The investment in new bleaching technology will increase the capacity of the mill and support Stora Enso’s ambitious climate targets. In addition, it will improve operational performance, enhance the overall efficiency of mill maintenance and thus reduce the site’s carbon footprint. Delivery is on EPC basis and includes the installation of two COMPACT PRESS wash presses, a new reactor, an effluent fiber filter, and MC equipment – all from ANDRITZ. The COMPACT PRESS wash press is characterized by its small footprint and high availability, including extremely good washing efficiency, thus ensuring high-quality production and highest pulp cleanliness. For added sustainability and circularity, the mill will reuse the Stora Enso Oulu mill’s bleaching reactor (also supplied by ANDRITZ) and some of the mixers there.

UPM Raflatac and the Finnish Paperworker’s Union signed a business specific collective labour agreement on April 22, 2022. As a result, the Paperworker’s Union’s strike at the Tampere factory in Finland ended on the same day and employees returned to work on April 25. The production ramp-up has proceeded as planned. Production volumes reached normal levels during the first week after the strike. “We are pleased that a new business-specific agreement is now reached with the Finnish Paperworkers’ Union, enabling us to better serve our customers in the future. The agreement allows for additional production flexibility at our Tampere factory and gives us the ability to better respond to demand peaks. Increased capacity utilization also opens future opportunities for employment,” says Antti Jääskeläinen, Executive Vice President, UPM Raflatac.

UPM Biochemicals and KRAHN Chemie Deutschland GmbH signed an exclusive distribution agreement to market UPM BioMotionTM Renewable Functional Fillers (RFF) in Germany, Austria and Switzerland. RFF are a completely new category of functional fillers, replacing fossil-based carbon black and precipitated silica. The distribution agreement covers UPM BioMotion™ X10, X20 and X40 product grades to be used in plastics, adhesives and sealants as well as paints and coatings. UPM BioMotion™ Renewable Functional Fillers (RFF) have a significantly lower CO2 footprint compared to traditional, oil-based products. They enable companies to respond to drastically changing market conditions, increasing consumer demands for advanced product sustainability and to make a tangible contribution to achieving the 2050 climate targets.

Interfor Corporation announced that its wholly owned subsidiary, Interfor East Ltd. , has acquired a total of 28,684,433 common shares in the capital of GreenFirst Forest Products Inc. (“GreenFirst”) from Rayonier A.M. Canada G.P., which represents approximately 16.2% of GreenFirst’s issued and outstanding common shares. The total cash consideration was approximately C$56 million, or C$1.94 per share, and certain price protection provisions will apply in limited circumstances during a defined period following the transaction. This acquisition was made for investment purposes and builds upon, and is complementary to, Interfor’s recent expansion into Eastern Canada through the acquisition of EACOM Timber Corporation in February 2022.

Rayonier Advanced Materials Inc. announced that it has sold 28,684,433 common shares of GreenFirst Forest Products Inc. to a wholly-owned subsidiary of Interfor Corporation for approximately $43.3 million. The agreement contains a Purchase Price Protection clause whereby the Company is entitled to participate in further stock price appreciation under certain circumstances and for a specified period. Consistent with prior communications, the Company expects to use cash proceeds from this transaction to opportunistically repay debt or assist with a holistic refinancing of its capital structure, including its Senior Notes due on June 1, 2024.

Overview • Q1 2022 reported operating income of $742 million driven by strong lumber segment results with near record-high North American lumber pricing and strong earnings for the Company’s European lumber operations • Shareholder net income of $534 million, or $4.29 per share • Completed acquisition of Millar Western Forest Products Ltd.’s (“Millar Western”) solid wood operations and associated tenure for $440 million, including net working capital • Announced $165 million (US$130 million) investment in the US South to significantly upgrade and expand Urbana’s sawmill and planer facility • Announced the implementation of a comprehensive plan to achieve net-zero carbon emissions by 2050

• Q1 2022 reported operating loss of $26 million; net loss of $20 million, or $0.31 per share • Notable uptick in global US-dollar pulp list prices in Q1; ongoing global supply chain challenges resulting in majority of price gains being realized in Q2 and Q3 • Lower furnace rebuild of recovery boiler number one (“RB1”) completed mid-April; focused on optimizing production performance going-forward • Together with Canfor Corporation, announced the implementation of a comprehensive plan to achieve net-zero carbon emissions by 2050 • Available liquidity of $111 million at March 31, 2022

FIRST QUARTER HIGHLIGHTS *Delivered strong performance due to continued strength in the paperboard business and improvements in tissue *Higher pricing in both businesses helping to offset inflation *Net sales of $488 million, up 15% compared to the first quarter of last year *Net income of $17 million, or $0.97 per diluted share *Reduced net debt by $31 million in the quarter

Mercer International Inc. reported first quarter 2022 Operating EBITDA increased to a $154.5 million from $82.0 million in the first quarter of 2021 and decreased from $164.9 million in the fourth quarter of 2021. In the first quarter of 2022, net income was $88.9 million (or $1.35 per basic share and $1.34 per diluted share) compared to $5.9 million (or $0.09 per share) in the first quarter of 2021 and net income of $74.5 million (or $1.13 per basic share and $1.12 per diluted share) in the fourth quarter of 2021.

*Order intake amounted to 2,588.6 million euros (MEUR) and was thus 49.7% higher than in the previous year’s reference period (Q1 2021: 1,729.5 MEUR). In particular, the Pulp & Paper and Hydro business areas were able to increase order intake significantly compared to the reference period of the previous year. *The order backlog as of March 31, 2022, reached a record level at 9,435.1 MEUR and has thus risen significantly once again compared to the end of 2021 (December 31, 2021: 8,165.8 MEUR). *Revenue at 1,526.9 MEUR were 2.3% higher than in the previous year’s reference period (Q1 2021: 1,493.2 MEUR). This rise is largely attributable to the Metals and Separation business areas. *The operating result increased more than revenue, reaching 122.3 MEUR (+10.3% compared to Q1 2021: 110.9 MEUR). As a result, the Group’s profitability (EBITA margin) increased significantly to 8.0% (Q1 2021: 7.4%). This is mainly due to continuing good business development in the Pulp & Paper business area and the substantial earnings improvements achieved by the Metals and Hydro business areas. *Net income increased to 71.5 MEUR (Q1 2021: 62.1 MEUR).

Stora Enso will invest EUR 10 million at its Enocell pulp mill in Finland to replace fossil-based heavy fuel oil with renewable pitch oil. This will reduce the environmental impact of the operations and help in reaching the ambitious target for reducing greenhouse gas emissions. Currently, the main energy sources for Enocell pulp mill are renewable black liquor, bark, and saw dust powder, but fossil-based heavy fuel oil is needed when the pulp mill is started up after maintenance stops or production disturbances. By replacing heavy fuel oil with pitch oil that is made from trees, Enocell pulp mill aims at becoming a site running 100% on bio-energy and, thus, reduce its fossil CO2 emissions by almost 70 000 tonnes annually, which is approximately 50% of Biomaterials division’s fossil CO2 emissions, and a significant contribution to achieving Stora Enso’s climate targets.

Q1/2022 (year-on-year) • Sales increased by 23% to EUR 2,798 (2,276) million. • Operational EBIT increased by 53% to EUR 503 (328) million. • Operational EBIT margin increased to 18.0% (14.4%). • Operating profit (IFRS) increased to EUR 394 (161) million. • Strong cash flow from operations amounted to EUR 403 (185) million. Cash flow after investing activities was EUR 224 (-9) million. • The net debt to operational EBITDA ratio improved to 1.1 (2.3). The target is to keep the ratio below 2.0. • Operational ROCE excluding the Forest division almost doubled to 23.6% (12.0%), the target being >13%.

JANUARY–MARCH 2022 (1–3/2021) *Sales were EUR 1,594 million (1,400). *Operating result was EUR 341 million (136). Comparable operating result was EUR 244 million (174). *Result before taxes was EUR 330 million (121). Comparable result before taxes was EUR 232 million (160). *Comparable return on capital employed was 15.8% (12.6). *Net cash flow from operations was EUR 135 million (95).

*Operating profit for January–March 2022 was SEK 1 883 million (January–March 2021: 849). Operating profit includes net SEK +266 million related to the damaged turbine at Workington, which is being treated as an item affecting comparability. Excluding the item affecting comparability, operating profit increased by SEK 768 million to SEK 1 617 million because of higher selling prices for paper and wood products. *Compared with the fourth quarter, operating profit excluding the item affecting comparability increased by SEK 432 million, mainly due to price increases for paper and increased deliveries of wood products. Profit for the fourth quarter included just over SEK +200 million from the sale of a British forest property. *Profit after tax for January–March amounted to SEK 1 483 million (675), which corresponds to earnings per share of SEK 9.2 (4.2).

Norske Skog’s EBITDA in the first quarter of 2022 was NOK 610 million, an increase from NOK 422 million in the fourth quarter of 2021. Sales prices for all grades increased in the quarter as a consequence of unprecedented high energy costs in Europe and a tightened publication paper market situation. The European mills operated at full capacity during the quarter. The pellets facility Nature’s Flame was sold at a gain of NOK 175 million in the quarter. Cash flow from operations was NOK 196 million in the quarter compared to NOK 317 million in the previous quarter, positively impacted by the improved operating margins, but negatively impacted by change in working capital, being mainly an increase in trade and other receivables. Operating earnings in the first quarter of 2022 were NOK 593 million compared to operating earnings in the fourth quarter of 2021 of NOK 479 million. Net profit in the quarter was NOK 583 million compared to a net profit of NOK 400 million in the previous quarter. Net interest-bearing debt was NOK 924 million at the end of the first quarter, with an equity ratio of 37%.

First Quarter 2022 Financial Highlights: *Produced revenue of $965 million, an increase of 8% compared to the prior year, primarily driven by higher revenue from TiO2 and pig iron *Generated income from operations of $69 million and net income of $16 million, inclusive of a one-time fee regarding the settlement agreement reached with Venator totaling $85 million including the break fee and related negotiated interest *Achieved GAAP diluted EPS of $0.10; adjusted diluted EPS of $0.60 (non-GAAP) primarily due to the settlement *Invested $103 million in capital expenditures and generated free cash flow of $86 million

Ahlstrom-Munksjö reinforces its commitment to the PSA (Pressure Sensitive Adhesive) industry worldwide by launching its biggest-ever global range of sustainable release papers for silicone coating. The expanded and harmonized range contains three main product families, and offers release papers based on sustainable, renewable fibers, spreading from 41 g/m2 up to 215 g/m2. Products feature various technologies and finishes to match any release liner application, even the most demanding and specified one. The ACTI-V® product family includes supercalendered Glassine release papers based on proprietary technology, ensuring the highest efficiency and reliability in silicone coating. ACTI-V® Industrial products, suitable for double side silicone coating, feature ideal dimensional stability for highly technical release liner applications.

Sappi, a leading producer and supplier of diversified paper, packaging products and dissolving pulp, today launched Arrio, a decorative laminate surface solution that delivers remarkable aesthetics, premium haptics and scratch and fingerprint resistance for high-wear surfaces. By designing Arrio to serve the unmet needs of customers, Sappi will now become the only company that provides high-fidelity, 100% replicated textured finished surfaces available in flat, then expanding to include a 3D texture library over time. With its durable acrylic surface, Arrio provides extraordinarily detailed, realistic finished surfaces that will eventually support multiple textures and décor colors, gloss effects, varying depths and visible contrast. Sappi’s high-precision manufacturing process generates the exact same surface finish over time without variation or loss of definition. Arrio, which offers a superior surface to conventional melamine in aesthetics and performance, is a perfect solution for decorative and functional surfaces on furniture, work surfaces, kitchen cabinetry and more.

Sylvamo's board of directors unanimously adopted a limited-duration shareholder rights plan to protect the interests of all shareholders. The rights plan is effective immediately. The board adopted the plan after Atlas Holdings confirmed it entered into a block trade that would give Atlas nearly 14% of Sylvamo's outstanding shares and informed Sylvamo it also holds an unspecified amount of derivatives on Sylvamo shares. Sylvamo's leaders maintain open dialogue with Sylvamo's investors, including Atlas, and plan to continue these conversations. Sylvamo recognizes Atlas' extensive experience in the paper industry.

Q1 highlights • Sales increased by 12% to EUR 2,507 million (2,234 million in Q1 2021) • Comparable EBIT was in line with last year at EUR 277 million, 11.0% of sales (279 million, 12.5%) • Operating cash flow was EUR 12 million (217 million) • Net debt increased to EUR 837 million (83 million) and net debt to EBITDA ratio was 0.46 (0.06) • Sales prices increased in all business areas and more than offset the negative impact of higher variable costs • Transformative growth projects in Uruguay and in Germany proceed well, investment estimate updated for the Leuna biorefinery

First Quarter 2022 Results by Segment: Label and Graphic Materials - Reported sales increased 8% to $1.5 billion. Sales were up 12% ex. currency and 12% on an organic basis Reported operating margin decreased 240 basis points to 14.0%. Retail Branding and Information Solutions - Reported sales increased 41% to $679 million. Sales were up 43% ex. currency and 20% on an organic basis, reflecting strong growth in both the high value product categories and the base business. Reported operating margin increased 90 basis points to 13.3%. Industrial and Healthcare Materials - Reported sales decreased 1% to $190 million. Sales were up 1% ex. currency and 1% on an organic basis, reflecting a low-single digit decrease in industrial categories and a low-double digits increase in healthcare categories. Reported operating margin decreased 410 basis points to 8.2%.

Total European shipments of graphic papers in February 2022 were down 6.2% vs. February 2021 and are down 5.0% year-to-date. Total European shipments of newsprint in February 2022 were down 2.9% vs. February 2021 and are down 2.0% year-to-date. Total European shipments of sc-magazine in February 2022 were down 11.7% vs. February 2021 and are down 4.2% year-to-date. Total European shipments of coated mechanical reels in February 2022 were down 15.0% vs. February 2021 and are down 13.9% year-to-date. Total European shipments of uncoated mechanical (improved & others) in February 2022 were down 10.1% vs. February 2021 and are down 6.8% year-to-date. Total European shipments of coated woodfree in February 2022 were UP 6.7% vs. February 2021 and are UP 8.0% year-to-date. Total European shipments of uncoated woodfree in February 2022 were down 7.5% vs. February 2021 and are down 9.4% year-to-date.

GreenFirst Forest Products Inc. is pleased to announce that the Government of Ontario has announced that it is prepared to offer a loan of up to $17.2M (the “Loan Facility”) to support the Company’s plan to relocate and redevelop the Kenora sawmill over the next 3.5 years. Completion of the Loan Facility is subject to due diligence and negotiation of binding agreements. If completed, the Company would be able to draw down on the Loan Facility to cover 20% of its eligible project expenditures provided that the Company meets certain performance parameters including but not limited to job-creation targets and other project milestones. This strategic relocation would open the necessary expansion opportunities to ensure the mill is viable and sustainable.

Canfor Corporation is pleased to announce it will invest approximately $130 million USD to significantly upgrade and expand its sawmill and planer facility located in Urbana in Union County, Arkansas. The investment will capitalize on the abundant supply of high-quality fiber to enhance the manufacturing of high-value products, increase annual production at the facility by 115 million board feet, and result in a meaningful reduction in the facility’s cost structure. The investment aligns with Canfor’s growth and diversification strategy to keep pace with growing customer demand. “We are excited to be investing in our Urbana facility with state-of-the-art technology to modernize the work environment for our valued employees and significantly increase our ability to produce sustainable wood products that will meet the growing needs of our customers,” said Don Kayne, President and CEO, Canfor.

First Quarter 2022 Operating Results: Sales of $5.1 billion in the first quarter of 2022 increased 7 percent compared to the year-ago period. Changes in foreign currency exchange rates reduced sales 2 percent. Organic sales increased 10 percent as net selling prices rose 6 percent, volumes grew 2 percent and product mix increased sales 2 points. In North America, organic sales increased 13 percent in consumer products and increased 5 percent in K-C Professional. Outside North America, organic sales rose 10 percent in developing and emerging (D&E) markets and 8 percent in developed markets. First quarter operating profit was $693 million in 2022 and $770 million in 2021. Results in 2022 include the net benefit of the acquisition of a controlling interest of Thinx and 2021 results include charges related to the 2018 Global Restructuring Program.

Stora Enso has entered into an agreement to divest its two sawmills in Russia. The Company’s Nebolchi and Impilahti sawmills will be divested to local management. In addition, the divestment includes Stora Enso’s Russian forest operation which through its harvesting supplies wood to the sawmills. Stora Enso’s assessment is that due to the uncertainties in the Russian market, local ownership and operation can provide a more sustainable long-term solution for these business operations and the employees working there. The transaction is, pending necessary approvals, expected to be concluded within Q2 2022 and will have no material impact on Stora Enso’s annual sales and Operational EBIT. Due to decreased business prospects on these businesses, an impairment loss of EUR 70 million has been recorded in the first quarter result. The additional loss on the transaction under IFRS will be approximately EUR 60 million, consisting mainly of currency translation adjustments to be recorded at the closing date. The expenses are considered as items affecting comparability.

UPM and the Paperworkers’ Union have agreed on first-ever business-specific collective labour agreements for five UPM businesses. The strike at UPM mills in Finland will end immediately and employees will return to work. The strike covered UPM Pulp, UPM Communication Papers, UPM Specialty Papers, UPM Raflatac and UPM Biofuels units in Finland. UPM will restart customer deliveries as soon as possible. The conciliator submitted settlement proposals for separate collective labour agreements for UPM Pulp, UPM Communication Papers, UPM Specialty Papers, UPM Raflatac ja UPM Biofuels yesterday, and both parties approved them on April 22, 2022.

