA margin. All our categories in the US contributed to the strong result. In Region Europe, our fiber cost continued to increase, while most other input costs declined. Also for this quarter, we were successfully able to offset the cost inflation by proactive pricing and portfolio management for Europe. This is key and it will continue to be one of our top priorities going forward. Region Europe reached an EBITDA margin of 16%, the highest profitability in two years. Our efficiency enhancement program continues to deliver structural savings. Disciplined work to eliminate price point outliers in the customer base as well as to increase our field-purchased pulpwood in the vicinity of our Swedish mills produces positive effects.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the global availability of Paper Fleece Smooth. The product has proved hugely successful since initially launching in the UK earlier this year and will be made available to customers in other regions worldwide from October 24th 2024. This printable non-woven paper fleece wallcovering is PVC-free, making it an effective, environmentally friendly solution for interior décor work in settings such as homes, retail stores, hotels and offices. Its photorealistic print quality produces sharp, detailed graphics with quick drying times and is ideal for creating stunning, vivid designs.

“We delivered a strong third quarter with strong earnings growth, above expectations, driven by higher volume and productivity gains,” said Deon Stander, president and CEO. “Both our Materials and Solutions Groups delivered strong bottom-line growth. “In Intelligent Labels, we are delivering another year of strong growth and continue to see significant opportunity ahead. Adoption of our solutions in new categories is increasing, particularly in Food, as the value of our technology in helping address key industry challenges continues to resonate with customers. “We have raised our full-year outlook for adjusted earnings per share. We continue to remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation for all our stakeholders,” added Stander. “Once again, I want to thank our entire team for their continued resilience, focus on excellence and commitment to addressing the challenges at hand.”

Chief Executive Officer John D. Romano commented, “Tronox’s third quarter results demonstrated continued demand recovery compared to the prior year, though ultimately came in below our expectations as a result of softer than anticipated market conditions as the pace of the recovery slowed late in the quarter. Orders in North America and Latin America met our expectations, while demand in Europe and Asia Pacific was softer than forecasted in the last month of the quarter. Our TiO2 volumes declined 7% sequentially, outside our guidance of a 2-4% decrease compared to the second quarter. Zircon volumes declined 12% sequentially, below our expectation of relatively flat volumes compared to the second quarter, due partially to orders rolling from the third quarter to the fourth quarter as well as weaker than expected demand in China. “On operations, we successfully achieved our targeted average production utilization rate of ~80% for the quarter. However, we have not yet seen the benefit of the lower cost inventory flowing through due to weaker than forecasted demand. The impacts from a weaker market environment along with higher freight costs drove the miss relative to our previously guided range of $145-165 million, resulting in a third quarter Adjusted EBITDA of $143 million and an Adjusted EBITDA margin of 17.8%. Lower sales volume also drove higher finished goods inventory, resulting in a neutral impact from working capital in the quarter.”

Massimo Reynaudo, President and CEO, comments on the results: "Our Q3 results improved both year-on-year and quarter-on-quarter, with a significant contribution from the fully ramped-up UPM Paso de los Toros pulp mill. The earnings improvement, albeit good, was lower than earlier expected as the market demand of our products slowed down after the encouraging start of the year. We took measures in several of our businesses to safeguard profitability and we continue to take decisive actions to ensure the competitiveness of our businesses and support our growth ambitions. Our Q3 sales were EUR 2,521 million and our comparable EBIT increased by 32% to EUR 291 million. Our net debt was EUR 2,804 million, 1.59 times EBITDA. Cash funds and unused committed credit facilities totalled at EUR 3.7 billion at the end of the quarter, following the successful issuance of our fourth Green Bond, for EUR 600 million, in August."

Rayonier Advanced Materials Inc., a leader in High Purity Cellulose, announced that power has been fully restored to its Jesup, Georgia site and that the A Line has restarted operations. The A Line, which primarily produces cellulose specialties for use in filtration, food and pharmaceuticals, and tire cord, is currently operating at approximately 80 percent capacity, with an anticipated ramp-up to full capacity within a week. Repair work on the B line is ongoing and is expected to be completed with a restart on or around October 28. The Company continues to assess the financial cost of the incident along with any potential insurance recovery. Further financial updates will be provided during its third-quarter earnings call in early November.

Statement by the CEO: Our production remained relatively stable in the third quarter, but rising raw material costs continued to negatively impact our earnings. Although the chemical pulp market experienced a slight slowdown, our customers continue to show interest in expanding volumes in our chosen niches. All three major investment projects at our mills are starting up this fall. As before, safety, efficiency, and high availability at our mills are of the utmost importance to ensure that our employees feel safe in their workplace and can achieve optimal results despite external challenges. Total production for the group increased by 2 percent compared with the same quarter last year. EBIT fell by 9 MSEK to 40 MSEK, mainly due to higher wood costs, which increased by about 40 MSEK. Gradually rising competition for pulp wood is driving prices upward. Meanwhile, our own supply of wood and wood chips remains strong, largely due to our long-term efforts to foster close relationships with our suppliers, which are mainly sawmills and timber companies.

“We delivered a strong third quarter with strong earnings growth, above expectations, driven by higher volume and productivity gains,” said Deon Stander, president and CEO. “Both our Materials and Solutions Groups delivered strong bottom-line growth. “In Intelligent Labels, we are delivering another year of strong growth and continue to see significant opportunity ahead. Adoption of our solutions in new categories is increasing, particularly in Food, as the value of our technology in helping address key industry challenges continues to resonate with customers. “We have raised our full-year outlook for adjusted earnings per share. We continue to remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation for all our stakeholders,” added Stander. “Once again, I want to thank our entire team for their continued resilience, focus on excellence and commitment to addressing the challenges at hand.”

"Our third quarter results reflect strong execution across the business as we transform our organization," said Kimberly-Clark Chairman and CEO, Mike Hsu. "I'm very proud of our teams' ability to deliver organic top-and-bottom-line growth, driven by market share gains and improved productivity, even against the backdrop of a dynamic consumer environment." Hsu continued, "With our Powering Care strategy in full swing, we are accelerating our innovation pipeline and reducing costs to deliver higher-quality consumer solutions for every price point, and simplifying our operational structure so that we can be faster and more responsive in our markets. We are on track to deliver strong operating profit, margin, and EPS growth in 2024 while investing to maintain our business momentum into 2025." Quarter Highlights: *Net sales of $5.0 billion were down 4 percent, with organic sales growth of 1 percent versus the prior year. *Reported gross margin was 36.0 percent, adjusted gross margin was 36.7 percent, up 90 basis points versus the prior year, driven by strong gross productivity gains.

Norske Skog’s EBITDA in the third quarter of 2024 was NOK 91 million, a decrease from NOK 471 million in the second quarter of 2024. Norske Skog implemented price increases for both containerboard and newsprint during the quarter to mitigate continued cost increases. Norske Skog received excellent feedback from containerboard customers as deliveries continued to grow. Despite signs of positive market developments for Norske Skog in the publication and containerboard markets, these markets are still experiencing excess capacity, thus closures are still required. “We are receiving excellent feedback from our customers on the quality of our containerboard products, which bodes well for our plan to deliver a total of 760,000 tonnes of packaging paper from Bruck and Golbey to the market in the coming years. We are particularly pleased to have strengthened our position in the newsprint market by increasing our market share through higher sales volumes in the third quarter of 2024 compared to the same quarter last year, especially in a declining market for publication paper,” says Geir Drangsland, CEO of Norske Skog.

Mondi provides an update on trading for the three months to 30 September 2024 (“Q3 2024”). Underlying EBITDA for the quarter was, as expected, lower than the previous quarter, at €223 million (Q2 2024: €351 million). This was primarily due to more planned maintenance shuts and a forestry fair value loss, which together resulted in a difference between the third quarter and second quarter of approximately €90 million. This was in addition to softer seasonal demand and higher input costs. Selling prices in Corrugated Packaging and Flexible Packaging were higher when compared to the previous quarter due to the implementation of paper price increases earlier in the year. After a recovery in pricing at the start of the year, pulp and paper selling prices in Uncoated Fine Paper declined in the quarter. Andrew King, Chief Executive Officer, said: “While we are seeing the benefits from the increase in prices earlier this year across our key paper grades, trading conditions remain muted against the backdrop of an uncertain macroeconomic environment. In the fourth quarter there will be fewer planned maintenance shuts, and we expect the normal seasonal pick-up in demand.

John Baird, Chairman of Canfor Pulp Products Inc. Board of Directors announced that Stephen Mackie has been appointed President and Chief Executive Officer of Canfor Pulp effective November 1, 2024. “With almost twenty years at Canfor and 30 years in the forest products industry, Stephen is a proven executive with an extensive background in operations,” said John Baird. “We are very pleased that Stephen has agreed to take on this important role and we believe that his in-depth knowledge of the fibre dynamics in BC make him particularly well positioned to lead Canfor Pulp at this time.” Mr. Mackie will also retain his responsibilities as Executive Vice President, North American Operations of Canfor Corporation.

Sappi Europe recently announced that it has now joined Intergraf’s group of 22 national member associations and 15 associate members across 25 countries, which will further its role in promoting the European print industry. In the evolving print industry, Sappi strongly believes in the role of print for the next generation of readers, and for brands. People are hardwired to hold print—72% of people prefer printed material versus a digital version. It is viewed as 200% more intimate—people feel more valued when receiving printed mail over e-mail, and twice as likely to feel positive toward the sender. The return on investment speaks volumes—60% of people look up a brand online after receiving printed materials. With declining print volumes, Sappi acknowledges that the paper industry must provide value beyond the product by aligning with projects and organisations that further the unique strengths of the European printing industry.

Ahlstrom has signed an agreement to divest its Aspa pulp mill in Sweden to Sweden Timber. The agreement includes the pulp mill and all its operations. This is a key step in Ahlstrom's growth transformation journey, reinforcing the company’s strategic commitment to sustainable specialty materials. Aspa pulp mill produces bleached and unbleached softwood pulp that is used in a broad range of applications in paper and sold globally. It has an annual capacity of approximately 200,000 tonnes and 174 employees. Several external parties have expressed interest in acquiring the Aspa plant throughout the years. For Ahlstrom, it was important to find an owner who has an interest in further developing the mill and ensuring its long-term success. Sweden Timber is a Swedish wood processing company with assets also in papermaking and wood composites.

Georgia-Pacific today officially opened its new Dixie® tableware manufacturing site in Jackson, Tennessee. Initially announced in September 2022, the approximately $425 million facility is Georgia-Pacific's first new Dixie® greenfield plant build since the Bowling Green, Kentucky, facility opened in 1991. The plant will produce Dixie® and Dixie Ultra® products for retail and away from home customers – including plates, bowls, platters, and deep dishes. The Jackson plant will significantly increase the supply of disposable tableware products in the marketplace. Site clearing started in November 2022, with full construction beginning in 2023. Production officially began at the facility in June 2024.

Mativ and Miru have announced a joint development agreement to commercialize a novel lamination interlayer for dynamic electrochromic windows (“eWindows”). This partnership will bring together technologies to simplify the manufacturing process and lower the cost of producing eWindows for glass fabricators and automakers worldwide. Smart window technology with on-demand tinting controls is revolutionizing the automotive industry by enhancing vehicle climate management and driver comfort. Miru’s eWindow technology is the only offering that meets growing consumer and regulatory demands for curved, neutral-color, low-haze, and energy-efficient glass. By dynamically adjusting tint levels, eWindows improve solar energy performance, reducing the need for air conditioning and heating within vehicles, and extending electric vehicle range substantially.

With the slogan "Paper as a Sustainable Story", we will present our range of premium coated and uncoated papers especially designed for the publishing industry. Since this year Italy is the event's guest of honor, Lecta will showcase the excellence of the products it manufactures at its Cartiere del Garda mill, a cornerstone of the company's complete offering for the publishing sector. Lecta's Garda brand coated papers are renowned for their high quality, special technical characteristics, and optimum results in Lecta's long history of working with publishers worldwide. For this special edition, Lecta has also put together a program packed with activities celebrating experience, art and partnership.

MM Group is proud to announce that it has successfully achieved recertification for the ISO27001 information security standard. This certification is a testament to the company’s commitment to maintaining the highest level of information security and protecting the confidentiality, integrity, and availability of its clients’ data. ISO27001 is an internationally recognized standard that provides a framework for establishing, implementing, maintaining, and continually improving an information security management system (ISMS). The standard requires organizations to identify and assess information security risks, implement appropriate controls to mitigate those risks, and regularly review and improve their ISMS.

