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%.

Paper Excellence announced the indefinite curtailment of operations at its Catalyst Paper tiskwat mill. The ongoing contraction of global paper markets and paper prices, particularly in Asia, are creating significant on-going financial losses at the mill. Despite the best efforts of the mill’s committed team of employees, the facility is simply not viable under the reality of today’s market conditions. Paper Excellence is engaged with our governments and potential partners investigating promising new opportunities that would take advantage of the facility’s unique access to deep water, natural gas, electricity, and water supplies, as well as its existing biomass boiler with power generating capacity, wastewater treatment and solid waste disposal infrastructure. It is Paper Excellence’s long-term goal that the site continues to provide meaningful employment and economic activity in Powell River.

Neenah Paper, Inc. announced that the Company will change its name to Neenah, Inc. effective on January 1, 2018. The Company's ticker symbol on the New York Stock Exchange will remain "NP" and names of subsidiaries will not be affected. "As we've continued to successfully execute our strategy to increase our presence in growing and profitable specialty niche markets, the last name of "paper" does not sufficiently reflect the diversity of our current and future company," said John O'Donnell, Chief Executive Officer. "The Neenah name, however, will continue to represent a product portfolio known for high performance and premium quality, as well as a company appreciated for its disciplined capital allocation and commitment to providing attractive returns to investors."