Massimo Reynaudo, President and CEO, comments on the results: “We had a good start to the year and improved performance compared to the previous quarter. Markets were gradually recovering in pulp and advanced materials, while our actions to sharpen competitiveness started to bear fruit in several businesses. We made progress towards our growth ambition with the acquisition of Metamark, and we completed our first share buy-back program by early April. In Q1, our sales were €2,646 million, broadly in line with the preceding quarter as well as with Q1 2024. Comparable EBIT was €287 million, down 14% from last year’s corresponding quarter. Operating cash flow was €289 million. Our financial position continues to be solid, with net debt to EBITDA ratio of 1.77 at the end of March.

“We delivered a strong first quarter, in-line with expectations,” said Deon Stander, president and CEO. “Both our Materials and Solutions Groups achieved strong results in a dynamic environment. “We have a proven track record of delivering strong results across cycles, due to the strength of our overall franchise,” added Stander. “While uncertainty is elevated, we are prepared for multiple scenarios as we progress through the year. “Once again, I want to thank our agile, engaged and talented team for their focus on excellence and commitment to addressing challenges at hand.”

Norske Skog reported an EBITDA of NOK 612 million in the first quarter of 2025 up from NOK 33 million in the previous quarter, mainly due to the final insurance settlement of NOK 560 million at Norske Skog Saugbrugs. Norske Skog continued to increase the market share for both publication paper and packaging paper in the quarter, despite continued pressure on utilisation rates and profitability in the industry. “Containerboard production at Norske Skog Golbey will start in about one week, marking the completion of a significant investment project for the group. This EUR 320 million investment will be a major milestone in the group’s transformation from a pure publication paper producer to also become a packaging paper supplier. With this large and modern production line, fully based on recycled fibre, we will increase our total delivery capacity by more than 35% and vastly enhance our ability to serve the growing demand for containerboard,” says Geir Drangsland, CEO of Norske Skog.

The American Forest & Paper Association (AF&PA) released the March 2025 Printing-Writing Monthly report. According to the report, total printing-writing paper shipments decreased 5% in March compared to March 2024. U.S. purchases of total printing-writing papers decreased 8% in February compared to the same month last year. Total printing-writing paper inventory levels in March decreased 2% when compared to February 2025. Total U.S. shipments across all three major Printing-Writing categories—Uncoated Free Sheet (UFS), Coated Free Sheet (CFS), and Mechanical (MECH) papers—declined on both a month-over-month (MoM) and year-to-date (YTD) basis. Overall, shipments fell by 5.3% MoM and 7.2% YTD. Breaking it down by category: UFS shipments dropped 7.2% MoM and 8.3% YTD, while CFS declined 5.8% MoM and 8.2% YTD. In contrast, Mechanical papers bucked the trend with a 12.5% increase MoM and a 3.0% gain YTD.

Sylvamo is announcing Jean-Michel Ribiéras, chairman and chief executive officer, will retire Dec. 31. John Sims, who currently serves as senior vice president and chief financial officer, has been elected chief operating officer by the company’s board of directors, effective May 1. As COO, Sims will lead commercial and operational functions, while Ribiéras continues to lead corporate functions until his retirement. Sims will then become Sylvamo’s next CEO Jan 1, 2026. Don Devlin has been elected senior vice president and CFO to succeed Sims, effective May 1. Devlin joins Sylvamo from International Paper, where he held numerous leadership and finance positions, most recently serving as vice president, transformation and strategy deployment.

Ahlstrom expands WallStar® Digital, it’s 100% PVC-free nonwoven portfolio for wallcovering, delivering exceptional digital print quality and limitless creative potential. In addition to WallStar® Digital Wallcover, the range now includes three new segments: Easy, Advance and Essential. Engineered for all digital printing technologies, they offer various advantages like rich textures, outstanding durability, ease of application, and responsibly sourced materials. This expansion reinforces Ahlstrom’s commitment to providing innovative solutions that address the growing need for safe, sustainable and high-performance materials. Ahlstrom’s new WallStar® Digital EASY offers an extensive range of pre-pasted and self-adhesive nonwovens. Both options ensure a quick, clean, and hassle-free installation, making wall decoration much easier.

Ahlstrom, a global leader in fiber-based specialty materials, operates 15 manufacturing facilities around the globe to support filtration customers in every region.  Over the past few years, Ahlstrom has developed a range of filtration materials with the same level of quality in North America, Europe, and Asia. This provides customers with security of supply, agility, and a more effective and sustainable supply chain. The high-quality filtration materials manufactured in each region are suitable for all engine applications, including air, oil, and fuel, as well as for a wide range of industrial uses such as gas turbines, dust collectors, and liquid filtration.

International technology group ANDRITZ has been awarded significant service contracts by SCA, Europe’s largest private forest owner, to further improve the performance of the Östrand pulp mill in northern Sweden. The contracts include the replacement of an economizer in the recovery boiler and the implementation of the SYNERGY Services concept for the white liquor plant and pulp drying processes. These improvements will increase availability and efficiency, thus helping to deliver the mill’s primary objective of increasing pulp production. Replacing recovery boiler heating surfaces, such as economizers, is one of ANDRITZ’s core service capabilities. According to Per Strand, Mill Manager at SCA Östrand: “We appreciated the solid design of the ANDRITZ economizers and the dedication shown by the project team. When we tested the SYNERGY concept, we found it to offer a structured approach that we believe can support our efforts to optimize pulp production at the Östrand mill.”

Fedrigoni will open a 6,400 square-meter slitting centre with new-generation, 2 metre wide equipment at Segro Park Frechen, near Cologne, in the fourth quarter of 2025. The plant will process 90 million square metres per year of self-adhesive films and papers for the food & beverage, personal care and retail sectors, serving Germany, the Netherlands, Belgium and northern France; with potential for future growth both in terms of production capacity and additional market segments served. “The goal is to improve service and reduce delivery times, strengthening Fedrigoni’s presence in Europe,’ says Fernando Giron, Sales Director EMEA” says Fernando Giron, Commercial Director EMEA Roll & Sheet Label. Sustainability is a key focus, with recycled construction materials and photovoltaic-powered heat pumps. The new hub joins Fedrigoni’s slitting center in Poland, further expanding its European network.

HEINZEL GROUP published its results for 2024, reporting progress in strategic growth and sustainability. A key milestone was the successful start-up of PM6 at the Steyrermühl site, which was integrated into the Group as of January 1, 2024. Net sales rose to EUR 2,164.4 million (excluding the discontinued operations of Raubling). The Group also achieved a -4.7% CO₂ emissions reduction in 2024, amounting to a total of -23.7% (Scope 1 & 2) since the base year 2021, reinforcing its commitment to defossilization. HEINZEL GROUP produced 1.31 million tons of pulp and paper in 2024. Sales totaled 3.17 million tons. EBITDA reached EUR 101.9 million, investments in property, plant, and equipment amounted to EUR 107.8 million. The rebuild of PM11 at Laakirchen, which began in 2024 and started production of containerboard on April 1, 2025, represents a significant investment and further expands the Group’s capacity for sustainable packaging papers.

UPM Raflatac has set a new labeling industry standard by embedding product footprint data directly into customer quotes. These product footprints, known as product passport prototypes (PPPs), provide label converters with transparent environmental data, helping them to make informed material choices and to reduce Scope 3 emissions* at source. The PPPs are automatically linked to UPM Raflatac quote documents, giving its customers a full assessment of their label material’s environmental impact. Each PPP offers an array of environmental metrics over the entire lifecycle of the label, enabling converters to assess and minimize their footprint, even at the early purchasing stage. With raw materials accounting for 70–90% of converters’ total environmental impact, access to real-time footprint data is critical for helping them make more sustainable decisions. PPPs also give converters a competitive edge by helping them respond quickly to customer inquiries about sustainability. “The new feature is a game-changer for how we evaluate sustainable performance of materials and make better, more informed choices on the right environmental selection for our customers and our vision of No Waste,” says Jason Fuller, Procurement Category Manager of COVERIS, a leading European packaging company.

