Rayonier Advanced Materials Inc. reported a net loss of $25 million or $(0.39) per diluted share for the quarter ended March 26, 2022, compared to net loss of $27 million or $(0.43) per diluted share for the same prior year quarter. The net loss from continuing operations for the quarter ended March 26, 2022 was $24 million or $(0.38) per diluted share, compared to net loss from continuing operations of $16 million or $(0.26) per diluted share for the same prior year quarter. The increase in the diluted loss per share was driven primarily by higher key input costs. Loss from discontinued operations for the quarter ended March 26, 2022 was $1 million or $(0.01) per diluted share, compared to a loss from discontinued operations of $11 million or $(0.17) per diluted share for the same prior year quarter. The Company sold its lumber and newsprint assets in the third quarter of 2021, and as a result, reclassified prior year amounts to conform to the presentation for discontinued operations.

Pixelle Specialty Solutions LLC has announced the mill located in Jay, ME will close in the first quarter of 2023. The mill employs approximately 230 people who will be affected by the closure. The mill produces specialty label and release papers, as well as industrial and packaging solutions for eCommerce and food service. Its two paper machines have a capacity of 230,000 tons annually. The mill has endured significant business and financial challenges that were compounded by the April 2020 rupture of one of its pulp digesters and catastrophic damage impacting the continued operability of the entire pulp mill. No one was injured in the event, and the mill subsequently transitioned into higher margin specialty products and invested capital to increase operational efficiencies while operating on purchased pulp. The company intends to work with its customers where possible to transition their products to other Pixelle mills or to plan for volumes of orders in the limited production leading up to mill closure.

The EU has today released a report related to a Trade Barrier Regulation ("TBR") investigation launched following a complaint submitted by CEPI, the European association representing the paper industry. The report upheld the complaint finding that the measures imposed by Turkey on the imports of certain varieties of paper such as office paper, books, envelopes and paper used for direct mail marketing (otherwise known as uncoated wood free (“UWF”) paper) from the EU were inconsistent with both WTO and the EU-Turkey Customs Union rules. “CEPI takes pride in its strong commitment to free trade with its partners. The decision by the Turkish authorities to remove these unfair measures is applaudable; however this issue should never have been escalated in the first place. It is our expectation that the Turkish authorities stand by their obligations under the EU-Turkey Customs Union Agreement in the future” says Sylvain Lhôte, Director General at CEPI. Click Read More below for additional information.