UPM and the Paperworkers’ Union have not been able to come to new collective labour agreements. Today, the union turned down four settlement proposals submitted by the conciliator. The exceptionally long strike at UPM Pulp, UPM Communication Papers, UPM Specialty Papers, UPM Raflatac and UPM Biofuels units in Finland continues. “We are deeply disappointed in the decision of the union and in the continuation of the strike that has already lasted 3,5 months. UPM has been negotiating with an earnest mind and made several compromises. We also accepted the conciliation proposals. Modernising the agreement stemming from 1940’s would be important both for the employees and the company,” says Jyrki Hollmén, Vice President, Labour Markets at UPM. “It is very disappointing that after intensive negotiations, no business was able to reach a conclusion. Petri Vanhala, chairman of the Paperworkers’ Union, confirmed in the mediation of all businesses that each business can be agreed separately. The mediation found settlement proposals for four businesses that took the needs and wishes of both parties into account. We were confident that both parties undertook to accept these settlement proposals and industrial peace would resume. Now that the union has turned down the once drafted proposals, our businesses will make a fresh start," Hollmén continues.

Conciliator Leo Suomaa has submitted a proposal for UPM Biofuels in the collective labour negotiations with the Paperworkers’ Union. The conciliator has asked the parties to state their position on the proposal by 14 April 2022 at 10:00 EEST, which is also the deadline for the settlement proposals for UPM Pulp, UPM Specialty Papers and UPM Raflatac, given earlier by the conciliator. The conciliation for UPM Communication Papers was interrupted last weekend. "Settlement proposals have now been given to four out of five UPM businesses aiming at collective labour agreements. More than half of UPM’s employees affiliated with the Paperworkers’ Union are now covered by settlement proposals", says Jyrki Hollmén, Vice President, Labour Markets at UPM.

Conciliator Leo Suomaa has submitted proposals for UPM Specialty Papers and UPM Raflatac in the collective labour negotiations with the Paperworkers’ Union. The conciliator has asked the parties to state their position on the proposals by 14 April 2022 at 10:00 EEST, which is also the deadline for the settlement proposal for UPM Pulp, given earlier by the conciliator. In the meanwhile, conciliation will continue between the Union and UPM Biofuels. The conciliation for UPM Communication Papers was interrupted last weekend, and no further meetings have been agreed. "I am pleased that the negotiations have reached a point where conciliation settlements are presented. I hope agreements will be reached soon, and we get to start the mills", says Riitta Savonlahti, Executive Vice President, Human Resources at UPM.

The new product Blue4est® Pro of the Thermal Paper division is a paper-based label material that is also known as facestock. It is being used for the new generation of environmentally friendly labels because it is produced without chemical developers. This means that it can be disposed of as wastepaper and is also approved for direct contact with food. As with the Blue4est® POS till receipt, the Blue4est® Pro self-adhesive label can be instantly recognized by consumers as environmentally friendly by its blue color. The partnership between Koehler Paper and HERMA has given rise to the world’s first, and as yet only, thermal adhesive material without chemical developers. This is yet another example of outstanding development work by the Koehler Innovation & Technology division of the Koehler Group at the headquarters in Oberkirch, Germany.

The conciliator has announced that the conciliation between UPM Communication Papers and Paperworkers’ Union has been interrupted, as the parties’ views are still far apart. At the same time, the conciliator announced that the conciliation in UPM Specialty Papers, UPM Raflatac and UPM Biofuels continues. For UPM Pulp the conciliator has already submitted a settlement proposal. Unlike before, the Paperworkers’ Union is now ready to finalise agreements for UPM’s different businesses non-simultaneously. This means that UPM Specialty Papers, UPM Raflatac, and UPM Biofuels prepare to find solutions on the same schedule as UPM Pulp, which is expected to state its position on the settlement proposal by April 14, 2022. Next meetings between UPM Communication Papers and the Paperworkers’ Union have not been scheduled.

BillerudKorsnäs’ Annual and Sustainability report for 2021 is from today available on the company’s website at: https://www.billerudkorsnas.com/globalassets/cision/documents/2022/20220408-billerudkorsnas-annual-and-sustainability-report-2021-en-0-4233775.pdf

Initially announced in January 2020, Ahlstrom-Munksjö has completed its investment and started production for additional capacity in both filtration and energy storage materials at its plant in Turin, Italy. By successfully expanding manufacturing facilities, Ahlstrom-Munksjö is making a strong commitment to customers in both the High-Performance Filtration and Energy Storage markets. The new machine at the Turin plant is a state-of-the-art line specifically designed to produce glass microfiber media. The line will serve applications where glass microfiber media is required, supporting Ahlstrom-Munksjö’s growth initiatives in industrial filtration as well as in Absorbed Glass Matt (AGM), a key component in Lead Acid Batteries. In addition, the new line will also be able to deliver online saturated filter media, supporting the increasing global demand for filtration media.

Frank Shaffer has joined Monadnock Paper Mills, Inc. as Technical Services Manager. In this newly developed role, Frank will act as liaison between Monadnock and its vendors and customers relative to new product development, quality, sales and marketing. Prior to joining Monadnock, Frank was with Hub Folding Box, Mansfield, MA, for the past six years. Prior to that he held positions with Timbar Packaging & Display, and Two C Pack Systems. Frank also founded Souhegan Color, Inc. which merged with Eastern Rainbow in 1999. He has a strong background in commercial print operations, secondary packaging, and media. He is a graduate of the Rochester Institute of Technology with a BS degree in Printing Technology. “I’m pleased to welcome Frank to our team,” said Dr. Rajan Iyer, Vice President of Research & Development and Technical Services at Monadnock. “His extensive background in print platforms, post-press converting, and product development raises the level of consultative service we can provide to our customers.”

Pixelle Specialty Solutions Holding LLC announced that it has signed a definitive agreement to be acquired by an affiliate of H.I.G. Capital. Terms of the transaction were not disclosed. Pixelle was formed in 2018 by Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Pixelle has built an industry-leading four-mill specialty paper platform with mills in Chillicothe, OH; Jay, ME; Spring Grove, PA; and Stevens Point, WI. Collectively the mills operate 11 paper machines and produce more than one million tons of paper annually. Timothy Hess, Pixelle’s Chief Executive Officer, said, “Together with Lindsay Goldberg, Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets. In under four years, we have transformed Pixelle into the leading specialty-focused paper producer in North America through three strategic acquisitions and successful implementation of a continuous improvement program. We thank Lindsay Goldberg for their partnership and look forward to our next chapter with H.I.G. Capital.”

GreenFirst Forest Products Inc. is pleased to announce plans to restart the second paper machine at its Kapuskasing Paper Mill. GreenFirst has received over $1.2 million from the Skills Development Fund of the Government of Ontario, Ministry of Labour, Training and Skills Development to support the recruiting, hiring, and training of more than 45 new employees. On August 28, 2021, GreenFirst acquired the Kapuskasing Paper Mill from Rayonier Advanced Materials, which was only operating one paper machine at the time. GreenFirst will begin to restart the second paper machine in May, thereby increasing direct employment to almost 300 jobs in Kapuskasing and surrounding areas, these positions welcome youth, women and Indigenous applicants. The restart will occur in multiple phases starting in May, with the goal of full production (7 days – 24 hours operation) by October 2022.

The A62 paper machine at our Ashdown Mill is once again fully operational thanks to excellent planning and foresight by our commercial paper team, along with outstanding dedication and agility from our manufacturing production team. The strategic initiative to restart the previously idled machine, as well as a sheeter to convert the rolls into cartons of copy paper, is helping us maintain our leadership position in the North American uncoated freesheet paper market and deliver the service and quality our customers expect.

The Paperworkers’ Union announced that the strike at most UPM’s Finnish mills will continue until 30 April 2022, unless new collective labour agreements are reached before that. Yet another extension of two weeks to the strike comes at a moment when negotiations between the union and UPM businesses continue intensively, and the conciliator has submitted a settlement proposal in the negotiations between UPM Pulp and the union. The parties must state their position on the proposal by 14 April. "Drafting of business specific collective agreements, led by the conciliator, has continued intensively during the past weeks. There is already a settlement proposal for UPM Pulp. Now it is important to focus on solving the open questions in the remaining UPM businesses", says Jyrki Hollmén, Vice President, Labour markets, UPM.

GreenFirst Forest Products Inc. welcomed Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry to the Paper Mill in Kapuskasing to announce that the Ontario government is providing $400,000 through the Northern Ontario Heritage Fund Corporation (NOHFC) to support and strengthen the forestry sector in Northern Ontario. Funds will go towards the restart of the curtailed paper machine that would allow GreenFirst to reposition the operation towards further growth while adding 45+ new jobs at the Kapuskasing Paper Mill.

Canfor Corporation announced that it will implement reduced operating schedules at its Western Canadian sawmills effective April 4, 2022 due to the cumulative effects of the unprecedented global supply chain crisis that has been ongoing for several months. The reduced operating schedules will remain in effect for a minimum of four weeks and the Company will continue to assess and make adjustments to operating schedules as supply chain conditions evolve. “We are experiencing extreme supply chain challenges that are significantly impacting our operations and it has become imperative to reduce operating schedules to address our unsustainable inventory levels. We regret the impact that the reduced operating schedules will have on our employees, contractors and communities and we will make efforts to mitigate the negative effects,” said Don Kayne, President and CEO, Canfor. “We will continue to leverage our global operating platform to minimize disruptions in supply to our customers.” It is anticipated that the reduced operating schedules will impact production capacity by a minimum of 100 million board feet.

Canfor Pulp Products Inc.is announcing a minimum six-week extension of the curtailment of BCTMP production at Taylor Pulp due to the ongoing transportation shortages that have resulted in continued high finished product inventories at the pulp mill. “Unfortunately, the ongoing rail transportation situation has not improved, and we have no choice but to extend the current production curtailment,” said Kevin Anderson, VP Operations, Canfor Pulp. “We are very disappointed in the ongoing impact this is having on our employees, their families and the community.” The curtailment extension will further reduce the production of BCTMP by at least 25,000 tonnes.

WestRock Company announced Alpa Sutaria has joined the Company as senior vice president, Strategy and Sustainability. In her role, Sutaria will lead WestRock’s enterprise strategy development work as well as partner with business leaders to drive company-wide strategic initiatives. She will also be responsible for strengthening WestRock’s position as a leader in sustainability Alpa comes to WestRock from the Coca-Cola Company, where she most recently served as vice president and general manager of Sustainability, North America, responsible for embedding sustainability into the company's overall business strategy. She led efforts to advance the company’s sustainability objectives, including efforts to reduce packaging waste, increase water sustainability and improve the company’s carbon footprint. Throughout her tenure at Coca-Cola, Alpa held a variety of Strategy, Marketing, and Finance leadership roles. Additional experience includes a strategy and operations role at Deloitte where she led a broad range of complex projects from concept through execution.

Verso Corporation announced it has received necessary approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin to complete its previously announced merger with BillerudKorsnäs AB ("BillerudKorsnäs"). Verso has now received all regulatory approvals necessary to complete the merger. The transaction is expected to close on March 31, 2022.

UPM Raflatac’s innovative Vanish PCR plastic labeling materials for the U.S. market have again been independently certified by SCS Global Services as featuring at least 90 percent post-consumer recycled content (PCR) in both the face and liner. The UPM Raflatac Vanish™ PCR range of clear PET films label materials enables brands to maximize eye-catching visuals with more sustainable labels that support the circular economy. Ideal for food, beverage, or personal care end-uses, these thin yet robust products use less raw material compared to other standard clear-on-clear products. Vanish PCR is the only clear-on-clear labeling solution on the market that incorporates recycled content, featuring PET face and liners made from 90 percent post-consumer recycled content. The recycled content in all of the UPM Raflatac 1.2 mil and 0.92 mil face and liner label materials have been verified in accordance with SCS Global Services’ Recycled Content Standard.

Stora Enso has initiated a sales process for a possible divestment of four paper production sites. In line with Stora Enso’s strategy, paper is not a strategic growth area for the Group. The divestment intent is aligned with the Group’s strategy to focus on long-term growth potential for its renewable products in packaging, building solutions and biomaterials innovations. Stora Enso’s paper production sites intended for divestment are: Anjala in Finland, Hylte and Nymölla in Sweden, and Maxau in Germany. The assets are high-quality sites for paper and pulp production with strong infrastructure, and skilled and experienced staff.

After two consecutive years achieving a Gold Level evaluation status, Solenis has earned the Platinum Recognition Level for Corporate Social Responsibility (CSR) performance by EcoVadis, a collaborative platform providing sustainability ratings and performance improvement tools for global supply chains. “We are extremely delighted that Solenis has been able to demonstrate its commitment to sustainability and in return was awarded the Platinum status, EcoVadis’ highest possible rating,” said Dr. Daniel Grell, Chief Safety, Regulatory and Quality Officer at Solenis. “Building further on our internal emphasis on people, performance and continuous improvement in the area of sustainability, we were able to continue this rewarding journey. As a result, we improved our overall score from last year by more than 15 percent!”

Schweitzer-Mauduit International, Inc. and Neenah, Inc., two leading global manufacturers of specialty materials, announced that they have entered into a definitive agreement to combine in an all-stock merger of equals with combined revenues of approximately $3 billion, expanded scale and capabilities, and accelerated growth opportunities. This transaction brings together two organizations with highly complementary technologies, geographies and product portfolios in specialty materials. The combined company will capitalize on powerful megatrends with strong positions in large, growing categories including Filtration, Healthcare & Wellness, Protective & Adhesive Solutions, Industrial Solutions, and Packaging & Specialty Paper. Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, shareholders of Neenah will receive 1.358 shares of SWM common stock for each share of Neenah common stock owned. Following the closing of the transaction, SWM shareholders will own approximately 58 percent of the combined company, and Neenah shareholders will own approximately 42 percent of the combined company, in each case, on a fully diluted basis.

Total European shipments of graphic papers in January 2022 were down 3.3% vs. January 2021 and were down 3.3% year-to-date. Total European shipments of newsprint in January 2022 were UP 0.9% vs. January 2021 and were UP 0.9% year-to-date. Total European shipments of sc-magazine in January 2022 were UP 4.7% vs. January 2021 and were UP 4.7% year-to-date. Total European shipments of coated mechanical reels in January 2022 were down 12.7% vs. January 2021 and down 12.7% year-to-date. Total European shipments of uncoated mechanical (improved & others) in January 2022 were down 2.9% vs. January 2021 and down 2.9% year-to-date. Total European shipments of coated woodfree in January 2022 were UP 9.4% vs. January 2021 and UP 9.4% year-to-date. Total European shipments of uncoated woodfree in January 2022 were down 11.1% vs. January 2021 and down 11.1% year-to-date.

Rayonier Advanced Materials Inc. announced that it qualifies as an “Inspected Raw Material” by Nordic Swan Ecolabelling. The Nordic Swan Ecolabel sets strict environmental requirements in all phases of manufacturing, including requirements for eco-friendly chemicals used in ecolabeled products. The status will appear on products made with RYAM’s fluff pulp and indicates to consumers and commercial buyers that the product is sustainably produced and environmentally friendly. “The Nordic Swan Ecolabel exemplifies our commitment to sustainable and environmentally friendly manufacturing and is an important component of realizing RYAM’s BioFuture,” said Vito Consiglio, President and CEO of Rayonier Advanced Materials. “Increasingly, consumers expect that the products they buy be sourced with eco-friendly materials. The ecolabel will help consumers easily identify products made with our fluff pulp as green sustainably produced and environmentally friendly.”

Fourth Quarter of 2021 Highlights *The fourth quarter of 2021 (“Q4 2021”) was the Company’s first full quarter operating its newly acquired forest products business **Q4 2021 net earnings of $8.0 million or $0.04 earning per share *Lumber pricing improved in Q4 2021 and into 2022 with continued volatility expected *Made significant strides in reducing reliance on transitional services arrangement with key hires in human resources, IT and accounting *Asset backed revolving loan facility of $65.0 million was undrawn at December 31, 2021 and has remained undrawn at March 23, 2022. Cash from operations has funded the seasonal log inventory build-up *Invested in Boreal Carbon Corporation, an entity focused on acquiring and managing forestry projects in North America to generate carbon credits

Due to the current extraordinary situation, a temporary cost surcharge for our products is unfortunately unavoidable. The general surcharge will be levied on a segment basis and will apply from 1 April 2022 until further notice. The cost surcharge will affect all products produced in Germany. The surcharge will be shown separately on the invoice. Against the background of the current dynamics in the markets, we ask for your understanding for this measure and the short notice involved. Thank you very much.

Climate change requires everyone to use natural resources more efficiently, and more and more consumers demand sustainable products. The numbers relating to increased eco-awareness are quite substantial: over a third of consumers are prepared to pay up to 25 percent more for a more sustainable option and 85 percent of people indicate having shifted their purchase behaviour towards more sustainable options. Sustainability is becoming an important purchase criterion and 60 percent of consumers already consider it as such. Stora Enso’s pulp customers are getting more and more questions about their products’ sustainability and if these products are compostable. As responsibility lies at the heart of Stora Enso, we initiated a project to certify all our paper pulp grades as compostable. This means that Stora Enso’s paper pulp grades must fulfill specific compostability criteria according to EN 13432 standard; these are measured by an independent external party.

To support the shift to renewable and recyclable materials in shopping and takeaway bags, Stora Enso launches CarrEco Brown™. Made from 100% fresh fibers, the material has high strength and tear resistance properties and is also safe for direct food contact. By offering renewable, fiber-based materials suited for paper bags, Stora Enso accelerates the shift away from plastic. Stora Enso now expands its paper bag materials portfolio with CarrEco Brown, a new unbleached and uncoated board that is fully recyclable. Through its unique three-layer structure, CarrEco Brown offers exceptional strength properties suitable for strong shopping bags. The material is also safe for direct food contact and contains only FDA-compliant chemicals which makes it ideal for takeaway food and groceries. “Unbleached paper bags are a good fit with the preferences of today’s eco-conscious consumers. We are well-positioned to meet the growing demand for paper bags, especially in trending end-use areas such as takeaway food. Our newest material CarrEco Brown can help our customers seize these growth opportunities in a sustainable way,” says Oscar Duarte, Business Segment Director, Kraftliners at Stora Enso Packaging Materials.

Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced that it has entered into a long-term power purchase agreement with the South African independent power producer, SOLA Group, to provide 200 MW of solar power to Tronox’s mines and smelters in the Republic of South Africa. The Company anticipates the project should be fully implemented by the fourth quarter of 2023. Today’s announcement is only one example of numerous projects and investments being pursued by Tronox to meet its publicly announced goal to align with a global warming scenario below 2° C and achieve net zero GHG emissions by 2050. “Tronox’s renewable energy project with SOLA Group will reduce our global carbon emissions by approximately 13% compared to our 2019 baseline and has the full support of our Board of Directors and senior management,” commented Melissa Zona, Tronox Holdings plc’s Senior Vice President, External Affairs and Chief Sustainability Officer.

ND Paper, the US subsidiary of Nine Dragons Paper (Holdings) Limited, is taking critical steps to build on its growth in packaging products. At ND Paper's Biron, Wisconsin mill, the company will be converting its B26 paper machine at the end of 2022 from coated mechanical papers to lightweight, high-strength recycled packaging products. Today, the Biron Division, located in central Wisconsin, employs more than 300 full-time personnel and operates two paper production lines with a combined annual production capacity of approximately 530,000 short tons. Its B25 paper machine produces approximately 270,000 short tons annually of corrugating medium and linerboard for packaging applications, while the B26 machine produces approximately 260,000 short tons annually of lightweight coated mechanical (CM) papers for end uses like catalogs, magazines and retail inserts. Upon completion of the conversion, both the machine and the mill will have increased annual manufacturing capacity. The B26 machine will have capacity for over 500,000 short tons of packaging paper, and the mill, in total, will have capacity for over 800,000 short tons.

Part of innovating means pushing boundaries and taking risks to bring new and exciting products to the market. Mohawk Renewal launched in April 2020 as a groundbreaking line of papers made with recycled cotton textiles and alternative fibers, including straw. To make Mohawk Renewal possible, we had to forge together an unprecedented supply chain with strategic partners. One of these partners, Columbia Pulp — the only North American supplier responsible for processing wheat straw into pulp to make Mohawk Renewal Straw — announced in February 2022 that they were ceasing operations. We have exhausted every avenue in Columbia Pulp's absence, but without a supplier, we cannot continue to support this industry-disrupting product and will have to discontinue Straw from the Mohawk Renewal portfolio effective immediately. We will sell the remaining inventory of Mohawk Renewal Straw to depletion without replenishment.

Conciliator Leo Suomaa has submitted a proposal for a settlement in the collective labour agreement negotiations between UPM Pulp and the Paperworkers’ Union. The conciliator has asked the parties to state their position on the proposal by 14 April 2022 at 10:00 EET. In the meanwhile, the conciliator will continue the conciliation with the Union and with UPM’s other businesses. Paperworkers’ Union has now also agreed that all business can run the negotiations parallel instead of having them one by one. "I am pleased that the negotiations have reached a point where the conciliator has seen it possible to submit a proposal for a settlement. I am hopeful that the agreement will be reached, and I hope we get to start the mills as soon as possible," says Juha Kääriäinen, Vice President, Finland Pulp Operations at UPM Pulp, the chief negotiator for UPM Pulp.

Rayonier Advanced Materials Inc. announced a cost surcharge of USD 146 (EUR 133) per metric ton applicable to all shipments of its cellulose specialties and viscose-grade products. This surcharge is necessitated by the impacts of rapidly escalating inflation and directly correlates to the significant increase in the Company’s costs for energy, logistics, chemicals, and wood. The surcharge is effective immediately and will be applied to all shipments April 1, 2022, or later.

UPM Raflatac has achieved sustainability certification from the International Sustainability and Carbon Certification Scheme ISCC Plus at its Nancy factory in France. This certification is an addition to UPM Raflatac’s already extensive ISCC Plus certification portfolio. UPM Raflatac’s ISCC PLUS products are certified via a mass-balance approach. “Three of our factories and 14 of our distribution terminals around the world already hold the ISCC Plus certification. The new certification in Nancy is a great addition to our ISCC Plus certification portfolio. It provides a strong external proof of sustainably managed raw materials and value chains for renewable and chemically recycled products,” says Suvi Rasa, UPM Raflatac’s Sustainability Manager. UPM Raflatac aims to be the first label material company beyond fossils.

Metsä Group has made donations of EUR 160,000 to Aalto University, LUT University, Tampere University, Åbo Akademi, University of Jyväskylä and University of Eastern Finland. Depending on the university, the donations will be allocated to the fields of technology, natural sciences or agriculture and forestry. “High-quality university research and education form the basis for the development of the forest industry as a whole. It’s very important for us to secure future competence,” says Ilkka Hämälä, President and CEO of Metsä Group. Earlier in December, Metsä Group donated a total of EUR 500,000 to its partner universities University of Helsinki and University of Oulu. The donations are part of the matched funding scheme, through which the Government supports donations made to universities by private foundations, companies and individuals. The matched funding scheme will run until the end of June 2022.

Paper Excellence today announced it hopes for a speedy end to the CP Rail labour dispute which will begin to impact Skookumchuck Pulp Inc., Paper Excellence’s mill located in the East Kootenays. Global logistics have been incredibly challenging for the company during the pandemic and the additional impacts from devastating wildfires and flood events in BC last year made the situation ever more difficult. The CP Rail strike will further disrupt and impact Skookumchuck Pulp mill. PE respects the collective bargaining process. However, the company is concerned that a protracted disruption in rail service would impact the operation of our mill and employment in the rural communities that support our operation. The Skookumchuck mill, which employs 280 people and infuses over $1 million daily into Canada’s economy, is highly dependent on rail service to get finished pulp to the coast of British Columbia. Paper Excellence remains committed to servicing our customers’ needs during this interruption.

Today, the Bruck paper mill will gradually resume production as energy markets have stabilised to some extent and commercial terms reflecting the current energy situation have been entered into with customers. The new energy boiler is progressing well with its commissioning phase. The boiler is scheduled for takeover in April and will reduce the mill’s gas consumption and improve its energy supply. With somewhat calmer energy markets and required commercial terms, we are pleased that the Bruck paper mill is able to gradually resume production. The new energy boiler, in combination with the existing gas turbine, will give Bruck improved energy flexibility in increasingly uncertain energy markets, says Sven Ombudstvedt, President and CEO of Norske Skog.

SCA to invest SEK 150 million in new processing equipment at Munksund paper mill in an initiative set to reduce environmental impact. “We will increase our production of pine oil, which is used to produce biofuels. At the same time, we’ll reduce energy consumption,” says Jens Riglert, site manager at Munksund’s paper mill. Pine oil is a by-product of the production of pulp and originates from the wood used. The chemical industry has long used pine oil to produce a wide variety of products including paint and detergents, but now it is also a sought-after raw material for producing biofuels. “Pine oil is key to the transition to a fossil-free society. It can replace fossil fuels and thus help reduce global warming. Demand is increasing in Sweden and globally, as interest in biofuels increases,” says Riglert.

U.S. purchases of total printing-writing papers increased seven percent in February compared to the same month last year. Total printing-writing paper inventory levels decreased one percent when compared to January 2022. U.S. purchases of uncoated free sheet (UFS) papers in February increased five percent compared to last February while the inventory level decreased two percent compared to January 2022. UFS imports and exports both decreased compared to January 2021, down 16 percent and 28 percent respectively. Coated free sheet (CFS) paper shipments increased eight percent compared to February 2021 while the inventory level increased one percent compared to January 2022. CFS imports increased 43 percent while exports decreased 23 percent in January 2022. U.S. purchases of coated mechanical (CM) papers in February decreased nine percent compared to last February while the inventory level increased one percent compared to January 2022. CM imports and exports both decreased compared to January 2021, down four percent and 12 percent respectively. Uncoated mechanical (UM) paper shipments remained essentially flat (+0.3%) compared to February 2021 while the inventory level increased four percent compared to January 2022. UM imports and exports both increased compared to January 2021, up two percent and 25 percent respectively.

Negotiations for the new collective labour agreements between UPM businesses and Paperworkers’ Union have continued intensively. Today the union announced a two weeks’ extension to the strike at most UPM’s Finnish mills, until 16 April 2022, unless new collective labour agreements are reached before that. The Paperworkers’ Union’s strike at UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac units in Finland began 1 January 2022. Currently, approximately 200 union members work at the mills in tasks critical to society, such as power plants and water treatment facilities. “In recent weeks the parties have negotiated primarily in one-on-one negotiations. Despite intense negotiations, agreements have not been reached. Therefore, UPM Pulp’s negotiations continue now in the official conciliation process”, says Jyrki Hollmén, Vice President, Labour markets at UPM.

Start-up is scheduled for the first quarter of 2023. The new press section has a design speed of 1,200 m/min and a width of 5.32 m at the pope reel. The aim of the rebuild is to significantly increase the dryness content after the press – while also saving energy – and to improve other paper properties. This new press section will enable Burgo to achieve a remarkable reduction in steam and specific energy consumption, resulting in a smaller CO2 footprint. The scope of supply includes a new PrimePress X shoe press for the 4th nip, with a line load of 1,450 kN/m. With this type of shoe press, highest dry content levels are possible compared to the market standard. In addition, the runnability of the machine will be improved.

Kevin will be focused on optimizing the value of Canfor Pulp’s business and he will start this work by leading the company through a comprehensive business review. “Kevin’s proven ability to build and lead highly effective teams, in combination with his extensive experience in the forest sector, make him the ideal choice to lead Canfor Pulp as the Company works to improve operational reliability and optimize the use of our fibre supply,” said John Baird, Chair, Canfor Pulp Board of Directors. “I’m excited to welcome Kevin to lead the Canfor Pulp team. Kevin is a highly successful leader with strong knowledge of the forestry and pulp industries and I am confident he will lead the organization to a profitable and sustainable future,” said Don Kayne, President and CEO, Canfor.

The production at the Leitza factory was resumed last Saturday, March 12, following the agreement reached in the negotiation of the Collective Agreement between Lecta and the Trade Union Committee of the Leitza factory. The agreement was ratified by the workers last Friday, March 11. With the settlement of the agreement, the work centre re-establishes the production program in metallized, thermal, cast coated and carbonless products foreseen in these facilities. The company reiterates its commitment to providing the best service to all our customers.

Given the current global situation driving rapid escalation of raw material costs along with the sharp rise in crude oil resulting from the U.S. and U.K. governments’ decision to ban the purchase of Russian oil derivatives, Solenis is experiencing unprecedented weekly volatility in our cost to serve our customers. As a result, Solenis will move to monthly pricing on all product lines effective April 1, 2022. All product lines and market segments are being severely impacted by these world events. We continue to focus our team on mitigating the impact of this situation on our customers’ operations by exhausting every pathway to procure raw materials to support customer demand and avoid run outs. However, these volumes are coming at an extremely high cost which requires our temporary shift to a monthly pricing structure. We consider this a temporary situation, and we will continue to monitor this volatile situation and will keep lines of communication open to allow de-escalation of monthly pricing as energy pricing and other raw material feedstocks normalize.

Skutskär Mill in eastern Sweden is a modern pulp mill focusing on the production of fluff pulp for absorbent hygiene products such as diapers, other hygiene products and air-laid nonwovens. Skutskär Mill has a long history of continuously reducing the environmental footprint of its operations and products. Skutskär Mill started production already in 1895 with an annual capacity of only 6,000 tonnes of pulp. Today the mill’s annual capacity has reached 545,000 tonnes. As production has grown, so have Stora Enso’s goals for improving the mill’s environmental footprint. During the years, many steps have been taken towards Skutskär Mill becoming a carbon neutral mill. Today this goal is very close to becoming reality. Today, all the energy, heat and power produced at Skutskär Mill is based on biofuels. Recent measurements made in December 2021 showed that the mill was also 93% self-sufficient in electricity. At times, the mill is able to sell excess energy to the national grid as production exceeds the mill’s own needs.

Verso Corporation announced that, at a special meeting of stockholders held today, its stockholders voted to approve the previously announced merger with BillerudKorsnäs AB ("BillerudKorsnäs") as well as other related proposals. The merger proposal was supported by approximately 98.5% of votes cast, representing approximately 73% of outstanding shares of Verso's common stock. The final voting results of the special meeting, as tabulated by an independent inspector of elections, will be filed as part of a Form 8-K with the U.S. Securities and Exchange Commission. Verso and BillerudKorsnäs now expect the merger to close in late-March or April of 2022, subject to the satisfaction of customary closing conditions, including the receipt of approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR") expired effective February 10, 2022. The State of Wisconsin Department of Health Services consented to the transaction on February 25, 2022 and the Federal Energy Regulatory Commission issued an order authorizing the transaction on March 8, 2022.

Mactac® has acquired CSI – SoCal, a custom slitting and distribution center for roll label printers located in Ontario, Calif., under an asset purchase agreement. A $2.5 million investment, the acquisition is the latest in a major Mactac operational expansion plan. The strategically located West Coast finishing center provides Mactac a turnkey, high-performing roll label slitting and distribution center with a talented operations team and newer world-class slitting assets. Mactac is also investing nearly $10 million in expanding its slitting and service capability, including installing five new world-class slitters across its North America network beginning this summer. The strategic move is part of an ongoing commitment by Mactac to deliver the roll label market and customers' enhanced products and services, supply chain continuity, and added reliability.

On February 11, Paper Excellence first publicly raised serious concerns about poor rail service provided by CN Rail. Full CN rail service is critical to moving products from Meadow Lake Mechanical Pulp mill to global markets. While rail service has not yet improved, Paper Excellence has appreciated the recent advocacy the Saskatchewan government has undertaken with the federal government and the Minister of Transport, Minister Alghabra. Specifically, Minister Fred Bradshaw has written a strong letter to Minister Alghabra that raises the rail challenges we, and many other industries, continue to face, and we would like to thank the Minister for doing that. Saskatchewan’s economy relies significantly on rail companies to transport goods to market, and we look forward to the government’s continued support in rectifying, as soon as possible, the ongoing lack of CN rail service that continues to negatively impact our business operations.

As previously announced, Mondi’s operations in Russia represented c. 12% of the Group’s revenue by location of production in 2021 and, over the last three years, generated c. 20% of the Group’s underlying EBITDA. Mondi has operated in Russia for over 22 years. The most significant facility is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic). The Group also has three converting plants in Russia. All these facilities primarily serve the domestic market and have continued to operate through this time of heightened geopolitical tension. Mondi employs c. 5,300 people in these operations. In Ukraine, Mondi has one paper bag plant located in Lviv, west of the country, employing c. 100 people. Production is currently suspended.

KPLP Q4 2021 Business and Financial Highlights • Revenue was $424.1 million in Q4 2021 compared to $385.0 million in Q4 2020, an increase of $39.1 million or 10.2%. • Net income was $42.3 million in Q4 2021, compared to a loss of $28.5 million in Q4 2020, an increase of $70.8 million. • Announced additional investment of $111.5 million in the Sherbrooke Expansion Project, for a total investment of $351.5 million. KPLP Full Year 2021 Financial Highlights • Revenue was $1,465.2 million in 2021 compared to $1,516.0 million in 2020, a decrease of $50.8 million or 3.4%. • Net income was $42.0 million in 2021, up from $27.3 million in 2020, an increase of $14.7 million.

UPM will suspend purchasing of wood in and from Russia as well as the UPM Chudovo plywood mill operations for the time being. The company is preparing a mitigation plan accordingly. UPM also informed on 3 March 2022 that it will cease deliveries to Russia. The suspension will be implemented with due consideration of UPM’s local employees, customers and stakeholders as well as the legislation in Russia. UPM continues to honour its obligations towards its employees in Russia. UPM businesses will keep their customers and suppliers informed of the situation. We also continue to monitor the development of the sanctions and will make further decisions accordingly. Today’s decision is in line with the recent analysis and positions by major forest certification bodies FSC and PEFC. They have excluded the wood originating from Russia and Belarus from their certification systems.

North Pacific Paper Company is pleased to announce its recognition as a Best-in-Class Employer in a recently released survey of midsize employers conducted by global human resources firm, Gallagher. Gallagher’s 2021 Benefits and Benchmarking Survey found the Longview, WA-based papermill to be a leading employer in providing innovative solutions for creating organizational structures and workplace policies and rewards which inclusively engage its employees. Gallagher’s Best-in-Class awards recognize employers that excel in supporting their employees’ physical, emotional, career and financial wellbeing for better organizational outcomes.

Due to unaffordability of operations in the current energy environment, temporary downtime has been initiated at the Bruck paper mill in Austria. The new boiler scheduled for start-up in April is expected to contribute to alleviate the situation by reducing the mill’s gas consumption and improve its energy supply. The boiler project and the packaging conversion project at the Bruck mill continue as planned. Bruck has delivered newsprint and LWC magazine paper to its customers despite a challenging energy market since the second half of 2021. Although we have secured parts of the mill’s energy supply in March, the energy prices we presently experience make operations at Bruck unsustainable, says Sven Ombudstvedt, President and CEO of Norske Skog. Norske Skog expects underlying EBITDA for the group in the first quarter of 2022 to be approximately in line with the fourth quarter of 2021.

Key Updates: *Restart of Brownville facility ahead of schedule *Limited direct Russia/Ukraine business exposure *Full-year 2022 Adjusted EBITDA on track to be $135-145 million, an increase of 15-25% over prior year. Neenah announced today the restart of its Brownville, New York manufacturing facility. The facility, which has been closed as a result of a recent fire, is resuming production earlier than anticipated. Although the restart will not materially reduce the estimated $3.0 million impact on the first quarter, it provides additional capacity to address the elevated level of demand and reduces supply uncertainty for Neenah’s customers. Secondly, in light of the rapidly deteriorating events in Ukraine, Russia and Belarus, Neenah is confirming its limited direct exposure to the region. The Company does not have facilities or inventory located in these countries. Annual sales in the region have historically been less than 1% of overall revenue, and the Company does not have meaningful exposure to raw materials sourced from these countries. Like many businesses, however, the company may experience ancillary impacts, including elevated energy prices, which the company is prepared to manage.

