Hugues Simon, President and CEO, commented: "We are pleased with our third quarter 2024 performance. Sequentially stronger results were driven by our Containerboard business, where higher average selling prices and lower production expenses offset the impact of higher raw material costs. Specialty Products results were stable, with stronger selling prices fully mitigating raw material cost and sales mix headwinds. As forecasted, third quarter Tissue Papers results were lower than the previous quarter due to higher average raw material costs and lower pricing related to the expected changes in the mix of products sold." Highlights: Sales of $1,201 million (compared with $1,180 million in Q2 2024 and $1,198 million in Q3 2023); Operating income of $36 million (compared with $34 million in Q2 2024 and $80 million in Q3 2023);

Today we announce a series of ambitious climate targets. This includes a science-based target which requires at least a 40% reduction of CO2 emissions per tonne of product by 2030, compared to 2019 levels, and a commitment to reach Net Zero* emissions by 2050. These targets will be validated by the Science Based Targets initiative** as being in line with the goals of the Paris Agreement. To further underline our ambition and commitment, we are also announcing our membership of the UN’s Race to Zero. "I’m delighted DS Smith has joined the UN’s Race to Zero. It is great to see a company with an ambitious 2030 target and commitment to reach Net Zero by 2050. DS Smith is making great progress against its previous carbon reduction targets, tackling the challenges associated with decarbonising the paper and packaging sector. Business plays a key role in driving the UK’s transition to a low carbon economy, with over 40 of the FTSE100 now signed up to the UN’s Race to Zero, I hope this announcement inspires other companies in the sector to take action." — Andrew Griffith MP, former business advisor to the PM and current UK Net Zero Business Champion

Mill Rock Packaging Partners LLC announced that it has acquired Keystone Paper & Box Company, a leading specialty packaging company that manufactures custom folding cartons for consumer and healthcare end markets. Mill Rock Packaging, formed by Mill Rock Capital in 2020, is a growth-oriented specialty packaging company focused on leading design, innovation and technology, with strong operational capabilities and unparalleled customer service. The transaction marks Mill Rock Packaging's expansion to the Eastern U.S. and its fourth acquisition. In connection with the transaction, Keystone's leadership team has made a significant investment in Mill Rock Packaging. Management will remain with the company. Terms of the transaction were not disclosed.