Clearwater Paper Corporation announced that it temporarily suspended operations at its Augusta, Georgia paperboard facility and its Shelby, North Carolina tissue facility due to the impacts from Hurricane Helene. There was no serious damage to equipment and both facilities are resuming operations. “As we deal with the aftermath of this powerful storm, our top priorities remain the safety of our people and ramping up our operations to service our customers,” said Arsen Kitch, president and chief executive officer. “We are deeply grateful to our Augusta and Shelby teams for their tremendous efforts to safely resume production and minimize the impact on our business while personally dealing with the effects of the storm.”

We’ve heard it a few times: Of the many products we manufacture each day, Cougar® paper is one of our employees’ favorites — and it’s a favorite of printers and designers who choose the brand for memorable projects. But did you know Cougar paper may also be one of the coolest things made in Wisconsin? From greeting cards and bestsellers to tour posters and luxury-brand marketing materials, Cougar paper is used every day to help people, artists and brands make their mark. We’ve improved the Cougar paper line over the years by adding Cougar Natural and Cougar Digital Color Copy to the assortment and adjusting its shade from green-white to blue-white to its beloved, balanced white shade. Cougar’s extensive line includes three finishes, two shades, an expanded digital offering and a vast array of sizes and weights, ensuring our customers can bring creativity to life and create a memorable story.

Pactiv Evergreen Inc. announced it has completed its previously announced sale of the Pine Bluff, Arkansas, paper mill and Waynesville, North Carolina, extrusion facility to Suzano S.A. “The closing of this transaction marks an important milestone as we focus on our core North American converting operations,” said Michael King, President and Chief Executive Officer of Pactiv Evergreen. “I want to thank the employees at Pine Bluff and Waynesville for their years of dedication and commitment to Pactiv Evergreen and to our customers. In addition to facilitating our transition to a capital light business model, we expect the transaction to improve our profitability and cash flows and strengthen our balance sheet.” The sale proceeds are $110 million,1 subject to customary adjustments for closing amounts such as working capital.

John Baird, Chairman of Canfor Pulp Products Inc. Board of Directors announced that Kevin Edgson will be leaving the role of President and Chief Executive Officer on October 31, 2024. “On behalf of the Board of Directors, I would like to thank Kevin for his significant contributions in the role of President and CEO since 2022,” said John Baird. “Kevin has worked through a number of challenges including a reduction in fibre supply in BC and fluctuating market conditions while transitioning Canfor Pulp to a smaller operational footprint. We are grateful for his leadership and appreciate his efforts to transform the company during his tenure.”

Port Hawkesbury Paper is pouring $400 million into the construction of a wind farm in Nova Scotia's Guysborough County that is targeted to supply 60 per cent of the paper mill's current power needs. The Point Tupper papermaker's sister company, Port Hawkesbury Paper Wind, officially broke ground on the Goose Harbour Lake Wind Farm in late August. It intends to launch up to 31 wind turbines, with the intent of delivering 130.5 megawatts of power from Crown land that is already licensed to the company for wood harvesting. The company said the turbines will be active in 2026. The provincial Department of Environment and Climate Change approved the project's class 1 environmental assessment in early 2023.

Stora Enso is pleased to announce a milestone partnership with Södra, Sweden's largest forest owner association. The two companies have signed a long-term agreement under which Södra will supply Stora Enso with kraft lignin from Södra's Mönsterås site, in Sweden. This facility is set to begin operations in 2027. As part of this collaboration, Stora Enso grants Södra a license to its innovative technology in lignin area. Earlier this year, Södra announced its investment in a new kraft lignin production site, reinforcing its dedication to advancing sustainable forest products. Through this supply agreement, Stora Enso and Södra aim to enhance the development of lignin as a sustainable non-fossil-based material, with broad applications across various industries. "We are excited to partner with Södra in this important endeavor," says Juuso Konttinen, Senior Vice President & Head of Biomaterials Growth at Stora Enso. "This agreement not only secures one additional reliable supply of kraft lignin for our innovative products such as Lignode for batteries but also underscores the growing importance of lignin in creating sustainable solutions across industries. By leveraging our expertise in lignin technology, Södra will be able to produce high-quality lignin that aligns with our sustainability commitments."

In a groundbreaking move to bolster America’s clean energy future, the U.S. Department of Energy’s (DOE) Office of Manufacturing and Energy Supply Chains and the state of Michigan’s Competitiveness Fund have selected Mitra Chem, a leading innovator in battery materials, for up to $125 million in awards. This substantial funding, with additional funding anticipated from the state of Michigan, will support Mitra Chem to establish a cutting-edge battery material manufacturing facility in Muskegon, Michigan. The site will be the first mass production facility for lithium iron phosphate cathodes in North America, unlocking a domestic supply chain that strengthens U.S. national security and expands the domestic workforce. Mitra Chem is launching the American Production of Lithium Iron Phosphate and Future Innovation (AmPLIFI) project as a linchpin to building a robust domestic electric vehicle battery supply chain that is cleaner, safer, faster, more affordable, and independent of China. The grant, aligned with the goals of the Inflation Reduction Act, marks a significant step towards establishing the United States as a global leader in battery manufacturing for EVs, energy storage systems (ESS), and defense applications.

Mondi launches its new recyclable Protective Mailers made entirely of paper. The innovative mailers, developed in collaboration with Amazon, enable eCommerce companies to securely ship goods without the need for plastic bubble wrap, while remaining fully recyclable in conventional paper waste streams. The Protective Mailers are made from Mondi’s strong but lightweight kraft paper and open-flute material, offering a unique combination. The flexible design offers the possibility of customising the open fluting to the needs of the product, ensuring resilience and product protection to prevent goods from shifting inside the mailer and safeguard products in transit. The good printability of Mondi’s kraft paper enables customers to add effective branding and distinctive designs to each mailer.

SCA has launched a new tool with AI functionality for digital forestry planning. In 2023, small-scale tests were conducted to scale up to more extensive tests in 2024. “It’s incredibly exciting. It involves both new technology and new working methods that give us several advantages,” says Magnus Bergman, who leads SCA Forest’s technology and digitization staff. The goal is that by 2025, all forest planners at SCA Forest will use digital forestry planning to prepare for harvesting in SCA’s own forests. “Digital forestry site planning brings several positive aspects. The most important is that we achieve more efficient forestry site planning thanks to higher and more consistent quality of our forest data, and a large part of the planning work can be done in the office. Additionally, we can plan more during the winter,” says Magnus.

Total printing-writing paper shipments increased 4% in August compared to August 2023. U.S. purchases of total printing-writing papers increased 11% in July compared to the same month last year. Total printing-writing paper inventory levels in August decreased 4% when compared to July 2024. Individually, U.S. shipments in all 3 major P-W categories (UFS, CFS and MECH) exhibited a combination of positive and negative changes in August compared to the same period last year. Uncoated Free Sheet shipments decreased 1%, Coated Free Sheet shipments increased 16%, and Mechanical papers shipments increased 17%.

Lecta formalized its ESG (Environmental, Social, Governance) strategy as a key pillar of our business strategy for the future in 2022. As part of this strategy, we set ambitious targets for 2030 and defined key performance indicators (KPI's) for our work and progress in this area, linked to the United Nations Sustainable Development Goals (SDG's). Determined to meet this challenge and in line with its information transparency policy, Lecta regularly monitors its progress at a Group level and publishes its consolidated ESG performance results on an annual basis. As reflected in our latest Sustainability Report, 2023 was a good year in terms of progress towards many of our ESG objectives, especially those related to the environment. Both the organizational carbon footprint (OCF) and Lecta's product carbon footprint (PCF) have decreased yearly since 2021.

Billerud has appointed Doug Schwartz as President Billerud North America and member of the company’s Group Management Team, effective 30 September. Doug Schwartz has extensive experience in the U.S. forest and paper industry, including serving in key leadership roles at companies such as Sonoco Products Company (Sonoco), International Paper and Champion International Corporation. He most recently held the position of Vice President and General Manager, Rigid Paper Containers at Sonoco. “I am very happy that Doug, with his proven track record, will now lead our North America operations, which are integral to Billerud’s business and growth strategy. Together with our competent American team, he will continue our commitment to serve our customers by delivering our core products—graphic paper, specialty papers, and pulp, as well as cartonboard and other packaging materials. At the same time, he will lead the team in identifying strategic product development initiatives to diversify and expand our product portfolio," says Ivar Vatne, Billerud CEO and President.

With the increasing cost of school supplies, the start of a new school year can be a stressful — and expensive — time for families and teachers alike. With rising prices affecting every household, school supply donations can help bridge the gap and ensure that every student and teacher has what they need for academic success. The average U.S. household will spend around $875 on school supplies during the 2024 back-to-school season, and more than 90 percent of teachers spend their own income on supplies for their classrooms. This year, to assist students and educators in their communities, employees at Domtar’s North American locations engaged in local school supply drives and fundraising events. We also continued our partnerships with customers like ODP Corporation and organizations like Classroom Central to give back to our communities.

Mondi, a global leader in sustainable packaging and paper, has switched more than 95% of its range of release liners and extrusion solutions to PEFC and FSC™ certified base paper sources*. This is a further step towards responsible sourcing and transparency in the supply chain and also reflects Mondi’s ongoing commitment to develop solutions that are sustainable by design and support customers in achieving their sustainability goals. By using certified paper sources, it supports traceability and sourcing from forests that are managed responsibly. All parties involved are committed to producing responsibly sourced paper.

Kruger Inc. announced today a $32.4 million investment at its Kamloops Pulp Mill to implement innovative technology to diversify its product portfolio and expand into fast growing markets. In addition to improving Kruger Kamloops’ competitiveness, performance, and environmental footprint, this initiative will contribute to securing 340 jobs at the Mill, as well as 1,000 indirect jobs in B.C. This project was announced during a press event held at the Kruger Kamloops facility in the presence of the Honourable Brenda Bailey, B.C.’s Minister of Jobs, Economic Development and Innovation; Eric Ashby, Executive Vice President and Chief Operating Officer of Kruger Inc.; Roman Gallo, Senior Vice President and Chief Operating Officer of Kruger’s Pulp and Paper Division; and Irene Preto, General Manager of the Kamloops Pulp Mill.

When it comes to home design, our choices reflect not only our tastes but also our values, lifestyle, and goals for the future. This philosophy drives Amber Roy of Amber Dawn Interiors to design authentic spaces for her clients, and decorating with an eye toward environmental considerations is a growing part of the conversation. Amber recently collaborated with Astek Home and Monadnock Paper Mills—both sustainability-minded organizations—to help her client transform a purely functional laundry room into a beautiful space she felt good about. After choosing fresh countertops, tall cabinets, and crown molding to add character to the room, she knew that a unique wallpaper would be the detail that tied the whole project together. Wallpaper technology has advanced significantly in the last few decades, and the gamut of offerings now includes pre-pasted options for DIYers. Vinyl is still popular, but according to Amber, the shift is trending toward mindful material choices and alternative substrates that offer the same vibrant color quality and performance without all the chemicals and messy adhesives.

Canfor Corporation announced the completion of the subdivision and sale of its Forest License in the Mackenzie Timber Supply Area (TSA) equally to the McLeod Lake Indian Band and the Tsay Keh Dene Nation. “Building on our long-standing relationships, Canfor is pleased to have reached this arrangement that will expand the Nations’ participation in the forest economy and stewardship of forest resources in the region,” said Stephen Mackie, Executive Vice President North American Operations. “We believe this agreement will support improved fibre access in the TSA and generate significant economic benefits for local and regional communities.” Total proceeds from this tenure sale and the previously announced disposition of associated Mackenzie sawmill assets are $69 million.

Our Kingsport Mill was named the 2024 Business Recycler of the Year by the Tennessee Recycling Coalition (TRC) during the organization’s annual Tennessee Sustainability Conference. The award is given annually to businesses that practice outstanding leadership in recycling and waste prevention. The Kingsport Mill award recognizes Project Smoky — the conversion of the facility’s uncoated freesheet paper machine into the company’s first 100-percent recycled containerboard facility. The mill, which resumed operations in January 2023, is home to the second-largest recycled containerboard machine in North America and is the largest recycled manufacturer in the state of Tennessee. Kingsport Mill now produces approximately 600,000 tons of high-quality recycled linerboard and corrugated medium every year.

