The European Investment Bank (EIB) will support The Navigator Company, a major Portuguese industrial group and Europe’s leading pulp and paper manufacturer, with a €27.5 million loan for the construction and operation of a new biomass boiler at their integrated mill facility located in Figueira da Foz, a cohesion region in Portugal. This project is the first major step of The Navigator's decarbonisation strategy, launched recently with the aim of making the company carbon neutral by 2035 (15 years ahead of the EU target of 2050) in line with the Paris Agreement, the EU Green Deal and Portugal’s Roadmap to Carbon Neutrality. Replacing the existing equipment with a new biomass boiler is part of the company’s investments for offsetting carbon emissions and is seen as crucial for preserving and improving its competitiveness and market presence in a cyclical business sector, especially now amid the far-reaching economic consequences of the COVID-19 pandemic.

According to the report, total printing-writing paper shipments decreased 21 percent in September compared to September 2019. U.S. purchases of total printing-writing papers decreased 20 percent in September compared to the same month last year. Total printing-writing paper inventory levels decreased seven percent when compared to August 2020. Uncoated free sheet (UFS) paper shipments decreased 19 percent compared to September 2019 while the inventory level decreased six percent compared to August 2020. UFS imports and exports both decreased compared to August 2019, down 18 percent and 40 percent respectively. U.S. purchases of coated free sheet (CFS) papers in September decreased 12 percent compared to last September while the inventory level decreased 10 percent compared to August 2020. CFS imports and exports both decreased compared to August 2019, down 36 percent and 27 percent respectively. Coated mechanical (CM) paper shipments decreased 31 percent compared to September 2019 while the inventory level increased two percent compared to August 2020. CM imports decreased 30 percent while exports increased five percent in August 2020. U.S. purchases of uncoated mechanical (UM) papers in September decreased 28 percent compared to last September while the inventory level decreased eight percent compared to August 2020. UM imports and exports both decreased compared to August 2019, down 15 percent and 44 percent respectively.

Highlights first 9 months 2017 (vs. first 9 months 2016): * Paper volume hits new record level of 1 158 thousand tons (up 3 thousand tons), with average price still lower than last year * Turnover up +5% with strong performance in pulp, energy and tissue business: − Pulp sales grow 32% in value, with volume and price both rising − Power sales up 16%, reflecting successful operation of power generation assets − Tissue sales grow by 11% in volume and value * EBITDA of € 300 million in line with previous year and EBITDA/sales margin of 25% (vs. 26%). Click Read More below for additional information.