Oliver Taudien, senior vice president and general manager, Europe, is leaving the company after a transition period. He has been with Sylvamo since its inception as a spinoff of International Paper in 2021. During his 27-year career, he held numerous leadership roles in finance and strategy, information technology and general management. Shawn Lawson will become senior vice president and general manager, Europe, effective May 1. She joins Sylvamo from International Paper, where she held positions of increasing responsibility over the last 20 years, most recently serving as vice president and general manager, European Packaging. “I appreciate Oliver’s many contributions and his leadership in establishing Sylvamo in Europe,” said Jean-Michel Ribiéras, chairman and chief executive officer. “I am excited to welcome Shawn, who will help us continue to pursue our vision of being the employer, supplier and investment of choice across Europe and around the world.” Lawson will be based in Madrid, Spain.

Ahlstrom announces the execution of a binding agreement to acquire Stevens Point, a high-end solutions provider in food, consumer packaging and e-commerce applications, from Pixelle Specialty Solutions. In parallel, Ahlstrom will create a dedicated Performance Materials cluster to sharpen its strategic focus and optimize growth opportunities. These two transformational steps are part of Ahlstrom's ongoing commitments to innovation and customer satisfaction. The acquisition of this best-in-class business includes premium-quality products, long-standing customer relationships, and the experience and expertise of its 260 people, representing a significant milestone in Ahlstrom’s growth transformation. Based in Wisconsin, USA, the business adds unique capabilities that will support customers’ transition to sustainable packaging and strengthen Ahlstrom's leadership and footprint in its Food & Consumer Packaging segment. This step aligns with the company’s long-term growth objectives and will deliver more value to its customers and stakeholders. The acquisition is highly complementary to Ahlstrom’s existing product portfolio. Stevens Point’s superior technical expertise include state-of-the-art finishing and coating capabilities that will significantly enhance the company’s ability to meet growing customers’ needs.

UPM Raflatac, a global supplier of sustainable self-adhesive paper and film products, and Mark Andy, a leading manufacturer of narrow- and mid-web printing and finishing equipment, announce the renewal of their strategic partnership in the Americas for the sixth consecutive year. This global collaboration leverages UPM Raflatac's extensive portfolio of sustainable labeling materials and Mark Andy's cutting-edge printing technologies to deliver high-quality, innovative label printing solutions to the Americas and European markets. The two companies work closely on a wide range of label materials compatible with Mark Andy’s conventional, hybrid and digital printing presses, providing labeling solutions optimized for performance, sustainability and cost-efficiency. Both organizations remain committed to their ongoing partnership and recognize the value it brings to label and packaging converters. “We’re pleased to continue our partnership with Mark Andy, a market leader in conventional printing with a strong presence in the digital printing segment. By combining our expertise, we provide label printing solutions that help our customers stay ahead in a competitive market. We look forward to strengthening this collaboration and creating even more value for the industry,” said Kirit Naik, Senior Manager, New Materials & Technologies, Graphics, UPM Raflatac.

Lecta reinforces its commitment to the environment and to the circular economy with the launch of GardaRecycled Print, its new 100% recycled coated paper with outstanding print performance. GardaRecycled Print is a two-side coated paper with a natural shade and high opacity, ensuring excellent print quality for both color and black-and-white texts and images. Made entirely from recycled fibers, it is FSC® Recycled Credit certified. Available in sheets and reels, GardaRecycled Print comes in a range of grammages from 115 to 170 g/m², making it suitable for a variety of applications, such as annual and environmental reports, brochures, catalogues, leaflets, books, direct mail, and promotional print. This paper is compatible with multiple printing techniques, including flexography, offset, laser, dry toner, and high-speed continuous-feed inkjet press.

Sustana, a leader in quality recycled fiber products and services, is proud to announce that it has once again earned the Gold Medal from EcoVadis for its commitment to sustainability. For the second consecutive year, Sustana has maintained its position in the top 5% of companies worldwide recognized for sustainable development. This year’s impressive score of 79 now places Sustana in the top 3% of all global companies assessed by EcoVadis. “I am incredibly proud of this accomplishment and the outstanding work of our teams”, said Nathan Jeppson, CEO. “Sustainability practices continue to evolve with new regulations and emerging issues. It’s crucial for Sustana to stay informed and proactive in addressing these changes. Our EcoVadis assessment helps us remain vigilant about best practices and new actions to extend our leadership in sustainable development.” Staying true to its mission of promoting and practicing sustainability, Sustana remains committed to advancing innovative initiatives that improve safety, equity, and diversity in its operations and the broader industry.

Metsä Board Corporation’s long-term CEO Mika Joukio has decided to step down from his CEO position as of 7 April 2025 in accordance with the agreement he has made today with the Board of Directors of the company. The Board of Directors of Metsä Board Corporation has appointed Metsä Group’s EVP, Strategy, Esa Kaikkonen (LLM, trained on the bench), as the new CEO of the company as of 7 April 2025. Joukio will continue with Metsä Board until the beginning of October 2025 and support Kaikkonen during the transition period. Ilkka Hämälä, Chair of the Board of Directors: “Mika Joukio has had a long and successful career in Metsä Board’s paperboard business. His career began 35 years ago at company’s Tako board mill and he advanced to become the CEO of Metsä Board in 2014 through leadership responsibilities at various mills and businesses. Mika is renowned for his strong expertise regarding clients, products and paperboard business as well as for leadership that is clear, straightforward and inspiring for his organization. Over the last few years, Metsä Board has made significant investments, among others, at Husum pulp and paperboard mills and Kemi linerboard mill. In addition to these completed investments, the first investment phase of a remarkable modernisation project of Simpele paperboard is ongoing. Also the industrial structure of the company, especially at its Pirkanmaa mills, has been substantially developed. The company is now at a stage of development where it is a good time to transfer leadership to a new CEO. On behalf of the Board of Directors, I would like to warmly thank Mika for his achievements and significant contributions for the company.”

Ahlstrom announces the launch of a new Absorbent Glass Mat (AGM) battery separator platform, manufactured at a state-of-the-art facility in Turin, Italy. It reinforces Ahlstrom’s position as a trusted partner to battery manufacturers, delivering high-performance, customizable AGM separator solutions for the growing global demand for reliable and efficient energy storage solutions. As the demand for high-performance energy storage solutions accelerates, AGM lead acid batteries continue to be a cornerstone of high-performance power solutions. They enable rapid charge and discharge cycles across automotive, renewable energy, telecommunications, and industrial power backup applications. AGM separators—essential to battery safety, efficiency, and longevity—are evolving to meet the industry’s growing need for higher energy efficiency, durability, and sustainability. Next-generation AGM separators deliver unmatched product uniformity, optimized fiber dispersion, and superior electrolyte retention, which ensure low electrical resistance and enhanced charge acceptance for maximized battery efficiency and lifespan.

Ahlstrom, a global leader in fiber-based specialty materials, has released its Sustainability Report 2024 today. The report covers Ahlstrom's performance and recognitions in key areas of sustainability and provides insights into Ahlstrom’s strategy and transformation. Ahlstrom’s growth transformation is guided by its purpose: “To Purify and Protect with Every Fiber for a Sustainable World”. Sustainability is a fundamental driver for Ahlstrom, and 2024 demonstrates how delivering on commitments brings value to stakeholders. Ahlstrom’s strong position as a sustainable specialty materials company empowers customers to create solutions to address global trends and accelerate their sustainability efforts.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce its Polar Grip Air white polymeric self-adhesive vinyl with air release technology will soon be offered to markets outside North America. Polar Grip Air was first rolled out in mid-2023, with the initial focus being on the North American market. However, following strong uptake over the past 18 months, Drytac will now make the product available to customers around the world. Built on the same technology as Drytac Polar Grip, Polar Grip Air differs by offering even easier installation, thanks to Drytac’s innovative bubble-free adhesive technology. The vinyl features a high-coat weight grey adhesive and allows users to permanently apply graphics onto many surfaces including metal, plastic, wood, glass, brick and more.