Lecta is pleased to announce the launch of its new ​Termax range of high substance thermal papers, designed specifically for ticketing applications. This new product offering is designed to meet the growing demands for quality and durability for a wide range of applications in admission and access control ticketing for events, transportation tickets, boarding passes, parking lot tickets, data carrier tags for product identification and tracking in the supply chain and logistics and supermarket shelf labels, among others. The new Termax products include Termax TFX (phenol-free) and Termax TFS (BPA-free) papers, available from 105 to 130 g/m2, and the top coated Termax TC30X (phenol-free) paper, available from 115 to 135 g/m2. These papers are characterized by their excellent pre-printing on both sides, and their high thermal image stability and durability.

Phoenix Tag™ is engineered to deliver exceptional durability and strength, making it ideal for a wide range of applications, including tags, labels, and specialty packaging. This robust paper product is designed to withstand the rigors of industrial use while maintaining excellent print quality and performance. Whether for retail tags, industrial labeling, or high-end packaging, Phoenix Tag™ offers the reliability and versatility that businesses demand. Phoenix Ledger™ is crafted with precision for applications that require superior surface smoothness and consistent performance. This premium product is perfect for financial records, certificates, and high-end printing tasks where quality cannot be compromised. Phoenix Ledger™ offers excellent opacity and smoothness, ensuring crisp and clear prints for professional-grade documents.

In its third sustainability report, which was published at the end of August, the family-owned company provides an insight into further details of its sustainability strategy, how it is being implemented and what progress has already been made. What’s more, the Koehler Group has set 38 ambitious goals in different areas of action and is revealing them for the first time in the report. As a family-owned company, the Koehler Group firmly believes that it too has a responsibility to contribute to the UN Sustainable Development Goals through its business activities. With the publication of the 2030 Sustainability Strategy in 2022, the Koehler Group set out the company’s roadmap to sustainable growth.

Containerboard production at Norske Skog Golbey in France is expected to start during the first quarter of 2025, previously the second half of 2024. Commissioning of roll warehouse, containerboard winder, and the effluent station is ongoing. In addition, pre-commissioning (I/O check) has started for the OCC drum pulper and will start in early October for the paper machine (PM1). The BCTMP main study at Norske Skog Saugbrugs has commenced with support from engineerng consultants and vendor dialogues. Final investment decision is still expected during the first half of 2025.

UPM Raflatac, a global supplier of innovative and sustainable self-adhesive paper and film products, has recently earned APR Design® for Recyclability Recognition for its clear and white polypropylene (PP) labels with hotmelt, UPM Raflatac SmartCircleTM wash-off adhesive, and general-purpose acrylic adhesives. This recognition from the Association of Plastic Recyclers (APR) validates that these labels meet or exceed the recycling criteria for polyethylene terephthalate (PET) and high-density polyethylene (HDPE) bottles in the North American recycling system. Notably, this accolade marks the first pressure-sensitive label (PSL) material certified by APR for natural HDPE.

Supremex Inc., a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, announced today the release of its inaugural Environmental, Social and Governance (“ESG”) report. The ESG report, which covers activities for the fiscal year ended December 31, 2023, underlines the Company’s commitment to understand the full scope of its impact on the environment and society before establishing sciencebased targets. “As stewards of the environment, responsible corporate citizens, and advocates for positive change, we recognize the critical role ESG plays in shaping our future,” said Stewart Emerson, President and Chief Executive Officer of Supremex. “A more thorough understanding of our impact in such areas will provide Supremex with the ability to carry out targeted sustainability practices and initiatives that will have a significant positive effect on the environment, our employees and local communities. We are dedicated to being a transparent and accountable organization, and look forward to sharing our progress as we continue along our ESG journey.”

The Supervisory Board of Heinzel Holding GmbH is pleased to announce the appointment of Karl Achleitner (MEng, MBA) as Chief Operating Officer (COO) of Heinzel Holding, effective September 2, 2024. Achleitner will join the top management team of HEINZEL GROUP, alongside CEO Sebastian Heinzel. Karl Achleitner (born 1977) brings extensive industry experience to his new role. He began his career at the Laakirchen paper mill in Austria, training as a paper technician in the 1990s. He later served, amongst other roles, as assistant to the production manager on Laakirchen’s PM10 from 2002 to 2007. Achleitner's career then took him to the United Kingdom (Aylesford Newsprint Ltd. 2007-2011) and Australia (Orora Paper 2011-2018). Most recently (2018-2024), Achleitner held the position of Senior Vice President Operations Paper at Progroup Paper in Germany, being responsible for the company’s containerboard machines as a member of Progroup AG’s executive management team.

EcoVadis has awarded UPM a platinum score based on the company’s sustainability performance in four categories: Environment, Labour and Human Rights, Ethics and Sustainable Procurement. Only one percent of the 130,000 global companies assessed received a platinum rating. UPM scored 81/100 in the Manufacture of Pulp, Paper, and Paperboard industry. “The feedback from Ecovadis, both on strengths and areas of improvement, is extremely valuable and helps us to continuously improve our sustainability performance,” says Sami Lundgren, Vice President, Responsibility, UPM.

Sappi has awarded GAW technologies with an order to increase the efficiency of production processes - in detail to expand the storage of starch as well as a retrofitting / boosting of efficiency for pigment tanks at its Ehingen mill in Germany. The order also includes several safety technical audits of existing silos. The equipment deliveries are scheduled for the end of this year and beginning of 2025. Health, Safety and Environment are very important factors in the strategies and within the success of Sappi. Just recently, Sappi has again achieved Platinum, the highest rating in EcoVadis' sustainability assessment across all three of its manufacturing regions - Europe, North America, and South Africa.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the launch of Interlam Eco Anti-Graffiti pressure sensitive overlaminate film in North America. A 1.0 mil (25μ) clear PET laminating film, Interlam Eco Anti-Graffiti is designed to safeguard graphics from vandalism such as graffiti. Coated with a pressure-sensitive acrylic adhesive and shielded by a siliconized PE coated paper release liner, the film ensures exceptional durability and performance in all applications. The film’s robust anti-graffiti features ensure the easy removal of unwanted markings without damaging the substrate or printed graphics, while its strong resistance to dirt and pollutants also maintains pristine graphics over time.

*Operating profit for January-June 2024 amounted to SEK 1 927 million (January-June 2023: 2 875). The decrease in operating profit is due to lower paper prices and the positive impact of income from the sale of surplus electricity the previous year. *Compared with the first quarter, operating profit for the second quarter increased by SEK 39 million to SEK 983 million. The operating margin was 17 per cent (17). *Profit after tax for January-June amounted to SEK 1 487 million (2 261), which corresponds to earnings per share of SEK 9.3 (14.0).

Drytac will carry out live demonstrations of its leading products at Booth SL6089, while its materials will also feature across the stands of partner companies throughout the event. Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce details of its upcoming appearance at PRINTING United Expo 2024. Running from September 10-12 at the Las Vegas Convention Center in Nevada, PRINTING United Expo 2024 will welcome thousands of visitors from both the North American market and further afield across the wider print industry.

*Q2 2024 net loss from continuing operations was $14.5 million or $0.08 per share (diluted), compared to net loss of $13.4 million or loss of $0.08 per share (diluted) in Q1 2024. Adjusted EBITDA for Q2 2024 was negative $12.1 million compared to negative $3.5 million in Q1 2024. Both the lumber and paper operations had a negative contribution to Q2 2024 as a result of weak market conditions. *Lumber sales volumes in Q2 2024 were lower than Q1 2024 due to the continued drag on lumber demand as housing affordability remains significantly impacted by high mortgage rates. There also remain an oversupply of lumber, which resulted in lower field takeaways. Average realized lumber prices of $637/mfbm for Q2 2024 were also lower than the $644/mfbm pricing realized in Q1 2024. Benchmark prices continued to be under pressure subsequent to Q2 2024. The recent cuts by the Bank of Canada is signalling a reversal in monetary policy. *The valuation provision for lumber and log inventory was increased to $3.2 million from $1.0 million at the end of Q1 2024, generating a $2.2 million charge to lumber cost of sales in Q2 2024. *Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. The Company’s initial duty deposit rate, totaling 20.23%, remained in effect for almost two years, since the Company’s acquisition of its sawmill and paper mill assets on August 28, 2021. *The Company plans to complete a spin-out transaction of Kap Corporation (“Kap”), the holding company of Kap Paper Inc., which holds all operating assets related to the paper mill operations.

Lecta is set to reinforce its position as a comprehensive supplier of paper solutions by taking a stand for the first time at Fachpack, a leading trade fair for the packaging industry that takes place this year from September 24 to 26 in Nuremberg, Germany. The company will showcase its wide range of innovative products for different sectors like industrial and consumer packaging. Lecta offers an extensive portfolio of papers with multiple applications in the packaging market: *Diva Art: The range of coated and metallized paperboards for rigid packaging, with excellent printability and an exceptional finish, ideal for premium and luxury brands. *EraCup: A functional paperboard whose characteristics make it the ideal choice for hot beverage single-use cups and on-the-go disposable food containers. The product is recyclable in standard paper recycling circuits. *Coral (uncoated), Creaset (one-side coated) and KraFit (brown kraft paper): Three versatile ranges of papers for shopping bags, available in a wide variety of grammages and finishes, offering high resistance and durability. *Adestor: Self-adhesive papers and films to meet the labeling needs of different sectors: beverages, food, logistics and transport, retail, personal care and household.

Financial Highlights – Second Quarter vs. First Quarter *Net income of $83 million ($1.98 per diluted share) vs. $43 million ($1.02 per diluted share) *Cash provided by operating activities of $115 million vs. $27 million. Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras: "In the second quarter, price and mix were favorable and input costs largely remained stable compared to last quarter. Uncoated freesheet conditions improved in the first half of the year, with year-over-year demand up in Europe and North America and down slightly in Latin America. After successfully completing our heaviest planned maintenance outage quarter of 2024, we have more than 70% of our annual planned maintenance outages behind us."

Mativ Second Quarter 2024 Highlights *Sales of $523.8 million increased 4.7% sequentially versus Q1 2024 reflecting volume improvement, and decreased 0.5% versus the prior year *GAAP loss was $1.4 million, GAAP EPS was $(0.03), which included organizational realignment, impairment, divestiture and purchase accounting expenses. Chief Executive Officer Julie Schertell commented, "We are pleased to report that our second quarter results reflect strong adjusted EBITDA and margin growth, both on a year-over-year basis, as well as sequentially. This was driven by strong relative net selling price vs. input cost performance, increased volume and improved operating performance. We are confident in our ability to deliver strong adjusted EBITDA improvement on a year-over-year basis for the remaining quarters of 2024.”

The pulp market registered another favorable performance during the second quarter of 2024, which reflected in another round of price increase implementations and in sales growth, despite a challenging scenario that emerged in China. The quarter was also marked by the appreciation of the average USD against the average BRL during the period, contributing to an increase in net revenue. Additionally, operational performance remained in line with the plan, with cash cost of production (excluding the effect of scheduled maintenance downtimes) marginally higher than in the previous quarter. This combination of factors resulted in a significant increase in adjusted EBITDA from pulp compared to both 1Q24 (+42%) and the same period of the previous year (+74%). At the paper business unit, sales volume increased chiefly due to seasonality, while prices remained practically stable (+1%). As such, consolidated adjusted EBITDA in the quarter totaled R$6.3 billion, while operating cash flow reached R$4.5 billion.

Operating performance for the third quarter was substantially above last year with the group delivering EBITDA(2) excluding special items of US$151 million. Despite the third quarter being seasonally the weakest for our business and a sluggish global economy, the underlying profitability, excluding a US$30 million impact of the scheduled maintenance shuts at Saiccor and Somerset Mills, remained steady quarter-on-quarter. The performance was driven by sustained strong market conditions in the pulp segment, offset somewhat by a muted recovery in paper markets. Included in EBITDA was a positive plantation fair value price adjustment of US$3 million.

Chief Executive Officer John D. Romano commented, “Tronox’s second quarter performance was consistent with our previous guidance and demonstrated the continued recovery across both TiO2 and zircon. Our TiO2 volumes increased 8% compared to the first quarter, or 16% compared to the prior year quarter, as we continued to see demand increase across all regions, consistent with seasonal trends. Zircon demand remained relatively stable compared to the first quarter. Pricing for both TiO2 and zircon increased from the first quarter into the second, as expected, partially offset by unfavorable mix. We generated $84 million in free cash flow in the quarter and returned $41 million to shareholders in the form of dividends. “On the operations side, our average pigment plant utilization rate in the second quarter was lower than targeted, driven by short-term challenges relating to ramping up our assets. As a result, we incurred higher costs in the second quarter than anticipated and delivered Adjusted EBITDA at the lower end of our guided range. While this will impact the margins of pigment sold in the third quarter, the operating challenges we experienced during the ramp up in the second quarter are resolved, and our average pigment plant utilization rate for July was in the range of 80%.”

