Paper Clips

UPM Raflatac plans to open a new state-of-the-art slitting and distribution terminal in the Toronto, Canada metropolitan area. The new facility will improve service and quality to UPM Raflatac’s customers in Eastern Canada and Northeastern U.S., while strengthening relationships in the region. “We have made significant investments in our production capabilities to meet the demand for self-adhesive paper and film products. The recent decision to expand our global network of terminals with a brand-new facility in Canada is a testament to our long history of enabling our customers to grow,” said Morgan Dundas, Sales Director, UPM Raflatac Americas.

Following the transfer of Massimo Reynaudo from UPM Communication Papers to lead UPM-Kymmene Corporation as its President and CEO, Antti Jääskeläinen has been appointed to act as interim Executive Vice President of UPM Communication Papers until a successor has been appointed. Antti Jääskeläinen assumes this role on top of his current duties and continues in his current role as Executive Vice President of UPM Raflatac. Antti Jääskeläinen’s biographical details are available at the company’s website. Saara Tahvanainen has been appointed Executive Vice President responsible for UPM’s Stakeholder Relations, and member of UPM’s Group Executive Team. Stakeholder Relations covers communications, brand/marketing, corporate responsibility, and public affairs. She will start in the role latest on 15 July 2024. She will report to Massimo Reynaudo, President and CEO, and will be based in Helsinki, Finland.

GT2 Redevelopment LLC, a Joint Venture of New Mill Capital Holdings, Infinity Asset Solutions and Camjay LLC, has acquired the assets of Pixelle Specialty Solutions in Jay, ME. The acquisition includes the real estate of the main paper mill site as well as all mill equipment and the adjacent cogeneration power plant. “We are thrilled to have acquired the Jay mill and plan on making a significant investment to bring economic life back to the property,” said Tony McDonald, President of Camjay. “The site’s heavy infrastructure can be repurposed for a variety of industrial uses, and we have already started the process of identifying potential new users for the property.”

Solenis, a leading global producer of specialty chemicals for water-intensive industries, will invest $193 million to expand its operation in the City of Suffolk, Virginia. The company will build a new 80,000-square-foot production facility, packaging facility and tank farm, and add a new rail spur to accommodate production of polyvinylamine (PVAm) polymer products, which are used in paper and cardboard manufacturing. This new facility will be used to grow the existing polymer product line and add additional capacity of this critical monomer to the existing supplier. The project will create 34 new jobs. “Solenis is a global leader in the specialty chemical industry with a 40-year history in the City of Suffolk, and this major investment and expansion demonstrates that manufacturing is thriving in the Commonwealth of Virginia,” said Virginia Governor Glenn Youngkin. “Hampton Roads has the skilled workforce, business climate, and logistics advantages, including our world-class port, to enable Solenis to add significant capacity to supply the international paper manufacturing market.”

The global water purification market is fast-moving with continuous advancements in technologies and applications. There is an increased focus on more sustainable solutions to address the growing concerns about water quality and the need for reliable water purification solutions. Ahlstrom supports the water purification market and contributes to the availability of clean water by launching a new water filtration solution for enhanced particulate removal in pre-filtration applications. The new filter material can be used as a stand-alone or as a complement to the existing Ahlstrom Disruptor® and Hollytex® ranges. The new pre-filter is suitable for both residential and industrial uses. It removes contaminants such as rust, sand, and other debris that may end up in water pipelines, ensuring the highest quality of water. The pre-filter delivers superior performance and quality consistency when used as a pleated filter design.

According to the plans, production would end by summer 2024. The change negotiations at the Merikarvia sawmill concern all the sawmill’s 79 employees. “The Merikarvia sawmill has reached the end of its technical life cycle, which is why we’ve initiated plans to close down its operations,” says Ismo Nousiainen, CEO of Metsä Fibre. The annual production capacity of the Merikarvia sawmill is approximately 220,000 m3 pine sawn timber, and the annual wood consumption is approximately 455,000 m3.

Duluth's longtime paper mill is expected to be sold to an Italian paper products company, about a year into operations as ST Paper. Sofidel, which operates several plants in the United States, expects to not only preserve but add employees, said ST Paper spokesman Bill Broydrick. "This is good news," he said of expanding operations at the mill, which first opened in 1987 and is a major taxpayer and utility customer, employing about 100. Both Duluth's City Council and St. Louis County commissioners need to sign off on two aspects of the deal, and that could happen this month.

HEINZEL GROUP is pleased to announce the successful completion of its acquisition of the Steyrermühl paper mill in Upper Austria from UPM. This strategic move reinforces Heinzel's commitment to sustainability and growth in the paper and packaging industry. The acquisition agreement for the mill including its roughly 400 employees was signed in June 2022 for a takeover in 2024. Already in March 2023 the ownership of an idled graphic paper machine in Steyrermühl was transferred to HEINZEL GROUP and a conversion project there is well on track. Once converted by the second quarter of 2024, the machine will produce up to 150,000 tons of brown and white low-grammage kraft papers per year to be marketed under HEINZEL GROUP’S well-established STARKRAFT brand. With the closing of the transaction HEINZEL GROUP has now also taken over the Steyrermühl sawmill, a local power plant run with biomass and residues, and other facilities. HEINZEL GROUP plans to develop Steyrermühl into a supply center for heat and renewable energy for both the neighboring Laakirchen paper mill and the wider Laakirchen community.

Billerud – including Billerud North America - retains its position as one of the world’s most sustainable companies in its industry sector. This year’s results from the globally recognized Dow Jones Sustainability Indices show that Billerud continues to be one of the leading companies in the Containers & Packaging category. The Dow Jones Sustainability Indices is based on the S&P Global Corporate Sustainability Assessment (CSA), which is a comprehensive annual evaluation of corporate sustainability efforts and performance. The Dow Jones Sustainability World Index includes the top ten percent of more than 2500 publicly listed companies. The CSA is based on an analysis of corporate governance, environmental performance, and social performance, divided into 23 categories. Billerud is among the top 10 percent in the industry in the 2023 S&P Global Corporate Sustainability Assessment.

Andrei Krés has been appointed as the new CFO of Billerud. Andrei has been the acting CFO since August 2023 and will assume the permanent role immediately. Andrei Krés joined Billerud in 2011 and has since then held several different positions within the company including Head of Group Treasury, Vice President of Group Finance and since August 2023 as acting CFO. "I am entirely confident that Andrei, with his strong financial profile and deep experience within the company, will contribute positively to our financial development as well as bring valuable expertise to the Group Management Team," says Ivar Vatne, CEO and President of Billerud.

Metsä Group has made its second Swedish investment in FineCell (FineCellOx AB), developer of the FineCell technology and producer of CellOx dry cellulose powder. The company will use the EUR 1 million seed funding to improve its material application know-how, engage with potential customers, and finalise the material needed for making an investment decision concerning a demo production facility. The funding round lead by Metsä Group’s innovation company Metsä Spring consists of a group of investors, including EIT InnoEnergy and the company’s founder. The FineCell technology can turn pulp into added-value biomaterial that can be used both as a powder and as a water solution, i.e., a hydrogel. These can replace fossil-based chemicals in beauty and healthcare products, as well as in paints. FineCell is a spinout of the KTH Royal Institute of Technology in Stockholm, Sweden.

International technology group ANDRITZ has received a follow-up order from Brazilian pulp and paper producer Suzano for a major conversion project at the Limeira pulp mill. The project will enable Suzano to increase its eucalyptus-based fluff pulp production capacity from 100,000 to 440,000 tons per year to meet the growing global demand for personal hygiene products. Suzano is the only company in the world producing fluff pulp from hardwood – based on ANDRITZ technology.

VIDA AB, owned 70% by Canfor Corporation, announced that it will invest approximately 700 million SEK (CAD$85 million) at its Bruza Sawmill in Hjältevad, expanding production from 175 million board feet to 240 million board feet. This major investment includes a new highcapacity planing mill equipped with the latest technology, a new boiler, wood drying kilns and warehouse. “I’m very happy that we’ve made this decision to increase our capacity in eastern Småland, together with our sawmills in Vimmerby and Mörlunda. This investment clearly demonstrates that we believe in wood as the material of the future, and in Hjältevad as a place to grow our business,” said Måns Johansson, CEO of Vida AB and President, Canfor Europe.

Clearwater Paper Corporation has released its 2023 Sustainability Report, an annual update on the company’s progress against its multi-year sustainability goals. The report also announces Clearwater Paper’s new strategic sustainability framework, Everyday Responsibility. This forward-looking strategy centers the company’s sustainability work and initiatives on three distinct pillars: Resource Stewardship, Trusted Products, and Thriving People and Communities. “Our new strategic sustainability framework reflects our unwavering commitment to Everyday Responsibility, which aligns with Clearwater Paper’s core values, sustainability goals and business objectives,” said Arsen Kitch, president and chief executive officer. “It serves to guide our present and future actions and helps us communicate with our stakeholders more effectively. Together, we will continue to be a company that customers are excited to partner with, our employees are proud to work for and that our communities can count on.”