Fedrigoni has taken a significant step in its sustainability journey with the official approval of its climate action targets by the Science-Based Targets Initiative (SBTi). This recognition reaffirms the company’s dedication to sustainable actions, aligning its business with global scientific consensus to combat climate change. By setting science-based targets, Fedrigoni ensures its emissions reduction strategy follows the latest climate science, contributing to the broader efforts of SBTi companies taking action against global warming.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce that it will once again feature at this year’s edition of the ISA Sign Expo. Taking place from April 23-25 at the Mandalay Bay Convention Centre in Las Vegas, Nevada, the ISA Sign Expo is one of the best-attended events on the global signage calendar. Drytac will join a host of other leading manufacturers and suppliers in demonstrating its latest and most popular solutions to an audience of thousands. Drytac will work with several partners to showcase its products, with those in attendance able to see both new and existing materials in action across a range of machines.

Ahlstrom enhances its offering for its patented lignin-based filtration media. A proven, high-performance alternative to traditional filtration materials further supports customers in making sustainable choices. Ahlstrom ECO™, introduced in 2023, combines a proprietary lignin-based impregnation, replacing fossil-based resin with a renewable, bio-based cellulose filtration media. This innovation significantly reduces reliance on non-renewable resources while maintaining exceptional durability, mechanical strength, and filtration performance. Designed for liquid and air filtration, Ahlstrom ECO™ is ideal for engine oil and engine air intake filtration, as well as for industrial filtration systems operating under challenging conditions. By delivering superior filtration performance, it helps optimize equipment protection while contributing to a lower environmental impact.

The continued rise in the prices of wood raw materials, the negative market development, especially for CTMP pulp produced in Rottneros Mill, and a weaker USD, have had a negative impact on the Rottneros Group's financial performance in the first quarter of 2025. The company thus expects a weaker result compared to the fourth quarter of 2024, when EBIT amounted to SEK -28 million. As a consequence of the weak development, the Group's ongoing focus on cost efficiencies has been further intensified. The company's report for the first quarter will be published on April 29, 2025.

The imposition of import tariffs by the US would have a significant impact on EU pulp, paper and board exports. While a positive issue to transatlantic negotiations may still be possible, Europe’s pulp and paper industry in coordination with the European Commission has been preparing for the effects of a potential EU retaliation. On March 12, the United States government-imposed tariffs on steel and aluminium and signalled that it may impose tariffs on a broader range of EU goods, potentially including pulp and paper products, in April. Cepi, representing the European pulp and paper industry, is now taking part in a consultation launched by the European Commission on the list of American products targeted by European retaliation measures. The list of products presented is open to consultation by industry representatives until 26 March. It will then be submitted to EU member states for approval. The Commission is aiming for entry into force in mid-April. Cepi advocates for a ‘negotiation first’ approach.

According to the report, total printing-writing paper shipments decreased 9% in February compared to February 2024. Total printing-writing paper inventory levels decreased 3% when compared to January 2025. U.S. purchases of total printing-writing papers decreased 4% in January compared to the same month last year. On a daily basis, U.S. shipments across all 3 major P-W categories (UFS, CFS, and MECH) in February saw mixed results. Uncoated Free Sheet (UFS) and Mechanical (MECH) paper shipments increased 5% and 15%, respectively when compared to January, while Coated Free Sheet (CFS) shipments decreased by 3%.

As part of its strategy to provide high-value, innovative, and environmentally responsible products, Lecta introduces Linerset FP, a groundbreaking high-performance barrier base paper designed for flexible packaging solutions. This product is the ideal solution for converters and printers seeking to incorporate advanced barrier properties into their packaging, or using it as it is, offering a strong, flexible, translucent alternative for use in bags, pouches, and wrapping applications. At the present time, when commitment to sustainability is a must, Linerset FP stands out as an innovative product that allows the replacement of non-recyclable multilayer packaging with fully recyclable alternatives. Tailored for use in flexographic printing processes, Linerset FP not only meets but exceeds market demands for more sustainable packaging solutions. This versatile material is suitable for a wide range of applications, including food packaging, industrial packaging, and more. Available in a variety of grammages (40, 45, 50, 56 and 78 g/m²), Linerset FP offers the flexibility to meet the diverse needs of customers across various industries.

Tronox Holdings plc the world’s leading integrated manufacturer of titanium dioxide (TiO2) pigment, announced that as a result of a strategic review of its asset footprint, Tronox has informed its Netherlands’ labor force that it intends to idle its 90,000 metric ton per year TiO2 plant in Botlek, the Netherlands. The site is currently shut-down due to an outage by the site’s chlorine supplier that began on March 6, 2025, but upon conclusion of consultation with the works council, is not expected to be brought back online. Tronox expects this action will not impact its ability to serve customers, as the Company will leverage its diverse footprint to provide uninterrupted supply. The operating site currently employs approximately 240 impacted permanent staff. John D. Romano, Chief Executive Officer, commented, “Our announcement today is the result of an extensive review of our asset footprint driven by the ongoing global supply imbalance caused by Chinese competition as well as an increasingly challenged operating environment over the last two and a half years. Idling our Botlek facility enables the optimization of our remaining facilities and improves our overall manufacturing costs. Our Botlek colleagues are an important part of our Tronox team. We are committed to assisting employees during this difficult time and will be providing support by local management and a comprehensive range of services.”

Our Windsor Mill recently earned its ISO 50001 certification. The international ISO 50001 standard recognizes organizations for improving energy use through the development of an energy management system (EnMS). The new Windsor Mill certification is part of our ongoing commitment to lower our environmental footprint, and it highlights the mill’s environmental performance, which is among the best for mills in North America. “Two years ago, the mill adopted a new energy and greenhouse gas (GHG) management plan, and as part of that process we coordinated all of the actions and studies needed for ISO 50001 certification,” says Eric Olivier, Windsor Mill’s environmental process and sustainability manager. “The plan helps us lower our energy costs, which is one of the mill’s largest budget items. It also is consistent with Domtar’s long-term sustainability commitment to continuously improve our environmental performance.”

Mondi, a global leader in sustainable packaging and paper, is collaborating with Hans Schmid KG, one of Europe’s most important independent impregnators, supplying the partner with its saturated kraft paper Ad/Vantage Boost for the furniture and flooring industry. Mondi and Hans Schmid closely work together to serve the European market with high-quality impregnated paper suitable for laminated products, which are then used to manufacture furniture, worktops, and other industrial applications. Hans Schmid impregnates Mondi’s Ad/Vantage Boost. The impregnated Ad/Vantage Boost is used by the wood-based materials industry to produce high-quality laminates for flooring, kitchen worktops and more before these products are delivered to the end consumer. Ad/Vantage Boost is suitable for high-performance laminate applications due to its strength and absorbency. It serves as a carrier for resin, which is then pressed into laminate layers under heat. The paper is created with 100% responsibly sourced unbleached fresh long fibres in Sweden and Austria and is available FSC® * or PEFC certified.

Mativ Holdings, Inc. announced the appointment of Shruti Singhal, current member of Mativ’s Board of Directors, as President and Chief Executive Officer, effective today. Mr. Singhal succeeds Julie Schertell, who has stepped down as President and Chief Executive Officer, and as a director. Mr. Singhal brings extensive expertise leading transformations through strong operational and commercial execution, profitability initiatives, and driving innovation. He previously served as CEO of Galata Chemicals and Chroma Color, and has held roles of increasing responsibility at global businesses including DSM, General Cable, Solenis, Ashland, The Dow Chemical Company, Rohm and Haas, Cognis (now BASF) and Henkel. “Mativ has a strong core business with innovative and differentiated specialty materials products and strategic initiatives in place to enhance profitability and drive growth,” said Dr. Kimberly E. Ritrievi, Chair of the Board of Directors. “We recognize the need to accelerate the pace of execution, lower costs, improve cash flow and reduce leverage. Shruti brings decades of experience leading corporate turnarounds and a track record of driving strong financial and operating performance in global industrial organizations. We are confident Shruti is the right person to drive the business forward with urgency and ensure the Company reaches its full potential.”