Canfor Corporation is pleased to announce the completion of the acquisition from Arkansas Resolute El Dorado Inc., of its lumber manufacturing facility in Union County, Arkansas. The transaction, previously announced on May 1, 2024, is a strategic complement to the Company's existing regional operations, including its adjacent El Dorado Laminating Plant and its nearby Urbana sawmill. Renamed as the Iron Mountain sawmill, this acquisition will create operational synergies with Canfor's existing facilities, provide vertical integration opportunities with its two glulam plants and build further capacity near customers and markets in the US South.

April–June 2024 (4–6/2023): *Sales were EUR 1,480 million (1,481). *Operating result was EUR -12 million (127). Comparable operating result was EUR -13 million (104). *Result before taxes was EUR -26 million (119). Comparable result before taxes was EUR -27 million (98). *Comparable return on capital employed was -0.3% (5.9). *Net cash flow from operations was EUR -114 million (-19).

Metsä Group, which Metsä Board is part of, has today published an updated Green Finance Framework. Metsä Group’s previous Green Finance Framework is from 2019. The Framework enables the continued issuance of green debt instruments in line with the latest market practices and further integrates Metsä Group's 2030 strategic sustainability targets into financing. Metsä Board's financing can be arranged under the Green Finance Framework. The Framework supports financing or refinancing of environmentally sustainable investments that contribute to Metsä Board's key environmental targets in minimizing impact on climate and nature. Metsä Group’s Green Finance Framework has received an updated independent second party opinion from Sustainalytics, verifying the alignment with Green Loan Principles 2023 and Green Bond Principles 2023 and considering the eligible green assets and expenditures as credible and impactful.

Helen Mets, President and CEO, comments on second quarter 2024: Ahlstrom delivered another strong performance in Q2. Our profitability improved once again, while cash flow remains solid. Obsessed with our customers and the markets we serve; we launched several innovative new products − including fluorochemical-free filtration and paper-based pet food materials − to meet the growing need for safe and sustainable solutions. We also refined our strategy and streamlined our organization to accelerate our growth transformation. In addition, our Q2 pulse survey showed an increase in employee engagement. The latest engagement score places Ahlstrom close to the level of the top 10% of companies in the manufacturing industry. I am proud of the progress that we continue to deliver. During the second quarter, market activity continued to strengthen. Adjusted for Stenay divestiture deliveries increased compared to both the previous quarter and the previous year. Comparable EBITDA also grew, supported by an increasingly strong margin on variable cost per ton. This improvement can be attributed largely to our transformation initiatives, including disciplined price management and cost efficiency measures. Overall, cash flow remained solid, supported by the higher profitability, efficient working capital management, and sustainable lower capital expenditure.

The Company reported an operating loss of $5.6 million for the second quarter of 2024, compared to an operating loss of $15.7 million for the first quarter of 2024. These results largely reflected an uplift in global pulp pricing, primarily in response to global pulp supply disruptions, and the correlated improvement in the Company’s average Northern Bleached Softwood Kraft (“NBSK”) pulp sales unit realizations. These factors were offset in part, however, by a decline in the Company’s pulp production and shipments quarter-over-quarter, driven by extended downtime at its Intercontinental NBSK pulp mill (“Intercon”) to address unforeseen recovery boiler repairs identified during the scheduled maintenance in May. In May 2024, the Company announced the decision to indefinitely curtail one production line at its Northwood NBSK pulp mill (“Northwood”) as a result of the continual decline in the availability of economic fibre in the northern British Columbia (“BC”) region.

First, the Company is ceasing production at its very small facility in Niagara Falls, New York, effective immediately and maintaining the premises as a distribution centre. Additionally, Supremex will close its facility in Concord, Ontario, as its lease expires in February 2025 and will transfer the location’s most efficient production equipment, primarily to its other Greater Toronto area (“GTA”) envelope plants in Mississauga and Etobicoke over the coming months. These measures will not result in significant headcount reduction as the vast majority of employees will be relocated within the Company’s existing operations. Related to these moves, Supremex will record restructuring charges of approximately $2.7 million before taxes for a period extending from the third quarter of 2024 through the first quarter of 2025. “With the rising cost of real estate, consolidating envelope production in the GTA will significantly reduce fixed costs and allow us to optimize capacity utilization throughout our network as we methodically pursue the execution of our North American expansion strategy,” said Stewart Emerson, President and CEO of Supremex. “In addition to optimizing the equipment base in the Toronto region, some redundant equipment will be re-deployed to U.S. facilities, providing customers with superior service and high-quality products at the most affordable cost. Finally, we expect the operating leverage resulting from these initiatives to improve the profitability and cash flow generation of our envelope activities.”

*NET TURNOVER increased by 4 percent to 711 (681) MSEK. Compared to the first quarter of 2024, turnover rose by 3 percent due to higher market prices. *THE LIST PRICE of NBSK pulp was 16 percent higher compared with the second quarter of 2023. Compared with the first quarter of 2024, the list price rose 13 percent. The market price of CTMP rose by 1 percent compared with the second quarter of 2023 and decreased by 2 percent from the first quarter of 2024. *PRODUCED VOLUME amounted to 91.0 (93.2) thousand tonnes, which is 2 percent lower than in the corresponding quarter of 2023. *VOLUME SOLD rose to 88.6 (82.8) thousand tonnes, an increase of 7 percent. *EBIT (operating profit) was 30 (41) MSEK. Compared with the corresponding quarter of 2023, selling prices were lower while volumes were higher. EBIT increased from the first quarter of 2024 as a result of rising prices and higher production volumes.

John Baird, Chairman of the Canfor Corporation Board of Directors, announced that Don Kayne, President and Chief Executive Officer, plans to retire at the end of the year. Mr. Kayne has been with Canfor for 46 years and has held the position of President and Chief Executive Officer since 2011. Under his leadership, the Company has grown and transformed from its British Columbia roots into a global entity with operations in Alberta, the United States and Sweden. As a respected industry leader, he has been a constant champion for the forest products sector, serving in a variety of industry roles including Chair of the Forest Products Association of Canada, the BC Council of Forest Industries and the Bi-national Softwood Lumber Board. Canfor is also announcing the appointment of Susan Yurkovich as the Company’s next Chief Executive Officer. Currently serving as Canfor’s Senior Vice President of Global Business Development, Ms. Yurkovich brings three decades of experience working in the natural resources sector to the role, 12 of those years with Canfor.

UPM Raflatac has acquired Grafityp, a Belgian-based company to further accelerate its growth in graphics solutions. Merging UPM Raflatac’s existing Graphics business with Grafityp will strengthen UPM Raflatac’s overall competitive positioning in this attractive product segment, expand its portfolio and give access to high-value new technologies. Both parties have agreed not to disclose the purchase price or other transaction details. Grafityp is a well-established company with more than 50 years of history and a pioneer in developing and manufacturing self-adhesive graphics solutions. Today it is known for its strong brands and product portfolio consisting of colour films, print films for large format colour printing, laminates and wrapping films for various end-uses. The company has approximately 100 employees and has a manufacturing site in Houthalen, Belgium and a distribution centre in the UK.

Q2 2024 highlights *Sales totalled EUR 2,546 million (2,558 million in Q2 2023) *Comparable EBIT increased by 60% to EUR 182 million, 7.2% of sales (114 million, 4.5%) *Operating cash flow was EUR 204 million (459 million) *Moderate recovery in many product markets *UPM Paso de los Toros pulp mill reached nominal capacity before its first maintenance shutdown in June *Unusually high maintenance activity with three pulp mills and all nuclear power plant units having scheduled maintenance. H1 2024 highlights *Sales decreased by 3% to EUR 5,186 million (5,345 million in H1 2023) *Comparable EBIT increased by 10% to EUR 515 million (470 million), and was 9.9% (8.8%) of sales *Operating cash flow was EUR 539 million (1,173 million) *Net debt increased to EUR 2,763 million (2,557 million) and the net debt to EBITDA ratio was 1.64 (1.07)

Materials Group: *Reported sales increased 5% to $1.5 billion. Sales were up 6% ex. currency and on an organic basis. -Label Materials sales were up mid-to-high single-digits on an organic basis. **Volume/mix was up low double-digits, which was partially offset by deflation-related price reductions. -Graphics and Reflectives were up low single-digits organically. -Performance Tapes and Medical were down low single-digits organically. *Reported operating margin was 14.4%. Adjusted EBITDA margin (non-GAAP) was 17.9%, up 220 basis points driven by higher volume/mix and benefits from productivity, partially offset by higher employee-related costs. Solutions Group: *Reported sales increased 12% to $689 million. Sales were up 14% ex. currency and 11% on an organic basis. -Sales in high-value categories were up low double-digits ex. currency. -Sales were up mid-to-high teens ex. currency in base solutions. *Reported operating margin was 9.3%. Adjusted EBITDA margin was 16.8%, up 100 basis points, driven by higher volume and benefits from productivity, partially offset by higher employee-related costs and investments. -Margin was up 70 basis points sequentially; the company expects margin to continue to improve in the second half of 2024.

With reference to the fire and subsequent explosion which occurred on a supplier truck delivering liquid oxygen to the Sappi Saiccor Mill in Umkomaas, KwaZulu-Natal, the following update can be provided. The mopping up and assessment operation has been completed. The damage is limited to the vaporisers (used to turn liquid oxygen into gas usable by the plant) and some peripheral equipment. Replacement equipment is on site and being installed. Work should be completed by Sunday 21 July with phased start-up then reliant on receiving the prerequisite Department of Labour approval. We would like to express our sincere gratitude to our suppliers and customers for their understanding during this short interruption. The impact of the event is not material within the quarter.

According to the report, total printing-writing paper shipments increased 2% in June compared to June 2023. Total printing-writing paper inventory levels increased 3% when compared to May 2024. U.S. purchases of total printing-writing papers in May increased 9% compared to the same month last year. Individually, U.S. shipments in all 3 major P-W categories (UFS, CFS and MECH) increased in June compared to the same period last year. Uncoated Free Sheet shipments increased 1%, Coated Free Sheet shipments increased 4%, and Mechanical papers shipments increased 7%.

I am pleased with the result we were able to produce for the second quarter of 2024. We are back to net sales growth, our underlying profitability improved, both sequentially and versus the same period a year ago, and we delivered yet again a solid cash conversion for the quarter. Demand for our products improved during the quarter, partly due to supply and logistics disturbances within our industry that worked in our favor. This helps us in the short to medium term, but end consumer demand has not strengthened significantly over the past months. We remain cautiously optimistic going forward about gradually improved market conditions. We have adopted an agile mentality to adjust to fast-changing market conditions, which we consider to be the new normal.

In a world where sustainability is not just a buzzword but a pressing need, companies are increasingly looking for innovative ways to reduce their environmental footprint and drive positive change within their industries. Two such trailblazers, UPM Raflatac and Sustana, have joined hands in a concerted effort to revolutionize the way release liner waste is handled, thus catalyzing the transition towards a circular economy. Release liner, often overlooked and dismissed as unrecyclable due to its silicone coating, is a prime example of an underutilized resource. However, through collaborative efforts spearheaded by UPM Raflatac and Sustana, this perception is being challenged. Michael Garretson, Manager of Recycling and Circular Solutions at UPM Raflatac Americas, emphasizes, "Many people don’t realize that there are recycling options for label release liner. There are. It’s just a function of putting the pieces together. That’s what we’re doing here." Sustana's innovative technology plays a pivotal role in this process, enabling the desiliconization of release liner and transforming it into clean, high-grade fiber and papers. This forward-thinking approach not only diverts release liner from landfills but also unlocks its potential as a valuable feedstock.

GreenFirst Forest Products Inc. announces the hiring of Mr. Peter Ferrante as its new Chief Financial Officer. Mr. Ferrante will be assuming the role on August 14, 2024, following GreenFirst’s second quarter earnings call. With over 25 years of finance and business experience, Peter has held a variety of senior roles across both publicly listed and private companies, across diverse industries including manufacturing, leasing and retail, overseeing all facets of accounting, financial management, corporate governance and M&A. Peter is currently the Chief Financial Officer of a Canadian national chain of retail stores. “We are delighted to have a Chief Financial Officer of Peter’s calibre joining GreenFirst. Peter’s success and experience, in particular his financial expertise and his outstanding leadership qualities, are a great addition to our executive team and will be a key driver of the Company’s future.”, said Joël Fournier, CEO, GreenFirst.