Meadow Lake Tribal Council (MLTC) joined Paper Excellence today in calling on CN to provide more rail cars for Meadow Lake Mechanical Pulp Inc. The pulp mill is dependent on CN, which has failed to adequately transport Meadow Lake mill’s product to ports for months. Paper Excellence leadership announced a further production slowdown due to the lack of rail service on February 11th. The mill has not operated at full capacity since December. Currently, CN continues to provide less than 40% of requested rail cars and now the mill has had to resort to participating in a CN auction process that drives up prices for the few cars that are available.

Sylvamo is beginning an orderly suspension of operations in Russia. The suspension will focus on employee and contractor safety and environmental stewardship. It will be conducted in a manner to allow a resumption of full operations in an environment consistent with the company’s values. “We are suspending operations in Russia,” said Jean-Michel Ribiéras, chairman and chief executive officer. “We are appalled by the suffering and loss of lives in Ukraine, and we continue to hope for an immediate cease-fire agreement and diplomatic resolution.” The company is also announcing a $250,000 donation to the International Committee of the Red Cross to assist the people of Ukraine.

Metsä Fibre, part of Metsä Group, is to initiate negotiations on changes related to its plans to discontinue the sawn timber production in Kyrö. According to the plans, production will end in the summer of 2022. The change negotiations at the Kyrö sawmill concern all the sawmill’s 73 employees. “The Kyrö sawmill has reached the end of its technical service life, which is why we’ve initiated plans to close down its operations,” says Ismo Nousiainen, CEO of Metsä Fibre. The annual production capacity of the Kyrö sawmill is approximately 230,000 m3 pine sawn timber, and the annual wood consumption is approximately 450,000 m3.

The operations of Metsä Group's only production unit in Russia, the Svir sawmill, have been suspended. Wood procurement in Russia for the Svir sawmill and imports to Metsä Group’s Finnish and Swedish mills has also been discontinued.

Solenis, a leading global producer of specialty chemicals, will increase prices on various product lines of pulp & paper and water treatment chemicals across the Asia Pacific region. The increase will be up to 35 percent, and will be effective from April 1, 2022, or as customer contracts allow. As a consequence of continued and sustained cost increases in raw materials, energy and transportation, further price increases will be initiated for the selected products lines. The increase is necessary due to the significant impact on key feedstocks across the product range.

The German Felix Schoeller Group sources a small part of its raw material demand of titanium dioxide and starch from the Ukraine. We are currently working on alternative sources to secure our supply. In addition, one of our TiO2 suppliers obtains part of its raw material from the Ukraine. This source is also disrupted. We are working at full speed on the resulting consequences and will inform you shortly. As an energy-intensive company, we are highly dependent on gas and electricity. More than 50% of German natural gas imports are sourced from Russia. We do not expect any bottlenecks in the short term. Nevertheless, we are currently examining possible alternatives to secure our energy supply. We are currently seeing unprecedented prices and very high volatilities in the energy markets. This will therefore also influence our pricing policy.

As a result of Russian aggression against Ukraine, the geopolitical situation in Europe has permanently changed. This has wide-reaching human, political and economic implications in Europe and the situation is evolving rapidly. Our primary concern are the people suffering from the war. UPM is providing support to its employees in the affected areas. We have also started providing humanitarian and material support to Ukraine this week. UPM will cease its deliveries to Russia for the time being. UPM businesses will keep the Russian customers and suppliers informed of the situation. While the forest industry is not directly targeted by the international sanctions at the moment, sanctions against the financial sector may impact UPM’s or its customers’ businesses and transactions in Russia. The full impact of the current and possible new sanctions and counter-sanctions will be known only as the situation evolves. UPM monitors the situation closely and makes decisions accordingly. UPM has employees, customers and suppliers in both countries but UPM’s exposure to Russian and Ukranian markets is limited. UPM Raflatac has a distribution terminal in the Kyiv region with 13 employees. The terminal operations have been closed until further notice. In Russia, UPM employs 800 persons most of whom work at the Chudovo plywood mill. The operations are currently running as usual. UPM’s sales to Russia and Ukraine combined was approximately 2 % of UPM’s total sales in 2021. Assets in Russia are less than 1 % of the group total. In 2021, less than 10 % of UPM’s wood sourcing to Finland originated from Russia.

The geopolitical situation has changed dramatically. Our thoughts are with the Ukrainian people and everyone else impacted by the war in Ukraine. Ahlstrom-Munksjö is following the situation closely. We have initiated a centralized crisis alert team on the first day of the invasion to carry out our Business Contingency and Preparedness Response Plan. Our primary focus is on the safety and well-being of our 87 employees in our Tver plant in Russia, and that manufacturing, and customer service continue in normal order. Of Ahlstrom-Munksjö’s 45 manufacturing and converting facilities globally, one is located in Russia, in the city of Tver. The factory is part of the company’s Glass Fiber Tissue business, which operates a similar production facility in Finland in the city of Karhula. Ahlstrom-Munksjö has recently started the construction works of a new line in Madisonville, Kentucky, U.S. Russia represented 1.3% and Ukraine 0.1% of Group's pro forma net sales of EUR 3,077 million in 2021.

BillerudKorsnäs and Viken Skog plan to initiate a feasibility study about future pulp production at Follum. This will be completed during the first half of 2023. The intention is to establish a state-of-the-art production line for bleached chemi-thermomechanical pulp (BCTMP) at the Follum mill with a capacity assumption of up to 200 kt/a. The Follum mill already has much of the infrastructure needed to establish such a production line and is located in an area with competitive and sustainable wood supply and good transports to BillerudKorsnäs’ board mills. If the project will proceed after the feasibility study is completed, the investment for BillerudKorsnäs is estimated to be in the range of 600-800 MNOK. “This initiative forms part of BillerudKorsnäs’ strategy for sustainable and profitable growth and supports our ambition to grow in paperboard. To cover the increasing need for BCTMP for our growing board operations, we want to explore the possibilities of producing this pulp quality in Follum together with Viken Skog. As part of this partnership, the intention is also to enter into a long-term wood supply agreement with Viken Skog. We initially see good prospects for creating an efficient supply chain and competitive access to the raw materials needed to produce the packaging materials of the future,” comments Christoph Michalski, President and CEO of BillerudKorsnäs.

Facing inadequate supplies of critical raw materials, Sylvamo may curtail or temporarily shut down pulp and paper production at its Svetogorsk, Russia, mill later this week. The mill is currently operating while the company takes steps to mitigate the supply chain issues and continue production. The Svetogorsk mill, located at the border with Finland, employs approximately 1,700 people and produces uncoated freesheet, coated paperboard and pulp. The mill relies on raw materials and other critical supplies and services imported from Europe. The mill is also the primary water, electricity and water treatment provider for the Svetogorsk community. The company is committed to continuing to provide those critical services. The Svetogorsk mill has an annual capacity of 720,000 short tons of pulp, paper and paperboard. Russian operations accounted for roughly 15% of Sylvamo’s 2021 total revenue.

Overview • Record-high 2021 operating income before adjusting items of $2.2 billion; adjusted shareholder net income of $1.5 billion, or $12.16 per share • Fourth quarter of 2021 adjusted operating income of $216 million; adjusted shareholder net income of $155 million or $1.24 per share • 2021 includes impairment charges totaling $294 million or $1.47 per share, resulting in reported operating income of $1.9 billion for the year, net shareholder income of $1.3 billion or $10.74 per share; fourth quarter of 2021 operating loss of $67 million, net shareholder loss of $23 million or $0.19 per share • Completed acquisition of Millar Western Forest Products Ltd.’s (“Millar Western”) solid wood operations and associated tenure located in Alberta, Canada, for $420 million, including an estimated $56 million in working capital, adding 630 million board feet to Canfor’s annual production capacity • Announced sale of Mackenzie forest tenure and sawmill assets for combined proceeds of $70 million

Canfor Corporation is announcing that it has completed the purchase of Millar Western Forest Products Ltd.’s solid wood operations further to the Company’s news release dated December 16, 2021. “We are very excited to welcome the employees at the Whitecourt, Fox Creek and Spruceland facilities to the Canfor team,” said Don Kayne, President and CEO, Canfor. “The additional manufacturing capacity in Alberta positions Canfor well to meet the growing demand of our customers for high-quality, sustainable wood products.”

Michael Grech succeeded Thomas Komin on March 1, 2022 and is thus the new Head of Sales SC Paper for the global sales of supercalendered papers of the "Grapho" brand at Laakirchen Papier. In his function, Michael Grech is the first point of contact for SC customers.

Avery Dennison Corporation announced that Deon Stander has been appointed as president and chief operating officer, effective March 1, 2022. Mr. Stander, 53, has been the vice president and general manager of the company’s Retail Branding and Information Solutions (RBIS) division since June 2015, where he led a significant transformation of the business. In addition, as Avery Dennison’s sustainability leader, he has served as a key architect in shaping the company’s sustainability strategy and partnering across the company’s businesses to develop and implement an ambitious roadmap. As COO, Stander will be responsible for the company’s global business operations, with all business unit leaders reporting to him. Mitch Butier continues as chairman and chief executive officer. “Deon has led the remarkable transformation of our RBIS business, establishing a strong foundation for profitable growth, and he has been an excellent thought partner at the enterprise level,” said Mitch Butier, chairman and CEO, Avery Dennison. “He is highly respected throughout the company for his exemplary vision, and I look forward to our continued partnership. This appointment reflects the next evolution of our leadership capabilities that will enable our continued success over the long term, as we accelerate our strategies to deliver value for all of our stakeholders.”

Latvijas Finieris, a global producer of birch plywood products under the brand Riga Wood, now uses bio-based glue in plywood production. The fossil-based phenols in the glue are replaced with bio-based lignin Lineo® by Stora Enso, and thanks to the long cooperation between Stora Enso and Latvijas Finieris, we are able to reduce the carbon footprint of Riga Wood plywood products without compromising their technical performance. According to Latvijas Finieris, their plywood’s potential environmental impact has been reduced by up to 49%. Across markets, there are calls for change as consumers are increasingly turning to eco-friendly products. At the same time, the business demand for renewable, bio-based and circular solutions is growing rapidly. We want to do our part and replace fossil-based materials with safer and more natural alternatives. “Plywood is usually seen as a mature product in a rather mature market. We found the idea of using a lignin-based glue interesting and we welcome new innovations. Since 2017, we have worked together with Stora Enso to test and develop the bio-based binder, and finally we are proud to say that we can replace fossil-based resins with lignin-based alternatives in our plywood production processes,” explains Māris Būmanis, Head of Development Research at Latvijas Finieris.

"Thanks to the efforts of the Verso team, Verso delivered excellent safety results and solid financial performance in the fourth quarter driven by improved sales and operations year-over-year," said Verso President and Chief Executive Officer Randy Nebel. "As we look toward the future, we believe our pending combination with BillerudKorsnäs will enable our customers and employees to benefit from enhanced opportunities as part of a larger, stronger organization. Our full Board believes the proposed merger maximizes value for shareholders, who will receive a significant premium and immediate and certain value for their shares of Verso." Net sales for the three months ended December 31, 2021 increased $14 million or 4% compared to the three months ended December 31, 2020 driven by favorable price/mix of $57 million, partially offset by $43 million, or 14%, in decreased sales largely attributable to our sold Duluth and idled Wisconsin Rapids mills. Total company sales volume was down from 392 thousand tons during the three months ended December 31, 2020, to 341 thousand tons during the same period of 2021, primarily attributable to our sold Duluth and idled Wisconsin Rapids mills.

Teemu Salmi, CIO, Head of IT & Digitalisation and a member of the Group Leadership Team, has decided to leave his position at Stora Enso. After five years in the company, Teemu will assume the CEO position at Finnish cyber security company Nixu. Teemu will continue working in Stora Enso until 20 May 2022. “Teemu has been instrumental in driving and accelerating Stora Enso’s digitalisation agenda, supporting our transformation to become the renewable materials company. I want to express my gratitude and thanks to Teemu for his contributions to Stora Enso, while also wishing him all the very best for his new exciting career opportunity,” says Annica Bresky, President and CEO at Stora Enso. As part of Stora Enso’s new operating model, IT & Digitalization will moving forward be part of the CFO organisation and report to CFO Seppo Parvi. Seppo and Teemu will immediately start the handover process to ensure a smooth transfer of the responsibilities.

Total European shipments of graphic papers in December 2021 were UP 3.2% vs. December 2020 and were UP 4.4% year-to-date. Total European shipments of newsprint in December 2021 were down 5.5% vs. December 2020 and were down 3.4% year-to-date. Total European shipments of sc-magazine in December 2021 were down 6.9% vs. December 2020 and were down 0.7% year-to-date. Total European shipments of coated mechanical reels in December 2021 were UP 9.7% vs. December 2020 and were UP 3.0% year-to-date. Total European shipments of uncoated mechanical (improved & others) in December 2021 were down 6.2% vs. December 2020 and were UP 2.5% year-to-date. Total European shipments of coated woodfree in December 2021 were UP 11.2% vs. December 2020 and were UP 11.7% year-to-date. Total European shipments of uncoated woodfree in December 2021 were UP 10.2% vs. December 2020 and were UP 10.7% year-to-date.

In a world desperate for alternatives to plastics, the market-pull for dry molded fiber is enormous. To support converters in the transition to the new technology, PulPac continuously expands its network of preferred partners and suppliers. Solenis, a leading global producer of specialty chemicals focused on delivering sustainable solutions, has joined this global network of leaders supporting the dry molded fiber community. "We are excited to be a force for sustainable change in the packaging industry by contributing to this groundbreaking technology. Solenis has a prominent culture of innovation, consistently delivering new-to-the-world products and next-generation technologies to meet the ever-changing market needs and challenges our industrial customers face. I believe we are uniquely positioned to provide safe and sustainable barrier solutions designed for circularity to the dry molded fiber converters that lead the way and set new standards for fiber-based packaging,” says Daniel Palrén, Business Development Manager at Solenis. “Fiber-based products coated with these barrier coatings typically are repulpable, recyclable, compostable and biodegradable, thereby offering packaging producers a way to improve their sustainability credentials with brand owners, retailers and consumers.”

Neenah, Inc. announced a 25 million euro investment in new meltblown capacity in our German filtration facility. Neenah is committed to accelerating growth in life science and industrial filtration markets. Our portfolio of meltblown products promotes higher filtration efficacy and lower energy usage, which our customers value. Our electrostatically charged NeenahPure® media solutions support HVAC, air pollution control, and air purification systems, delivering market leading efficiencies >99.9%. "Clean air and water are critical to our communities and environment. Meltblown technology effectively removes harmful particles from the air we breathe and the water we drink. This new meltblown line intensifies our innovation efforts and allows us to continue to grow with our customers," said President and CEO Julie Schertell.

Stora Enso announced that it has signed a letter of intent to divest the Kvarnsveden site in Sweden to Northvolt. Due to structural decline in demand for graphical paper, in April 2021 Stora Enso announced a plan to close its Kvarnsveden paper production site. Founded in 1900, Kvarnsveden produced pulp and paper for over 120 years until production ended in September 2021. Northvolt is a European supplier of sustainable battery cells and will develop the site into a battery manufacturing plant, reusing and refurbishing the existing facilities and site infrastructure. According to Northvolt, the gigafactory is expected to start the first part of its operations in late 2024, and will employ up to 1,000 people.

Canfor Corporation has entered into a Letter of Intent with McLeod Lake Indian Band and Tsay Keh Dene Nation to sell its forest tenure in the Mackenzie region of British Columbia (BC) and a separate agreement with Peak Renewables to sell its Mackenzie site, plant and equipment for a combined price of $70 million. Canfor, McLeod Lake Indian Band and Tsay Keh Dene Nation intend to work towards a definitive agreement for the sale of the forest tenure and will seek approval from the BC Minister of Forests, Lands, Natural Resource Operations and Rural Development for the tenure transfer.

Kimberly-Clark Corporation announced that it has completed its acquisition of a majority stake in Thinx, Inc., an industry disruptor and the leader in reusable period and incontinence underwear category. The company made an initial minority investment in Thinx in 2019. "Our investment in the success of Thinx represents a compelling strategic fit as we build our portfolio of period and light bladder leakage solutions, and we are excited for the opportunity this expanded partnership will provide to both Kimberly-Clark and Thinx," said Russ Torres, Group President of Kimberly-Clark's North American consumer business. "The investment in Thinx paves the road for collaboration and allows us to work together to drive category growth with our retail partners while continuing to support Thinx in direct-to-consumer channels."

Solenis, a leading global producer of specialty chemicals, will increase prices across all product lines in North America and Latin America by 10 to 25 percent, effective April 1, 2022, or as customer contracts allow. These price increases are necessary because of increased costs for raw materials, energy, transportation, and packaging. These increases will allow Solenis to continue to provide value-added solutions to customers.

Intense negotiations between UPM and Paperworkers’ Union continue. Today the union announced a three weeks’ extension to the strike at most UPM’s Finnish mills, until 2 April 2022, unless new collective labour agreements are reached before that. The Paperworkers’ Union’s strike at UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac units in Finland began 1 January 2022. Currently, approximately 200 union members work at the mills in tasks critical to society, such as power plants and water treatment facilities. “In recent weeks the parties have negotiated both in the presence of the National Concialiator as well as in one-on-one negotiations. The parties now are familiar with each other’s objectives, so the negotiators have the chance to bargain and reach business-specific agreements,” says Jyrki Hollmén, Vice President, Labour markets, UPM. “Intense negotiations will continue. We call for rapid progress and spirit of compromise, so we can find satisfactory solutions for all parties and start our mills again. UPM businesses are doing their best to advance an open dialogue between the negotiating parties,” Hollmén concludes.