Amcor is the proud recipient of two Silver Flexible Packaging Achievement Awards in the category of Sustainability. The awards were presented today during the Achievement Awards Breakfast, held in conjunction with the Flexible Packaging Association (FPA) 2025 Annual Meeting, in Aventura, Florida. “We are honored to be recognized by the FPA for innovations that are making a difference for our customers and the environment,” said Brian Carvill, vice president of research and development at Amcor Flexibles North America. “Amcor’s winning packaging and equipment demonstrate how we apply our capabilities in material science and packaging technology to unlock growth for our customers and deliver more sustainable solutions.”

The state-of-the-art system processes recycled fibers into nonwovens for automotive and industrial sectors, helping to reduce waste and enhance resource efficiency. Designed for ease of use and maintenance, ANDRITZ’s advanced equipment maximizes operational efficiency and reliability. With this new investment, Carolina Nonwovens strengthens its ability to produce high-quality nonwovens from industrial and post-consumer waste, in line with its commitment to sustainability and the circular economy. The company already operates an ANDRITZ airlay line at its plant in North Carolina. “It was a pleasure to work with the ANDRITZ experts again. Thanks to their support, our team benefited from efficient training, enabling us to significantly enhance our capabilities,” says Ed Hull, COO of Carolina Nonwovens.

The Group wants to build on this in 2025 with pioneering projects and measures. These are the top 6 sustainability goals to focus on in 2025: 1. further develop products - The environmental impact of products at the Kehl site is already being calculated and documented. 2. increase energy efficiency - One of the key measures for energy optimization is the installation of the shoe press on paper machine 1, which will make a significant contribution to reducing energy consumption. 3. expand renewable energies - A highlight for 2025: the Langer Wald wind farm in Waldeck in northern Hesse is to be completed and put into operation. 4. establish sustainable supply chains - More than 70% of our purchasing volume should be based at least on the EcoVadis Silver Standard or an equivalent code of conduct. 5. strengthen family friendliness and social responsibility - The Koehler Group invests not only in ecological sustainability, but also in social sustainability. 6. reporting in accordance with CSRD guidelines - In the area of finance and controlling, the Koehler Group is continuing to prepare for the upcoming reporting obligation under the CSRD Directive.

Commenting on the Company’s fourth quarter of 2024 results, Canfor’s President and Chief Executive OFcer, Susan Yurkovich, said, “Following several quarters of very weak global lumber market conditions, we were pleased to see a slight uplift in North American benchmark lumber prices during the fourth quarter, which gave rise to improved results across all our lumber operating regions. While we anticipate subdued yet volatile market conditions to persist in the near-term, we continue to believe that longer term lumber market fundaments remain solid. Operationally, with our geographically diverse platform, we are well-positioned to navigate external challenges facing our lumber business, including the tariHs and increased duties on imports from Canada into the US.” “For our pulp business,” Yurkovich added “despite a slight improvement in market conditions late in the quarter, which resulted in an uplift in results, we continue to face external obstacles driven by persistent shortages in the availability of economic fibre in BC.”

Ahlstrom accelerates its development of safe and sustainable specialty materials by providing product-specific carbon footprint through an automated life cycle assessment (LCA) platform. The platform enhances Ahlstrom’s eco-design capabilities, enabling product innovation through real-time, product-specific LCA carbon footprint data helping customers to cost-efficiently reduce their environmental impact at scale. "In recent years, we have made strong progress in improving the quality, depth, and coverage of our sustainability data. By leveraging the LCA platform, we can harness big data to create value for our customers. With product digital twins, we can optimize product specifications, costs, and sustainability while accommodating customer needs and constraints” said Johan Lunabba, Vice President, Sustainability & Public Affairs at Ahlstrom. The access to data-driven Product Life cycle Assessment platform supports Ahlstrom’s sustainability strategy and commitments which have gained global recognition.

The American Forest & Paper Association (AF&PA) President and CEO Heidi Brock issued the following statement regarding President Donald Trump’s announcement of 25% tariffs on all products from Canada and Mexico and related retaliatory measures: “While we recognize the Administration’s goals of securing our borders, AF&PA remains concerned that today’s new North American tariffs have potential to seriously disrupt our industry’s complex, cross-border supply chains. These manufacturing processes have been built and refined with the customer in mind around existing mill infrastructure for decades. “Pulp and paper mills are strategically located across the United States to efficiently and sustainably create essential products for everyday use. From turning wood chips into pulp, pulp into base stock, and then transforming that raw material into a product that is then packaged for distribution, our industry’s manufacturing process involves many stages that can each happen at different facilities on both sides of the border.” “Additionally, certain raw material inputs must be sourced from Canada due to specific fiber quality demands and transportation efficiencies.

Solenis, a leading global producer of specialty chemicals for water-intensive industries, was awarded Sappi’s 2024 Supplier Sustainability Leadership Award. The award recognizes the shared commitment to sustainability demonstrated by both Sappi and Solenis, underscored by the fact that both companies have achieved a Platinum rating from EcoVadis. According to Sappi, Solenis was selected based on its excellence in sustainability leadership through the Platinum rating, as well as its focus on R&D efforts to develop new technologies that support customers in sustainability, recycling, water cleanliness, reduction and reuse, energy efficiency and plastic-to-fiber conversions. “We are proud to recognize Solenis with our 2024 Supplier Sustainability Leadership Award for their exceptional commitment to sustainability,” said Mike Haws, President and CEO of Sappi North America. “Their Platinum rating demonstrates their commitment to sustainability and their innovative solutions and dedication to reducing environmental impact have set a benchmark for the industry.”

Bill Edwards, Domtar’s senior vice president of Paper and Packaging Operations, received the prestigious Excellence in Leadership Award from the Association of Suppliers to the Paper Industry (ASPI) during the organization’s annual conference in Clearwater, Florida. The ASPI Excellence in Leadership Award is presented annually to an industry leader who demonstrates exceptional management skills, strategic vision and a commitment to advancing the pulp and paper sector. “I am truly honored to receive this award and grateful to be part of an industry that plays such a vital role in everyday life,” Edwards says. “At Domtar, we are committed to producing essential paper, packaging, and pulp products that people rely on daily. This recognition reflects the hard work and dedication of the entire team, whose innovation and passion drive our success. I share this achievement with all those who have supported and inspired me throughout my career."

The American Forest & Paper Association (AF&PA) President and CEO Heidi Brock issued the following statement in response to the “Addressing the Threat to National Security from Imports of Timber, Lumber” Executive Order, which directs the Secretary of Commerce to initiate an investigation under Section 232 of the Trade Expansion Act to determine whether imports of timber and lumber threaten to impair national security: “The U.S. forest products industry employs more than 925,000 people, largely in rural America, and is among the top 10 manufacturing sector employers in 44 states. AF&PA members make about 87% of the pulp, paper, paper-based packaging and tissue products made in the America. To manufacture these essential products, we rely on complex, cross-border supply chains that have been built around existing mill infrastructure for decades. “We recognize the importance of identifying where foreign trade barriers exist and commend the goal of strengthening U.S. forest products manufacturing. AF&PA will seek to work with the Administration through the 232 process, especially in regards to the Order’s mention of ‘derivative’ paper products.”