Solenis, a leading global producer of specialty chemicals, has acquired all of the membership units of Predictive Food Safety Solutions, LLC., effective July 15, 2024. Headquartered in Lawrenceville, Ga, Predictive Food Safety Solutions (PFS) is a manufacturer and distributor of high-grade antimicrobial, wastewater, sanitation, industrial lubricant and feed additive chemicals for the poultry industry. Offering comprehensive solutions across all stages of poultry processing, PFS technology delivers improved antimicrobial efficiency while reducing the total cost of operation. The company’s proprietary technology, unique algorithms, chemical quality and focus on consistency help to prevent and control the spread of bacteria and disease in poultry processing, which can otherwise lead to significant economic losses and potential threat to human health.

Norske Skog’s EBITDA in the second quarter of 2024 was NOK 471 million, an increase from NOK 76 million in the first quarter of 2024. The second quarter EBITDA was positively impacted by insurance at Norske Skog Saugbrugs of NOK 338 million. Despite signs of positive developments in the publication and containerboard markets, closures are still required. The process to deliver a main study on the BCTMP-production project (bleached chemi-thermomechanical pulp) at Saugbrugs has started. Cash flow from operations was NOK 299 million in the quarter compared to NOK -69 million in the previous quarter. The second quarter cash flow was positively influenced by somewhat higher sales prices and -volumes, and a decrease in working capital due CO2 related proceeds. Operating earnings in the second quarter of 2024 were NOK 364 million compared to operating earnings in the first quarter of 2024 of NOK -177 million. The operating earnings in the quarter were affected by insurance at Norske Skog Saugbrugs of NOK 338 million, non-cash changes in fair value of energy contracts in Norway amounting to NOK 44 million and depreciation of NOK 128 million. Profit before tax in the quarter was NOK 311 million compared to loss before tax of NOK -382 million in the previous quarter.

Solenis, a leading producer of specialty chemicals, marked its 10th anniversary by launching a new brand identity. Updated brand elements reflect the company’s continued growth and vision while establishing a cohesive look for its growing global portfolio, which includes Diversey, a leading brand for hygiene, infection prevention and cleaning products and technology. “This bold new look heralds the next era in our progression,” said John Panichella, CEO. “Just ten years ago, we launched Solenis from our legacy brand, Ashland Water Technologies. Now, we stand strong as a diversified, worldwide brand forging a path that leads customers to achieve their operational and sustainability goals.” The company’s evolution is firmly rooted in more than 100 years of solving complex operational and sustainability challenges. Solenis legacy brands include Ashland, Drew and Hercules among others.

Paper Excellence Canada has once again been voted one of Canada’s Best 50 Corporate Citizens by Corporate Knights.* Paper Excellence Canada operates mills in British Columbia and Saskatchewan, and is a diversified manufacturer of pulp and paper – including printing and writing, packaging and specialty papers. The Best 50 award is judged using key performance indicators that relate to the organization’s raw resource use, emissions profile, social performance, safety performance and percentage of revenue from clean sources. “It was an honour to accept the Corporate Knights’ Best 50 Corporate Citizens this year,” said David Marshall, Director, Sustainability – Governance, Strategy & Risk Management. “Paper Excellence Canada’s recently published sustainability report, New Horizons: 2023 Sustainability Report, demonstrates our commitment to transparent reporting, and the milestones we continue to achieve to make the Best 50 list.”

Sappi has again achieved the highest platinum level in EcoVadis’ sustainability rating across all three of its manufacturing regions – Europe, North America, and South Africa. In line with Sappi’s business strategy, the organisation has consistently focused on its priority SDGs and collaborated with all its stakeholders to deliver measurable and tangible progress. Sappi, a leading global provider of everyday materials made from woodfibre-based renewable resources, has again achieved Platinum, the highest rating in EcoVadis’ sustainability assessment across all three of its manufacturing regions – Europe, North America, and South Africa. Sappi continues to be among the top 1% of the companies worldwide rated by EcoVadis in the manufacture of pulp, paper and paperboard category. In 2018-2019, Sappi received EcoVadis gold medal, which was the highest level until the Platinum category was introduced in 2020. Sappi’s global business strategy focuses on growing its business, enhancing trust, and driving collaboration and innovation as a sustainable, diversified global woodfibre group.

Lecta is pleased to announce an agreement with Naturgy, a multinational energy group, for the supply of renewable gas that will contribute to the decarbonization of its manufacturing activity. Biomethane gas, a renewable gas obtained from the treatment of different types of waste with properties similar to those of natural gas, will now be used as an energy source in Lecta's Spanish mills in Leitza (Navarra) and Zaragoza. The renewable gas supplied by Naturgy has certified guarantees of origin and sustainability tests that assure Lecta of the reduction of emissions derived from our industrial activity and the fulfillment of the sustainability commi​tments set in our 2030 Agenda. Lecta is firmly committed to sustainability, energy efficiency and decarbonization. This collaborative effort and commitment to the use of renewable energy is one more step the company has taken towards protecting the environment, combating climate change and promoting the circular economy.

Swedish forest industry group Södra has selected international technology group ANDRITZ to supply a complete solution for kraft lignin production to its Mönsterås pulp mill in Sweden. This major investment marks Södra’s entry into the lignin market as part of its strategy to make the most of the wood used in pulp production. This will be the first commercial kraft lignin plant in Sweden and the largest in the world. Kraft lignin is a by-product of pulp production for paper. Today it is used in pulp mills to generate energy. However, it can also be used as a renewable resource to replace fossil-based materials in the chemical industry or form the basis for new biofuels.

In today’s retail landscape, gift cards are a popular staple of modern shopping experiences for busy consumers. However, this convenience comes at a considerable environmental cost. According to the International Card Manufacturers Association (ICMA), nearly 30 billion plastic cards are produced globally each year. More than 70% of gift cards are used and discarded within just six months – quickly becoming part of the estimated 53 million tons of plastic waste that either accumulates in landfills, undergoes incineration, or requires energy-intensive recycling processes. Given that the total capacity of the U.S.’s ten chemical-recycling plants is only 456,000 tons per year, it’s evident there is a drastic shortfall in handling this waste sustainably. These facts point to the need for a more sustainable gift card solution – Monadnock Paper Mills has the answer. Leveraging this deep expertise, Monadnock presents its innovative response to the environmental challenges posed by traditional plastic gift cards: Envi PC 100 Card.

Ahlstrom is leading the marketplace towards more sustainable, fluoro-free solutions for fiber-based solutions. Today, Ahlstrom extends its innovative fluoro-free technologies into a wide range of industrial air filtration applications to support filter manufacturers in creating products with long-lasting filtration performance without the use of fluorochemicals. Ahlstrom’s new fluoro-free filtration materials are ideal for gas turbine air intake, air pollution control, heating, ventilation, and air conditioning (HVAC) applications. The new range of materials offers water-repellent properties, which increase the durability and stability of the final filter in wet conditions. In global filtration markets, hydrophobic properties are essential to maintaining the highest filtration performance in challenging environments. In air pollution control applications, for example, hydrophobic materials save energy by limiting the pressure drop increase in humid conditions. Specifically, in gas turbine applications, water repellency prevents liquid water ingress and dissolved salt penetration through a filter, protecting the turbine from corrosion.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the launch of Polar Smooth 150 Air P printable film for multiple applications including interior décor, wall and window graphics, decals and stickers, point of sale, and construction hoarding and barriers. The self-adhesive matte white PVC film incorporates Drytac’s innovative bubble-free adhesive technology for ease of application. It is suitable for use on most surfaces including painted walls, melamine, glass and many other flat or simple curve surfaces. At 6 mil (150µ) thick, Polar Smooth 150 Air P ensures an easier installation compared to thinner alternatives. This thickness provides added convenience, particularly for users looking to avoid lamination or seeking a simpler installation process.

UPM Raflatac has received a new certificate of validity from leading international assurance service provider, DEKRA, for its RafCycle™ recycling service. Going forward, this certification validates the credibility of the CO2 impact assessments provided by RafCycle in Europe and the US. As a result, customers can communicate their environmental contributions in the labeling value chain with increased assurance. “With DEKRA validated CO2 calculation method, RafCycle partners now have access to credible information on the potential benefits of the RafCycle service.This information helps companies make informed decisions and convey their sustainability efforts to stakeholders”, states Juha Virmavirta, RafCycle Director, UPM Raflatac. The global waste issue is significant, with the linear use of materials contributing to climate change. Stricter sustainability regulations and changing consumer preferences are driving the need for better waste management. Despite this, there is still room to improve label release liner recycling rates worldwide.

Unifor is proud to announce the conclusion of a historic agreement in principle between the employees at the Kruger plant in Trois-Rivières and the company's management, putting an end to the strike that began on May 30, 2024. Union members overwhelmingly approved the agreement at ratification meetings held throughout the week. This new four-year collective agreement marks a major milestone for employees, with unprecedented wage increases and substantial improvements to benefits, vacation, pension and the introduction of an overtime bank for production employees. The salary increases are spectacular: from May 1, 2024, employees will benefit from an 8% salary adjustment and an additional 3% increase. In 2025, wages will be further increased by $1.30 per hour. For 2026 and 2027, employees will receive a guaranteed increase of 2.25% or more, depending on the pattern in effect.

Paper Excellence in Port Alberni has been awarded a pair of CleanBC Industry Fund grants totalling $145,000 for feasibility studies examining two sustainable business projects. The first grant, for $51,000, will help Port Alberni’s Catalyst Paper division look at offloading and delivery options for its biofuel. This would include improving efficiency in offloading of hogfuel at the plant as well as ways to increase biofuel steam production to reduce natural gas consumption in its No. 4 power boiler and auxiliary boilers. The second grant, for approximately $94,000, will help Catalyst Paper investigate the feasibility of power boiler stack heat recovery. This project would ideally see the paper plant install a heat-recovery system in the power boiler exhaust. Recovered heat would in turn offset the heat generated from fuel combustion.

GreenFirst Forest Products Inc. announces Kap Paper Inc., a wholly owned subsidiary of GreenFirst, has entered into a loan agreement with a third party establishing a non-revolving term loan facility of up to $24 million to support its paper mill operations in the town of Kapuskasing. The loan is to be used for general working capital purposes. “The financing will afford us the opportunity to move forward our long-term strategy for Kap Paper, ensuring its competitiveness,” said Terry Skiffington, Kap Paper’s CEO. Kap Paper remains focused on mill operations and has made considerable improvement on the operational challenges faced in the last two reported quarters, some of which were caused by external events. Kap Paper looks to build on this momentum to further improve operational efficiencies in what has been a tough pricing environment for paper products. Kap Paper is the only pulp and paper mill operating in Eastern Ontario. As such, its operations are imperative to help mitigate challenges related to diminishing chip consumption, which is jeopardizing sawmill operations in Ontario.

We’re proud to announce we recently became a U.S. Army PaYS partner. The Partnership for Your Success (PaYS) program provides job opportunities for veterans after their military service ends. As a PaYS partner, we are committed to guaranteeing job interviews for veterans in the program whose skillsets match our job openings. If a veteran’s skillset matches a job opening at one of our U.S. locations, they’ll be guaranteed an interview. If they are chosen to advance, they would then progress through our normal hiring process. Paper & Packaging President Steve Henry and U.S. Army Lt. Col. Julian Milligan formalized our PaYS partner agreement with their signatures at an event at our Fort Mill, South Carolina, offices. Employees, veterans and Fort Mill Mayor Guynn Savage helped mark the occasion, which also featured a special recognition of our employee veterans.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the appointment of Jeff Mercer as its new Territory Sales Manager for the Southeast US. In his new position, Jeff will oversee sales activity across the Southeast US region, including the states of Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee. Jeff brings with him more than 25 years of experience working in sales, business development and customer services across various businesses, ranging from smaller companies up to Fortune 500 corporations. “Adding Jeff to our US team is a real coup for us,” Glen Fitzgerald, Director of Sales, Americas at Drytac said. “He has a wealth of industry experience, and we believe this will be of significant benefit to the Drytac team and our customers across the busy Southeast US region.