The Board of Billerud has appointed Ivar Vatne to be the President and CEO of Billerud. Ivar Vatne has been acting President and CEO since July 2023 and enters the permanent position with immediate effect. “The Board has conducted a thorough recruitment process and has evaluated both internal and external candidates. We are very pleased that Ivar is willing to take on the job and it shows real strength that we find the best candidate within the company. Ivar is a highly appreciated leader, and he has deep knowledge about the company’s strategic direction. He has also proved that he understands the importance of continuous improvements to secure competitiveness, and has the ability to drive them”, says Jan Svensson, Chairman of Billerud.

Lecta has developed new metallized papers with functionalities specifically oriented towards flexible packaging, recyclable products with the aim of replacing some of the materials currently in use that contain plastic. The new Metalvac Seal and Metalvac Barrier WV are the result of innovative w​ork based on Lecta's expertise in direct high-vacuum metallization, the application of coatings and the search for the appropriate components to achieve the desired functionalities. Both products we present have characteristics suitable for specific flexible packaging applications, and in both cases, they are recyclable and therefore more sustainable. Metalvac Seal: Suitable for graphic and flexible packaging applications (such as flowpacks, sachets, envelopes, or wrappers) for non-food products (collectible cards, stickers, toys, hotel amenities, etc.) and food products that do not require a specific barrier. Metalvac Barrier WV: Suitable for flexible packaging applications (such as flowpacks, sachets, wrappers, caps, etc.) for both non-food and food products (such as confectionery, coffee, tea, powdered products, etc.).

Julie Schertell, CEO of Mativ, commented, “We are very pleased with the completion of the sale of Engineered Papers. They have a great team and strategy in place for a successful future. For Mativ, this is an important part of unlocking our strategy to become a leading manufacturer of specialty materials. As we head into 2024, over 80% of our revenue will be from our Advanced Technical Materials segment, where we have strong positions in large, growing, profitable markets.” The net impact of the transaction on Mativ’s debt is expected to be a reduction of more than $600 million, which equates to approximately 35% of Mativ’s outstanding debt balance as of the end of the third quarter, and is subject to customary post-closing adjustments. This debt reduction is expected to be effective early December 2023. “This transaction fully aligns with our commitment to continued debt reduction and operational focus in attractive markets that accelerate our growth and expand our margins,” stated Schertell. “It marks a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders.”

Recently, there has been an increase in contradictory information being spread about the recyclability of Blue4est® checkout receipts. Whereas the German Environment Agency states it is fully recyclable, according to the association INGEDE (International Research Community for De-Inking Technology) blue checkout receipts can cause problems when disposed of as wastepaper, even in small quantities. This statement is inaccurate, and is causing confusion among consumers. The first sustainable and recyclable thermal paper Blue4est® – also known as the blue receipt or eco-receipt – was launched onto the market in 2015. Now, a host of customers across Europe are using these sustainable checkout receipts. The innovative technology has since been refined, with the introduction of Blue4est® Pro paper for labels in 2022. Blue4est® is produced entirely without chemical developers, which is why the German Environment Agency recommends disposing of it as wastepaper. This allows the paper to be recycled and reused as a new raw material. Some time ago, the German Environment Agency officially confirmed – including via an announcement on its website – that blue checkout receipts can be disposed of as wastepaper.

UPM Raflatac announces Soprema as its main partner in label waste recycling in the EMEIA region. Soprema, one of the world's leading companies in waterproofing and a specialist in roofing and insulation, will transform the label waste collected through RafCycle™ by UPM Raflatac recycling service into new construction and insulation materials. Soprema is a key player in the construction sector. With a presence of 123 manufacturing sites and over 120 subsidiaries worldwide, Soprema is known for its commitment to sustainable construction solutions and investment in innovation. The collaboration with UPM Raflatac further underlines Soprema's dedication to sustainability. UPM Raflatac’s RafCycle service is committed to liner waste recycling. With this innovative partnership, label waste is converted into insulation solutions, supporting the use of renewable sources in the construction industry at Soprema’s site in France.

UPM invests nearly 10 million euros in the modernization of the Korkeakoski sawmill. A new split saw supplied by USNR will start operating at the sawmill in 2025. This is a very significant investment in the efficiency and competitiveness of the Korkeakoski sawmill. "The sawmill industry has a long history of over 60 years in Korkeakoski. Great work has been done here for a long time, and this investment is an excellent continuation of that. The Korkeakoski sawmill has been a model example of excellent production efficiency, and this investment will further strengthen our position", says Korkeakoski Sawmill Director Janne Klaavuniemi. In the modernization of the sawmill, the split saw in the second stage of sawing will be renewed, along with automation and other equipment. The investment enables more efficient use of raw materials, as the same amount of logs convert to more end product. Modern equipment also increases energy efficiency.

Paper Excellence is pleased to announce that we will be matching donations up to $50,000 this Giving Tuesday. We are proud to support vulnerable youths and help them forge a bright future. The Take a Hike foundation collaborates with public school districts to engage vulnerable youths in a mental health and emotional well-being program. Their mission is to empower these vulnerable youth with the skills and resilience they need to graduate high school, build healthy relationships and achieve success. They provide a safe and caring community by engaging youth in clinical counselling, and regular outdoor adventures.

On October 11, 2023, Paper Excellence announced an additional $175,000 contribution towards wildfire recovery efforts in Shelburne County to follow its $25,000 donation to the Canadian Red Cross Nova Scotia & Atlantic Canada Fires Appeal earlier in the year. The earlier $25,000 donation received matched support from the Governments of Canada and Nova Scotia, leading to a total of $250,000 towards wildfire rebuilding efforts in Nova Scotia and Atlantic Canada. In October, community members in Shelburne County gathered to celebrate the contributions from Paper Excellence, as well as generous contributions of lumber and support from Freeman Lumber, Scotsburn Lumber, and Wilson’s Home Hardware Building Centre in Barrington.

Canfor Corporation announced it will curtail operations at its Polar Sawmill located in Bear Lake British Columbia, north of Prince George, following an orderly wind-down. The curtailment is the result of a shortage of economically available fibre in the region and is expected to be in place for a period of approximately six months. The Company will continue to evaluate market conditions and fibre availability in the region and adjust operations accordingly.

UPM Raflatac, a global supplier of innovative and more sustainable self-adhesive paper and film products, recently won the 2023 Calvin Frost Elevation Sustainability Award at the 2023 Tag and Label Manufacturers Institute, Inc. (TLMI) Annual Meeting. This award acknowledges TLMI members that have made significant strides in environmental and social aspects of sustainability. UPM Raflatac works in many areas to demonstrate its commitment to sustainability. The company is making huge strides towards its 2030 commitments, including progress towards their certified paper commitment, as well as towards their CO2e reduction targets. This year EcoVadis has recognised UPM with a platinum score based on the company’s sustainability performance in the following four categories: Environment, Labour and human rights, Ethics and Sustainable procurement. Only one per cent of the 100,000 global companies assessed received platinum.

*Third quarter 2023 net earnings from continuing operations was $2.7 million or $0.01 per share (diluted), compared to net loss of $9.7 million or a loss of $0.05 per share (diluted) in the second quarter of 2023 on the same basis.*Average lumber prices for Q3 2023 were higher than Q2 2023, with an average selling price of $642/mfbm compared to $596/mfbm in Q2 2023. There was strong pricing momentum toward the latter half of the second quarter due to supply related concerns, which benefited results at the beginning of the third quarter. However, volumes in the third quarter were lower than Q2 2023 due to reduced demand given macroeconomic uncertainties. *The valuation provision for lumber and log inventory was decreased to $1.9 million from $8.7 million at the end of Q4 2022, generating a $6.8 million credit to cost of sales in the three quarters ended September 30, 2023.

To meet increased demand for its skin care products, Kimberly-Clark Professional has made a multimillion-dollar investment to expand production and strengthen its North American supply chain. This investment will increase bottling capacity by 275% for Kleenex® and Scott® soaps and sanitizers to grow the skin care category and better meet the needs of its customers. “We know that customers depend on our skin care solutions to keep their workplaces hygienic,” said Susan Gambardella, President, Kimberly-Clark Professional North America. “Never was this more important than since 2020, when hand hygiene demand soared virtually overnight.”

Q3 2023 Highlights *Sales of $1,198 million (compared with $1,168 million in Q2 2023 and $1,174 million in Q3 2022); *Operating income of $80 million (compared with $64 million in Q2 2023 and $25 million in Q3 2022); *Net earnings per common share of $0.34 (compared with net earnings per common share of $0.22 in Q2 2023 and a net loss per common share of ($0.02) in Q3 2022); *Net debt1 of $2,088 million as of September 30, 2023 (compared with $2,076 million as of June 30, 2023).