Domtar is joining forces with Boisaco and the Centre de recherche sur la boréalie (CREB) of the Université du Québec à Chicoutimi (UQAC) to support leading-edge research projects that will address the challenge of managing Quebec’s forests sustainably. The research partnership will allocate $430,000 annually over five years, totaling $2.15 million, with Domtar, owned by investor Jackson Wijaya, providing $350,000. UQAC’s research projects focus on a number of critical themes, such as climate change adaptation, biodiversity, carbon management and forest ecosystem regeneration. These initiatives aim to advance Quebec’s scientific knowledge and improve sustainable forest management practices. Since 2016, CREB has brought together 25 research professors from UQAC to address issues related to renewable resources in the boreal environment.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the global launch of Polar Frost Air, a new translucent matte polymeric PVC film with an embossed pearl finish that becomes the latest addition to the Polar product range. Suitable for use in both indoor and outdoor applications, Polar Frost Air features a subtle embossed finish that replicates the elegant look of etched glass but at a more affordable price point. Coated with a clear permanent adhesive that is protected by a two-sided PE coated release liner with bubble-free technology, this makes installation both simple and clean for the user.

Esa Kaikkonen has been appointed Metsä Group’s EVP, Strategy. He will move to the position from his post as CEO of Metsä Tissue. Metsä Group’s previous EVP, Strategy Sari Pajari-Sederholm has been appointed Metsä Tissue’s CEO. The changes will take effect on 1 March 2025. “Job rotation gives a boost to the Executive Management Team’s work. When experienced professionals move to new roles, they can offer new perspectives, strengthening our decision-making and deepening our expertise. This makes us better equipped to meet challenges more effectively,” says Ilkka Hämälä, President and CEO of Metsä Group.

Metsä Group takes a big step forward in the development of Kuura and starts pre-engineering the first commercial Kuura textile fibre mill. Its purpose is to prepare for the industrial production of Kuura fibre. This is an important step in Metsä Group’s work to develop wood-based products of higher added value. The Kuura textile fibre is produced from softwood pulp, the raw material of which is sourced from Metsä Group’s Finnish owner-members’ forests. The pre-engineering of the Kuura mill is expected to continue until the summer of 2026. The project entity that has now started consists of four parts: pre-engineering of the first commercial mill, the development of the Kuura fibre production process, work done with customers to facilitate market entry. The application for an environmental permit is part of the factory's pre-engineering package. Kuura textile fibre is a new product developed by Metsä Group, in which Finnish wood is converted into a unique textile fibre with high added value – without fossil fuels.

Two of Domtar’s values are collaboration and entrepreneurship, qualities the Nekoosa, Wisconsin, mill recently demonstrated via a partnership that turned a costly sourcing challenge into an innovative project with environmental, operational and economic benefits. Partnering with Omya, a leading global producer of essential minerals and a worldwide distributor of specialty materials, the mill built an on-site plant to ensure a reliable source of precipitated calcium carbonate, a key papermaking ingredient. The new PCC plant came online in September 2024, solving several supply challenges. Thinking creatively, Domtar and Omya researched constructing a four-story PCC plant at the Nekoosa mill. Studies by Omya and AFRY, an engineering consulting firm serving the pulp and paper industry, confirmed Nekoosa as a viable location for such a plant, offering proper carbon dioxide content, secondary CO2 supply options, favorable logistics and sufficient product storage capability. Both companies invested significant capital for engineering, permitting, demolition, foundation work, utilities and CO2 supply, as well as PCC manufacturing, storage and unloading facilities. Construction was complete by July 2024, and the PCC plant became operational in September 2024.

UPM Timber has launched a carbon storage calculator on its website. With the carbon storage calculator, wood industry professionals, UPM Timber's customers and consumers can easily calculate the amount of carbon sequestered in wood raw material and examine its climate impacts. “The carbon storage calculator provides the user with a clear measure of the emissions that have been generated by the production and transportation of the wood raw material needed for a specific project. It also provides a clear measure of the carbon that has been stored when the project is completed. The tool brings the climate impact of our raw material choices closer to everyday life, helping us all make more sustainable decisions," says Antti Koulumies, Vice President, UPM Timber. Wood is an excellent building material due to its renewability, durability, and carbon sequestration capacity. Using wood as a building material significantly reduces carbon dioxide emissions compared to materials that require more fossil fuels in their production.

The Boards of the Finnish Industrial Union and Technology Industry Employers of Finland on Saturday showed a green light to the pay agreement their negotiators had accepted on Thursday. The agreement guarantees employees a pay rise of 2.5 per cent in 2025, 2.9 per cent in 2026 and 2.4 per cent in 2027, equivalent to a pay rise of eight per cent over the three-year agreement term due to the compound interest effect. The third year, though, can be terminated by the contract parties. An employee currently earning 3,300 euros a month will thus see their earnings rise to 3,383 euros in 2025, to 3,481 euros in 2026 and to 3,564 euros in 2027. The agreement signals an important breakthrough in what had been a deadlocked labour market situation not only because if directly applies to roughly 90,000 employees in a key export industry, but also because it has an indirect impact on most wage earners in the country. The tradition has been that other industries take their cues from the agreement thrashed out in the technology industry.

“Supremex delivered significant profitability gains in the fourth quarter, driven by optimization initiatives across both businesses and gradually improving market conditions,” said Stewart Emerson, President and CEO of Supremex. “Our Envelope segment reported slight volume gains that were tempered by lower mix-related pricing during the quarter. As for Packaging, e-commerce fulfilment activities remained solid, partially offsetting a reduction in specialty printing, while markets subject to discretionary consumer demand continued to recover.” Total revenue for the three-month period ended December 31, 2024, was $69.1 million, representing a decrease of $3.2 million, or 4.5%, from the equivalent quarter of 2023. EBITDA was $13.7 million, up from $6.9 million in the fourth quarter last year. This increase of $6.8 million includes lower restructuring expenses of $2.7 million. Net earnings were $5.8 million or $0.23 per share for the three-month period ended December 31, 2024, compared to $0.7 million or net earnings of $0.03 per share for the equivalent period last year.

Chief Executive Officer Julie Schertell commented, "Our consolidated performance for Q4 was as expected. We delivered strong Q4 results in our SAS segment with organic revenue growth of almost 13% and adjusted EBITDA increasing approximately 8%. The increasing order pace and momentum in SAS is continuing into 2025. Our FAM segment had mixed results in Q4 with solid demand in Filtration and challenges, as previously announced, in our Advanced Films category, particularly in paint protection films. Our turnaround activities are well underway, and we are realizing improved cost, quality, lead time, and order delivery. Additionally, we are making good progress in our largest adjacent film product categories of optical and medical films, where combined revenues were up almost 30% in Q4. While we have more work to do, we remain confident these actions will deliver improvements in the second half of the year.

Andrew King, Mondi Group Chief Executive Officer, commented: “Mondi demonstrated resilience through the year in the face of ongoing difficult trading conditions, characterised by soft demand and a challenging pricing environment. This resilience highlights the strength of our cost-competitive, strategically located integrated assets and our great people. Furthermore, our ability to adapt with agility and flexibility to market uncertainties, combined with our unwavering focus on product quality, reliability and innovation in offering a diverse portfolio of sustainable packaging and paper solutions, has been central to delivering value to our stakeholders. “In 2024 Mondi successfully started up five major capacity expansion projects on time and within budget building a strong platform for growth. The largest of these, the new paper machine at Štětí (Czech Republic), commenced operations ahead of schedule in December. We are very appreciative of the commitment of our colleagues who have worked tirelessly over the last few years to deliver these projects. Our focus now turns to executing our operational and commercial strategy and leveraging our expanded product offering.

According to the report, total printing-writing paper shipments decreased 7% in January compared to January 2024. U.S. purchases of total printing-writing papers increased 10% in December 2024 compared to the same month last year (Dec 2024 is the latest trade data available). Total printing-writing paper inventory levels decreased 1% when compared to December 2024. Individually, changes in U.S. shipments across all three major P-W categories (UFS, CFS, and MECH) in January showed mixed results compared to the same period last year. Uncoated Free Sheet (UFS) shipments decreased by 9%, Coated Free Sheet (CFS) shipments decreased by 5%, and Mechanical (MECH) paper shipments saw a modest 2% increase, albeit on a relatively small volume.