*Net loss from continuing operations for the fourth quarter was $28 million, $1 million favorable to the comparable period in 2020 *Amidst strong demand, secured double-digit percent price increases along with volume improvements for cellulose specialties contracts in 2022 *Expect to drive EBITDA growth in 2022 focused on higher pricing, managing costs and improved reliability; expect a stronger back half with extensive maintenance outages heavily weighted to the first half of 2022 *Enhanced sustainability disclosures in updated Environmental, Social and Governance (ESG) Report, including a Greenhouse Gas reduction target of 40% by 2030 from 2020 levels

In the next two years Sappi will be investing a sum in the low double-digit millions to expand its Centre of Excellence for speciality papers at its facility in Carmignano, northern Italy. With this investment, the company plans to increase production capacity to support further growth in the existing dye sublimation business, in combination with an improved first-class service and lead times. *Expansion of the Mill facility to meet growing demand *Support the current growth of the dye sublimation industry *Improve lead time and sustainability footprint of the Mill. The conversion is scheduled for completion by the end of 2023.

Metallized, Thermal, Cast Coated and Carbonless products impacted - Unsuccessful collective agreement negotiations between Lecta and the trade unions representing the labour force in the Leitza mill resulted in the trade unions starting an intermittent strike as of January 30. Despite all the efforts put in finding a reasonable solution to this issue, trade unions informed that the strike will become indefinite as of today. This unfortunate event will disrupt production schedule in the Leitza mill and will result in orders of the impacted products being postponed and/or cancelled. Lecta is taking all relevant measures to end this conflict as soon as possible and mitigate any inconvenience or disruption this unfortunate situation may have on our clients and is committed to restoring regular production schedule as soon as possible.

Ahlstrom-Munksjö, Ellepot, and OrganoClick have partnered to provide 100% biobased and biodegradable solutions to the horticulture market. Organic 2.0 paper pot is an entirely organic-based solution to grow crops on an industrial scale. The new product has allowed the companies to enter the organic crop segment, which is expected to grow exponentially in the coming years. Organic 2.0 results from a close collaboration between Ellepot, OrganoClick and Ahlstrom-Munksjö's R&D team. After years of co-development, the three companies created a sustainable and more economical solution to grow plants by using paper pots planted directly into the soil. The pots degrade away after time which allows for the crop's roots to penetrate through the media and supports the healthy growth of the plants. Organic 2.0 paper pot consist of 100% fully compostable and biodegradable materials and has a decomposition time of 6 to 8 weeks.

The construction of Wisdome Stockholm, a scientific experience arena, is now underway. The building at Sweden’s National Museum of Science and Technology in Stockholm has a pioneering design and will be a landmark object for sustainable and climate-smart construction in wood. Stora Enso is the main partner and delivers wood construction materials to Wisdome Stockholm. Wisdome Stockholm is a spectacular wooden building design of 1,325 square meters with a unique vaulted roof. Inside the building, there is a globe-shaped dome theatre of 21.6 meters in diameter hosting a 3D cinema with a spherical screen. "We are a proud supplier to this ground-breaking project. Wisdome Stockholm pushes the boundaries and shows what is possible to create with wood as a climate-friendly construction material. Through unique projects like this we can strengthen our customer offering as well as our leading position within renewable construction materials,” says Per Lyrvall, Country Manager Sweden, Stora Enso.

Canfor Pulp Products Inc. is announcing a minimum six-week curtailment of BCTMP production at Taylor Pulp in response to significant transportation shortages that have resulted in inventories at the pulp mill reaching capacity. “Taylor Pulp has been dealing with ongoing transportation challenges that have significantly impacted the facility’s ability to ship product,” said Don Kayne, Chief Executive Officer, Canfor Pulp. “We regret the impact the curtailment will have on our employees, their families and the community.” Already facing increasing fibre costs due to the constrained fibre supply in the region and a weaker longerterm outlook for BCTMP markets, the current logistical issues have created a very challenging business environment for Taylor Pulp. During the curtailment, Canfor Pulp will continue to monitor the supply chain constraints and assess opportunities to improve the operating economics of the mill. The curtailment will reduce the production of BCTMP by at least 25,000 tonnes.

Full Year Highlights *We achieved an improvement in our safety recordable incident rate by approximately 30 percent. *Net sales of $1,028.5 million increased 30 percent compared to 2020, primarily driven by organic volume growth, pricing actions and the impact of the acquisition of Itasa. *In April 2021, we acquired Itasa, a leading global coater and converter of release liners used in hygiene, tapes, industrial labels, composites and various other end markets. The purchase price was $240.2 million, and in the first nine months of ownership, Itasa has generated incremental net sales of $106.9 million. *We executed several operational initiatives, including a $13 million investment in new coating capacity starting up in 2023, closure of our Appleton, Wisconsin facility to save $7-8 million annually, and restarting an idled asset to support growth in premium packaging. *We made meaningful progress on key environmental, social and governance initiatives, including actions designed to reduce energy usage, water consumption and greenhouse gases, recognition through leading sustainability rating agencies (including EcoVadis Gold Medal in Spain and Silver Medal in all other locations) and advancements in the diversity of our Board of Directors (with half identifying as female or underrepresented minorities).

U.S. purchases of total printing-writing papers increased nine percent in January compared to the same month last year. Total U.S. printing-writing paper inventory levels increased one percent in January 2022 when compared to December 2021. *Uncoated free sheet (UFS) paper shipments decreased three percent compared to January 2021 while the inventory level increased two percent compared to December 2021. UFS imports and exports both decreased compared to December 2020, down eight percent and 13 percent respectively. *U.S. purchases of coated free sheet (CFS) papers in January increased 29 percent compared to last January while the inventory level remained essentially flat (+0.4 percent) compared to December 2021. CFS imports increased 58 percent while exports decreased eight percent in December 2021. *Coated mechanical (CM) paper shipments increased nine percent compared to January 2021 while the inventory level decreased six percent compared to December 2021. CM imports increased 24 percent while exports decreased 20 percent in December 2021. *U.S. purchases of uncoated mechanical (UM) papers in January increased eight percent compared to last January while the inventory level increased six percent compared to December 2021. UM imports and exports both increased compared to December 2020, up 21 percent and 18 percent respectively.

Mercer International Inc. reported fourth quarter 2021 Operating EBITDA increased to a record $164.9 million from $49.5 million in the fourth quarter of 2020 and from $148.1 million in the third quarter of 2021. In the fourth quarter of 2021, net income was $74.5 million (or $1.13 per basic share and $1.12 per diluted share) compared to a net loss of $13.0 million (or $0.20 per share) in the fourth quarter of 2020 and net income of $69.1 million (or $1.05 per basic share and $1.04 per diluted share) in the third quarter of 2021. In 2021, Operating EBITDA increased to a record $478.8 million from $192.7 million in 2020. In 2021, net income was a record $171.0 million (or $2.59 per basic share and $2.58 per diluted share) compared to a net loss of $17.2 million (or $0.26 per share) in 2020.

Norske Skog Saugbrugs, together with its research and industry partners, has been granted NOK 60 million in research funding from the Research Council of Norway and Innovation Norway under the Green Platform Programme. The portfolio of products to be developed aims to remove or greatly reduce the use of petroleum-based raw materials and harmful materials, as well as to contribute to increased recycling of plastics. «It is through research and innovation that we create tomorrow's sustainable society. Green platform is an important measure to ensure profitable green transition, and will help us become more skilled at scaling up and linking research to the market», says Jan Christian Vestre, Minister of Trade and Industry (Labour Party). CEO of Norske Skog, Sven Ombudstvedt, says: «Norske Skog will connect strong professional R&D environments to develop unique and sustainable nanocellulose and biocomposite products that the world will demand more of in the future. Our unique fibre expertise will be a valuable contribution in creating sustainable commercial value chains by utilising recycled and renewable raw materials».

Canfor Corporation announced the permanent reduction of 150 million board feet of production capacity at its Plateau Sawmill to resize the facility and align it with the available, sustainable timber supply in the region following the devastating impacts of the Mountain Pine Beetle infestation and other constraints on the timber harvesting land base. The reduction in production capacity will be achieved through a partial plant closure and the elimination of one of the three production lines in the mill. The capacity reduction is expected to impact approximately 70 employees at the facility and is anticipated to take effect at the end of the second quarter of 2022 following the depletion of existing log inventory. Canfor will mitigate the impact to affected employees by offering employment opportunities at other Canfor locations, along with relocation and transition support. “As the allowable annual cut has decreased in the region, it is necessary to resize the facility to align with the sustainable fibre supply,” said Don Kayne, President and CEO, Canfor. “I want to thank our Plateau employees for their ongoing dedication and hard work, and we are committed to providing comprehensive support to those employees impacted by today’s announcement, including offering jobs at other Canfor facilities. We will work to minimize the impacts this decision has on our employees, their families, our contractors and the community.”

Resolute Forest Products Inc. announced two separate transactions to grow and improve the competitiveness of its wood products business. Resolute reached an agreement with Louisiana-Pacific Corporation to acquire the latter's 50% equity interest in two joint ventures that produce I-joists in the Lac-Saint-Jean region of Quebec for $50 million, subject to customary adjustments. Resolute-LP Engineered Wood Larouche Inc. and Resolute-LP Engineered Wood St-Prime Limited Partnership are located in Larouche and Saint-Prime, respectively, and are equity method investments in which Resolute has a 50% interest in each entity. Resolute operates the facilities and its joint-venture partner, Louisiana-Pacific, sells the products. Resolute will enter into agreements with Louisiana-Pacific to continue to serve as the exclusive distributor of the engineered wood products manufactured at the two operations. In a separate transaction, Resolute also announced an agreement signed on February 11 with Boralex (TSX: BLX) for the purchase of a cogeneration facility in Senneterre, Quebec. "The purchase of the 34.5-megawatt cogeneration facility, adjacent to our Senneterre sawmill, builds on our significant investments in the region, including the ongoing project toward a new planer and associated equipment we announced last summer, as well as operational improvements recently completed at our Comtois sawmill. With this cogen, we will maximize the use of biomass from our regional operations, generating green power and providing a platform for future growth and enhanced competitiveness in the Abitibi-Témiscamingue region. We are pleased to welcome the 30-plus employees of the cogeneration facility to Resolute," added Mr. Lalonde.

Paper Excellence today announced an indefinite production slowdown of its Meadow Lake, Saskatchewan BCTMP mill due to repeated lack of railway service. Meadow Lake Mechanical Pulp Inc., which employs 190 people and infuses over $1 million daily into Canada’s economy, is dependent on CN Rail, which has failed to transport Meadow Lake’s pulp production to ports for months. The mill has exhausted local storage facilities. “While we remain committed to servicing our customers’ needs during this slowdown, we are extremely concerned about this railway situation and hope that it can be resolved soon,” said Stew Gibson, Vice President, Operations and Logistics.

Fourth-Quarter Highlights: *Net income of $62 million ($1.41 per diluted share) compared with $92 million ($2.09 per pro forma share1) in the third quarter of 2021 *Free cash flow4 (non-GAAP) of $162 million compared with $135 million in the third quarter of 2021. Fourth-Quarter Commercial and Operational Highlights: *Price and mix improved by $41 million versus the prior quarter and volume improved by $14 million, reflecting solid industry fundamentals and continued commercial excellence performance by our teams *Operations improved by $2 million and total planned maintenance outage expenses increased by $24 million versus the prior quarter *Input costs increased by $39 million versus the prior quarter, reflecting higher costs for wood, energy, chemicals, packaging and distribution *Repaid $124 million of debt, achieving a gross debt-to-adjusted EBITDA ratio of 2.4x at year-end

Stora Enso invests EUR 9 million in an automated CLT (cross-laminated timber) coating line at the Ybbs sawmill in Austria. The investment will further strengthen Stora Enso’s position as a leading global provider of engineered wood products for low carbon, sustainable buildings. In the construction industry, there is labor shortage and a pressure to shorten the construction time on-site. The investment enables industrially pre-applied CLT coatings on the CLT walls and floors produced at Stora Enso’s Ybbs site. The automated coating solution results in shorter construction times and higher wood protection. “With this new automation line, we can apply high-quality water-based coating to approximately 500,000m² of CLT walls and floors per year – making us the world leader in this segment. Our customers will benefit from improved protection of CLT against moisture, sunlight, insects and fire, as well as nicely coloured visual surfaces,” says Lars Völkel, EVP Wood Products division.

Tork, an Essity Brand, has announced a strategic partnership with the Association for Professionals in Infection Control and Epidemiology (APIC) once again in 2022. APIC is the leading association for infection prevention and control (IPC) professionals, with more than 15,000 infection preventionist (IP) members. The APIC Strategic Partner program establishes long-term relationships with industry partners united in the common goal advancing the science and practice of infection prevention and control in healthcare facilities and beyond. APIC Strategic Partners play an important role in supporting many of the educational initiatives and services that benefit APIC’s membership, which is comprised of nurses, physicians, epidemiologists, microbiologists, public health professionals and other individuals dedicated to preventing the spread of infection.

The boards of Rottneros and Arctic Paper have decided to invest 15 million euro in a moulded fiber tray factory at Arctic Papers premises in Kostrzyn, Poland. The factory will be operated in a separate legal entity and as a 50/50 joint venture, in line with the LOI that was signed by the parties on October 22nd, 2021. “We are seeing a rapidly growing demand for moulded fiber trays, and we are pleased to announce that we are now ready to move forward with our plan to launch the first industrial scale production of high barrier fiber-based packaging. The collaboration of the two parties combines Arctic Papers favorable location and existing infrastructure with Rottneros technological know-how and will bring benefits to both companies”, said the CEOs of Rottneros and Arctic Paper, Lennart Eberleh and Michal Jarczyński, in a joint statement.

We are very pleased to announce that, effective 1 March 2022, Gilles Van Nieuwenhuyzen will become CEO of Lecta Group. He will also be appointed as Director of Lecta Ltd succeeding Eduardo Querol. Gilles has a vast and diversified experience in different industries such as chemicals (DSM ), packaging (Rexam and Stora Enso), food ingredients (Danisco and CSM), and paper & board (Stora Enso). He has also served several positions as independent advisor and top interim executive . Gilles has proven all along his career a successful focus on the same pillars which form the basis of Lecta transformation today. He will drive with energy and passion our path to profitable growth through innovation, value selling and focused investment while developing further our operational excellence initiatives.

HIGHLIGHTS • Pulp sales of 2,722 thousand tons (+2% vs. 4Q20). • Paper sales of 371 thousand tons (+5% vs. 4Q20). • Adjusted EBITDA1 and Operating cash generation²: R$6.4 billion and R$4.8 billion, respectively. • Adjusted EBITDA1 /ton from pulp of R$2,114/ton (+59% vs. 4Q20). • Adjusted EBITDA1 /ton3 from paper of R$1,619/ton (+32% vs. 4Q20). • Average net pulp price in export market: US$630/ton (+38% vs. 4Q20). • Average net paper price3 of R$5,109/ton (+24% vs. 4Q20). • Pulp cash cost ex-downtime of R$747/ton (+20% vs. 4Q20). • Leverage down to 2.4 times in USD and 2.5 times in BRL.

JANUARY–DECEMBER 2021 (1–12/2020) •Sales were EUR 6,017 million (5,055). •Operating result was EUR 874 million (376). Comparable operating result was EUR 914 million (368). •Result before taxes was EUR 832 million (330). Comparable result before taxes was EUR 872 million (322). •Comparable return on capital employed was 16.2% (7.1). •Net cash flow from operations was EUR 1,023 million (667). OCTOBER–DECEMBER 2021 (10–12/2020) •Sales were EUR 1,560 million (1,357). •Operating result was EUR 221 million (97). Comparable operating result was EUR 220 million (94). •Result before taxes was EUR 215 million (88). Comparable result before taxes was EUR 214 million (86). •Comparable return on capital employed was 14.7% (7.4). •Net cash flow from operations was EUR 427 million (306).

UPM’s negotiations with the Finnish Paperworkers’ Union (Paperiliitto) are now underway for UPM Pulp, with the other UPM businesses expected to follow, according to media reports from Finland. Finnish trade publication Print&Media has reported that, following movement with the situation on Friday, negotiations have started today (7 February) for the UPM Pulp business and negotiations on UPM’s other divisions should also begin this week. The publication was also sent a comment from labels division UPM Raflatac, in response to the warning from the European association for the self-adhesive label industry, Finat, on the availability of label stocks, which it shared with Printweek: “The strike further aggravates the industry level supply situation which has been tight and constrained already since early 2021.

After 14 years with Canfor, Alan Nicholl, Executive Vice President, Bio-Based Solutions & Pulp Operations, has accepted the role of Managing Director with Licella Holdings, Canfor’s joint venture partner in Arbios Biotech (Arbios) effective April 2022. Alan will continue to serve as President & CEO of Arbios. David Calabrigo, Senior Vice President, Corporate Development, Legal Affairs and Corporate Secretary, has assumed responsibility for leading the Bio-Innovation team as the Company continues to pursue opportunities to develop bio-based solutions to address the growing demand for low carbon, renewable products. Kevin Anderson, Vice President, Operations, Canfor Pulp is now reporting directly to Don Kayne, CEO, Canfor Pulp.

Verso Corporation announced the filing of a definitive proxy statement for a special meeting of stockholders, at which Verso stockholders will consider and vote upon various items related to the proposed and previously announced transaction with BillerudKorsnäs AB. If approved, all Verso stockholders will receive $27.00 per share in cash upon closing of the transaction, representing immediate and certain value at a significant premium. The consideration corresponds to a premium of approximately 57% compared to the unaffected closing price of Verso's shares on July 9, 2021, the day prior to the submission of an unsolicited, non-binding proposal to acquire Verso for $20.00 per share in cash, and a 35% premium over that unsolicited proposal.

Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “I am very pleased with an excellent performance from the group. We outperformed the guidance provided at the end of the last quarter with EBITDA at US$240 million, a 36% increase over the prior quarter (US$177 million) and more than double the equivalent quarter last year (US$98 million). Robust market demand in all product segments combined with the implementation of higher sales prices facilitated the growth and offset rising costs. This achievement was despite logistics and transport bottlenecks, as well as significant increases in energy, pulp and other raw materials.” Financial summary for the quarter: • EBITDA excluding special items US$240 million (Q1 FY21 US$98 million) • Net debt US$1,917 million (Q1 FY21 US$2,056 million) • Profit for the period US$123 million (Q1 FY21 loss of US$17 million)

With a soon-to-be-launched gluing innovation at Nymölla Mill in Sweden, where Multicopy is produced, the mission towards a more competitive and sustainable paper production continues. One of the latest sustainable innovations at Stora Enso and Multicopy is the EcoSeal ream adhesive technology with a new dotting pattern application, that has recently been launched and will gradually be implemented in the paper production at the Nymölla mill. This new technology, supplied by Valco Melton, a global leader in sustainable gluing, coating machinery and quality assurance technologies, is a great process improvement both when it comes to bond strength and reduced environmental impact. The gluing guns are assembled by hand, and specifically designed for packaging, engineered for every sort of application and high-speed precision gluing.

McKinley Paper Company, the U.S. wholly-owned subsidiary of Bio PAPPEL, continues to grow in the U.S. and today announces the acquisition of 100% of Midwest Paper Group (“Midwest”) from the investment fund IOP. The acquisition of Midwest Paper Group, a large independent containerboard producer located in Wisconsin with a production capacity of 500 thousand tons annually, fits well with Bio PAPPEL– McKinley and substantially increases its current U.S. containerboard production. This allows the company to have a nationwide coverage to support McKinley’s plans of continuous growth in its packaging division as well as to reliably supply its current customer base throughout the U.S. With the acquisition of Midwest Paper Group, as well as the currently under construction and planned super plants of corrugated boxes, Bio PAPPEL will reach combined annual revenues in excess of $3 billion dollars, keeping a low debt level and financial investment grade rating.

Norske Skog’s EBITDA in the fourth quarter of 2021 was NOK 422 million, an increase from NOK 111 million in the third quarter of 2021. Sales prices for all grades increased in the quarter as a necessary consequence of unprecedented high energy costs in Europe and a tightened publication paper market situation following significant capacity closures and post Covid-19 demand recovery. The European mills operated at full capacity during the quarter. Cash flow from operations was NOK 317 million in the quarter compared to NOK -99 million in the previous quarter, positively impacted by the improved operating margins, change in working capital and sale of CO2-allowances, but negatively impacted by employee redundancy payments at the Tasman mill in New Zealand. Operating earnings in the fourth quarter of 2021 were NOK 479 million compared to operating earnings in the third quarter of 2021 of NOK -565 million. Net profit in the quarter was NOK 400 million compared to a net loss of NOK 602 million in the previous quarter. Net interest-bearing debt was NOK 1 054 million at the end of the fourth quarter, with an equity ratio of 34%.

The Finnish Paperworkers’ Union has today informed UPM that their strike at UPM’s Finnish mills will be extended by three weeks until 12 March 2022, unless new agreements are reached before that. The Paperworkers’ Union’s strike at UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac units in Finland started 1 January 2022. Currently, approximately 200 union members are working in tasks critical to society, such as power plants and water treatment facilities. The union simultaneously informed UPM that it is ready to negotiate with UPM businesses. UPM received an invitation to negotiations concerning UPM Pulp on Monday 7 February. The invitation indicated that the negotiations would be carried out with the CLA advisory board of the union. The board includes members of other forest products companies which means that discussions could be conducted on a very general level. Due to anti-trust compliance, genuine negotiations on UPM’s business-specific issues could not be conducted.

*Q4 GAAP net loss of $128 million / net income of $307 million for 2021 *Liquidity of $953 million / net debt of $190 million at year-end *Repurchased 1.3 million shares in Q4 / 4.6 million shares (6%) in 2021 *Net pension & OPEB liability down by over $400 million at year-end

Mactac® would like to introduce Nick Savelieff, an experienced Operations professional, as the company’s Vice President of Operations. With more than 20 years of experience in the plastics and pressure-sensitive adhesive (PSA) industries and in a variety of roles within supply chain, operations, and sales/marketing, Savelieff will lead the management of Mactac’s North American coating facilities and distribution centers. He will also oversee Mactac’s corporate engineering department. In his role, Savelieff will champion manufacturing excellence and drive a continuous improvement culture across Mactac’s production facilities. Among his primary responsibilities are workplace safety and environmental compliance, strategic operations planning, manufacturing performance and productivity, and asset management and planning.

Highlights: *4Q21 Reported EPS of $2.19, down 4% driven by impact of extra week in prior year *4Q21 Net sales increased 9.7% to $2.2 billion *FY21 Reported EPS of $8.83, up 34% *FY21 Net sales increased 20.6% to $8.4 billion. “2021 marked the company’s tenth consecutive year of strong top- and bottom-line growth,” said Mitch Butier, chairman, president and CEO. “We delivered 19 percent revenue growth on a constant currency basis and 25 percent adjusted earnings per share growth, while generating record free cash flow.

Norske Skog has entered into agreement with Talley’s Group, a New Zealand based dairy, fishing, produce and food company, to sell the Nature’s Flame pellets company for a consideration of approximately NZD 47.8 million (approximately NOK 280 million). The transaction is expected to close during the first quarter of 2022. “Nature’s Flame is an excellent company producing high quality and sustainable energy pellets from wood residues, and thus the sales process generated significant interest. Under our ownership, we have expanded the capacity from producing some 20,000 tonnes when acquired to currently 90,000 tonnes, and we are very pleased that Talley’s has indicated interest to continue the ongoing project to further expand the capacity to 150,000 tonnes."

Sustana, a leading manufacturer of premium, sustainable recycled fiber and paper products, announces the appointment of Jeffrey Crawford to the position of Vice President of Sustainability. Jeffrey brings over 13 years of experience supporting Fortune 500 companies, investors, United Nations agencies, and national governments design and implement sustainability and climate strategies, policies, and projects in Africa, Asia-Pacific, Europe, and North America to Sustana. He will be responsible for driving Sustana’s sustainable products, strategy, and ESG initiatives across Sustana Fiber and Rolland Papers, advancing the group’s leadership in providing sustainable recycled solutions to the paper and packaging industry. Jeffrey will lead the company’s sustainability strategy for Rolland Paper as well as Sustana Fiber recycled fiber operations. Sustana has full control over the fiber production, recycled papermaking, and converting processes and Jeffrey’s role will build upon Sustana’s Sustainability Strategy and be an ambassador for recycled sustainability produced printing papers and packaging plus food packaging.

Stora Enso will invest EUR 40 million in new technology and restructuring of its fluff pulp production site in Skutskär, Sweden. The objective is to increase cost efficiencies and further improve the site’s climate footprint, thereby aligning with Stora Enso’s goal to provide regenerative solutions. Stora Enso is Europe’s leading producer of fluff pulp. The Skutskär site produces fluff pulp used in hygiene products such as baby diapers, feminine care and adult incontinence protection products, as well as in air-laid nonwovens such as wipes, napkins and medical pads. The investment in new bleaching technology supports Stora Enso’s ambitious climate targets and will enhance both operational efficiency and the site’s carbon footprint performance. With its science-based targets updated in 2021, Stora Enso commits to reducing absolute greenhouse gas emissions from operations by 50% by 2030, aligned with the 1.5-degree scenario. The transition to new technology will enable a carbon footprint reduction of 5% for the site’s products through resource and energy efficiencies.

Q4/2021 (year-on-year) *Sales increased by 26.3% to EUR 2,719 (2,154) million. *Operational EBIT increased to EUR 426 (118) million. *Operational EBIT margin increased to 15.7% (5.5%). *Operating profit (IFRS) increased to EUR 839 (289) million including the positive impact from the valuation of biological assets. *Strong cash flow from operations amounted to EUR 619 (436) million. Cash flow after investing activities was EUR 424 (223) million. *The net debt to operational EBITDA ratio improved to 1.1 (2.3). The target is to keep the ratio below 2.0. Year 2021 (year-on-year) *Sales were EUR 10,164 (8,553) million. *Operational EBIT more than doubled to EUR 1,528 (650) million.

Ahlstrom-Munksjö has signed the majority of the main contracts for civil works and machinery to build a new glass fiber tissue line facility located in Madisonville, Kentucky, U.S. The construction of the building will start in February 2022. The building and civil works are scheduled to be fully completed in summer 2023. The location of the new building is next to the existing Ahlstrom-Munksjö production site developing and producing filtration materials for transportation and industrial applications. “The positive progress with this new investment demonstrates our commitment to customers in North America. By expanding our geographical footprint, we will be well positioned to support our customers, today and tomorrow,” said Pekka Helynranta, VP Glass Fiber Tissue business.

Key highlights: 15% net sales growth, *Strong production in the quarter, *Record-high earnings for 2021' *Another strong cash flow delivery. Quarterly data: Net sales grew by 15% to SEK 6 688 million (5 803). Currency effects had a marginal impact on net sales, *Adjusted EBITDA* increased to SEK 1 075 million (568), corresponding to an adjusted EBITDA margin of 16% (10%), *Operating profit was SEK 418 million (163), including items impacting comparability of SEK -177 million (73),* Net profit was SEK 320 million (242)

• Operating profit for 2021 amounted to SEK 3 731 million (2020: 2 479). Excluding the item affecting comparability related to the damaged turbine at the paperboard mill in Workington, operating profit increased by SEK 1 582 million to SEK 4 061 million as a result of higher prices for wood products and the expansion of the wood products business. • Operating profit for the fourth quarter excluding the item affecting comparability was SEK 1 185 million, compared with SEK 1 129 million in the third quarter. The sale of a British forest property had a positive impact on profit of just over SEK 200 million, while lower wood product prices had a negative impact on profit. • Profit after tax in 2021 amounted to SEK 3 004 million (1 979), which corresponds to earnings per share of SEK 18.5 (12.2). • Prices for forest properties continued to increase in 2021, which meant that the recognised value of forest assets during the annual revaluation increased 9 per cent from SEK 43 202 million at the beginning of the year to SEK 47 080 million.

Q4 2021 highlights *Sales increased by 22% to EUR 2,673 million (2,188 million in Q4 2020) *Operating cash flow was EUR 406 million (347 million). 2021 highlights *Sales increased by 14% to EUR 9,814 million (8,580 million in 2020) *Operating cash flow was EUR 1,250 million (1,005 million) *UPM started the basic engineering phase of a next-generation biofuels refinery in January *UPM sold the UPM Shotton newsprint mill in the UK

Executive Summary *Fourth quarter 2021 net sales of $5.0 billion increased 3 percent compared to the year-ago period, including organic sales growth of 3 percent. Full-year 2021 net sales of $19.4 billion increased 2 percent, with organic sales down 1 percent. *Diluted net income per share for the fourth quarter was $1.06 in 2021 and $1.58 in 2020. Full-year diluted net income per share was $5.35 in 2021 and $6.87 in 2020. *Net sales in 2022 are expected to increase 1 to 2 percent, including organic sales growth of 3 to 4 percent. *The company's Board of Directors has approved a 1.8 percent increase in the quarterly dividend, which is the 50th consecutive annual increase in the dividend.

Total graphic papers shipments in November 2021 were UP 3.0% vs. November 2020 and were UP 4.5% year-to-date. Total newsprint shipments in November 2021 were down 0.3% vs. November 2020 and were down 3.3% year-to-date. Total sc-magazine shipments in November 2021 were down 8.3% vs. November 2020 and were down 0.2% year-to-date. Total coated mechanical reels shipments in November 2021 were UP 3.1% vs. November 2020 and were UP 2.4% year-to-date. Total uncoated mechanical (improved & others) shipments in November 2021 were down 6.6% vs. November 2020 and were UP 3.2% year-to-date. Total coated woodfree shipments in November 2021 were UP 13.7% vs. November 2020 and were UP 11.8% year-to-date. Total uncoated woodfree shipments in November 2021 were UP 6.9% vs. November 2020 and were UP 10.8% year-to-date.

ANDRITZ successfully started up the second of two PrimeLineTM W 2000 tissue machines delivered to Guangxi Sun Paper, China, for its mill in Beihai City, Guangxi Province. The tissue machine (TM6) has a design speed of 2,000 m/min, a working width of 5.65 m and a capacity of 60,000 t/a, and it is equipped with energy-saving components (steel Yankee with head insulation, heat recovery system, Yankee Ecosteam system for re-evaporation). Forming fabrics and press felts by ANDRITZ Fabrics and Rolls were installed for optimum end-product quality. Like the TM5 order, the scope of supply also included FibreSolve FSV pulpers, the paper machine approach flow systems, broke handling and fiber recovery, and automation systems.

ANDRITZ has successfully started up state-of-the-art and environmentally leading pulp production and chemical recovery technologies for Klabin’s Puma II line in Ortigueira, Paraná, Brazil. The ANDRITZ scope of supply included: *A wood processing plant with debarking and chipping line, which can process both eucalyptus (350 m3 sob/h) and pine (400 m3 sob/h), meaning that a log truckload of wood is emptied onto the line every ten minutes. *The HERBTM recovery boiler from ANDRITZ, which has a capacity of 3,300 tds/d with high steam parameters of 103 bar(a) and 502°C to maximize power generation. It is equipped with the autonomous Smart sootblowing control solution that combines Smart sensors (HEWI) and controls to ensure the cleanability period, a higher availability of the boiler, as well as greater operating safety. *A power boiler based on ANDRITZ EcoFluid bubbling fluidized bed (BFB) technology with a steam production capacity of 220 t/h. It is combined with the recovery boiler to form a “boiler island”, and some of the auxiliary equipment is shared between the two boilers. This provides savings in investment and operating costs. *A complete white liquor plant consisting of a recausticizing plant (5,000 m3/d) and an ANDRITZ LimeKiln (450 t/d) with a multi-fuel burner.

The Transport Workers’ Union AKT has today announced a blockade against UPM in Finland to support the strikes of the Paperworkers’ Union and the Finnish Electrical Workers´ Union. AKT’s support measures will be carried out as a blockade in Finnish ports. During the blockade, the stevedores will not handle UPM’s paper and pulp. The blockade will begin on 24 January at 06:00. “AKT’s actions do not advance functioning labour markets. AKT is not even a party in the negotiations, which we aim to start with the Paperworkers’ Union,” says Jyrki Hollmén, Vice President, Labour Markets, UPM. "We hope to get into negotiations with the Paperworkers’ Union soon, so that both parties can present their goals and seek solutions acceptable to all. Members of the Paperworkers’ Union certainly have the right to strike but now it only postpones the start of negotiations. The AKT blockade doesn’t make the situation any better," Hollmén continues.

Neenah, a leading global manufacturer of specialty materials, is announcing that it has joined the Soteria Battery Innovation Group (BIG), a consortium of 100+ companies representing different developers and users across the lithium-ion battery ecosystem. The consortium is committed to using new technology to bring safer batteries to the market, which aligns directly with Neenah's passion for innovation and the company's emphasis on safety. Lithium-ion batteries continue to dominate the battery market, with projected growth from $41B in sales in 2021 to over $110B by 2030. Neenah will utilize its significant expertise in nonwovens to pursue fiber-based separator applications that can meet users' short and long-term needs.

Mactac®, a LINTEC Company, announces it has entered into an agreement to purchase the assets of Spinnaker Coating, LLC, representing $130 million of specialty revenue at a price of $40 million. The acquisition is expected to close on Feb. 1, 2022, and consists of Spinnaker’s manufacturing facility and headquarters based in Troy, Ohio, and North American distribution centers located in Atlanta, Georgia; Chicago, Illinois; Los Angeles, California; and, Vails Gate, New York. Spinnaker will operate as a standalone subsidiary of Mactac. As part of LINTEC, Mactac is one of the largest, most diversified global pressure-sensitive adhesive (PSA) suppliers. Mactac’s acquisition of Spinnaker, which specializes in the customized production and distribution of pressure-sensitive roll label and sheet base materials in North America, creates a one-of-a-kind, world-class specialty labeling company.

Verso Corporation announced the filing of a preliminary proxy statement for a special meeting of stockholders, at which Verso stockholders will consider and vote upon various items related to the proposed and previously announced transaction with BillerudKorsnäs AB. If approved, all Verso stockholders will receive $27.00 per share in cash upon closing of the transaction, representing immediate and certain value at a significant premium. The preliminary proxy statement provides detailed disclosure regarding, among other things, the robust process overseen by the Special Committee, the Special Committee's consideration of indications of value, the fairness opinion received from Rothschild & Co., its financial advisor, regarding the merger consideration and the analysis underlying that opinion, the Special Committee's efforts to seek the best price reasonably available for stockholders, and the Board and the Special Committee's rationale for accepting BillerudKorsnäs' offer as being in the best interests of stockholders.

The Finnish Paperworkers’ Union has issued a new strike announcement to UPM, declaring that their strike at UPM’s Finnish mills will be extended by two weeks until 19 February 2022, unless new agreements are reached before that. The Paperworkers’ Union’s strike at UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac units in Finland started 1 January 2022. UPM’s goal continues to be to start business specific negotiations with the union as soon as possible. “Only in the negotiations will it be possible to open up the goals of the parties and seek solutions together. Our businesses are very different from each other, which is why business-specific agreements are essential to us. Our focus is not on next month or next year, but on pursuing agreements that will enable each business to succeed well into the future. Business success also benefits our employees,” says Jyrki Hollmén, Vice President, Labour Markets at UPM.

Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, has been named a 2021 SEAL Sustainable Product Award winner for its Ultracast Viva® casting and release paper. Ultracast Viva was also selected by the International Design Awards Jury for an Honorable Mention for textile design. Ultracast Viva is the new standard for high-fidelity casting and release papers, offering compatibility with solvent-free casting systems, serving as the mold for coated fabrics by transferring texture and gloss to create authentically pleasing synthetic leathers and other coated materials. The textured surfaces are then used for end products people use every day, such as shoes, car seats, handbags, apparel and more. After use, the release paper is stripped away and can be reused multiple times.

