The American Forest & Paper Association (AF&PA) released the November 2025 Printing-Writing Monthly report. According to the report, total printing-writing paper year to date shipments decreased 8% in November compared to November 2024, yet the YTD operating rate is nearly 4 points higher in 2025 compared to 2024. Total printing-writing paper inventory levels in November decreased 5% when compared to October 2025. Using the latest available trade data from the U.S. Census Bureau, September 2025, across the 3 major printing-writing categories — uncoated free sheet (UFS), coated free sheet (CFS), and mechanical (MECH) — purchases declined 12% in September, compared to September 2024.

Suzano has started operations this week at its new fluff pulp production line located in its Limeira mill in Brazil's São Paulo state. This R$490 million investment increases Suzano's total fluff pulp production capacity by more than 400%, from 100,000 to 440,000 tonnes per year. The project, which Suzano first announced in October of 2023, involved converting the existing pulp line at the Limeira unit into a flexible machine, capable of producing both Eucafluff® and market pulp. Eucafluff is used in the production of absorbent and personal hygiene products, such as baby and adult diapers, sanitary pads and pet pads. Market pulp is used for making products like toilet paper, printing and writing papers, and paper packaging.

The American Forest & Paper Association (AF&PA) released the November 2025 Packaging Papers Monthly report. According to the report, total packaging papers & specialty packaging shipments in November decreased 10% compared to October, though they were up 1% from November 2024. They were also up 1% when compared to the same 11 months of 2024. The unbleached operating rate decreased to 79%, its second lowest level for the year behind May's 76.9%; capacity was down 1.6% year-to-date. Bleached food wrapping shipments were down 2.2% from last November, but up 7.4% year to date.

China's pulp and paper sector is witnessing transformative growth with Huatai Group's announcement of its monumental $2.3 billion investment in a fully integrated forest-pulp-paper project located in Yulin, Guangxi. This state-of-the-art facility is designed to produce 400,000 tons of dissolving pulp, 600,000 tons of chemical wood pulp, and 900,000 tons of eco-friendly industrial paper each year. Supported by a vast 1.5-million-mu raw material forest base—equivalent to approximately 100,000 hectares—the project exemplifies the industry's shift toward vertical integration, securing supply chains against volatile raw material prices and enhancing operational resilience. As China accelerates toward high-quality development, projects like Huatai's exemplify capacity optimization and sustainability. Peers such as Nine Dragons and Sun Paper are pursuing similar strategies, fostering competition while driving innovation in **Recycling / Deinking Technologies** for pulp processing. This integration model not only stabilizes domestic supply but also challenges traditional exporters in North America and Europe to adapt strategies.

UPM announced that it will permanently close its paper mill in Ettringen, Germany, on December 31, 2025. "With the plans announced [March 11, 2025], we are continuing to selectively adjust our paper capacity to a profitable customer demand. This would ensure an efficient and flexible use of our remaining paper assets." UPM said the respective employee consultation process has now been completed, and the closing impacts 189 employees. Following the closure of the Ettringen mill, UPM's uncoated mechanical paper production capacity will be reduced by 270.000 tonnes per year.

The Coastal Forest Policy Coalition is sounding the alarm over what it describes as a structural crisis in British Columbia’s coastal forest sector, citing mill closures, job losses, and a chronic lack of economically viable fibre supply driven largely by policy constraints. Coastal harvesting volumes have fallen sharply over the past decade. In 2025, the Coast is expected to harvest 6.5 million cubic metres of timber, less than half of the 15 million cubic metres considered the sustainable allowable annual cut. The Coalition says the shortfall reflects a permitting system that has become increasingly complex and time-consuming. Permit submissions have dropped 93%, from roughly 2,300 per year in 2016 to just 167 by mid-2025. At the same time, permit preparation timelines have stretched from about 90 days historically to 300 days today. As a result, coastal harvesting has declined by 50% over the past ten years, contributing to the closure of nine mills since 2018 and the loss of 5,400 jobs since 2022.

More than a century of paper making at Feldmuehle will come to an end with the shock announcement that the mill cannot continue and will be shut down. Feldmuehle announced that it was “not economically viable” to keep operating. A source close to the company said the news had come as a shock for employees. In a statement, the mill hit out at the energy situation in Germany, and stated: “It seems that there is no desire for energy-intensive industry to remain in Germany.” Explaining the dramatic decision, Feldmuehle said: “In recent years, our company has made high-quality, capital-intensive investments in sustainability and energy efficiency. “We have optimised and modernised processes, committed ourselves to training the next generation, developed new products and reduced our costs – all in a highly competitive environment. Paper production at Feldmuehle has ceased, and the Uetersen mill will now finish and sell its remaining stocks over the coming weeks. It made wet strength label papers and flexible packaging papers, with annual capacity of around 80,000tpa. The mill had been in operation for more than 120 years, with the business dating back to 1904.