Clearwater Paper Corporation, a premier supplier of quality tissue and bleached paperboard products, reported that it temporarily suspended certain manufacturing operations at its Lewiston, Idaho facility. An incident impacting the regional natural gas system has resulted in the disruption of natural gas deliveries to the mill and the surrounding areas. “We are focused on the safety of our employees and maintaining our assets while we wait for repairs on the gas pipeline to be completed,” said Arsen Kitch, president and chief executive officer. “We expect to resume the impacted operations in the coming days.”

The net investment amount for the conversion project at Norske Skog Golbey will increase from EUR 265 to 300 million. As of the 3rd quarter of 2023, a net EUR 200 million has been invested in the project. The increase is generally due to increased purchase prices for goods and services throughout the project period as well as somewhat delayed deliveries of equipment. The start-up of production of packaging in Golbey is postponed to the second half of 2024 due to delivery delays. Considerable effort will be devoted going forward to ensure that the conversion project is completed within the new framework. The Golbey project will convert a paper machine (PM1) from producing newsprint to producing recycled containerboard. The machine will have a capacity of 550,000 tonnes and is expected to reach 95% utilisation within 2-3 years after startup. Together with the already converted paper machine (PM3) in Bruck, this project will provide Norske Skog with a total capacity of 760,000 tons of containerboard.

Kruger Products Q3 2023 Business and Financial Highlights • Revenue was $473.4 million in Q3 2023 compared to $427.0 million in Q3 2022, an increase of $46.4 million or 10.9%. • Net income was $12.9 million in Q3 2023 compared to a net loss of $38.8 million in Q3 2022, an increase of $51.7 million.

Financial Highlights – Third Quarter vs. Second Quarter *Net income from continuing operations of $58 million vs. $49 million *Cash provided by operating activities from continuing operations of $197 million vs. $77 million. Commercial and Operational Highlights – Third Quarter vs. Second Quarter *Price and mix decreased by $55 million due primarily to lower paper prices in Europe and on exports from Latin America, as well as lower global pulp prices *Volume increased by $6 million due to increases in Latin America and North America *Operations and other costs improved by $1 million due to better operating and supply chain results offset by $13 million in higher unabsorbed fixed costs from increased economic downtime *Planned maintenance outage expenses decreased by $55 million *Input costs improved by $27 million driven by favorable fiber, chemical and transportation costs

Mativ Third Quarter 2023 Highlights (Continuing Operations) *Sales decreased 9.7% to $498.2 million, reflecting lower volume partly offset by higher selling prices and currency translation *GAAP loss was $464.3 million, GAAP EPS was $(8.50). Results included a non-cash goodwill impairment charge of $401.0 million and $24.3 million related to asset write-downs and the planned divestiture of Engineered Papers

Batteries play an important role in driving the electrification of transportation and developing more sustainable transportation solutions. Vehicles with advanced batteries are reducing air pollution and emissions, thereby leading to lower environmental impact. Recent advancements in lead-acid batteries are focused on higher performance as well as on lowering the overall environmental footprint of the battery lifecycle. Ahlstrom’s portfolio for battery materials includes a wide range of pasting materials, film separator reinforcement, and Absorbent Glass Matt (AGM) media. Ahlstrom is now taking further steps to become a leading, single-source provider of fiber-based battery materials by expanding its offering with a hybrid pasting material.

Against a backdrop of a persistently volatile and challenging macroeconomic environment Sappi delivered EBITDA excluding special items of US$731 million for the year ended September 2023. The widespread disruption caused by ongoing geopolitical instability, weak global economic growth, rising interest rates, and an underperforming Chinese economy negatively impacted markets for our products. The South African business delivered record EBITDA (in ZAR) and North America the second highest ever EBITDA. The group generated significant cash which enabled a further reduction of net debt at year-end to US$1,085 million, the lowest level in 30 years.

For more than a century, Rothschild Mill has operated on the Wisconsin River five miles south of Wausau, Wisconsin. From its humble beginnings in 1909, the mill has grown to produce Cougar® and Lynx®, some of the world’s finest printing and publishing papers. It has also given rise to a thriving community that many of its staff call home. “I never expected 28 years ago when I started in the environmental department that I would still be here. I thought I would work two to three years and then move back home to Green Bay,” says Dave Faucett, who has served as the mill’s general manager since 2017. “But the culture and pride at this mill are addicting. It’s fun to be part of the team here, and Rothschild is a great place to raise a family. It was really easy to stay here.”

Noteworthy among its numerous advantages are: *Recyclability in standard paper and cardboard circuits *High opacity *Good folding properties *Good mechanical resistance *An even, glossy, smooth surface *Excellent printability for offset, flexo and rotogravure printing. Metalvac is an ideal paper for manufacturing high-quality wet-glue and self-adhesive labels, as well as for graphic applications. You may also look forward to hearing more about our new range of functional metallized papers, especially designed for flexible packaging for food and non-food products, in the near future.

Metsä Group and industrial maintenance service provider Quant Finland have agreed to halve the consumption of fossil hydraulic oil together in Metsä Group's plywood and Kerto LVL mills by 2027 compared to 2022. Quant is Metsä Group's maintenance service partner at its Kerto LVL and plywood mills located in Lohja, Punkaharju, Suolahti, Äänekoski and Pärnu. Hydraulic oil is widely used in production machinery and equipment. Oil consumption can be reduced through close monitoring, systematic maintenance and investments. Large industrial players have significant potential to reduce the environmental impact of the forest industry when working together.

• Q3 2023 consolidated operating loss of $65 million, including a $49 million operating loss from the pulp business; adjusted operating loss of $86 million; adjusted shareholder net loss of $19 million, or $0.16 per share • Continued strong results in the US South; solid European results despite seasonal downtime; another challenging quarter for Western Canada • Persistent pressure on global lumber market demand and pricing through much of the quarter • Market-driven curtailments in Western Canada & seasonal downtime in Europe led to lower shipments • Confirmed future investment of approximately $200 million in a new, state-of-the-art manufacturing facility in Houston, British Columbia • Challenging results for Canfor Pulp despite stable global pulp market fundamentals; Northwood NBSK Pulp Mill scheduled maintenance completed as planned; restart delayed due to operational challenges

• Q3 2023 reported operating loss of $49 million; net loss of $36 million, or $0.55 per share • Stable global pulp market fundamentals throughout the quarter, as a slight uptick in purchasing activity in China was offset by ongoing challenging conditions in other global regions • Northwood NBSK Pulp Mill scheduled maintenance downtime and inspection of recovery boiler number one completed as planned; restart delayed due to operational challenges

FPInnovations is a private not-for-profit R&D organization that specializes in the creation of solutions that accelerate the growth of the Canadian forest sector and its affiliated industries to enhance their global competitiveness. It is ideally positioned to perform state-of-the-art research, develop advanced technologies, and deliver innovative solutions to complex problems for every area of the sector’s value chain, from forest operations to consumer and industrial products. Their expertise spans the pulp and paper industry, forest operations, wood products, and bio-sourced products sectors. With the forest industry at heart, their mission is to accelerate forest sector growth and transformation and enhance forest sector competitiveness. They hold their core values in high regard: Innovation, Agility, Collaboration, and Integrity.

Norske Skog has worked closely with the insurance company, equipment suppliers, and other parties to determine the extent of damages following the rockslide on 27 April. The rockslide caused significant damage to buildings, cranes, machinery, and equipment associated with paper machine 6 (PM6). A settlement has now been reached between Norske Skog Saugbrugs and the insurance company regarding insurance coverage for both business interruption and property damage, estimated up to NOK 2.4 billion, which will jointly be covered by the insurance company, the Norwegian Natural Perils Pool, and reinsurers. "The rockslide on 27 April this year was a traumatic experience for Saugbrugs employees, Halden residents, and Norske Skog. Fortunately, no one was physically injured in the rockslide, but PM6 and its associated building structures sustained substantial damage. After significant efforts from mill employees and other stakeholders, we are pleased to have reached an agreement with our insurance company for both business interruption and property damage, estimated up to NOK 2.4 billion. We have had an excellent dialogue and been treated very fairly by our insurance company throughout the process," says Geir Drangsland, CEO of Norske Skog.

Thanks to the expansion of our laser range, the whole range of reacto® carbonless paper, which are suitable for laser printing, are now available from trade outlets. The laser grades offer customers outstanding printing quality and flawless carbon copy function for a range of different applications. Customers can expect reliable and high-quality paper that helps them to optimize their business processes. The laser grades of the reacto® carbonless paper boast outstanding copying properties after printing. They are ideal for preprint, can be effortlessly used on all dry toner-based printing systems and also work on various inkjet printers.