International technology group ANDRITZ has received an order from Holmen Iggesund Paperboard Ltd. to supply a state-of-the art primary effluent and sludge treatment line for its mill in Workington, UK. Start-up is scheduled for the first quarter of 2023. The mill will completely replace the existing primary effluent treatment plant to improve the efficiency of the system and reduce the level of total suspended solids (TSS) in the outfall. ANDRITZ will supply a tailormade technological solution, including channel screening, clarifying, automated flocculant and coagulant dosing, and sludge dewatering: *ANDRITZ Aqua-Screen channel screens specially designed for handling wastewater streams will ensure effective coarse screening and removal of large contaminants from the influent to the clarifiers. *Clarifiers will be installed to ensure efficient solid-liquid separation for coastal discharge. The clarifier tanks will be raised off the ground on legs to facilitate operation and maintenance activities. *State-of-the-art sludge handling line, including proven ANDRITZ gravity tables prior to ANDRITZ sludge screw presses for minimum flocculant consumption, lowest solids load in the filtrate and highest possible sludge dryness.

Solenis, a leading global producer of specialty chemicals, closed on the acquisition of 100% of the outstanding shares of SCL GmbH (“SCL”) on January 18, 2022. Located in Ludwigshafen, Germany, SCL produces DMA3, a primary raw material for cationic polyacrylamide production. The acquisition of the SCL business helps Solenis fulfill a strategic insourcing objective and supports Solenis’ polyacrylamide strategic global growth plan. “The acquisition of this business provides Solenis with the backward integration that supports our polyacrylamide growth plan and better enables us to provide strategic products to our customers around the world,” said John Panichella, CEO, Solenis. “This is our first bolt-on acquisition following our recent ownership change to Platinum Equity. The support by the Platinum team for our strategic growth plan has been excellent, and I am confident that our partnership will yield more of these projects in the future.”

Rayonier Advanced Materials Inc. announced the introduction of a second generation (2G) bioethanol product for Europe’s fast-growing biofuels market. Produced using wood-based feedstock (not in competition with food), RYAM will be among the first in France to produce 2G bioethanol fuel from wood. With a ninety percent smaller carbon footprint compared to fossil fuel-based gasoline, RYAM’s bioethanol product will help petrochemical companies meet their need for clean and renewable energy in the European market and contribute to reduced climate change. “With the successful development of second-generation bioethanol products, RYAM is taking an important step toward achieving our BioFuture and promoting a more sustainable world,” said Vito Consiglio, President and CEO of Rayonier Advanced Materials. “The strong demand for this innovative, renewable biofuel represents another example of how we can leverage our existing biorefineries and knowledge of cellulose chemistry to provide biobased solutions.”

The close of 2021 marked a big safety milestone for our Whitecourt Pulp Division: for the first time since its start-up in 1988, the pulp mill passed an entire calendar year with no recordable incidents – that’s 0 lost-time accidents and 0 medical treatments. Today, the mill stands at 1001 days without a lost-time incident and 557 days since its last medical aid, far surpassing the prior mill previous record of 507 days. At Millar Western, our real safety focus is on outcomes, not records. But these numbers represent individual people, going home safe to family and friends at the end of each shift. In the especially challenging year of 2021, the safety milestones reached by pulp mill staff were an especially outstanding achievement. Congratulations to all at Whitecourt Pulp, where safety’s in good hands!

Mondi received the Cradle to Cradle certification at Bronze level for its uncoated fine papers produced in its mills in Austria, Slovakia and Russia. Mondi is thus the first to offer an extensive uncoated fine paper portfolio as Cradle to Cradle Certified® meeting the high standards and demanding requirements of this certification scheme which marks the step from a linear to a circular economy. This includes Mondi´s well-known professional printing brands Color Copy and PERGRAPHICA®, as well as its range of NAUTILUS® branded recycled papers, and a wide office paper portfolio. "We are proud to kick off the year with this strong sustainability achievement underlining our Mondi Action Plan 2030 (MAP2030) commitment to create circular-driven solutions. For many years, Mondi has been a leader, and often a pioneer, in the sustainability of its uncoated fine papers. For example, Color Copy became the world´s first FSCTMcertified colour laser paper in 2005. Thanks to our new Cradle to Cradle certification our customers have a uniquely wide choice of products to support the environment and contribute to the circular economy without sacrificing on quality or price." Devan Naidoo, Marketing and Sales Director at Mondi Uncoated Fine Paper

Sole Source Capital LLC, an industrial-focused private equity firm, announced today that its portfolio company, I.D. Images (“IDI”), a premier provider of product identification solutions, has made three significant acquisitions over the past five months. IDI’s acquisitions of Digital Printing Concepts, Multi-Action Communications, and Valley Forge Tape & Label Company have more than doubled the size of the company and extended its reach to several new markets across the U.S. and Canada since it became a Sole Source Capital portfolio company in August 2021. Terms of the transactions were not disclosed. IDI manufactures high-quality durable and graphic intensive labels that address a broad range of product identification needs for a variety of end markets. Digital Printing Concepts, founded in 2003 and based in East Providence, RI, is a manufacturer of custom durable variable data labels that are utilized in warehouse logistics. Headquartered in Quebec, Canada, Multi-Action Communications is a manufacturer of logistics, grocery, track-and-trace, and prime labels to customers throughout Canada and the United States. The company was founded in 1993 and operates out of three manufacturing facilities across Canada. Based in Exton, PA and founded in 1962, Valley Forge Tape & Label Company is a longstanding, full-service manufacturer of custom printed self-adhesive labels for the Food and Beverage, Healthcare, and Consumer Products industries.

Ahlstrom-Munksjö has successfully completed the acquisition of a 60% stake in Chinese decor paper producer Minglian New Materials Technology Co., Ltd. and forms a joint venture which comprises a state-of-the-art plant in the city of Xingtai, Hebei Province, China. A non-binding letter of intent with the majority shareholders was initially signed in November 2019 but the Covid-19 pandemic delayed the negotiations and closing of the transaction. By combining Minglian with its existing Decor business, Ahlstrom-Munksjö creates a global leader in decor papers with improved cost competitiveness and strong presence in Europe, Americas and Asia. The business combination allows Ahlstrom-Munksjö to leverage its brand and capabilities in the large and growing high-end decor paper market in China. It will strengthen Ahlstrom-Munksjö’s ability to serve international customers both in the short- and long term. Ahlstrom-Munksjö will provide technical and operational expertise to Minglian and strengthen Minglian’s customer offering and service in the domestic medium and high-quality segments as well as adjacent export markets. Minglian provides cost competitive manufacturing to the combined Decor business platform and opportunities to optimize production and extend further decor paper manufacturing capacities.

Rayonier Advanced Materials, Inc. announced that it has achieved International Sustainability and Carbon Certification Plus (ISCC+) recognition at its Fernandina Beach facility. The certification will allow RYAM’s customers to procure ISCC+ certified High Purity Cellulose, addressing sustainability requirements in their end markets. This certification only applies to the Fernandina Beach facility initially across various end uses, but may be expanded to other facilities as customer demand for sustainable inputs rise. “The ISCC Plus certification demonstrates RYAM’s commitment to sustainable production and to provide its key customers with the highest quality biobased products,” said Vito Consiglio, President and Chief Executive Officer at Rayonier Advanced Materials.

Sappi Limited, a leading producer of dissolving pulp sold under the brand name Verve, is pleased to announce that it has completed a self-assessment of the Higg Facility Social and Labour Module (FSLM) at its Ngodwana and Saiccor Mills in South Africa. The self-assessment results were very positive and highlight Sappi’s commitment to maintaining a high level of social and labour practices. Ngodwana and Saiccor Mills produce dissolving pulp under the Verve brand, which is used primarily in the textile and hygiene product industries. Developed by the Sustainable Apparel Coalition, the Higg FSLM is part of a suite of tools that enables manufacturing facilities within the textile value chains to measure themselves against a standard set of criteria in the areas of recruitment and hiring, working hours, wages and benefits, worker treatment, worker involvement, health and safety, termination and management systems.

UPM Raflatac and WWF Poland have renewed their contract to build a smarter future beyond fossils together. During the new three-year contract period the collaboration will focus on promoting circular economy including waste management as well as sustainable forestry practices. To increase the engagement and support for both of these important initiatives facing today’s challenges, this three-year contract is also set to engage UPM Raflatac’s internal and external stakeholders. “As part of UPM The Biofore Company, we are committed to building a sustainable, innovation-driven future and want to share our expertise and assets with the communities we operate in. UPM Raflatac is part of the packaging value chain and labels can play a key role in enabling circular economy in this value chain. Given the resource needs today, promoting sustainable forestry supports our journey beyond fossils,” says Vera Bartsch, UPM Raflatac.

Ahlstrom-Munksjö introduces EcoJetTM Transfer S Series for digital-transfer printing applications. The new product series consist of high-quality transfer papers that offer excellent printing and transfer resolution, fast ink drying, and high ink acceptance, especially suitable for hard surface image transfer. Digital printing is an effective and economical method that reduces lead time compared to traditional printing methods. It is also a more sustainable method as it uses less water and produces less waste. In digital sublimation printing, the printed transfer paper is placed onto a surface, after which the paper and the soft or hard surface are pressed together at high temperature to adhere the ink on the paper to the surface. Ahlstrom-Munksjö’s multipurpose EcoJet™ range offers trusted and innovative solutions for digital transfer printing for garments, household, technical and visual communication, including both Transfer Paper (Dye Sublimation) and Protection Tissue (used to protect and increase the lifetime of the printer, while preventing ink penetration). The EcoJet™ range is produced from responsibly sourced wood pulp, certified according to Forest Stewardship Council® standards.

Global packaging and paper leader Mondi has accelerated plans to take action on climate by committing to transition to Net-Zero by 2050. This next step builds on almost two decades of progress, including a 45% reduction in specific greenhouse gas (GHG) emissions against a 2004 baseline and science-based targets approved by the Science Based Targets initiative (SBTi) in 2019. "The climate crisis is the most urgent risk facing society and businesses must take decisive action to mitigate their impact. Mondi has a long track record of investing in our operations to reduce our GHG emissions and the Board’s approval of our new Net-Zero plan reinforces our commitment to contributing to a better world. The adoption of science-based targets in line with 1.5°C is an important milestone in our journey to Net-Zero. However taking action today is an absolute imperative and we already have a clear roadmap to achieve our 2025 milestones." Andrew King, Mondi’s Group CEO

Clearwater Paper Corporation introduced NuVo® withBioPBS™, a sustainable cup stock that provides foodservice operators with a compostable alternative to hot cups coated with low-density polyethylene. NuVo® withBioPBS™ is the first cup stock to combine a compostable barrier, 35% post-consumer fiber, Forest Stewardship Council® (FSC®) chain-of-custody certification (FSC-C008402), and a high-definition print surface. “When we launched the NuVo® brand in 2019, we made a promise to continually innovate to maximize product differentiation and sustainability. We are pleased to continue delivering on that commitment by introducing NuVo® withBioPBS™, a next-generation cup stock that we believe will allow our customers to be at the forefront of growing trends in sustainability,” said Steve Bowden, senior vice president and general manager of the pulp and paperboard division.

We are pleased to announce the acquisition of Dietzgen Corporation® in Tampa, Florida. Dietzgen Corporation® is a leading provider of converting and distribution services for digital print media including papers, films, and textiles to the US market. Dietzgen reliably provides their partners with nation-wide just in time delivery from an extensive inventory housed in six strategically located facilities. The privately held corporation has an extensive network of dealers selling their well-known media brands which include Dietzgen® – Reprographic, Magic® – Sign and Display, Museo® – Fine Art, and Validation® – Premium Proofing. The acquisition of Dietzgen is an important milestone in the strategic development of the Sihl company, especially in North America. We are excited about this transaction as it fuels our vision to become the leading high-end coated print media supplier in the US. The combination of Dietzgen´s superior converting, logistics and distribution capabilities with the innovative product offering and service level of Sihl will create an exceptional offering for our customers in terms of quality and service. We look forward to discussing with you how this transaction can possibly create advantages for you at your earliest convenience and further strengthen our continued partnership.

The Navigator Company announced today that it will apply an energy, logistics and commodities surcharge to its tissue products, amounting 15% of the sales price, to offset the significant and unexpected raising of its input cost. Its application will be effective for all dispatches from 15 th of January onwards. The continuity and amount will be regularly reviewed based on the evolving market conditions. The global change in the economy, with dramatic impacts, affects the overall industry with unsustainable increase in input costs, such as energy, natural gas, pulp, chemical products, packaging materials, wood pallets and logistics. Navigator believes that this exceptional measure is imperative to support the long-term sustainability of its business model and of the overall supply chain.

Sole Source Capital LLC announced that its portfolio company, I.D. Images (“IDI”), a premier provider of product identification solutions, has made three significant acquisitions over the past five months. IDI’s acquisitions of Digital Printing Concepts, Multi-Action Communications, and Valley Forge Tape & Label Company have more than doubled the size of the company and extended its reach to several new markets across the U.S. and Canada since it became a Sole Source Capital portfolio company in August 2021. Terms of the transactions were not disclosed. IDI manufactures high-quality durable and graphic intensive labels that address a broad range of product identification needs for a variety of end markets. Digital Printing Concepts, founded in 2003 and based in East Providence, RI, is a manufacturer of custom durable variable data labels that are utilized in warehouse logistics. Headquartered in Quebec, Canada, Multi-Action Communications is a manufacturer of logistics, grocery, track-and-trace, and prime labels to customers throughout Canada and the United States. The company was founded in 1993 and operates out of three manufacturing facilities across Canada. Based in Exton, PA and founded in 1962, Valley Forge Tape & Label Company is a longstanding, full-service manufacturer of custom printed self-adhesive labels for the Food and Beverage, Healthcare, and Consumer Products industries.

The Finnish Paperworkers’ Union has issued a new strike announcement to UPM, declaring that their strike at UPM’s Finnish mills will be extended by two weeks until 5 February 2022, unless new agreements are reached before that. The Paperworkers’ Union’s strike at UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac units in Finland started 1 January 2022. “If the members of the Paperworkers’ Union want to continue the strike, they naturally have every right to do so. UPM’s goal continues to be to start business specific negotiations with the union as soon as possible. Negotiations are the only way forward. It is important that the negotiations for new agreements begin with a forward-looking mindset and determination to find the best solution for each business and its personnel” says Jyrki Hollmén, Vice President, Labour Markets at UPM. Just before the strike started, UPM received from the Paperworkers’ Union an email proposal for a new collective labour agreement, without any prior negotiation contact. The proposal was practically the same old collective agreement, which expired at the end of 2021. UPM, however, aims to have genuine interactive negotiations on the new terms of labour.

Members of the Paperworkers’ Union, the Finnish Electrical Workers´ Union and the Trade Union Pro have this morning (1-Jan-2022) started strikes at UPM mills in Jämsänkoski, Kouvola, Lappeenranta, Pietarsaari, Rauma, Tampere and Valkeakoski. According to the unions, the strikes will continue until 6 o’clock on 22 January 2022 unless a new collective labour agreement is reached before that. The Paperworkers’ Union has not excluded any work from the strike, not even tasks critical to the society, such as operating and maintenance of water treatment and power plants. UPM businesses falling under the strikes are UPM Pulp, UPM Biofuels, UPM Communication Papers, UPM Specialty Papers and UPM Raflatac. The strikes do not concern UPM Plywood and UPM Timber, both of which signed business specific collective agreements with the Industrial Union in December. Furthermore, UPM Energy operates as usual, as it complies with the generally applied collective agreements of the energy industry.

Metsä Board, part of Metsä Group, purchases from Pohjolan Voima Oyj all the shares in Hämeenkyrön Voima Oy that it owns. Metsä Board has announced its plan to purchase the shares on 27 September 2021. In addition, Metsä Board will purchase from DL Power Oy, part of Leppäkoski Group, all the shares in Hämeenkyrön Voima Oy that it owns. Both transactions have been completed on 1 January 2022, after which Metsä Board will own 100% of Hämeenkyrön Voima Oy. The transaction will not have a significant impact on Metsä Board's key financial figures.

Total European shipments of graphic papers in October 2021 were down 3.1% vs. October 2020 and were UP 4.5% year-to-date. Total European shipments of newsprint in October 2021 were down 6.4% vs. October 2020 and were down 3.7% year-to-date. Total European shipments of sc-magazine in October 2021 were down 12.5% vs. October 2020 and were UP 0.7% year-to-date. Total European shipments of coated mechanical reels in October 2021 were down 7.6% vs. October 2020 and were UP 2.4% year-to-date. Total European shipments of uncoated mechanical (improved & others) in October 2021 were down 77.2% vs. October 2020 and were UP 3.5% year-to-date. Total European shipments of coated woodfree in October 2021 were UP 13.2% vs. October 2020 and were UP 11.6% year-to-date. Total European shipments of uncoated woodfree in October 2021 were down 0.1% vs. October 2020 and were UP 11.2% year-to-date.

Canfor Pulp Products Inc. announced an extended outage on one production line at its Northwood Northern Bleached Softwood Kraft (“NBSK”) Pulp mill located in Prince George, British Columbia (“BC”). The outage is to enable the rebuild of the lower furnace of its number one recovery boiler (“RB1”), in order to ensure the safe and reliable operation of the boiler. The Company currently estimates that the extended downtime will be approximately 85 to 100 days, with a reduction in production of NBSK pulp of 68,000 to 80,000 tonnes and an estimated capital cost of $30 million, as well as higher associated maintenance costs. Canfor Pulp will continue to operate the second production line at the Northwood Pulp mill over this period.

International technology group ANDRITZ has successfully improved performance of the pulp mill at Mondi Frantschach by implementing new advanced process controls. The target was to reduce the variability of Kappa, an indication of the lignin content in the pulp, in order to run the process a step closer to its maximum specification limits. This measure leads to higher production efficiency in the mill because less wood is needed to produce the same amount of pulp. As part of the optimization project, ANDRITZ Automation commissioned and fine-tuned three advanced process controls (APCs) in Mondi´s continuous cooking process. The controls implemented, including the chip level control for digester and impregnation vessel, the digester H-factor control (kinetic model for the rate of delignification in kraft pulping) and the blow-flow consistency control, were fully developed with Metris X – the distributed control system (DCS) developed by ANDRITZ Automation to simplify operational complexity, lower project risk, and improve plant performance. Metris X is a key application of the Metris UX Platform, a state-of-the-art digitalization platform that enables full functionality and support for industrial plants throughout their entire life cycle.