Kruger Inc. announced a $6.5-million investment to implement an innovation project aimed at diversifying production at its Wayagamack Mill in Trois-Rivières. The initiative will enable the production of innovative label paper grades, reinforcing the Wayagamack Mill's leadership in Québec and North America. The new, state-of-the-art equipment will enhance the Mill's capacity for innovation, versatility and sustainability, helping to secure the future of its operations and its 285 jobs. The project was unveiled in the presence of Jean Boulet, Member for Trois-Rivières, Québec Minister of Labour and Minister Responsible for the Mauricie Region, the Abitibi-Témiscamingue Region and the Nord-du-Québec Region (on behalf of Maïté Blanchette Vézina, Minister of Natural Resources and Forests and Minister Responsible for the Bas-Saint-Laurent Region and the Gaspésie–Îles-de-la-Madeleine Region), and Sylvain Bricault, General Manager of the Kruger Wayagamack Mill. The initiative was made possible by a $2.5 million funding from the Government of Québec under the Programme Innovation Bois of the ministère des Ressources naturelles et des Forêts.

Monadnock Paper Mills, Inc. is proud to announce that it has become the first paper mill to achieve Mastercard’s prestigious Card Eco-Certification (CEC). This milestone underscores Monadnock’s commitment to sustainability, innovation, and environmental transparency. Mastercard’s CEC certification process was originally developed for plastic cards, making Monadnock’s achievement a significant industry first. Since launching its Sustainable Card Program in 2018, Mastercard has worked to transition more than 168 million plastic cards to recycled and bio-based materials—reflecting a growing push for more responsible alternatives. Since no paper-based card had been certified until now, Mastercard refined its assessment criteria—a considerable task—to account for the unique attributes of fiber-based materials. A comprehensive Lifecycle Assessment (LCA) is central to this certification, as it evaluates a product’s environmental impact from raw material sourcing to end-of-life disposal. The CEC assessment validates Monadnock’s carbon footprint, material sourcing, production processes, and disposal considerations to ensure the highest standards of sustainability. Independent verification was conducted by TruCert, a Canadian-based auditing firm known for its expertise in environmental assessments.

The world’s largest single-line eucalyptus pulp mill achieved average nominal capacity within less than six months after start-up, nearly four months ahead of schedule. Another milestone was met on January 8 when the mill’s production reached its first 1 million tons of pulp. When fully operational, the mill will have an annual production capacity of 2.55 million tons. The learning curve at the new mill was completed on December 29, 2024, when Suzano consistently produced bleached eucalyptus kraft pulp at an average daily rate exceeding the planned 7,203 t/d for 30 days. Leonardo Mendonça Pimenta, Director of Industrial Operations at Suzano in Ribas do Rio Pardo, commented: “This achievement is the result of a combination of several factors, including excellent equipment, great suppliers, and very good project execution. The training of the operating team more than a year before the start of operations also played a major role in delivering these extraordinary results.”

The company plans to invest approximately $145 million in high-return projects to reduce costs and significantly enhance the capabilities at its mill in Eastover, South Carolina. The investments come on the heels of the mill’s 40th anniversary. *Sylvamo will invest approximately $100 million to speed up one of its paper machines by the end of 2026, modernizing it to the same world class level as the mill’s other machine. The investment will enable the machine to produce approximately 60,000 additional short tons of uncoated freesheet annually. *The company will also invest roughly $45 million for a new replacement sheeter at its Sumter, South Carolina, sheeting plant. The state-of-the-art cutsize sheeter, which converts large rolls of paper from the mill into sheets, will lower costs and add flexibility to service customers when it’s online by late 2026. “We believe investing in our low-cost assets will strengthen our competitive advantage. Eastover is one of the most competitive paper mills in the world, and it will continue to be an important part of our story for years to come,” said Jean-Michel Ribiéras, chairman and chief executive officer. Sylvamo is also entering a 20-year partnership to outsource its Eastover woodyard operations. Modernization will enable more efficient, reliable, cost-effective wood processing and additional flexibility. It will also allow the company to avoid approximately $75 million in capital spending over the next five years.

“2024 was a transformational year for Clearwater Paper. We took significant steps to focus our strategy on becoming a paperboard packaging company. We acquired a high-quality manufacturing facility in Augusta, Georgia, increasing our paperboard capacity by nearly 75% and improving our geographic footprint in North America,” said Arsen Kitch, president and chief executive officer. “We also divested our tissue business for $1.06 billion at closing and used the proceeds to de-lever our balance sheet and Net sales from total operations were $483 million for the fourth quarter of 2024, down 6% compared to fourth quarter 2023 net sales of $513 million. Net income from total operations for the fourth quarter of 2024 was $199 million, or $11.91 per diluted share which includes $307 million of gain on sale of the tissue division ($219 million after tax) compared to $18 million for the fourth quarter of 2023, or $1.06 per diluted per share. Net sales from total operations were $2.2 billion for 2024, an increase of 6% compared to 2023 net sales of $2.1 billion. Net income for 2024 was $196 million, or $11.70 per diluted share, compared to $108 million for 2023, or $6.30 per diluted share.

Chief Executive Officer John D. Romano commented “Tronox delivered fourth quarter results in line with expectations despite continued macro weakness. Strong TiO2 commercial performance in Asia Pacific and Latin America mitigated continued lagging demand in Europe, while North America performed as expected. Zircon sales exceeded our previous guidance, driven by strong execution from our commercial group. Additionally, despite significant competitive dynamics across all products, pricing came in as anticipated. On operations, we realized $75 million of production cost improvements compared to Q4 2023, owing to consistent and reliable performance in the fourth quarter. As a result, Tronox delivered an Adjusted EBITDA of $129 million in the quarter, well within the previously guided range of $120-$135 million, and an Adjusted EBITDA margin of 19.1%. “Reflecting on the full year, I am proud of the work our team did to remain focused on the things we can control and influence. In 2024, we heightened our focus on safety and reduced our total recordable injuries by 23%. We enhanced our focus on operations, resulting in significant production cost improvements in the second half of 2024. We continued to execute on our capital allocation strategy, prioritizing investments in the business including replacing our mines reaching end of life. Additionally, we strengthened our balance sheet through opportunistic refinancing transactions and returned $80 million to shareholders in the form of dividends.”

The year 2024 was marked by significant advancements in the Company's strategy, including the acquisition of new businesses and the start-up of the new mill in Ribas do Rio Pardo and the conclusion of its learning curve as early as December, anticipating the initial nine-month forecast. Regarding the performance of the pulp business unit in the last quarter of the year, base prices in China fell by 15% until the end of November (vs. the 3Q24 average), but it has been stable after this period. The quarter was also marked once again by the significant appreciation of the average USD against the average BRL and the increase in sales volume, both factors offsetting the decline in the average net pulp price. The cash production cost (excluding the effect of scheduled maintenance downtime) was 7% lower than in 3Q24, also benefited from the gradual stabilization of production at the Ribas do Rio Pardo unit. Therefore, adjusted EBITDA from pulp remained stable compared to 3Q24 but increased 53% compared to 4Q23. In the paper business unit, adjusted EBITDA declined in 4Q24 vs. 3Q24 (-9%), but remained stable in relation to 4Q23, in which the Company concluded the acquisitions of the Pine Bluff and Waynesville units.

The North American forest products industry has a rich and storied history, and nowhere is it more evident than in Domtar’s combined 205 years of business. Our family tree took root in 1820, and it extends unbroken to today under the ownership of Indonesian businessman Jackson Wijaya. Much has changed over the two centuries that have passed since we began operations in Canada by exporting lumber to Great Britain, but what hasn’t changed throughout Domtar’s history is our relentless pursuit of excellence. To better understand where we came from and how we became a leading manufacturer of diversified forest products, read through this overview of Domtar’s history.

Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras: In 2024, we earned $632 million in adjusted EBITDA, a 17% margin, and generated $248 million of free cash flow. We returned $130 million in cash to shareowners, representing 52% of free cash flow, exceeding our 40% commitment. We have $82 million remaining on our $150 million share repurchase authorization from September 2023. Our board of directors also declared a first quarter dividend of $0.45 per share, which we paid Jan. 24th. Our strong cash flow and $60 million received from escrow allowed us to pay down $154 million in debt in 2024, ending the year with $591 million in net debt. Our structural cost reduction program, Project Horizon, made significant progress streamlining manufacturing, supply chain and overhead costs throughout 2024. Before inflation, we exceeded our $110 million year end run rate savings goal by $34 million, achieving $144 million in run rate savings. On Dec. 31, we mutually terminated a supply agreement for uncoated freesheet, bristols and specialty papers from International Paper’s Georgetown, South Carolina, mill.

The fourth quarter was shaped in part by the annual maintenance shutdowns at our two mills, which proceeded smoothly and as planned. Consequently, all three of our major investment projects are now up and running. The underlying performance showed improvement compared with the corresponding quarter of the previous year, despite the upward trend in raw material costs. Demand for chemical softwood pulp remains relatively stable in our key markets, with many customers increasing volumes, especially in our niche segments. We continue our structured approach to gradually developing Rottneros in line with our niche strategy, prioritizing safety, sustainability, and profitability. Production and deliveries for the Group declined compared with the same quarter last year, mainly as a result of the annual maintenance shutdowns carried out at both mills. In 2023, Rottneros Mill scheduled its maintenance shutdown in September. Excluding temporary items, primarily related to the sale of emission allowances, our underlying EBIT rose by approximately 20 MSEK, despite the negative effect of higher wood costs and maintenance shutdowns on comparability. Fixed costs totaled 240 MSEK, compared with 220 MSEK in the same quarter last year.

President and CEO Ilkka Hämälä: The year 2024 was exceptionally weak financially, with comparable operating profit falling to EUR 203 million. Demand in our main markets was subdued in all product groups, except for tissue and cooking papers and Kerto® LVL. At the beginning of the year, political strikes caused a loss of EUR 60 million. The effects of higher raw material and logistics costs could not be passed on to product prices, as demand was weak. Major development investments in recent years have significantly increased depreciation. The positive effects of new capacity on profits have not yet materialised in the sawmill, pulp and paperboard industries due to the start-up of production and weak demand.

We delivered robust financial performance in the fourth quarter and ended 2024 on a good note. During the fourth quarter, we recorded outstanding net sales growth of +20% driven by better-than-expected volume growth, enabling a solid adjusted EBITDA margin of 13%, up 5% pts vs year ago. Once again, our North American region recorded impressive results with 17% net sales growth and 19% EBITDA margin. I am also satisfied with our result in Region Europe which, despite softer market conditions, managed to grow the topline by 16% and achieve an EBITDA margin of 12%. 2024 was characterized by challenging and rapidly changing market conditions. It was nevertheless a year with significantly improved financial performance versus 2023. Our proactive actions, discipline and flexible approach with strong focus on items we can control have served us well. Our net sales grew by 5% through volume growth, mix and price management. We successfully limited the fixed cost increase below inflation and delivered another sizable contribution to the efficiency enhancement program.

Norske Skog has entered into agreement with Boyer Capital Pty Ltd, to sell the Boyer mill at an enterprise value of approximately NOK 190 million. The transaction is expected to be completed during the first quarter of 2025. “We are very pleased to conclude our orderly exit from Australasia with the divestment of the Boyer mill. The discussions with David Marriner and Boyer Capital have been ongoing for some time and we believe they represent the ideal owner to both continue the production of publication paper and develop the industrial site for future activities. Norske Skog will now focus fully on the successful ramp-up of containerboard production at the Golbey mill and completing the BCTMP study at the Saugbrugs mill”, said Geir Drangsland, CEO of Norske Skog.

Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Despite continued challenging global macroeconomic conditions and weak paper markets I am pleased that the group delivered Adjusted EBITDA of US$203 million, which was ahead of expectations and substantially above last year.” Year-on-year profitability improved across all segments, supported by cost-savings, operational efficiency gains, higher dissolving pulp (DP) selling prices and sales volumes combined with improved packaging and speciality papers sales volumes.

UPM Raflatac has acquired Metamark, a UK-based company to further accelerate its growth in Graphics business. UPM Raflatac’s existing Graphics business complemented with Metamark will strengthen UPM Raflatac’s overall competitiveness, bring major synergies and make UPM Raflatac a significant player in the fast-growing, high value-added Graphics segment. The Enterprise Value of the transaction is GBP 146 million (approx. EUR 175 million). Metamark, established in 1992 is a manufacturer and distributor of graphics solutions. Its product portfolio consists of high-quality self-adhesive colour films, print films for large format colour printing, laminates and wrapping films for various end-uses. The company employs approximately 185 people and has a manufacturing site in Lancaster, UK. The sales of the company is approximately GBP 65 million, and it has an EBITDA margin accretive to UPM Raflatac.

Our commitment to manufacturing safety is shared by every team member and every facility in our network. This shared commitment has led to a wide range of safety milestones and awards in 2024. Safety is, and will always be, our number one goal. “We need our employees to be constantly engaged in safe work practices,” says Richard Tremblay, president of our Pulp and Tissue Business Unit. “Ensuring safety at work is one way we care for one another and propels us to reaching our ultimate safety goal — zero injuries.” Luc Thériault, president of our Wood Products Business Unit, agrees. In a recent article, he said, “When you step back and look at the progress we’ve made in the area of safety over the past 15 to 20 years, it is truly impressive. … Our success is the result of a strong vision, unwavering determination, a refusal to compromise and the hard work of many people.” 

“We delivered strong results in 2024, achieving nineteen percent earnings growth,” said Deon Stander, president and CEO. “Both our Materials and Solutions Groups delivered strong top-and bottom-line results, with our industries recovering from downstream inventory destocking last year, once again demonstrating the strength of our overall franchise. “We remain well-positioned to continue our long track record of strong earnings growth in 2025, including accelerating growth in our high-value categories, which now account for almost half of our portfolio,” added Stander. “We are confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation in a range of geopolitical and macro scenarios."

Kimberly-Clark Corporation reported fourth quarter and full year 2024 results that illustrated the strength of its innovation-led growth model, driving volume gains, improving product mix, and generating significant efficiencies enabling reinvestment in its brands, new capabilities, and generating attractive returns to its shareholders. 2024 was a breakthrough year for Kimberly-Clark with the launch of our transformative, multi-year Powering Care strategy and successfully rewiring our organization into three powerhouse segments with world-class functional support," said Kimberly-Clark Chairman and CEO, Mike Hsu. "Our full-year results exceeded our new long-term growth algorithm - supported by consistent execution across the organization - and we established a strong foundation to accelerate our strategy in 2025 and beyond." "We delivered organic top-line growth with an upward inflection in volume-plus-mix. This, coupled with improved productivity, has driven strong adjusted profit growth and fueled investments to advance our competitive advantage." Hsu continued. "We're excited about this new chapter of Kimberly-Clark, and we look forward to building on our momentum and enhancing value for all stakeholders."

Mondi's NAUTILUS® ProCycle, a high-quality paper made from 100% post-consumer waste for demanding print applications, demonstrates that sustainability and excellence can go hand in hand. Mondi has expanded the NAUTILUS® ProCycle portfolio by including grammages between 100 and 300 g/m2 for folio and 100 and 120 g/m2 in reel format. The paper meets the highest ecological standards, which are reflected in relevant certifications such as Cradle to Cradle® Bronze, Blue Angel, FSC™ and EU Ecolabel. This enables companies to contribute to the circular economy, conserving natural resources and promoting sustainability. The high-quality recycled paper, produced in Austria, boasts an ISO brightness of 100% and a whiteness of 135% according to the specifications of the International Commission on Illumination (CIE). This makes the paper ideal for various print applications, including letterheads, envelopes, marketing brochures, company reports, advertising materials, invoices, quotations, and more. As a medium, it is perfect for conveying a consistent corporate brand image, making it particularly suitable for professional corporate identity projects.