*Outstanding performance driven by strong operational results and continued market strength in tissue *Net sales of $520 million, down 3% from the third quarter of last year *Net income of $37 million, or $2.17 per diluted share *Redeeming 2025 notes in Q4 2023 with a combination of a new term loan, cash on hand, and drawing on existing ABL facility *Repurchased $5 million of outstanding shares, with $10 million remaining under program *Reduced net debt by $69 million from second quarter of this year, $416 million since 2020

• Pulp sales of 2,486 thousand tons (-11% vs. 3Q22). • Paper sales1 of 331 thousand tons (stable vs. 3Q22). • Average net pulp price in export market: US$547/ton (-33% vs. 3Q22). • Average net paper price1 of R$7,085/ton (+3% vs. 3Q22). • Pulp cash cost ex-downtime of R$861/ton (-2% vs. 3Q22). • Leverage of 2.7 times in USD and 2.6 times in BRL. • Cerrado Project completes 78% of physical progress and 68% of financial progress.

January–September 2023 (1–9/2022) *Sales were EUR 4,624 million (5,239). *Operating result was EUR 443 million (986). Comparable operating result was EUR 431 million (966). *Result before taxes was EUR 438 million (961). Comparable result before taxes was EUR 430 million (934). *Comparable return on capital employed was 8.3% (20.0). *Net cash flow from operations was EUR 487 million (828). July–September 2023 (7–9/2022) *Sales were EUR 1,509 million (1,823). *Operating result was EUR 41 million (397). Comparable operating result was EUR 51 million (391). *Result before taxes was EUR 49 million (396). Comparable result before taxes was EUR 60 million (385). *Comparable return on capital employed was 3.2% (23.5). *Net cash flow from operations was EUR 469 million (372).

Positive outcome reflects the strength in Rottneros’ business model *NET TURNOVER decreased by 14 percent to 693 (806) MSEK. *THE LIST PRICE of NBSK pulp was 21 percent lower in USD and 19 percent lower in SEK compared with the third quarter of 2022. *PRODUCED VOLUME excluding groundwood pulp ­amounted to 88.8 (85.9) thousand tons, an increase of 3 percent. *SOLD VOLUME of sulphate pulp and CTMP totalled 102.3 (86.1) thousand tons.*EBIT (operating profit) was 49 (185) MSEK. The quarter continued to be affected by a weak European market. *NET PROFIT was 33 (270) MSEK. *THE BALANCE SHEET remains strong.

Ten UPM Raflatac adhesives for logistics and e-commerce paper labels have been certified as recyclable in the paper and board-based packaging stream by the applied research and services institute Papiertechnische Stiftung (PTS) in 2023. These adhesives are intended for large volume solutions, providing customers with the added benefit of recycling-compatible, verified labeling solutions without requiring any product changes. To evaluate the recyclability, PTS has tested ten UPM Raflatac's paper labels containing the referred adhesives. The labels were tested as part of the packaging material at a mass share of 10%, following the PTS-RH 021:2012 Category II methodology for evaluating the recyclability of paper and board-based packaging. Due to the obtained results of fibre yield, sheet adhesion, and optical impurities, ten of the UPM Raflatac adhesives applied on the paper labels received verification.

Key highlights Q3 • Higher sales volumes in both regions compared to last quarter, offset by price and mix deterioration • Sequentially lower input costs and lower fixed cost than normalized level • Efficiency enhancement program on track – delivered SEK 175 million in the quarter • Earnings per share positively impacted by recognition of tax credits in the US • Strong operating cash flow with tight control on working capital • Frövi recovery boiler project completed on time, spec and budget. Quarterly data Q3 • Net sales decreased by 14% to SEK 10,210 million (11,814) • Operating profit SEK 415 million (1,536) • Net profit SEK 656 million (1,347)

Operating profit for January-September 2023 was SEK 4 041 million (January-September 2022: SEK 5 905 million). Excluding the item affecting comparability last year, operating profit decreased by SEK 1 599 million due to weaker market conditions for wood products and paperboard. Compared with the second quarter, operating profit for the third quarter increased by SEK 28 million to SEK 1 166 million. The operating margin was 22 (20) per cent. Profit after tax for January-September amounted to SEK 3 159 million (4 606), which corresponds to earnings per share of SEK 19.6 (28.5).

“Earnings per share were in line with our expectations for the third quarter, again increasing sequentially,” said Deon Stander, president and CEO. “Volume in both Label Materials and Apparel Solutions improved sequentially, continuing to recover from slow market conditions, largely inventory destocking, while our Intelligent Labels platform continued to accelerate adoption into new categories. Highlights: *3Q23 Net sales of $2.1 billion -Sales change ex. currency (non-GAAP) down 10% -Organic sales change (non-GAAP) down 11% *3Q23 Reported EPS of $1.71

Massimo Reynaudo has been appointed President and CEO of UPM-Kymmene Corporation as of 1 January 2024. Jussi Pesonen will continue as the President and CEO until 31 December 2023, after which he will work as an advisor to the Company and its management until he will retire from UPM on 30 April, 2024. Massimo Reynaudo has been with UPM since 2017. Reynaudo is an Italian citizen and was born in 1969. He is currently Executive Vice President, UPM Communication Papers. Prior to that, he served as Senior Vice President of UPM Raflatac from 2017 to 2021. Earlier in his career, between 1995 and 2017, he held several senior positions at Kimberly-Clark Corporation. He has a master’s degree in engineering from Politecnico di Torino and additional studies in business administration and management. “Massimo has an excellent international background and a very solid track record at UPM as an engaging change leader. Both in UPM Raflatac and in UPM Communication Papers, he has driven positive change of the businesses, renewed the commercial strategy and built high-performing teams to improve the performance of each business. He has a clear vision of how to continue value creation through UPM’s Biofore strategy. I wish Massimo the best of success in his new demanding role,“ says Henrik Ehrnrooth, Chair of the Board of UPM.

Q3 2023 highlights *Sales decreased by 24% to EUR 2,584 million (3,420 million in Q3 2022) *Comparable EBIT decreased by 72% to EUR 220 million, 8.5% of sales (779 million, 22.8%) *Operating cash flow was EUR 641 million (-201 million), supported by cash inflow from working capital and energy hedges *Net debt decreased to EUR 2,363 million (3,133 million) and the net debt to EBITDA ratio was 1.27 (1.39) *Pulp and electricity sales prices significantly lower than last year, impacting UPM Fibres and UPM Energy. Successful margin management in other business areas *Demand for many of UPM's products started to gradually recover *UPM Paso de los Toros pulp mill and the OL3 nuclear power plant unit contributed significantly to UPM's deliveries *UPM Communication Papers to permanently close its Plattling mill in Germany *UPM received platinum in the EcoVadis responsibility assessment with a high industry score *UPM joined the UN Global Compact Forward Faster Initiative

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the appointment of Chris Crawford as Territory Sales Manager for the Southwest US. Based out of Las Vegas, Nevada, Chris will be responsible for Southern California, Nevada, Utah, Colorado, Arizona, and New Mexico. Chris has a wealth of industry knowledge, having worked across both the print and signage markets since 2005. This includes serving in a range of senior positions with various leading print and sign shops, as well as at major print and graphics distributors.

Norske Skog’s EBITDA in the third quarter of 2023 was NOK 327 million, a decrease from NOK 380 million in the second quarter of 2023. The main driver for the lower third quarter EBITDA was lower publication paper sales prices. The cash flow from operations in the quarter was NOK 173 million. Deliveries of packaging paper increased according to ramp-up plans, and Norske Skog Bruck received favourable quality feedback from customers. The Norwegian government proposed to increase the quota price floor for receiving CO2-compensation. “We are very pleased by the positive feedback from our containerboard customers, and that we are well underway to become one of the leading independent supplier of recycled containerboard in Europe. At the same time, we are maneuvering our mills to be as cost effective as possible. By the end of the fourth quarter 2023, Saugbrugs PM5, in addition to PM4, will produce and deliver quality SC magazine paper to our customers,” says Geir Drangsland, CEO of Norske Skog. Cash flow from operations was NOK 173 million in the quarter compared to NOK 353 million in the previous quarter, mainly due to lower EBITDA, receivable insurance compensation, and increased working capital. Operating earnings in the third quarter of 2023 were NOK 36 million compared to operating earnings in the second quarter of 2023 of NOK 146 million.

Rayonier Advanced Materials Inc., the global leader in High Purity Cellulose, announced that it has engaged Houlihan Lokey as its financial advisor to explore the potential sale of its paperboard and high-yield pulp assets located at its Temiscaming site. This strategic move is aligned with RYAM's commitment to enhancing its operational and financial performance, optimizing its portfolio to align with its long-term growth strategy, and providing flexibility to pay down debt and reduce leverage. The engagement of Houlihan Lokey, a renowned global investment bank, underscores RYAM's dedication to a rigorous and diligent evaluation of its strategic options.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the North American launch of its new Drytac Polar Blockout UV opaque printable block out film. Joining the Drytac Zero range of products, Polar Blockout UV is a 2.0 mil (50μ) highly opaque layered white PET film with a matte finish. It is coated with a white pressure-sensitive, permanent aqueous acrylic adhesive which is protected by a 50# siliconized PE coated release paper. It is the ideal solution for two-sided window graphics and other block out layer requirements. The film’s high opacity prevents graphics from showing through on the other side when being used as a cover up graphic, offering a highly effective solution to customers seeking to produce bold and impactful applications.