News of the sale of the Ohio-based company Verso could have major implications on Wisconsin's paper and timber industries. But the Swedish company that's buying it hasn't clarified its plans for the shuttered Wisconsin Rapids mill. The Rapids mill employed 900 workers and served as the upper Midwest's largest buyer of Wisconsin forest products until the company took the mill idle in July 2020. The closure has had lasting effects on the city, and on industries that relied on the mill — especially logging. The packaging company BillerudKorsnäs AB announced Sunday it would acquire Verso Corp. In statements and in a press conference, executives for the company announced a $1 billion, nearly decade-long plan to convert and upgrade the mill in Escanaba, Michigan, into a producer of sustainably made paperboard. They also discussed plans to maintain operations at Verso's mill in Quinnesec, Michigan. Conspicuously absent from either company's statements, though, was significant discussion of Wisconsin Rapids.

Verso Corporation announced that it has entered into a definitive merger agreement under which BillerudKorsnäs AB will acquire all of the outstanding shares of Verso for a purchase price of $27 per share in cash, or approximately $825 million1. Verso's Board of Directors, acting upon the recommendation of a special committee of Verso's Board, has unanimously approved and resolved to recommend approval of the merger by Verso's shareholders. The transaction is expected to close in the second quarter of 2022. The acquisition of Verso is fully in line with BillerudKorsnäs' strategy to drive profitable growth in paperboard, and the ambition to expand into North America. BillerudKorsnäs aims to build one of the most cost-efficient and sustainable paperboard platforms in North America by converting several of Verso's assets into paperboard machines while maintaining Verso's position as a quality and cost leader in specialty and coated freesheet paper.

*BillerudKorsnäs has entered into an agreement to acquire Verso for a purchase price of approximately USD 825 million in cash, corresponding to USD 27.00 per share. *Verso is a leading producer of coated papers in North America with reported net sales for the last twelve months ended 30 September 2021 of USD 1 264 million and adjusted EBITDA of USD 158 million. *The purchase price corresponds to an enterprise value / adjusted EBITDA multiple of approximately 6x for the last twelve months ended 30 September 2021. The acquisition will immediately be accretive to earnings per share and create significant shareholder value over time with a more profitable product mix. *BillerudKorsnäs will build one of the most cost-efficient and sustainable paperboard platforms in North America by converting some of Verso’s assets into paperboard machines with an estimated capex of up to SEK 9 billion. *The acquisition and transformation will be financed through a combination of a rights issue of up to SEK 3.5 billion, additional debt and operating cash flow. *The acquisition is expected to close in the second quarter of 2022, subject to the approval of Verso’s shareholders as well as the receipt of applicable regulatory approvals and satisfaction of other customary closing conditions.

Due to continued sharp rise in raw material costs and inflationary indirect costs that can no longer be offset by efficiency gains, the Felix Schoeller Group will adjust prices for its specialty papers with effect from February 1st, 2022. Costs for PE and pigments used in color receiver layers continue to rise sharply. To compensate for these increases and in addition for the inflationary indirect costs the Felix Schoeller Group will implement price increases of up to 7.5% in all its product segments effective for shipments from February 1st, 2022.

Canfor Corporation is announcing that it has entered into an agreement with Millar Western Forest Products Ltd. to acquire the company’s solid wood operations and associated tenure for $420 million, including $56 million in working capital. The purchase price represents a multiple of 3 times 2020 and 2021 average EBITDA. Canfor expects to generate at least $25 million in annual synergies principally related to alignment with the Company’s marketing programs and operational enhancements. Millar Western’s solid wood operations, located in Alberta, Canada, will add 630 million board feet of production capacity and have access to a globally competitive, high-quality timber supply. The assets consist of three well-capitalized operations including two sawmill complexes in Whitecourt and Fox Creek and the high-value, specialty Spruceland Millworks facility in Acheson that is dedicated to serving strategic markets and generates higher, more stable returns.

KP Tissue Inc. and Kruger Products L.P. announced KPLP’s plan to add to the capacity of its Sherbrooke expansion project by constructing a double width Light Dry Crepe (LDC) tissue machine with a capacity of at least 60,000 MT instead of the previously announced 30,000 MT LDC tissue machine. This additional capacity will allow us to accelerate the growth of our business and continue to provide our customers across North America with high quality tissue products like Cashmere®, SpongeTowels®, Scotties® and Purex® in Canada and White Cloud® in the U.S., said Dino Bianco, CEO with KPLP.

Georgia-Pacific announced significant investments, which total more than $500 million, at its Green Bay, Wisconsin, Broadway mill. The investments will greatly enhance the company's retail consumer tissue and towel business. Investments to the Green Bay mill include building a new paper machine using through-air-dried (TAD) technology, as well as adding associated converting equipment and infrastructure. Engineering and related work is beginning immediately, with startup of the new machine scheduled for the first half of 2024. Approximately 150 jobs will be created to operate the new papermaking complex, in addition to the mill's 850 current employees. The project will have as many as 500 construction and contract-related workers onsite at the mill, fluctuating with project timeline.

Resolute Forest Products Inc. announced the indefinite idling of pulp and paper operations at its Calhoun (Tennessee) mill. Tissue manufacturing and converting will continue at the site and the adjacent distribution center will remain in full operation. The company anticipates that the decision will directly affect 350 hourly and salaried positions at the Calhoun mill. The facility, which employs a total of 545 people, has an annual capacity of 147,000 metric tons of pulp and 149,000 metric tons of paper as well as 60,000 metric tons of premium tissue. "We have taken the very difficult decision to indefinitely idle pulp and paper operations at Calhoun knowing how hard this is for the affected employees and their families," said Remi G. Lalonde, president and chief executive officer. "Success has proved elusive at Calhoun's pulp and paper operations, despite the best efforts of our dedicated employees and significant investments of time, energy and resources over the last few years." The company continues to accumulate significant financial losses at the mill, even with the current strong market conditions for both the pulp and uncoated freesheet paper it manufactures.

The Finnish Paperworkers’ Union has issued a strike announcement to UPM, declaring a strike to all work under the expiring paper industry collective agreement at UPM. The strike would start at the mills on Saturday 1 January 2022 at 6.00 EET except at the Lappeenranta biorefinery, where the strike would start on 1 January 2022 at 7.00 EET. The strike would end on 22 January 2022, at 6:00 EET, unless an agreement for a new collective agreement is reached before then. Should the strike materialise, UPM strives to meet customer demand through deliveries from its mills outside Finland to the extent possible. UPM will not disclose the financial impact of the possible strike at this point.

Metsä Group has donated EUR 250,000 each to the University of Helsinki and the University of Oulu. These donations will be allocated to science, agriculture and forestry at the University of Helsinki and to technology at the University of Oulu. Metsä Group wants to invest in developing teaching and research in these fields. “Metsä Group produces recyclable products from northern wood for the daily needs of people around the world. Sustainability, competitive production and the top expertise of our employees lie at the core of our operations. We want to develop forestry and the forest industry, and that requires top quality higher education and research,” says Ilkka Hämälä, President and CEO of Metsä Group.

Paper Excellence announced the donation of $50,000 to the Pacific Salmon Foundation to support regeneration and recovery of wild Pacific salmon. These funds will support the Pacific Salmon Foundation’s Community Salmon Program which supports volunteer and community–driven organizations that undertake salmon conservation and restoration projects. “With half of Pacific salmon populations in a serious state of decline, we welcome the generous donation from Paper Excellence, which will advance vital community-based salmon enhancement and conservation activities,” said Michael Meneer, President & CEO, Pacific Salmon Foundation. “The Community Salmon Program supports more than 300 volunteer-led programs in B.C. with dedicated individuals committed to improving salmon habitat and survival.”

Mark Ushpol has been appointed Executive Vice President of the Food Packaging & Technical Solutions business area and a member of the Group Executive Management team as of January 1, 2022. Mark has more than twenty years of experience in the paper and packaging industry and was most recently managing director for DS Smith North America Packaging. Prior to this, he held several management positions at companies such as Mondi and Domtar in the US., Europe and South Africa, as well as served as association representative in several industry organizations. “I am truly inspired by the work Ahlstrom-Munksjö does in the area of specialty papers and packaging, and I am very much looking forward to working with this talented team to bring sustainable fiber-based solutions to the world,” commented Mark Ushpol. Robyn Buss, currently Executive Vice President of the Food Packaging & Technical Solutions business area and member of the Group Executive Management Team, has announced her retirement effective at the end of 2021. Robyn Buss has spent more than 30 years in the specialty paper industry and has served several Wisconsin-based paper plants during her career. Robyn Buss joined Ahlstrom-Munksjö with the acquisition of Expera Specialty Solutions at the end of 2018.

UPM is investing EUR 10 million in the development of UPM Plywood's plywood mill in Joensuu. The investment includes new production lines, new workspaces and 720 square meters of completely new production space. UPM's investment strengthens the mill's competitiveness by improving the mill's security of supply and ensuring the high quality of demanding products. UPM Joensuu manufactures plywood and plywood components for demanding industrial applications, such as the floors of heavy-duty trailers and the insulation elements of LNG tankers carrying liquefied natural gas. In industrial applications, the consistent and high quality of the products as well as the reliability and punctuality of deliveries are emphasized. Defective or untimely components cause difficulties in the production of customer companies.

Stora Enso has appointed Johanna Hagelberg Executive Vice President, Biomaterials division. She will continue as a member of the Group Leadership Team (GLT). Johanna Hagelberg joined Stora Enso in 2013 and has been a member of the GLT since 2014 as Head of Sourcing and Logistics. Prior to joining Stora Enso, she held leadership positions at companies including General Motors, NCC and Vattenfall. Johanna holds two M.Sc. degrees in: Management of Manufacturing Systems and Industrial Engineering and Management. The search for a new Head of Sourcing and Logistics has been initiated. In the interim period, Tuomas Mustonen, currently SVP Performance, Controlling and Strategy for Sourcing and Logistics, will assume the acting role in this position. “Biomaterials is a core strategic business for Stora Enso. As we now move into an innovation-driven era for biomaterials, I am delighted to appoint Johanna as head of the division. Her proven leadership skills and experience from various industries, including the automotive industry, will enable us to take this business to the next level. Johanna has the background and ability to accelerate commercialisation of new bio-based products, such as Lignode, lignin-based battery carbon for mobile electrification,” says Stora Enso’s President and CEO Annica Bresky.

Koehler Paper now has the opportunity to celebrate an unusual birthday at the end of this year. Production line 2, consisting of paper machine 2 and coating machine 2, was put into operation at the Kehl site at the end of 2001. Paper machine 2 is used exclusively for the production of thermal paper. With a length of 123 meters, the machine is longer than a soccer field. It is also the fastest thermal paper machine in the world, and is known for coupling its speed with astoundingly consistent quality. This all makes it possible to use it to produce more than 1 million checkout rolls a day, with these slips being found everywhere across the world. Paper machine 2 is the reason why Koehler Paper is so successful in the thermal paper market, as it enabled the company to produce lightweight thermal paper with grammages of less than 50 gsm. “Koehler pioneered lightweight thermal paper for POS with grammages of 48 gsm and less – that transformed the market. Truth is, the machine was predestined to make lightweight thermal paper to this very day,” says Willy Früh, Director Thermal Paper Division at Koehler Paper. “When we talk about thermal paper production, you could say we’ve been playing in the Champions League for 20 years now.

Tseshaht First Nation and Catalyst Paper, a Paper Excellence company, recently signed a Memorandum of Understanding that sets out the intentions of both parties to build a collaborative relationship together. “This document outlines many objectives. None are more important than all of us recognizing and respecting the aboriginal rights of the Tseshaht Nation,” said Walter Tarnowsky, General Manager, Catalyst Port Alberni. “While the signing of this document marks the culmination of a lot of people’s efforts, it truly marks the beginning of a process. We must not look at this process of reconciliation as one of simply understanding and empathizing. It must be a process of genuine change and resolution.” “For Tseshaht it is really important, not just because of the location of the paper mill here, but the history that was once here as a village, as a community, as employment for many of our community members from decades ago until recently. We have members who work here now. It’s a totally interconnected feeling for us, it’s not just about jobs; it’s about sharing history, it’s about sharing culture. It’s about their connection to the Somass River here and how close they are. We’re excited about it,” said Wahmeesh Ken Watts, elected Chief Councillor for Tseshaht First Nation.

UPM Plywood and the Industrial Union have signed a business specific collective labour agreement for UPM Plywood. The new agreement is valid for three years starting from 1.1.2022. The new agreement enables mills to continue production on all weekdays with terms that are satisfactory to both parties. The production output and the employees’ earnings will grow based on the new agreement. In addition, more people will be recruited to the mills. The agreement makes continuous seven-day shift model possible, and this means less working hours compared to the current discontinuous model, and the new agreement allows a shift model that is more employee-friendly. The agreement enables faster reaction to demand peaks thanks to flexible working hours, and it includes mutually agreed terms for production during holidays. Furthermore, a model for temporary work at other UPM Plywood mills was agreed on improving on-the-job learning and development as well as employees’ earnings.

UPM Timber and the Finnish Industrial Union have signed a business-specific collective agreement concerning UPM's sawmill business. The new agreement is valid for three years starting 1 January 2022. Negotiations started in May and the agreement was reached well before the end of the current contract period. UPM Timber's business management, sawmill directors, employee representatives of each sawmill and representatives of the Industrial Union were involved in the negotiations. In this way, the discussions provided diverse points of view and also made it possible to better take into account the wishes of the personnel as well as the special features of UPM's sawmill business.

Clearwater Paper Corporation announced a key divisional executive appointment. Michael (Mike) Urlick has been named senior vice president and general manager of the consumer products division, effective January 1, 2022. Mr. Urlick succeeds Joanne Shufelt, who will be retiring from the company in 2022. “For the past eight years, Mike has been an integral part of the consumer products business and has developed a deep understanding of our tissue customers and our operations,” said Arsen Kitch, president and chief executive officer. “I look forward to Mike’s continued, valued contributions as a senior leader at Clearwater Paper.” Mr. Kitch continued, “I would like to thank Joanne for her many contributions during her more than nine years of leadership at Clearwater Paper. She continues to make a significant and positive impact on the business, and we are grateful for her support during this transition.”

Ahlstrom-Munksjö continues to focus on the growth segment of electrification, expanding its latest product offering, totally dedicated to filtration media solutions for electric vehicles. The new solutions for fuel cell electric vehicles complement the products launched earlier in the year for all electric vehicles, including filtration solutions for cabin air, transmission and cooling systems. Ahlstrom-Munksjö understands the market challenges and is developing new commercial solutions to address unmet customer needs for high performance filtration materials for electric vehicles. This now includes a new dedicated filtration solution for fuel cell air intake. “I am very pleased to introduce our new filtration solution for fuel cell air intake,” said Cedric Vallet, Head of Business Development, Industrial Filtration & New Vehicles. “By protecting fuel cells from harmful gases and particulates, we ensure the effective operation of the fuel cell over the entire service lifetime of the vehicle.”

Resolute Forest Products Inc. announced that its board of directors authorized the repurchase of up to $100 million or 10 million of the company's common shares, whichever occurs first. Repurchase transactions will be funded using the company's sources of liquidity. "Today's announcement follows recent completion of the share repurchase program announced in March 2020, under which we repurchased 11.5 million shares for $78.3 million, representing 15% of the outstanding shares," said Remi G. Lalonde, president and chief executive officer. "This new program will allow us to continue to act opportunistically to return capital to shareholders when conditions are right. We remain committed to a balanced approach to capital allocation, using our free cash flow to generate value for shareholders, build a stronger company and drive sustainable economic activity in the communities where we operate."

Wynnchurch Capital, L.P. announced that it has acquired the thermal coating business assets of Appvion Holding Corp. and its subsidiaries. Founded in 1907 and headquartered in Appleton, Wisconsin, Appvion is a leading provider of specialty and high-performance direct thermal coatings for label and film solutions as well as renewable, fiber-based consumer and industrial packaging solutions. “Since our inception, we have built strong and long-lasting relationships with our customers by offering premium and innovative products, technical expertise and unparalleled service. Wynnchurch shares our values of safety, integrity, honesty and putting the customers first to deliver value. We are excited to partner with them to pursue our next phase of growth,” said George Wurtz, CEO of Appvion.

The investment is a further step in Holmen's strategy to grow the wood products business and contribute to the green transition. This will increase the production at Iggesund Sawmill by 20 per cent as well as adding construction timber on top of its joinery products range. "We grow houses. To develop the wood products business is a natural extension of forestry and an important dimension in Holmen’s strategy of owning and adding value to the forest. Following the acquisition of Martinsons and the expansion of Braviken, the investment in Iggesund Sawmill is the next step in strengthening our position in wood products,” says Henrik Sjölund, Holmen’s President and CEO. The investment will enable the sawmill to switch from lower grade joinery spruce to construction timber in both spruce and pine. This will increase the value added and improve the market mix by increasing the share sold to Scandinavian builders’ merchants.

The book you ordered online has arrived and now you want to recycle the cardboard box. You take it to local recycling point, but who is actually responsible for organising the recycling facilities and operations? Many people assume that the local municipals are responsible, but in most cases it is actually the company which produced the product. This is called producer responsibility. “It is common to see producer responsibility for tyres, batteries, consumer electronics and packages,” says Teemu Virtanen, Senior Advisor at Pirkanmaa ELY-Centre. “The companies that produce or import the items are responsible for financing and organising waste management. In practice, companies can’t do it alone, so they use producer organisations.” UPM is committed to supporting the UN’s Sustainable Development Goals and has identified the goals and respective targets where it can have the biggest positive impact through its operations, products, and solutions, or where it aims to minimise any negative impact. The company considers producer responsibility to be part of the SDG 12, with Responsible consumption and production, that being one of the six chosen UPM´s focus goals. The practicalities of producer responsibility can vary from country to country, so UPM is active in each local system. For example, in Finland UPM is a customer of the Finnish Packaging Recycling organisation RINKI.