Resolute Completes Sale of Thunder Bay Pulp and Paper Mill

On behalf of the workers in our sector, Forest Products Association of Canada is disappointed in this outcome and strongly believes that these duties are completely unjustified and represent a costly and losing proposition for workers and paper customers on both sides of the border. FPAC applauds the swift response issued last night from Foreign Affairs Minister Chrystia Freeland and Natural Resources Minister Jim Carr – they unequivocally defended Canada’s interests. In addition to strongly defending Canadian workers and businesses against these unfounded duties imposed by our U.S. neighbours, FPAC is calling on the Trudeau government to do the following: •Continue efforts to support industry’s efforts to aggressively diversify export markets. •Partner with FPAC and Canada’s forest products sector and our workers to further enable the transformation of our sector into new and innovative product areas. •Activate employment support programs for any Canadian workers who might be impacted in the event of reduced shifts or job losses. Click Read More below for additional information.

According to the report, total printing-writing paper shipments decreased 26 percent in July compared to July 2019. U.S. purchases of total printing-writing papers decreased 24 percent in July compared to the same month last year. Total printing-writing paper inventory levels decreased five percent when compared to June 2020. Uncoated free sheet (UFS) paper shipments decreased 22 percent compared to July 2019 while the inventory level decreased four percent compared to June 2020. UFS imports and exports both decreased compared to June 2019, down 14 percent and 36 percent respectively. U.S. purchases of coated free sheet (CFS) papers in July decreased 14 percent compared to last July while the inventory level decreased four percent compared to June 2020. CFS imports and exports both decreased compared to June 2019, down 22 percent and 29 percent respectively. Coated mechanical (CM) paper shipments decreased 46 percent compared to July 2019 while the inventory level decreased eight percent compared to June 2020. CM imports decreased 67 percent while exports increased 39 percent in June 2020. U.S. purchases of uncoated mechanical (UM) papers in July decreased 27 percent compared to last July while the inventory level decreased 19 percent compared to June 2020. UM imports and exports both decreased compared to June 2019, down 48 percent and 59 percent respectively.

*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