UPM is a material solutions company with world-class businesses in growth markets. With the intended graphic paper Joint Venture between UPM and Sappi announced Friday, UPM aims to position the communication paper business for continued value creation for its customers in a way that benefits UPM shareholders. Assuming the Joint Venture is formed, UPM would achieve a stronger growth profile, improved margins and leverage, with no direct sales exposure to the declining European and North American graphic paper markets. Assuming the Joint Venture is formed, the future UPM would have an attractive business portfolio focused on renewable fibres, advanced materials and decarbonization solutions that all operate on growing markets. Across these businesses UPM has shown a strong track record of realized growth above GDP, with an aggregate annual sales growth of about 4.4% (CAGR) during the past decade (2014-2024). These businesses are leading in their fields and aim for world-class performance. The company has global market presence, which enables its businesses to capture opportunities in faster-growing markets, serving them from competitive production platforms.

Sappi and UPM have today announced the signing of a non-binding letter of intent to form a non-listed, independent 50/50 Joint Venture for graphic paper. This Joint Venture will bring together Sappi’s European Graphic Paper business with UPM’s Communication Papers business in Europe, the UK and the US. Sappi and UPM will sell their respective businesses and assets mentioned below to the newly formed Joint Venture with a combined enterprise value of €1,420 million excluding the value of the expected synergy benefits. At closing the Joint Venture will raise debt to fund the purchase prices payable to Sappi and UPM respectively. The Joint Venture’s dividend policy will be to distribute all excess cash to its shareholders.   The Sappi business is valued at €320 million which, based on an FY2025 EBITDA of €64 million represents a 5x multiple. Sappi will transfer pension and other liabilities of €53 million and net assets valued at €267 million to the Joint Venture. In return Sappi will receive cash of €139 million and 50% shareholding in the Joint Venture.   The UPM business is valued at €1,100 million, which represents a 4.6x multiple of the last reported 12 months to September 2025 EBITDA. UPM will transfer pension and other liabilities of €360 million and net assets of €740 million to the Joint Venture. In return UPM will receive cash of €613 million and 50% shareholding in the Joint Venture.  Sappi will contribute the following assets: Gratkorn Mill (Austria); Ehingen Mill (Germany), Maastricht Mill (The Netherlands), and Kirkniemi Mill (Finland); as well as Sappi Europe’s wood supply Joint Ventures. UPM will contribute their Communication Papers business assets which are located at the following UPM mills: Augsburg (Germany), Schongau (Germany), Nordland paper lines 1 and 4  (Germany),  Rauma including UPM RaumaCell (Finland), Kymi (Finland), Jämsänkoski paper line 6 (Finland), Caledonian (United Kingdom), and Blandin (United States of America).

Domtar, which owns the mill, cited the lack of available fibre and poor pricing in global pulp markets for the shutdown. The Crofton pulp and paper mill, a fixture in the region since 1956, is closing permanently. Domtar, which owns the mill, cited the lack of available fibre and poor pricing in global pulp markets for the shutdown, which will put 350 employees out of work. The company said the mill will cease operations on Dec. 15, but will continue to employ workers at the site until February. It said it is exploring possibilities for the property, including putting the site up for sale. The closure follows the curtailment of the mill’s paper machines in late 2024, which sidelined more than 100 workers. Steve Henry, Domtar paper and packaging president, said Tuesday the Crofton mill has faced challenges for some time. “Over the last 18 months, Crofton employees worked hard to reduce operational costs, and they made some extraordinary gains,” Henry said in a statement. “Unfortunately, continued poor pricing for pulp and lack of access to affordable fibre in B.C. necessitate the closure.”

From November 10 to 21, 2025, nations and organisations gathered in UN’s annual climate conference COP30 to discuss global climate action, including nature and communities. This year, the conference took place in Belém, Brazil, and Stora Enso was proud to be part of the Finland Pavilion. We partnered with Veracel, our Brazilian joint-operation with Suzano, that produces eucalyptus pulp for the needs of a circular bioeconomy. Now as a week has gone past since COP30, it’s time to take look at some of our key takeaways. Session 1: Resilient communities – Mitigating climate change impacts on livelihoods Session 2: Forest restoration – From incremental gains to systematic impact Session 3: Towards net positive impact on nature – Using science-based metrics to measure biodiversity gains