Paper Excellence Canada is pleased to announce a $175,000 contribution to support the ongoing recovery efforts for individuals, families, and communities in Shelburne and Barrington, Nova Scotia, who were affected by the wildfires in June 2023. Of the total funds, $115,000 will directly support families rebuilding damaged and destroyed homes, and $60,000 will support the We Rise Again Fund – Shelburne County’s efforts to help community members recover. Paper Excellence is grateful for its contribution partners, Freeman Lumber and Scotsburn Lumber, who are providing more than $66,000 in in-kind lumber to support rebuilding efforts, and Wilson’s Home Hardware Barrington for helping Paper Excellence provide families most in need with building supplies.

UPM Raflatac, a global supplier of innovative and sustainable self-adhesive paper and film products, announces a new line of Graphics Solutions, now available in North and South America. UPM Raflatac acquired AMC AG in Germany last year, which included this line of high-quality self-adhesive films and laminates, large format versatile printing and sign films. “Following a successful portfolio of these Graphics Solutions in Europe, we are excited for the opportunity to partner with distributors and provide quality, cost effective materials here in the Western Hemisphere,” stated Gabrielle Whittaker, Director, Films & Specials, UPM Raflatac Americas.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce that Glen Fitzgerald has been promoted to the position of Director of Sales for the Americas. In his new role, Glen will assume responsibility for overseeing all graphic and industrial sales across the Americas, a key region for Drytac. Glen has been promoted to the senior role after serving as Technical Sales Manager for Industrial Products in Canada since joining Drytac in September of 2021. He played a major part in Drytac’s ongoing expansion within the Canadian market in that time.

Norske Skog has completed a transaction for the sale of the Tasman mill industrial site and remaining mill assets to the Australasian pulp, paper, and packaging group Oji Fibre Solutions for approximately NOK 70 million (NZD 10.9 million). The sale of the mill site and realisation of certain other related assets, including buildings, electricity equipment, piping, water, and other infrastructure, will generate a total financial gain on sale of approximately NOK 57 million (NZD 8.8 million). “We are pleased to finally have concluded this sales agreement with Oji after lengthy process of negotiations and obtaining all required regulatory approvals for the sale. The sale of the Tasman industrial site to Oji is a material steps towards concluding Norske Skog’s long-term business commitment in New Zealand,” commented Geir Drangsland, President and CEO of Norske Skog.

With the slogan "Paper as a Sustainable Story", Lecta will present its innovative range of top quality recyclable, biodegradable paper especially designed for the publishing industry. The Condat and Garda brand coated papers and the Coral Book ​uncoated papers are the perfect canvas for the compelling stories and journeys books take us on. Made using natural, renewable raw materials, these papers are a reflection of Lecta's commitment to sustainability and its ongoing search for environment-friendly paper solutions. In this edition, Lecta's goal is to strengthen its relationship with the publishing sector by also sharing its ESG (Environmental, Social, and Governance) initiatives and targets. This is part of our continuous efforts to become an increasingly sustainable company, and thus contribute to creating a better world.

Mondi plc announced the agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, together with two affiliated entities to Sezar Invest LLC for a total cash consideration of RUB 80 billion. Mondi is pleased to confirm closing has been accelerated and the sale has now completed. Mondi has therefore concluded its exit from Russia. Mondi has received RUB 57 billion into its London bank account and it is in possession of a letter of credit for the final RUB 23 billion, which will be paid in two equal instalments in each of November and December 2023. It is intended that the net proceeds from the sale of all Mondi’s Russian assets will be distributed to Mondi shareholders in a timely manner once the final instalments of the consideration in respect of Mondi Syktyvkar have been received.

As part of our 2030 Sustainability Strategy, Lecta has taken a further step in our track record with EcoVadis​, the world's most trusted provider of business sustainability ratings. We have just begun a new partnership at the Group level to assess sustainable performance throughout our supply chain. Through this partnership, we aim to enhance transparency and accoun​​tability in our procurement processes using the strict standards set by EcoVadis' methodology. Lecta's suppliers will be evaluated on the four key pillars of sustainable development: environment, labor, business ethics and sustainable procurement. These evaluations will enable us to identify areas for improvement and work closely with our suppliers to drive positive change. This is essential for our goal of delivering the highest quality products while minimizing our impact on the planet and society, as well as ensuring compliance with European Green Deal objectives, one of Lecta's main commitments.

Solenis, a leading global producer of specialty chemicals for water-intensive industries, completed the acquisition of CedarChem LLC on October 2, 2023. As part of the acquisition, Solenis will acquire all CedarChem operating assets. Headquartered in Cedartown, Georgia, CedarChem offers a full suite of water and wastewater treatment products for industrial and municipal markets, primarily in the southeastern U.S. The acquisition aligns with Solenis’ direct go-to-market strategy to provide customers with improved chemical and wastewater treatment product and service offerings.

Sappi Europe’s Kirkniemi Mill in Lohja, Finland, has successfully made the switch from using fossil fuels to renewable energy to fuel the production of the Galerie paper range. A €16.5 million investment into state-of-the-art facilities and machinery for the reception, storage and handling of biofuels is the latest in a string of efforts by Sappi in meeting its Science-Based Targets Initiative (SBTi)-approved emissions reduction goal across all its regions. Biomass residues such as bark, sawdust and wood chips, largely locally sourced, now fuel the Kirkniemi Mill Galerie paper operations, setting the stage for a 90% reduction in direct fossil greenhouse gas emissions. This upgrade now works alongside the multi-fuel boiler built in 2015, enabling the mill to reduce nearly 230,000 tons of carbon dioxide annually. This means that Kirkniemi Mill is now able to reduce the carbon footprint of the Galerie paper range by 40%. All this comes as part of a longstanding sustainability focus at Kirkniemi that has, in recent years, brought continuous improvements in environmental performance across areas including freshwater usage, emissions to watercourses and energy efficiency.

Paper Excellence Canada is pleased to announce the resumption of kraft pulp operations at its Catalyst Crofton mill, bringing more than 300 workers back to their jobs. While market conditions allow for the restart of our pulp operations, the curtailment of paper operations at Crofton is being extended to the end of October. “In spite of challenges posed by exceptionally low pulp and paper prices driven by global market fluctuations, we are pleased to announce that we are resuming pulp production and reinstating a portion of our workforce at our Crofton mill. While this is a positive development, we will continue to assess the ongoing viability of maintaining Kraft pulp operations at Crofton to ensure it is cost effective to operate and consistent with our overall business strategies,” said Krista Cuddy, Catalyst Crofton, Interim Director – Operations & Integration.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the launch of its new Drytac ReTac Clear PET film in North America. Available to purchase now, ReTac Clear PET is a 3.0 mil clear polyester (PET) film with a clear ReTac adhesive​ and forms part of Drytac’s popular ReTac range of solutions. The film can be applied to all flat and simple curved surfaces, opening up its use to a wide range of applications such as point-of-purchase wall and window graphics. The solution has also been approved by the US Food and Drug Administration (FDA) for incidental food contact, extending its reach to projects including counter-top graphics.

West Fraser Timber Co. Ltd. and Atlas Holdings announced the signing of a definitive agreement for the sale of West Fraser’s Quesnel River Pulp mill in Quesnel, British Columbia and its Slave Lake Pulp mill in Slave Lake, Alberta to Atlas. Atlas owns and operates several pulp, paper and wood products businesses in Canada and the United States. Millar Western logoThe agreement announced today includes related woodlands operations and timber holdings in Alberta and a long-term fibre supply agreement for the Quesnel River Pulp facility. Upon closing of the transaction, the Quesnel River and Slave Lake pulp mills will be operated by Millar Western Forest Products, which joined the global Atlas family of manufacturing and distribution businesses in 2017. Millar Western is a more than 100-year-old Canadian forest products company headquartered in Edmonton with existing pulp mill operations in Alberta, establishing a strong foundation and a bright future for the Quesnel River and Slave Lake pulp mills.

Ahlstrom is a leading global manufacturer of high performance, fiber-based materials, supplying innovative and sustainable solutions to its customers. Ahlstrom BioProtect™ is a one source, sustainable, nonwoven solution for laundry care, incorporating patent pending technology to protect laundry from color run during the wash cycle. Ahlstrom BioProtect™ delivers high dye-catching performance, protecting laundry from color runs. Its ability to lock up loose dyes found in the wash water enables it to prevent dye transfer and color runs, maintaining the original color of clothes. The product is biodegradable and biobased, utilizing 100% naturally derived fibers and manufactured with wet-laid technology for premium quality.

