Wood Pulp Imported to U.S. Added to Duty-Free List Under New Executive Order

Monadnock Paper Mills, Inc. is proud to announce that it has become the first paper mill to achieve Mastercard’s prestigious Card Eco-Certification (CEC). This milestone underscores Monadnock’s commitment to sustainability, innovation, and environmental transparency. Mastercard’s CEC certification process was originally developed for plastic cards, making Monadnock’s achievement a significant industry first. Since launching its Sustainable Card Program in 2018, Mastercard has worked to transition more than 168 million plastic cards to recycled and bio-based materials—reflecting a growing push for more responsible alternatives. Since no paper-based card had been certified until now, Mastercard refined its assessment criteria—a considerable task—to account for the unique attributes of fiber-based materials. A comprehensive Lifecycle Assessment (LCA) is central to this certification, as it evaluates a product’s environmental impact from raw material sourcing to end-of-life disposal. The CEC assessment validates Monadnock’s carbon footprint, material sourcing, production processes, and disposal considerations to ensure the highest standards of sustainability. Independent verification was conducted by TruCert, a Canadian-based auditing firm known for its expertise in environmental assessments.

GreenFirst Forest Products Inc. (TSX: GFP) is pleased to announce the reduction in its softwood lumber duty deposit rate from 20.23% to 7.99%, which is expected to take effect on or about August 2, 2023. This official change by the United States Department of Commerce (“US DOC”) results from the Final Determination of the Fourth Administrative Review of softwood lumber imports from Canada to the United States for the year 2021. Since August 28, 2021, upon the acquisition by GreenFirst of the Rayonier sawmills, the US DOC assessed GreenFirst’s duty deposit rate on softwood lumber imports to the United States at a significantly higher rate than its Canadian peers. The net effect of the US DOC’s decision has resulted in a reduction in GreenFirst’s earnings and a corresponding overpayment of softwood lumber duties in relation to other Canadian exporters. We believe the amount of the overpayment up to the end of June is approximately US$21 million; however, at this time we are not certain when this reimbursement may occur. Beyond this overpayment, GreenFirst has an additional US$51 million of duties on deposit pending a broader industry settlement.

The Green Valley Energie (GVE) joint venture, in which Norske Skog is a 10% minority equity holder, is ready to commence construction of a biomass boiler at the mill site of Norske Skog Golbey, France, following recent completion of debt financing. GVE is a biomass energy plant, which will produce electricity and heat from waste and residue materials. Electricity sale from GVE is ensured through a feed-in tariff contract, while steam will be used for Norske Skog's Golbey mill. "This energy project is one more milestone in the on-going transition of Norske Skog towards new growth markets and sustainable energy. The biomass boiler will ensure a stable, long-term supply of cost-competitive and 100 percent renewable steam as an alternative to fossil energy sources like natural gas, shielding us from increasingly volatile energy markets," says Sven Ombudstvedt, CEO of Norske Skog.