According to the report, total printing-writing paper shipments increased 1% in May compared to May 2023. Total printing-writing paper inventory levels increased 2% when compared to April 2024. U.S. purchases of total printing-writing papers increased 10% in April compared to the same month last year. Individually, U.S. uncoated free sheet (UFS) purchases increased 10% over the same period, coated free sheet (CFS) purchases increased 21% while mechanical (MECH) paper purchases decreased 4%.

Drytac is delighted to announce the launch of Paper Fleece Smooth. Designed to meet the growing demand for high-quality, eco-friendly interior décor solutions, Drytac Paper Fleece Smooth is PVC-free making it a sustainable option for stunning custom wallcoverings in settings such as homes, retail stores, hotels and offices. Paper Fleece Smooth is a 180gsm non-woven wallcovering with a smooth satin finish. It features a repositionable, permanent adhesive backed by a micro-grooved release paper, allowing for easy, bubble-free application and repositioning. The digitally printable Paper Fleece Smooth has high dimensional stability and maintains its shape over time. It is compatible with eco-solvent, latex, and UV printers, ensuring versatility across different printing technologies. The product’s photorealistic print quality produces sharp and detailed graphics with quick drying times.

With a second e-boiler, Sappi takes a further step towards sustainability and advancing decarbonisation. For paper manufacturer Sappi, sustainability and climate protection are of paramount importance and are at the root of a long-term global commitment. In 2021, Sappi invested in the modernisation of its steam generation boiler at its Maastricht mill in the Netherlands. To reduce CO2 emissions, part of the gas-generated steam was replaced by electric steam via the new e-boiler. The electricity used is generated mainly from renewable energy sources such as solar and wind power. The innovative technology has proven so successful that Sappi will now be investing in a second e-boiler which is expected to further reduce CO2 emissions year after year. Construction of the new e-boiler has already begun, with delivery and commissioning planned for the end of 2025.

Solenis, a leading global producer of specialty chemicals for water-intensive industries, has signed an agreement with Beijing PhaBuilder Biotechnology Co., Ltd., (hereinafter referred to as PhaBuilder), an innovative synthetic biology enterprise, to collaborate on further developing key PHA-based (Polyhydroxyalkanoate) technology for the paper packaging market. “The global agreement between Solenis and PhaBuilder will enable unique technology to the paper packaging market to meet the growing need for more sustainable solutions in the packaging industry,” said William (Bill) Kuecker, Senior Director, Global Strategic Marketing, at Solenis. “This strategic cooperation will help enhance the application of PHA-based materials,” said Ms. Sherry Xu, President, PhaBuilder. “The newly developed technology will ultimately reduce the impact on the environment, bringing a greener and more sustainable future.”

Billerud announces that Kevin Kuznicki, President, Billerud North America and member of the Group Management Team, is leaving the company to pursue other ventures, effective 14 June 2024. The recruitment process for the successor to the position will start immediately. “I would like to express a big thank you to Kevin Kuznicki for his contributions since taking over the role in March 2023. He has been a key person in guiding the North America operations during a challenging year for the company and we wish him all the best for the future,” says Ivar Vatne, President and CEO of Billerud. Tor Lundqvist, Deputy President and Senior Vice President of Operations for North America will assume the role of Acting President, Billerud North America until a successor is appointed.

The Lenzing Group, a leading supplier of regenerated cellulose fibers for the textile and nonwovens industries, learned today that Lenzing's main shareholder B&C Group and the Brazilian pulp producer Suzano S/A have signed a long-term partnership in connection with the majority stake in Lenzing. As part of this agreement, Suzano S/A will take over a 15 percent stake in Lenzing AG from B&C Group. Suzano is the world's largest pulp producer based in Sao Paolo and recently achieved annual sales of more than EUR 7 billion. Lenzing's management welcomes the proposed transaction and looks forward working with another core shareholder.

Pennsylvania-based Pixelle Specialty Solutions, a leading provider of specialty papers, announced that it has secured significant new financing, positioning the company with ample liquidity for continued future growth. The recent financing, which includes new capital investment and amendments to the Company’s credit facilities, was completed in collaboration with the Company’s existing lenders and has substantially bolstered the Company's cash liquidity position. This strategic transaction provides a significant injection of fresh capital to invest in the Company’s manufacturing capabilities and to drive improved operational performance at the Company’s three paper mills going forward.

The verification that UPM Plywood’s products have not caused deforestation or forest degradation and that the commodities used in UPM Plywood’s products have been produced in accordance with the relevant legislation will be based on a due diligence process. UPM Plywood is a so-called downstream operator manufacturing its products from other products that have already undergone due diligence in accordance with EUDR. Therefore, UPM Plywood’s due diligence process consists of referring to due diligence statements submitted previously in the supply chain and verifying that its suppliers have adequate due diligence systems in place. Prior to placing its products on the market, UPM Plywood will submit a DDS to the EU Information System Traces. The EU information system will produce an associated reference number that UPM Plywood will share with its customers. The chart below describes the basics of EUDR implementation in UPM Plywood. The supplier of wood or other relevant commodities provides the first DDS with geolocation information to Traces and gets associated reference numbers (REF) from the system.

Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced that it has entered into a long-term power purchase agreement with NOA Group, an integrated energy utility, for ~497GWh of total contracted energy anticipated to be served by plants with capacity in excess of 200MW of renewable wind and solar power through fixed and flexible arrangements to Tronox’s mines and smelters in the Republic of South Africa. The Company anticipates the project should be fully implemented by the end of 2027 and is expected to reduce Tronox’s total Scope 1 & 2 greenhouse gas emissions by an incremental 12% globally. “NOA is extremely excited to partner with Tronox in delivering on their long term decarbonization strategy through an innovative product which blends both wind and solar generation to optimize renewable energy penetration,” remarked NOA’s Chief Executive Officer, Karel Cornelissen.

Mika Kekki has been appointed to act as interim Executive Vice President of UPM Communication Papers business area as of 1 August 2024. He assumes this role on top of his current duties and continues in his current role as Executive Vice President of UPM Plywood business area. Mika Kekki’s biographical details are available at the company’s website. The recruitment process for the Executive Vice President of UPM Communication Papers business area is ongoing. As communicated on 13 March 2024, Antti Jääskeläinen, the current interim Executive Vice President of UPM Communication Papers business area and Executive Vice President, UPM Raflatac business area, will leave UPM to take the role of President and CEO in the Finnish logistics and distribution company Posti Group Oyj. He will continue with his duties at UPM until the end of July 2024.

Sustana, an innovator of clean materials and the industry-leading producer of sustainable, recycled fiber-based products and services, today announced the appointment of Nathan Jeppson as Chief Executive Officer, succeeding Fabian de Armas. Mr. Jeppson brings more than 20 years of leadership experience driving growth and innovation at premier manufacturing, industrials, and materials businesses, including global roles at Shell Chemical LP and Dow (NYSE: DOW). “Sustana is leading the way in producing sustainable, high-quality, fiber-based materials while minimizing waste, preserving natural resources, and protecting biodiversity. I am deeply energized by the growth opportunity ahead as businesses increasingly embrace sustainability and responsible supply chain management,” said Mr. Jeppson. “The company has experienced meaningful growth under Fabian’s leadership, and I am excited to work alongside the team at Sustana to drive the company’s next stage of growth.”

The Board of the Paper Workers’ Union has confirmed the negotiated results of the collective labour agreements for the Finnish mills and biorefinery of UPM Pulp, UPM Communication Papers, UPM Specialty Papers, UPM Raflatac and UPM Biofuels. An agreement was reached earlier today in the last open negotiations at UPM Specialty Papers. The new collective labour agreements will have a two-year contract period and will enter into force immediately. The agreed wage increases in the collective agreements will take effect from 1 July 2024. "We are pleased that, after long and thorough negotiations, we have reached five agreements where we have jointly developed the content of the agreements to meet the needs of each business," says Riitta Savonlahti, Executive Vice President, HR at UPM.

Ahlstrom, in its ongoing dedication to addressing the global need for clean air and water, has successfully completed a EUR 2 million investment for a new laminator at its Louveira plant in Brazil. This investment not only reinforces Ahlstrom's 50-year commitment to the global filtration industry but also marks a significant expansion of its product offerings in the South American market for industrial air, industrial liquid, and fuel filtration, including products currently produced in European and North American markets. “The new laminator increases our manufacturing capabilities and brings needed flexibility to supply our local customers with the best-in-class filtration solutions,” says Andre Pereira, Head of Sales, Filtration, Latin America. “Efficient supply chain management prevents interruptions to the supply stream, and shorter transport distances reduce carbon emissions and lower environmental impact,” he continues.

In many ways, the Marlboro Mill is one of a kind. Opened in 1990 in Bennettsville, South Carolina, the mill is the last greenfield mill built in the United States. It’s also the last fully integrated paper mill built in North America. And it takes a unique approach to employee training and safety. “Other mills might have the technology we do, or they might even have advancements we don’t have, but they can’t beat us on people,” says Allan Bohn, general manager of the Marlboro Mill since 2022. “It’s what really sets us apart.” Bohn speaks from experience. He’s worked in the industry for decades, including as general manager at our Plymouth and Ashdown mills. But the move to Marlboro has been a highlight of his career with Domtar, which began in 2005.

UPM Raflatac and the Paper Workers' Union have reached an outcome in the collective labour agreement negotiations concerning UPM Raflatac’s Tampere factory in Finland. "The negotiations were conducted in a very good spirit and constructively from start to finish. I would like to thank the Paper Workers’ Union for its solution-oriented approach and for the good negotiations. The solution will enable the long-term development of the Tampere factory," says Antti Waajakoski, General Manager of UPM Raflatac’s Tampere factory. The new collective agreement will have a two-year contract period and it will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that the Board will discuss the negotiation outcome at its meeting on 5 June 2024. Negotiations on the collective labour agreement for UPM Specialty Papers will continue.

Norske Skog will initiate a main study aiming to enter the bleached chemi-thermomechanical pulp (BCTMP) market by starting production at Norske Skog Saugbrugs in Halden. The rockslide at Saugbrugs in April 2023 causing heavy damages on the PM6 machine, released available termo-mechinalcal pulp capacity that can be utilised to produce BCTMP (bleached chemi-thermomechanical pulp) at Norske Skog Saugbrugs. Part of the investment will be covered by the portion of the insurance settlement that has not yet been paid out by the insurance company, amounting to NOK 615 million, for the development of new activities at the plant. The new BCTMP line will produce approximately 300,000 tons of competitive pulp to meet the growing demand, especially for products in the packaging market. Saugbrugs has adequate access to green energy, and thus continue to deliver products with very low carbon footprint. Norske Skog Saugbrugs will continue to be a reliable supplier of SC-publication paper also after the start of BCTMP production.

UPM Biofuels and the Paper Workers' Union have reached a negotiation outcome in the collective labour agreement negotiations concerning UPM Biofuels' Lappeenranta biorefinery. "The negotiations were conducted in a very good spirit, and we were able to focus on the essential issues right from the beginning. The content of the negotiation outcome creates a good basis for flexible operation and development of the refinery," says Petri Rekonen, Director of UPM Biofuels' Lappeenranta biorefinery. The new collective labour agreement will have a two-year contract period and it will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that the Board will discuss the negotiation outcome at its meeting on 5 June 2024. Negotiations on the collective labour agreements for UPM Specialty Papers and UPM Raflatac will continue.

Pulp and Tissue President Richard Tremblay is an experienced executive with more than 35 years in the pulp and paper industry. He was born in La Tuque, Quebec, and graduated from the University of Sherbrooke. Prior to joining Resolute in 2011, he served as general manager of several mills at Smurfit-Stone Container Corporation, beginning in 2002. He was named to his current role in February 2024, after serving in roles of increasing responsibility and leading Resolute’s pulp, paper and tissue manufacturing operations for more than 13 years. He recently spoke about aspects of the integration, pulp and tissue prospects in 2024 and efforts to serve customers well.

Irving Pulp & Paper, Limited has submitted a preliminary application to undertake a major upgrade to Saint John's westside pulp mill, representing a new long-term capital improvement plan and a potential $1.1-billion investment. Known as NextGen, the project will increase the mill’s capacity while also increasing the green energy it generates, making it one of the top producing kraft pulp mills in the world and a global leader in environmental performance. An Environmental Impact Assessment (EIA) related to the project has been submitted to New Brunswick’s Department of Environment. ​ “These upgrades will ensure Saint John's pulp mill continues to be at the heart of the province's forest products supply chain, and provides a regional market for chips, bark and pulpwood,” said Irving Pulp & Paper Vice President, Mark Mosher.