Within the framework of its ESG strategy​, Lecta is committed to reducing overall waste generation, increasing levels of reuse and recycling, and achieving increasingly efficient production processes. In its strategic sustainability targets for 2030, Lecta has established key performance indicators (KPIs) that ensure a transparent assessment of its progress in this regard. Management of process waste is performed in collaboration with trusted partners, to ensure compliance with current regulations and sustainable disposal as well as maximize possibilities of reuse. The majority of Lecta's waste is specific to pulp and paper manufacturing and as such is included in the European list of non-hazardous waste. This includes sludge from wastewater treatment.

According to the report, total printing-writing paper shipments increased 3% in December compared to December 2023. U.S. purchases of total printing-writing papers increased 1% in November compared to the same month last year. Total printing-writing paper inventory levels remained essentially flat (+0.2%) when compared to November 2024. November year-to-date (YTD) total U.S. net imports grew 13% compared to the same period last year. UFS and CFS net imports increased by 17% and 60% YTD, respectively. MECH shipments however, increased by just 1% YTD.

Monadnock Paper Mills, Inc., the oldest continuously operating paper mill in the United States, proudly announces its achievement of Platinum status in the EcoVadis Corporate Social Responsibility (CSR) assessment. This distinction places Monadnock among the top 1% of over 90,000 companies assessed globally – underscoring its legacy of sustainability and leadership in responsible craftsmanship. EcoVadis, a trusted independent global provider of business sustainability ratings, evaluates companies across four key areas: environment, labor and human rights, ethics, and sustainable procurement. Monadnock’s exceptional score of 83/100 reflects its dedication to sustainability, from carbon-neutral manufacturing powered by 100% renewable wind energy to responsible fiber sourcing certified by the Forest Stewardship Council® (FSC® C018866). “Our journey to a Platinum rating was driven by a company-wide unwavering commitment to meaningful action,” said Richard G. Verney, Chairman and CEO of Monadnock Paper Mills. “This achievement reflects the hard work of our employees and partners, whose dedication made this significant accomplishment possible.”

UPM Raflatac, a global supplier of self-adhesive paper and film products, reports that all manufacturing of their Direct Thermal laminate products in North America will no longer rely on Bisphenol-A (BPA) and Bisphenol-S (BPS) direct thermal developers. Linked to environmental and health concerns, Bisphenol compounds BPA and BPS are commonly known as developers in the reactive layers of certain direct thermal products, including those used in manufacturing pressure-sensitive label stock. UPM Raflatac collaborates closely with raw material suppliers to ensure that these substances are not intentionally added to its direct thermal products or used in the raw materials for its direct thermal face sheets.

UPM Raflatac is excited to announce the launch of its new swatchbooks for wine, spirits, beverage and premium labeling. The swatchbooks, available in a compact and larger-scale format in the EMEIA market, allow printers, brands and designers to assess the texture, color and esthetics of a wide portfolio of high-quality label materials. “Swatchbooks are essential tools for printers and designers, providing both a visual and tactile feel of label materials. Our goal was to present our solutions in a way which is both user-friendly and uniquely inspirational for the target market,” describes Stefano Pistoni, Senior Manager, Business Growth, Wine and Spirits Label Solutions, UPM Raflatac.

International technology group ANDRITZ supplied and recently commissioned two new refining and cottonizing lines for Van Robaeys, France. With the new lines, Van Robaeys is responding to the growing demand from the French market for cottonized and high-quality textile fibers from natural sources. Europe is the world’s largest producer of flax fibers, showing a 133% increase in flax cultivation areas between 2010 and 2020. The ANDRITZ teXline bast fiber lines can process up to 800 kg/h of fiber and use state-of-the-art equipment to ensure a high degree of flexibility throughout the fiber processing operations.

Mativ Holdings (Mativ), manufacturer of Argotec interlayer films for high-performance glazing, and Chasm Advanced Materials, Inc. (CHASM) have announced an exclusive licensing agreement. CHASM’s AgeNT® Silver Nanowire (AgNW) and Carbon Nanotube (CNT) hybrid performance film technology will be licensed to Mativ for transparent heating solutions in advanced glass and window applications across architectural, military, and transportation segments. This licensing agreement marks another milestone in the long-standing collaboration between Mativ and CHASM, aiming to accelerate the commercialization of a portfolio of AgeNT® Express films.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the appointment of Steve Payne and Anthony Shelmerdine as its Product Specialists in the UK and Ireland with immediate effect. The customer-focused and knowledge-led Product Specialist position highlights Drytac’s commitment to delivering exceptional service and expertise. Drytac Product Specialists will work closely with Drytac’s exclusive UK stockist and partner Premier to promote Drytac’s suite of products through dynamic presentations and expert training sessions. Other key responsibilities will include business development and growth, account prospecting and support, customer relationship management, and working closely with customers to recommend product solutions tailored to specific needs and applications.

UPM Raflatac is pleased to announce a new partnership with Highlands to boost the sales of UPM Raflatac Office Products in the United Kingdom. Highlands will support the growth ambitions for UPM Raflatac’s sticky notes business under the brands inFO Notes and UPM Notes. “The UK market offers great potential for our sticky notes business. We are excited to partner with a well-connected and experienced organization like Highlands to drive growth from these market opportunities,” states Ville Pollari, Director, Industrials & Office Products, UPM Raflatac. UPM Raflatac is one of the world’s largest sticky notes manufacturers with nearly 30 years of experience in the business. The company offers a broad range of products, such as sticky notes, cubes and page markers under the brand inFO Notes and a growing range of plastic-free sticky notes under the brand UPM Notes.

Irving Forest Products, which owns and operates wood processing facilities in Maine and New York State, will acquire the Masardis Sawmill in Masardis, Maine. The sale will close January 5, 2025. Previously owned by Groupe Lebel, the Masardis operation has a long history of producing random-length spruce and fir lumber. It currently employs 80 people and has the capacity to produce 115 million board feet annually. The sawmill is located within close proximity to Irving’s 1.3 million acres of timberlands in Maine. “We are excited to grow our lumber production capacity in the state of Maine,” said Jerome Pelletier, VP of Irving Forest Products. “The Masardis mill is well-located to access high-quality timber. It is also serviced by the Maine Northern Railway and benefits from having a team of highly skilled and dedicated employees who have worked together for decades to ensure the success of their operation.”

Twin Rivers Paper Company announced the promotion of Tyler Rajeski as Chief Executive Officer, effective February 1, 2025. Tyler succeeds Debabrata Mukherjee, who will continue his service to Twin Rivers as Chairman of the Board. Tyler joined Twin Rivers Paper in April 2022 as Vice President of Finance and was named Chief Financial Officer in August 2022, leading the company’s finance, accounting, treasury and tax functions. In April 2023, he was named President in addition to his role as Chief Financial Officer. Previously, Tyler held Associate and Senior Associate positions with Atlas Holdings (“Atlas”), which acquired Twin Rivers in 2013. Tyler completed GE’s Financial Management Program and holds a degree in finance from Siena College.

Statkraft and Norske Skog Skogn have entered into a 3-year industrial power agreement for the supply of approximately 1 TWh (40 MW) during the period 2027–2029 to the company's paper mill in Skogn (Norway). Together with previous contracts, the agreement secures a significant portion of the mill's power supply at competitive terms through 2030. "We are very pleased with this agreement, which will provide the Skogn mill with a stable and substantial power supply at predictable prices going forward. In Central-Norway, power prices are advantageous compared to Southern Norway. The agreement helps secure jobs and the competitiveness of Skogn while also being important for the forestry industry in the region," says Geir Drangsland, CEO of Norske Skog and Chairman of Norske Skog Skogn AS.

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.