Cascades Expands Eau Claire Operations with $6M Investment

Norske Skog’s EBITDA in the second quarter of 2022 was NOK 905 million, an increase from NOK 610 million in the first quarter of 2022. Sales prices for all grades increased in the quarter as a consequence of high energy costs in Europe and a tight publication paper market. The containerboard conversions and energy projects are progressing as planned. Cash flow from operations was NOK 473 million in the quarter compared to NOK 196 million in the previous quarter, positively impacted by the improved operating margins, but negatively impacted by change in working capital, being mainly an increase in inventories, and trade and other receivables. Operating earnings in the second quarter of 2022 were NOK 1 195 million compared to operating earnings in the first quarter of 2022 of NOK 593 million. The quarter was positively affected by non-cash changes in fair value of energy contracts in Norway amounting to NOK 419 million. Net profit in the quarter was NOK 935 million compared to a net profit of NOK 583 million in the previous quarter. Net interest-bearing debt was NOK 1 012 million at the end of the second quarter, with an equity ratio of 42%.

North American printing and writing paper demand declined by 6.5% to 719,000 tons in July, down 6.5% year over year according to the Pulp and Paper Products Council. Uncoated Freesheet operating rate stood at 80% down from 85% a year ago. And Coated Free Sheet operating rate rose to 85% up from 77% last July.

Paper Excellence Canada has once again been voted one of Canada’s Best 50 Corporate Citizens by Corporate Knights.* Paper Excellence Canada operates mills in British Columbia and Saskatchewan, and is a diversified manufacturer of pulp and paper – including printing and writing, packaging and specialty papers. The Best 50 award is judged using key performance indicators that relate to the organization’s raw resource use, emissions profile, social performance, safety performance and percentage of revenue from clean sources. “It was an honour to accept the Corporate Knights’ Best 50 Corporate Citizens this year,” said David Marshall, Director, Sustainability – Governance, Strategy & Risk Management. “Paper Excellence Canada’s recently published sustainability report, New Horizons: 2023 Sustainability Report, demonstrates our commitment to transparent reporting, and the milestones we continue to achieve to make the Best 50 list.”