Ahlstrom has successfully started the production of new, calendered, and embossed synthetic filter media for the first commercial orders from its Huyn-Poong plant in South Korea. The new materials offer extended filter lifetime and generate less flow restriction due to a higher available surface area. This makes these media a more sustainable alternative to competing materials. A longer filter lifetime combined with outstanding durability is a key feature helping to sustain filter operations and boost performance. This not only saves costs associated with frequent filter replacements but also reduces energy consumption and minimizes environmental impacts by lowering emissions. “The new calendering and embossing capabilities further advance synthetic filter media solutions. They improve durability and open a wide range of possibilities for extended performance, as well as improving the sustainability of filtration units. This allows us to better serve growing needs in high-performance filtration materials,” comments Kathrin Hueppe, Head of Filtration, Asia.

Mondi plc announces that it has entered into an agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, together with two affiliated entities to Sezar Invest LLC for a total cash consideration of RUB 80 billion to be paid in a series of instalments as set out below. The Business employs approximately 4,500 people and is a leading provider of uncoated fine paper and containerboard to the domestic Russian market.

Canfor Corporation is pleased to announce that it will be investing approximately $200 million to build a new state-of-the-art manufacturing facility in Houston, British Columbia. This low cost, high efficiency facility will have an annual production capacity of approximately 350 million board feet. Don Kayne, President and CEO made the following statement today: “I’m very pleased to be making this announcement in British Columbia, where Canfor has been proudly headquartered for 85 years. This project represents another significant investment by our Company to strengthen our diversified operating platform and ensure that we can continue to deliver the high-value products that are in demand by our customers around the globe.

Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, today announced its 2023 Ideas that Matter grant recipients, whose winning proposals celebrate the power of print design to address social issues. This year, recipients’ projects addressed a range of issues, including restorative justice, diversity and inclusion, intergenerational engagement, education, urban segregation and community building. Since 2021, entrants have been asked to align their submissions with at least one of the 17 United Nations Sustainable Development Goals (SDGs), ensuring that grant applications are focused on critical and timely global societal concerns.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce that it will demonstrate a range of its market-leading solutions at the upcoming PRINTING United Expo 2023. Taking place from October 18-20 at the Georgia World Congress Center in Atlanta, Georgia, PRINTING United will welcome thousands of visitors from all corners of the printing market, as well as attendees from related industries. Drytac will have a heavy presence throughout the event; running its own dedicated booth, working with partner companies, and taking part in special features, maximizing the opportunity to connect with a highly diversified audience.

Pixelle Specialty Solutions has improved safety and productivity at its Spring Grove, Pennsylvania facility by installing a smelt spout robot manufactured by Valmet. The smelt robot is essential for keeping recovery boiler spouts open and improving efficiencies in the liquor recovery cycle. The first smelt robot installation of its kind in North America, the robot regularly cleans the recovery boiler smelt spouts ensuring stable smelt flow, optimum cleaning and safer boiler operation, without manual intervention. “We’re proud to introduce the industry-first smelt robot installation in North America, supporting our ongoing commitment to operational excellence and innovation in specialty papers,” said Ross Bushnell, President and Chief Executive Officer, Pixelle. “By leveraging the latest automation technology, we are positioned to drive greater mill safety, productivity and quality.”

Paper Excellence is proud to have taken part in the ASEAN-Canada Roundtable last week. Davis Chiu and Blair Dickerson represented us in Jakarta, talking about the forest industry’s support and use of clean bioenergy and Paper Excellence’s commitment to Indigenous partnerships. Thanks also to Goldy Hyder, CEO of the Business Council of Canada, who spoke to the need for regulatory certainty in Canada to create clear pathways for innovation.

Paper Excellence has committed $200,000 to support the rebuilding efforts for the individuals, families, and communities in Shelburne and Barrington, Nova Scotia, impacted by the wildfires in June 2023. With eligible matching from Canada and Nova Scotia governments, our total impact is $250,000. The wildfire that impacted Shelburne County was the biggest in Nova Scotia’s history. We’re pleased to work with the Canadian Red Cross Atlantic Canada, the Community Foundation of Nova Scotia, the Municipality of Barrington, and the Municipality of Shelburne to support the Nova Scotians who need it. Paper Excellence Canada is committed to supporting the provinces and communities we operate in, especially during challenging times like those experienced in Nova Scotia.

The approximately 240 workers of the factory accepted on Friday afternoon by 81.3% the solution hypothesis presented to both parties by the conciliator of the case in the general assembly. The company also accepted this proposal. The workers are happy with the result of today’s (Friday) meeting. Obviously, no one wanted to continue on the picket line, at least until winter. Daniel Bilodeau reacted on the line. The return to work will be gradual, starting September 18. Workers have been on strike since July 4. The company imposed this measure after a third production stoppage by employees.

Discovery Paper is thrilled to invite you to our upcoming webinar, "Discover the Way of the Eco Switch," taking place on September 21st. This event will bring together distinguished paper industry experts who will share their valuable insights on key sustainability topics. During the webinar, we will have the pleasure of hosting an engaging discussion featuring: • Jonathan Tame (Two Sides) - Unveiling the captivating "Love Paper" Campaign and its positive impact on raising awareness of the sustainability and attractiveness of paper. • Pedro Silva (The Navigator Company) - Demystifying the differences between recycled and virgin fibre, shedding light on their respective environmental impacts. • Andrew Gilbert (The Navigator Company) - Exploring the multiple sustainability benefits of using lighter paper.

The board of directors of Norske Skog ASA has appointed Geir Drangsland as the new CEO as of 1 September. Drangsland succeeds Tore Hansesætre, who has decided to leave Norske Skog after more than 14 years in the company. Geir Drangsland, who has served as the chair of the board since March 2023, steps out of the board of directors to become the new CEO of Norske Skog effective from 1 September 2023. Arvid Grundekjøn has been selected the new chair of the board of directors. Grundekjøn has been member of the board of directors since 2018. "I am pleased to announce Geir Drangsland as the new CEO of Norske Skog. Geir has an extensive background from the forest industry, and has worked closely with the management since his entrance in Norske Skog. At the same time, I will use the opportunity to thank Tore Hansesætre for his valuable contribution in Norske Skog’s transformation journey both as CEO and responsible for the mill conversion projects," says Arvid Grundekjøn, chair of Norske Skog ASA.

UPM Raflatac is extending the scope of its CarbonNeutral® certified labeling materials to cover the entire lifecycle emissions of a label. This allows its customers to offer their printed and converted labels as CarbonNeutral® product certified. The development builds on UPM Raflatac's Life Cycle Assessment service, Label Life, which recently received a new certificate of validity from leading international assurance service provider, DEKRA. UPM Raflatac’s CarbonNeutral® certified products include the linerless label range with solutions designed for all direct thermal linerless main end uses, including hospitality, e-commerce and logistics, and grocery retail. The CarbonNeutral® certified products also include pressure-sensitive labels in the lower-carbon range RAFNXT+ designed for a variety of labels used in food, logistics, and home care packaging.

Metsä Group plans to boost biodiversity on its land areas in Kemi. Covering more than 650 hectares, the designated site encompasses Metsä Group’s mill area and other areas in the Kemi urban environment. Metsä Group’s operations in Kemi include a bioproduct mill, currently under construction, and a paperboard mill. The company aims to increase regional biodiversity at all its mill locations across Europe, which number more than 20. The goal is to modify land use on the Metsä Group Kemi site to improve the state of nature in the industrial environment. The special features of local nature will be taken into account in the project, and the living conditions of endangered species will be improved. Biodiversity in the area will be increased experimentally and by adopting new operating methods. For example, more than 12 hectares of meadows and sunlit habitats will be added to the Kemi mill area. Only local vegetation will be used in establishing open habitats, and these habitats will be made suitable for endangered species. Various other approaches to increasing the biodiversity of industrial environments will also be tested on the mill site.

Following the rockslide and subsequent production stop at Saugbrugs PM6 (paper machine 6) in April this year, Norske Skog has decided to restart production at the previously idled PM5. The restart of PM5 allows Norske Skog to continue supplying SC magazine paper to its customers and keep its market position. “The decision to restart production at PM5 is important to maintain Saugbrugs as a preferred supplier of SC paper in Europe, while the restoration work is ongoing at the PM6 plant,” says Per Ivar Berg, Managing Director at Norske Skog Saugbrugs. The business interruption at PM6 is covered by insurance. Cash flows relating to the restart and production from PM5 will be netted against the insurance coverage, thus the financial impact for Norske Skog Saugbrugs will be largely neutral. Prior to being idled in late 2020, PM5 had a production capacity of up to 100 000 tonnes of SC magazine paper. Saugbrugs PM6 has a capacity of 260 000 tonnes SC magazine paper. Operations at Saugbrugs PM4 continue with its capacity of 100 000 tonnes of SC paper.

