Sappi North America Price Increase on Packaging/Specialty Products

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

“Earnings per share increased sequentially in the second quarter, a trend we expect to continue in coming quarters,” said Mitch Butier, Chairman and CEO. “Volumes in our Materials businesses continue to recover from slow market conditions, largely destocking, while our Intelligent Labels platform accelerates adoption into new categories. "While it's good to see the continuing sequential improvements in our Materials businesses and the building momentum in Intelligent Labels, the pace of our recovery is slower than anticipated. Our results for the quarter were below our expectation due to lower revenue, something the team was able to largely offset through cost reduction actions,” Butier added.

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