UPM Pulp, UPM Communication Papers and the Paper Workers' Union have reached a negotiation outcome in the collective labour agreement negotiations concerning UPM's Finnish pulp and printing paper mills. "We are pleased that we have reached a negotiated outcome on the new collective agreements and would like to thank the Paper Workers’ Union for the constructive and good spirit negotiations. The contents of the negotiation outcomes now achieved create a good basis for the development of our business in Finland," say Aki Temmes, Executive Vice President of UPM Fibres and Antti Hermonen, Senior Vice President, Operations of UPM Communication Papers. The new collective agreements will have a two-year contract period and will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that their Board will discuss the negotiation outcomes at its meeting on 5 June 2024. Negotiations on the collective labour agreements for UPM Specialty Papers, UPM Raflatac and UPM Biofuels will continue.

Artigo, an international rubber flooring company, will produce their next-generation flooring collections from 2025 with UPM BioMotion™ Renewable Functional Fillers (RFF). By incorporating UPM Biochemicals’ RFF, Artigo has achieved CO2 footprint savings of up to 0.5 kg CO2e/sq. meter1 and managed to reduce the weight by up to 5% per square meter flooring. UPM BioMotion™ RFF are a CO2-negative2 solution for diverse rubber and plastic applications, containing 100% renewable carbon, certified by DIN CERTCO, which is sourced from sustainably managed forests. They support carbon footprint improvements by enabling flooring manufacturers to increase their share of renewable materials in products and reduce the use of traditional highly CO2-intensive fillers, such as precipitated silica, and other fossil-carbon based raw materials. RFF deliver the same technical performance as precipitated silica in aiding flooring durability and elasticity, with the added benefit of being up to one third lighter.

Paper Excellence Canada announced today that it has reached a settlement with the Province of Nova Scotia that acknowledges plans to transform and reopen Northern Pulp Nova Scotia in Pictou will not proceed and provides for a review process agreed between the Northern Pulp group and the Province of Nova Scotia that is aimed to determine whether a new, modern mill in Nova Scotia is viable. The agreement also provides for the settlement of outstanding litigation and loans between the two parties and fully addresses the pensions of former mill employees. Central to the settlement agreement is the creation by the Northern Pulp group (a subsidiary of the Paper Excellence group) and the Province of Nova Scotia of a review process that will explore the feasibility of a new, modern mill in Liverpool, Nova Scotia. Paper Excellence Canada will fund this review process and will work in close consultation with the Province of Nova Scotia in undertaking a feasibility study to determine whether a viable business case exists to open a new mill there. The potential construction of a state-of-the-art Northern Bleached Softwood Kraft (NBSK) pulp mill therefore depends on a determination of viability under this study.

The American Forest & Paper Association (AF&PA) has released the April 2024 Printing-Writing Monthly report. According to the report, total printing-writing paper shipments increased 13% in April compared to April 2023. U.S. purchases of total printing-writing papers decreased 1% in March compared to the same month last year. Total printing-writing paper inventory levels decreased 2% when compared to March 2024. Unlike previous months, changes in U.S. shipments across the 3 major P-W categories (UFS, CFS, and MECH) in April all showed increases compared to the same period last year. Uncoated free sheet (UFS) shipments increased by 9%, coated free sheet (CFS) shipments increased by 22%, and mechanical (MECH) paper shipments increased by 25%.

Nekoosa announces the launch of NextBond™ UV-cured durable adhesive, a robust, eco-friendly and cost-effective alternative to traditional solvent-based adhesives for long-term print applications like displays, decals and signage. NextBond™ is a solvent-free, non-toxic durable adhesive solution. Nekoosa streamlined the product process by curing the NextBond™ adhesive inline with UV lamps and removing all hazardous waste and harmful VOCs. Also, NextBond™ will not shrink and maintains adhesion strength when exposed to challenging outdoor environmental and chemical conditions, making it ideal for long-term printed graphics.

Billerud’s Board of Directors has decided to not proceed with plans to convert its Escanaba mill to cartonboard production. Instead, the company will target to shift its product mix gradually towards packaging materials in North America with a moderate investment level. “After in-depth feasibility studies, evaluations, and supplier discussions, we have concluded that the projected return on investment is not sufficiently attractive to proceed with the conversion of Escanaba to cartonboard production. During the process, conditions have changed and the cost of equipment and services necessary to transform the operations have greatly increased. Instead, we will pursue a higher returning and more moderate investment strategy for our North American mills going forward,” says Ivar Vatne, President and CEO of Billerud.

The Fedrigoni Group - a leading global player in the manufacturing of specialty papers for luxury packaging and other creative applications, self-adhesive labels and graphic materials, as well as RFID and connected solutions - announced that it has entered into an agreement to acquire a majority stake in POLI-TAPE Group, internationally recognized for the production of high-quality materials for graphic applications, including textile, signage, digital printing and specialties. The POLI-TAPE Group, founded in 1993 and headquartered in Remagen, Germany, employees 370 people located in Germany (incl. two production sites), Italy (incl. two production sites) and Oklahoma, USA (focused on distribution); while its products are distributed in more than 90 countries. Its majority shareholder is the Möhren family along with the Bitburger Group as minority shareholder. The Möhren family will retain a significant share to ensure a smooth transition, during which the POLI-TAPE Management team led by Mark Wehrmann will continue to serve its long-standing customers and partners globally.

The American Forest & Paper Association (AF&PA) today released the 64th Paper Industry Annual Capacity and Fiber Consumption Survey. The report provides detailed data on U.S. paper industry capacity and production compiled by the AF&PA statistics team. U.S. paper and paperboard capacity declined by 1.6% in 2023, to 79.7 million tons. That compares to an average decline of 0.9% per year since 2014. U.S. paper and paperboard production declined 7.2% last year, with declines in all categories except tissue.

International technology group ANDRITZ has received an order from lndah Kiat Pulp & Paper TBK to supply a complete old corrugated containers (OCC) line including a reject treatment system to the mill in Karawang, Jawa Barat, Indonesia. The new OCC line will have a design capacity of 2,000 bdmt/d and process a mixture of OCC, mixed waste and up to 30% American OCC as raw material to produce testliner. Based on the latest technology available, it will provide high pulp quality at cost-efficient and resource-saving operation. The collaboration between lndah Kiat Pulp & Paper TBK and ANDRITZ will support Indah Kiat’s stable and sustainable growth, driving the company’s production to new heights. Start-up of the new line is scheduled for the end of 2024.

Cascades Inc. announces the appointment of Mr. Hugues Simon as its new President and CEO. Currently President of the Wood Products business at Resolute Forest Products, Mr. Simon will assume his new role no later than July 1, 2024. The appointment follows an extensive succession planning and recruitment process, supported by an international firm, in anticipation of Mario Plourde’s planned retirement. After more than 11 years at the helm of the Company, Mr. Plourde will support the new President and CEO during a transition period lasting until December 2024, after which he will act as a Special Advisor. A graduate in administration from the Université de Sherbrooke, Hugues Simon has over 30 years of experience in key positions in the manufacturing sector, including as President, of the Wood Products business at Resolute Forest Products. Previously, Mr. Simon was President of BarretteWood Inc., where he worked from 2012 to 2020.

Resolute Forest Products, Greenpeace, Inc., Greenpeace Fund, Inc., and Greenpeace International announced that they have resolved Resolute Forest Products, Inc. et al. v. Greenpeace International et al., No. 3:17-cv-02824-JST (N.D. Cal. 2016). Resolute Forest Products and Greenpeace Canada also announced that they have resolved Resolute Forest Products, Inc. et al. v. Greenpeace Canada et al. (Ontario Superior Court of Justice). All parties are pleased that they have turned the page on these long-running litigations. The Greenpeace parties have no knowledge of illegal operations in off-limit areas by Resolute. Greenpeace, Inc., Greenpeace International and Greenpeace Canada state that their criticism was always directed at Resolute’s legal operations in certain forests that Greenpeace believes require more protection. Greenpeace states that it will continue to advocate for protection of the environment. Resolute states that it is committed to the sustainability of the boreal forest and prosperity of its communities. Resolute and Greenpeace agree everyone should be part of this discussion and to raise concerns with each other in an attempt to resolve factual disagreements.

Koehler Paper and Badische Stahlwerke (BSW), a steel producer, have teamed up with the Rhine port of Kehl to study the feasibility of harvesting wind energy at the port facilities. They hope to find out if building wind turbines is a feasible solution to suppling their own energy at the companies' sites in Kehl. Energy cost in Germany have risen drastically in the last two years – a huge challenge for energy intensive companies like Koehler Paper and Badische Stahlwerke, especially given the intense international competition faced by both companies. At the same time, both companies need to source a significant quantity of electricity from renewables to meet the climate goals of the German national government and the government of the state of Baden-Württemberg, as well as the self-imposed climate goals of the companies themselves. A species protection assessment and an environmental impact study have already been commissioned. Wind measurements are now scheduled to start in June. The feasibility study also includes an analysis of noise emissions and economic viability. The feasibility study is scheduled to last through the summer of 2025, and should indicate whether the site is suitable for wind turbines.

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.

Highlights • Q1 2024 net loss from continuing operations was $13.4 million compared to net loss of $21.6 million in Q4 2023. • Average lumber prices for Q1 2024 were higher than Q4 2023, with an average selling price of $626/mfbm compared to $601/mfbm in Q4 2023. • The valuation provision for lumber and log inventory was decreased to $1.0 million from $4.3 million at the end of Q4 2023, generating a $3.3 million credit to lumber cost of sales in Q1 2024. • Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. • There continues to be downward pressure on newsprint and paper products prices in North America.

Paper is by far the highest volume raw material component in UPM Raflatac self-adhesive labels, and therefore we have no room for compromises in sustainability. At the end of 2023 we reached a remarkable milestone when we achieved our target of 100% certified paper six years ahead of time. In practice it means that all papers we source from year 2024 onwards, whether used as a face paper or a release liner in our labeling materials, are certified under a credible third-party forest certification scheme. Purchasing only certified paper is one of our 2030 responsible sourcing and climate targets. We believe that third-party forest certification is one of the key ways to ensure the sustainability of our paper supply chain, along with supplier assessment, related development activities, and continuous risk monitoring and management. As our paper face and liner materials come from a large number of paper supplier sites, reaching this goal required systematic work and close collaboration with our suppliers. Increasing the share of certified papers was discussed in annual negotiations with the suppliers who supported our target by lowering and removing the hurdles of this development.

Linda Coady, President & CEO of the BC Council of Forest Industries (COFI) made the following statement in response to ongoing mill closures and curtailments in BC: “Escalating closures and curtailments of lumber, pulp and paper mills in BC mean the provincial government needs to move faster to stabilize timber supply. Additional transition measures are needed within the next 60 days to address current challenges in approval and permitting systems, and changing land use policies that are leading to dramatic declines in harvest levels. Each time a mill closes in BC, there is a substantial direct impact on employees and their families, with further consequences for local communities as well as across supply chains. The loss of high paying jobs, local tax revenue and relocation to new employment opportunities have lasting effects in rural communities. It also creates uncertainty regarding the future of critical forest sector infrastructure and capacity in BC.

Financial Highlights - First Quarter vs. Fourth Quarter *Net income of $43 million ($1.02 per diluted share) vs. $49 million ($1.16 per diluted share) *Adjusted operating earnings1 of $45 million ($1.07 per diluted share) vs. $49 million ($1.16 per diluted share) *Adjusted EBITDA2 of $118 million (13% margin) vs. $117 million (12% margin) *Cash provided by operating activities of $27 million vs. $167 million

HIGHLIGHTS• Pulp sales of 2,401 thousand tons (-2% vs. 1Q23).• Paper sales1 of 313 thousand tons (12% vs. 1Q23).• Average net pulp price in export market: US$624/ton (-13% vs. 1Q23).• Average net paper price1 of R$6,713/ton (-9% vs. 1Q23). • Pulp cash cost ex-downtime of R$812/ton (-13% vs. 1Q23). • Leverage of 3.5 times in USD and 3.6 times in BRL. • Cerrado Project completes 94% of physical progress and 87% of financial progress up to April 2024.

After thorough analysis of the persistent shortage of economically available timber and challenging operating conditions in northern British Columbia, Canfor Corporation announced the permanent closure of its Polar sawmill in Bear Lake, BC and the suspension of its planned reinvestment in Houston, BC. This follows the announcement by our subsidiary company, Canfor Pulp, that one line of production will be indefinitely curtailed at the Northwood Pulp Mill. The Polar sawmill, with a production capacity of about 300 million board feet annually, has been curtailed since January 2024. The permanent closure will impact approximately 180 employees.