UPM Raflatac, a global supplier of innovative and more sustainable self-adhesive paper and film products, has received a new certificate of validity from leading international assurance service provider, DEKRA, for its Label Life service. This new certificate confers validity to the LCA calculation engine and the whole process of generating LCAs at scale. As a result, customers wanting to communicate their potential impact in the labeling value chain can now do so with increased assurance. With the EU in the process of developing a ‘digital product passport’ (DPP) that will be issued for all products on the market, UPM Raflatac decided to be a step ahead of the legislative requirements. The company has designed its product passport prototype (PPP), an environmental declaration, based on existing standards and norms. Generated by the newly validated Label Life service, the product passport prototype enables UPM Raflatac’s customers and brands to communicate their labeling’s potential environmental impact. It includes a wide range of metrics that are broken down into life cycle stages: cradle-to-gate, transport-to-customer, printing, and end of life.

As the new academic year begins, about 60% of students may go back to school without supplies in hand. For some families and teachers in lower-income communities, the cost of school supplies can cause significant stress and limit student achievement. Domtar is committed to investing in relationships throughout communities – with our customers, with our neighbors, and with our schools. And each year, we invest in teachers’ and students’ needs alongside customers such as ODP Corporation and organizations like Classroom Central during back-to-school season. Domtar is a longtime vendor partner of The ODP Corporation’s StartProud!® back to school program, which supports students and teachers at nearly 30 Title I elementary schools with school supplies and needed equipment.

The new Polar Grip Air film will initially be made available to purchase in the North American market from August 2023. Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the launch of its latest product – Polar Grip Air. The latest addition to the incredibly popular Drytac Polar Grip range, Polar Grip Air is a 3.2 mil white polymeric PVC film featuring a high-tack grey adhesive with a bubble-free technology release liner.

In an effort to address prevalent supply chain uncertainties and to maintain the commercial viability of its Graphic Paper business, Sappi Europe will keep prices for its Woodfree Coated Paper grades stable at today’s level for the remainder of 2023. This commitment facilitates customers' ability to commit to business in advance of the traditionally busier fourth quarter for the printing industry. Market conditions are similar across the region, but obviously diverge between countries and segments and as such Sappi Europe’s sales personnel is always available for these individual customer specifics. Sappi Europe remains fully committed to serving the printing business and will work closely with our customers to ensure the best possible outcome throughout the print media value chain.

Sustana, a manufacturer of premium, sustainable recycled fiber and paper products, announces the appointment of Aaron Ling to Director of Sustainability. In this role Aaron will be responsible for driving the implementation of Sustana’s ESG initiatives and supporting the development of the group’s sustainability strategy. Aaron holds a bachelor’s degree in electrical engineering from Concordia University and has several accreditations and certifications including Economic Sustainable Project Delivery, Decision Analysis Training and is an Accredited Professional from the Green Building Council of Australia. Aaron has 17 years of experience in Corporate Sustainability target setting, reporting and scenario analysis. Aaron has a wealth of international experience having worked in Japan, Canada, Australia, and the United States.

Sylvamo is offering small shareowners a convenient way to own at least 100 shares or sell their holdings. Voluntary sale and purchase programs – often called “odd lot” programs – are periodically offered by public companies to help small shareowners and reduce administrative costs. Shareowners who participate will be assessed a $3.50 processing fee per share purchased or sold, with a maximum fee of $60 per account. Beginning Monday, Aug. 21, 2023, eligible registered shareowners are being informed by mail and will be able to participate through Friday, Sept. 22, 2023, subject to early termination or extension of the program.

Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced the closing of its $350 million incremental term loan under the Company’s existing credit agreement, the proceeds of which are expected to be used to repay outstanding borrowings under the Company’s existing revolving credit facilities and enhance available liquidity for upcoming capital expenditures.

Billerud is introducing a new organization whereby the company harmonizes and operates its business in two distinct geographical regions - Europe and North America. Billerud further appoints Andrei Krés as acting CFO, effective immediately. Matthew Hirst, previously EVP Commercial, has been appointed President of Billerud Europe and will lead the new European organization consisting of Commercial, Operations and Procurement & Wood Supply functions. Kevin Kuznicki remains President of the North American organization. "I’m pleased that Matthew has taken the position of leading the Europe region, and I’m convinced he will take the region forward on the journey to challenge conventional packaging solutions and create the packaging of tomorrow”, says Ivar Vatne, acting CEO and President of Billerud.

*Sales increased 56.7% to $668.3 million, reflecting the benefit of the merger; 8% organic sales decline with negative volume/mix offsetting price increases *GAAP loss was $4.5 million, GAAP EPS was $(0.08), which all included merger integration and purchase accounting expenses* On August 1, Company announced the proposed sale of Engineered Papers and capital allocation changes *Approximately $575 million of expected net proceeds to be used to reduce net debt by 35%

Kruger Products Q2 2023 Business and Financial Highlights • Revenue was $466.3 million in Q2 2023 compared to $397.5 million in Q2 2022, an increase of $68.8 million or 17.3%. • Adjusted EBITDA1 was $55.0 million in Q2 2023, compared to $11.8 million in Q2 2022, an increase of 365.8%. • Net income was $14.5 million in Q2 2023 compared to a net loss of $35.5 million in Q2 2022, an increase of $50.0 million.

*Net income from continuing operations of $49 million ($1.14 per diluted share) vs. $97 million ($2.25 per diluted share) *Adjusted operating earnings1 (non-GAAP) of $49 million ($1.14 per diluted share) vs. $108 million ($2.51 per diluted share) *Adjusted EBITDA2 (non-GAAP) of $124 million (13.5% margin) vs. $208 million (22.1% margin) *Cash provided by operating activities from continuing operations of $77 million vs. $63 million

Mativ Holdings, Inc. announced two appointments to its executive leadership team. Mark W. Johnson will succeed Ricardo Nuñez as chief legal officer, general counsel and secretary for the ~$3 billion specialty materials company. Johnson will assume the leadership of the company’s legal team on September 1, 2023, from Nuñez, who will be departing the company the same day. Additionally, Rajeev Kapur has been named Mativ’s new chief information officer, effective immediately. Both Kapur and Johnson will report directly to Mativ chief executive officer Julie Schertell.

Antti Koulumies, M.Sc. (Eng.), has been appointed Senior Vice President, Timber and Forest. Koulumies will take the leadership of UPM Forest and continue to lead UPM Timber. The current leader of UPM Forest Sauli Brander, B.Sc. (Eng.), eMBA, has been appointed Vice President, UPM Global Forest Affairs. He will focus on global forest advocacy as well as global forestry themes, such as climate-positive forestry and biodiversity. Both appointments will take effect on 1 September 2023. Koulumies and Brander will continue to report to Bernd Eikens, Executive Vice President, UPM Fibres, and they will also continue as members of UPM Fibres business area management team.

EcoVadis has recognised UPM with a platinum score based on the company’s sustainability performance in the following four categories: Environment, Labour and human rights, Ethics and Sustainable procurement. Only one per cent of the 100,000 global companies assessed received platinum. UPM’s score 87/100 was one of the highest in the Manufacture of Pulp, Paper and Paperboard industry. “Compared to last year, our carbon score improved most,” says Sami Lundgren, Vice President, Responsibility, UPM. “We are extremely proud that our climate change related management and strong decarbonisation ambition with approved Science Based Targets were recognised with the highest possible Leader status. UPM’s top rating recognises the work we have done to promote sustainability in the whole value chain and embraces our work towards the future beyond fossils.”

HIGHLIGHTS • Pulp sales of 2,513 thousand tons (-6% vs. 2Q22). • Paper sales1 of 294 thousand tons (-9% vs. 2Q22). • Adjusted EBITDA2 and Operating cash generation3 : R$3.9 billion and R$2.2 billion, respectively. • Adjusted EBITDA2/ ton from pulp of R$1,269/ton (-40% vs. 2Q22). • Adjusted EBITDA2/ton from paper of R$2,481/ton (+14% vs. 2Q22). • Average net pulp price in export market: US$562/ton (-23% vs. 2Q22). • Average net paper price1 of R$7,002/ton (+13% vs. 2Q22). • Pulp cash cost ex-downtime of R$918/ton (+7% vs. 2Q22). • Leverage of 2.2 times in USD and 2.0 times in BRL. • Cerrado Project completes 70% of physical progress and 57% of financial progress. Forecast for the start of operations to occur by June 2024.