Mativ First Quarter 2024 Highlights (Continuing Operations) *Sales of $500.2 million increased 10.6% sequentially versus Q4 2023, and decreased 8.9% versus the prior year, reflecting sequential volume recovery *GAAP loss was $(28.0) million, GAAP EPS was $(0.52), which included organizational realignment, integration and purchase accounting expenses

Drytac is delighted to announce the appointment of Anne Sierakowski to the role of Product Manager in North America. Effective 1st May 2024, Anne will play a key role in product strategy development at Drytac. This will include assessing the market landscape for major trends and emerging technologies, as well as conducting research to understand core customer needs and requirements. “We are absolutely delighted to welcome Anne to the Drytac team,” says Glen Fitzgerald, Director of Sales, Americas at Drytac. “She brings a wealth of experience to the role which will benefit both our team and customers across the market. “Anne will be supporting us with both new products and existing solutions, working closely with customers and our many partners to ensure we are delivering the best possible solutions.”

​​Lecta once again demonstrates its firm commitment to innovation and sustainability by drawing on its extensive technical know-how in the manufacture of thermal and metallized papers to develop new, high-quality products made with recycled fiber. The new thermal paper products are Termax Recy TFXr30 and Termax Recy TFXr100, both phenol-free and Ineris-certified. Thermal papers made from 30% and 100% recycled fibers, respectively, both have excellent print quality in high-speed thermal printers, very good image resolution and good rigidity for label applications, mainly in the retail and logistics industries. Lecta's new metallized paper products are Metalvac Recy 70 EWS and Metalvac Recy 100 EWS. Metallized papers for high wet-strength labels for returnable bottles, containing a 70 and 100% recycled fibers, respectively, both demonstrate good printability in flexo and offset and perform excellently in labeling trains, even in moist and cold conditions, as well as in their subsequent storage in refrigerators, ice buckets, coolers and freezers. With a reverse side suitable for good glue receptivity and good flatness, they offer excellent results in bottling lines even at high speeds.

Financial summary for the quarter • EBITDA excluding special items US$183 million (Q2 FY23 US$167 million) • EPS excluding special items 12 US cents (Q2 FY23 11 US cents) • Net debt US$1,366 million (Q2 FY23 US$1,225 million) • Closure of Stockstadt and Lanaken Mills completed

In a positive move to reduce its carbon footprint, Sappi Southern Africa has concluded a milestone 175GWh per annum renewable energy Power Purchase Agreement (PPA) with Enpower Trading, a NERSA-licensed private electricity trading company. Sappi’s decision to partner with Enpower Trading aligns seamlessly with its broader sustainability goals and is a significant move towards attaining its Science Based Target (SBTi) objectives. By implementing this renewable energy solution at its multiple South African operations, it is expected that Sappi SA and Sappi Limited’s Scope 1 and Scope 2 emissions will be reduced by 6% and 4% respectively. The power supplied to Sappi will be sourced from SolarAfrica Energy’s Sun Central PV project. SolarAfrica Energy, an integrated energy solutions provider, is executing one of the largest solar farms in South Africa – the 1GW Sun Central PV project is located southeast of De Aar in the Northern Cape.

Supremex Inc. announced the acquisition of the assets of Forest Envelope Group. Founded over 40 years ago, Forest Envelope is a regional leader in specialty envelope manufacturing located in Bolingbrook, Illinois in the Greater Chicago area. The transaction was concluded for a total consideration of approximately US$1.8 million, on a cash-free and debt-free basis, subject to customary adjustments, financed through the Company’s existing credit facility. “The acquisition of Forest Envelope is an excellent fit with our current operations in the U.S. Midwest region,” said Stewart Emerson, President and CEO of Supremex. “Forest Envelope has a solid reputation for providing high-quality products, top-tier customer service and on-time delivery. Given its close proximity to our existing plants in Naperville and Chicago, we intend to integrate Forest Envelope’s activities into these facilities over the next 90 days. The transition should be seamless for customers and, in fact, provide them access to additional capacity and a significantly broader product offering. We expect this tuck-in operation to rapidly yield synergies within our U.S. Envelope network.”

Nine Dragons, Inc. (ND Paper) and Billerud Wisconsin LLC (Billerud) closed on an Asset Purchase Agreement, whereas ND Paper will own and operate Billerud’s Wisconsin Water Quality Center (WQC) and associated landfill and F&E landfill assets. The Water Quality Center is essential component of the Biron facility. The agreement ensures the mill’s uninterrupted production and ND Paper’s Biron facility will remain an integral part of the Wisconsin Rapids community. Five employees are responsible for operating the facility and will be joining the ND Paper team.

First Quarter 2024 Financial Highlights: *Produced revenue of $774 million, a 13% increase compared to the prior quarter, or a 9% increase compared to the prior year *Generated income from operations of $41 million, and a net loss of $9 million; adjusted net loss was $7 million (non-GAAP) *GAAP diluted loss per share of $0.06

Overview • Q1 2024 operating loss of $86 million; shareholder net loss of $65 million, or $0.54 per share • Sustained pressure on global lumber markets and pricing, especially for Southern Yellow Pine (“SYP”) • Solid earnings from Europe; US South results directly impacted by weak SYP lumber pricing; Western Canadian results remained challenging despite uplift in Western Spruce/Pine/Fir lumber pricing • Modest uptick in NBSK pulp unit sales realizations, 7% increase in pulp production quarter-over-quarter • Ongoing constraints accessing economically viable fibre in British Columbia impacting lumber and pulp operating rates in the near-term and through the balance of 2024

In a strategic move, Sustana has acquired fiber drying equipment for its De Pere, Wisconsin facility. Since its establishment, the De Pere mill has specialized in the production of wet lap fiber, with the capability of producing 450 tons per day of quality sustainable fiber. However, growth potential has long been hindered by the challenges inherent in handling a product with roughly 50% water content. Now, with the integration of dryer equipment, Sustana is poised to propel production into a new era of excellence within the recycled fiber market.

Earlier today we notified our employees that we have completed the sale of Twin Rivers’ unbleached Kraft paper mill in Pine Bluff, Arkansas to American Kraft Paper Industries, an affiliate of the global industrial group American Industrial Acquisition Corporation (AIAC). Our press release, which will be published this afternoon, is included for your reference. The sale of Pine Bluff is aligned with Twin Rivers’ strategy of prioritizing the growth of our core specialty papers business and product offering and investing in our Madawaska and New York assets. Twin Rivers Paper is pleased to continue serving your needs for all paper grades made at our Madawaska and New York mills. If Angela Swenson has been your account lead for Madawaska or New York grades, a Twin Rivers account manager will be contacting you immediately to ensure your ongoing needs are fully met.

*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.

The Supervisory Board of Mayr-Melnhof Karton AG has unanimously reappointed Peter Oswald (61) as Chairman of the Management Board and CEO until May 31, 2029 following his first period of office, which expires on March 31, 2025. At the same time, the Management Board, which currently includes CFO Franz Hiesinger (58) alongside him, will be expanded to three members. Roman Billiani (50), who up to now was responsible for “Food & Specialities Packaging” as Managing Director in the MM Packaging division and has held management positions in the field of fibre-based packaging for around 20 years, has been appointed as a new member of the Management Board for the term of office from May 1, 2024 until April 30, 2027. He will be responsible for the enlarged unit “Food & Premium Packaging”, which contains the entire packaging business with the exception of the area “Pharma & Health Care Packaging”.

Finland's industrial, logistics and electrical workers have agreed to extend strikes in protest against planned labour market reforms to a fourth week, the head of trade union association SAK said on Wednesday. The workers have been on strike since March 11, targeting exports, imports and cargo transportation. "The strikes will continue from Monday morning onwards for a week," SAK President Jarkko Eloranta told Reuters. "We are trying to negotiate and compromise with the government but unfortunately there has been no response to these efforts." Several of Finland's largest companies have said the strikes, which are disrupting ports and the rail system, are negatively affecting their operations.

Kimberly-Clark Corporation announced that, Mike Hsu, Chairman and Chief Executive Officer, and members of his executive leadership team are unveiling the next phase of the company's transformation, including a new operating model and key commercial initiatives designed to grow its brands and businesses at a faster pace than its categories. "Over the past five years, our global team's dedication and strong execution have positioned us to fully leverage the scale we've built and to catapult Kimberly-Clark into its next chapter of growth," said Hsu. "We are building on the consumer centricity and commercial advantages we've established by moving to a more agile and focused operating structure that we are confident will help accelerate our proprietary pipeline of innovation in right-to-win spaces and improve our growth trajectory, profitability, and returns on investment. We have more than 150 years of history, transforming groundbreaking insights into innovative categories, with products that provide Better Care for a Better World. We are excited to build on the strength of that legacy as we drive for consistent, long-term value creation."

UPM Biochemicals has announced the launch of a new range of bio-based plant stimulants, UPM SolargoTM. This launch marks UPM’s entry into the large and profitable agrochemicals market with an innovative, sustainable alternative to fossil raw materials-based products. UPM SolargoTM biostimulants are a highly innovative solution for sustainable agriculture providing scientifically proven benefits for a broad range of crops cultivated in fields and greenhouses with a significantly optimized environmental footprint compared to incumbent fossils-based products. They aid plant growth by improving the quality of soil microbiome and by increasing water retention. Unlike traditional fertilizers, UPM SolargoTM biostimulants do not directly provide nutrients to the plant. Instead, they increase nutrient absorption, utilization efficiency and stress tolerance of the plant. In long term testing, UPM SolargoTM products have shown to increase crop yield and quality. More importantly, UPM SolargoTM has the potential to help significantly reduce demand for classical fertilizers based on nitrogen, phosphorus and potassium (NPK), the production and use of which is held responsible for up to 80% of CO2-emissions in crop production1.

Metsä Group will launch a pre-study for the first commercial mill producing the Kuura textile fibre. Kuura is one of the spearhead projects of Metsä Group’s innovation company Metsä Spring. The goal is to increase the refinement of pulp sustainably and efficiently. Produced from softwood pulp, the Kuura textile fibre is a new material developed by Metsä Group, in which Finnish wood is converted into a sustainable product with high added value – without fossil fuels. The textile fibre has been researched and developed at the Äänekoski demo plant, among other places. The new pre-study is the first planning stage of a potential commercial mill project. During the pre-study, the size of the mill investment – and the profitability of the business idea – will be determined. According to plans, the pre-study will last for roughly a year, after which the mill planning can proceed to a more detailed pre-engineering stage.

Total European shipments of graphic papers in January 2024 were up 11% vs. January 2023. Total European shipments of newsprint in January 2024 were down 2% vs. January 2023. Total European shipments of sc-magazine in January 2024 were down 5% vs. January 2023. Total European shipments of coated mechanical in January 2024 were up 3% vs. January 2023. Total European shipments of uncoated mechanical in January 2024 were up 6% vs. January 2023. Total European shipments of coated woodfree in January 2024 were up 19% vs. January 2023. Total European shipments of uncoated woodfree in January 2024 were up 28% vs. January 2023.

Holmen's Board has decided to invest SEK 1.5 billion in the construction of Blisterliden Wind Farm in Skellefteå Municipality. As part of Holmen's drive to develop its renewable energy business, the investment will boost hydro and wind power production by 20 percent. “This investment is fully in line with our strategy to create long-term value, while facilitating the green transition through greater electrification. We are in no doubt that wind power will play an important role in the electricity system of the future, along with controllable hydro power, and we are proud to be able to contribute to this development,” says Fredrik Nordqvist, Senior Vice President Renewable Energy. The company’s renewable electricity production will contribute to a more sustainable society, in combination with the growing forest and the renewable products manufactured at Holmen’s mills. This particular investment will increase Holmen’s annual production of renewable energy from water and wind by 360 GWh to just over 2 TWh.

Production at Metsä Group's board mills and sawmills will be temporarily shut down due to the ongoing strikes. Production at the Rauma, Vilppula, Renko and Lappeenranta sawmills will stop on Friday 22 March. The production of board mills in Simpele, Kyro, Tako (Tampere) and Äänekoski is expected to stop on Monday 25 March. Previously, the production at Metsä Group's pulp and board mills in Kemi, pulp and BCTMP mills in Joutseno and the BCTMP mill in Kaskinen has been shut down. The mills can be started up when raw material is available and product transports start.