The group faced persistent challenges in the global economy and encountered ongoing weakness in paper and pulp markets, leading to a reduction in EBITDA to US$106 million for the quarter ended June 2023. Specifically, the paper businesses experienced a significant downstream destocking cycle. Customers reduced their inventories in anticipation of lower prices, thereby affecting demand. In response, we proactively curtailed excess production in Europe and North America, implemented various cost-saving initiatives across our operations, and applied measures to optimise working capital. The profitability of  the South African business was more stable, bolstered by the dissolving pulp business. Despite the challenging economic environment, we generated cash in the quarter and liquidity in the group remained strong.

Mactac® Graphics & Signage Solutions announces the launch of Printvinyl Scored™, the first of its kind for the wide-format graphics industry. The new product line includes two pressure-sensitive adhesive (PSA) products with a scored liner for screen and wide-format printers. Mactac Printvinyl™ film is recognized for its proven quality and consistent printability. The new precision-scored liner, with a 1.25" spacing, guarantees a seamless and hassle-free removal process. Products are printable on both the film face and liner, expanding promotional messaging capabilities with an easy-to-remove scored liner that simplifies the application experience. PVS528UR features an ultra-removable acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart. PVS528P has a permanent acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart.

For the second quarter of 2023, Clearwater Paper reported net sales of $525 million compared to net sales of $526 million for the second quarter of 2022. Net income for the second quarter of 2023 was $30 million compared to net income for the second quarter of 2022 of $15 million. For the first six months of 2023, Clearwater Paper reported net sales of $1.1 billion, a 3% increase compared to net sales of $1.0 billion for the first six months of 2022. Net income for the first six months of 2023 was $54 million compared to net income for the first six months of 2022 of $31 million.

Resolute Forest Products Inc., a subsidiary of Domtar Corporation and a part of the Paper Excellence Group, today announced that, on August 1, 2023, it completed the previously disclosed sale of the Thunder Bay (Ontario) pulp and paper mill to an affiliate of Atlas Holdings, pursuant to the terms of the asset purchase agreement dated May 26, 2023. Resolute will continue to operate its sawmills and woodlands operations in Northwestern Ontario. With the closing of the transaction, the parties have entered into certain ancillary agreements, including a long-term woodchip and biomass supply agreement pursuant to which Resolute will continue to provide chips and biomass to the Thunder Bay mill.

Sustana, the sustainable fiber and paper industry leader, announced today that it has completed a transaction with Hanna Paper, one of the largest high-grade paper recycling companies in North America. Headquartered in Toronto, Canada, Hanna processes 300,000 tons of paper annually through its eight recovery facilities across North America. The company employs approximately 200 employees and services over 1,000 customers. “Today marks an exciting milestone for Sustana and the long-term stability of our supply chain,” said Fabian de Armas, CEO of Sustana. “We are steadfast in our commitment to sustainability, and we are thrilled to welcome Hanna, a long-time leader in our industry, to the Sustana family. We look forward to growing together with Hanna and its team as we continue to deliver on our vision of a circular economy.”

Mativ Holdings, Inc. announced that it has received a binding offer from Evergreen Hill Enterprise, Pte. Ltd., to acquire Mativ’s Engineered Papers business, part of Mativ’s Fiber Based Solutions reporting segment, for $620 million. Subject to customary closing date adjustments, Mativ expects to receive net proceeds (net of taxes and other items) of approximately $575 million in the proposed transaction, which would be primarily used for debt paydown. Julie Schertell, CEO of Mativ, commented, “The proposed sale of Engineered Papers is a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders. This pivotal action positions our portfolio for faster growth and focuses our resources on categories with the most promising revenue and margin expansion opportunities. While a solid business, EP’s concentration in the tobacco industry is not aligned with Mativ’s long-term ambition and presents a more attractive value proposition under new strategic ownership. Our talented and dedicated employees will continue to deliver outstanding products and service to EP’s long-standing customer base, and we are confident in a smooth transition.”

UPM Biochemicals has acquired SunCoal Industries GmbH, a German-based company that developed a unique technology portfolio to produce performance products from renewable raw materials. With this acquisition SunCoal Industries’ technology will be integrated into the production of UPM’s BioMotionTM Renewable Functional Fillers (RFF), one of the products to be produced at UPM Biochemical’s first-of-its kind biorefinery in Leuna and strengthen the overall technology portfolio of UPM’s biorefining businesses. The ownership of SunCoal Industries and its team specializing in lignin valorization enables UPM to strengthen the role as a leading supplier of sustainable, renewable functional fillers to the rubber and plastic markets by further developing the technology inhouse. SunCoal Industries’ experts will bring additional capabilities to further develop the RFF production technology and processes and support UPM’s ambitious growth plans in the biorefining space.

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 Paper Excellence Group announced its updated organizational structure for its business units following the recent acquisitions of Resolute Forest Products in March 2023 and Domtar in November 2021. Steve Henry, currently Domtar's Executive Vice President and Chief Operating Officer, has been named President of the Paper & Packaging business unit with responsibility for all legacy Domtar pulp, paper and packaging operations as well as Paper Excellence Canada's Port Alberni and Crofton mills. The leader of the Pulp & Tissue business unit consisting of all legacy Resolute pulp, paper and tissue operations as well as the non-integrated Paper Excellence Canada pulp mills will be announced at a later date. Hugues Simon will continue to serve as President of the Wood Products business unit. Mr. Simon has extensive experience in wood products operations, finance and sales with Resolute and its predecessor companies.

Mactac® Graphics & Signage Solutions announces the launch of Printvinyl Scored™, the first of its kind for the wide-format graphics industry. The new product line includes two pressure-sensitive adhesive (PSA) products with a scored liner for screen and wide-format printers. Printvinyl Scored products have a durability of 5 years. These products are available in permanent and removable adhesives and can be wide-format digital or screen-printed *PVS528UR features an ultra-removable acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart. *PVS528P has a permanent acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart.

Billerud's board announces that the company's President and CEO Christoph Michalski is leaving the CEO role at Billerud, with immediate effect. Michalski has held the position of CEO since November 2020. The board of Billerud has appointed the current CFO and deputy CEO, Ivar Vatne, as acting CEO. Ivar Vatne joined the company as CFO in May 2019 and has also been deputy CEO since October 2022. Before Billerud, Ivar has a background from senior positions within Arla, Fiskars and P&G. “The board is confident that Ivar Vatne can quickly step into the role of acting CEO and that he can lead the implementation of our established strategy”, says Jan Svensson, chairman of the board in Billerud.

Overview • Q2 2023 operating loss of $67 million including a $57 million reversal of a previously recognized inventory write-down; • Strong earnings continued at the Company’s European and US South operations with persistent challenges in British Columbia • Sustained pressure on global lumber market fundamentals and pricing, particularly in North America • Increased North American lumber production & shipments despite ongoing curtailments in British Columbia and permanent closure of Chetwynd facilities and temporary closure of Houston sawmill • Significant deterioration in global pulp market fundamentals; closure of the pulp line at Prince George Pulp and Paper Mill; subsequent to quarter-end, short curtailment of Northwood NBSK pulp mill amidst British Columbia port strike

January–June 2023 (1–6/2022) *Sales were EUR 3,116 million (3,416). *Operating result was EUR 402 million (589). Comparable operating result was EUR 380 million (574). *Net cash flow from operations was EUR 18 million (456). April–June 2023 (4–6/2022) *Sales were EUR 1,481 million (1,822). *Operating result was EUR 127 million (248). Comparable operating result was EUR 104 million (330). *Comparable return on capital employed was 5.9% (20.5). *Net cash flow from operations was EUR -19 million (321).

Second Quarter 2023 Financial Highlights: *Produced revenue of $794 million, a 12% increase compared to the prior quarter, or a 16% decrease compared to the prior year *Generated income from operations of $84 million, and a net loss of $269 million, inclusive of a valuation allowance of $293 million established against the deferred tax assets within our Australia jurisdiction; adjusted net income was $24 million (non-GAAP) *Delivered Adjusted EBITDA of $168 million, at the high end of the guided range, and an Adjusted EBITDA margin of 21.2% *Invested $55 million in capital expenditures in the quarter *Generated $81 million in free cash flow in the quarter

Q2 2023 highlights • Sales were EUR 2,558 million (2,562 million in Q2 2022) • Comparable EBIT decreased by 71% to EUR 114 million, 4.5% of sales (387 million, 15.1%) • Delivery volumes were impacted by destocking in various product value chains • Pulp and energy prices decreased to cyclical bottom levels • Operating cash flow was EUR 459 million (-879 million), supported by cash inflow from energy hedges • UPM Paso de los Toros pulp mill in Uruguay ramping up production according to the plan • The OL3 nuclear power plant unit began regular commercial electricity production • Permanent closures of PM6 at UPM Schongau, Germany and PM4 at UPM Steyrermühl, Austria

“Earnings per share increased sequentially in the second quarter, a trend we expect to continue in coming quarters,” said Mitch Butier, Chairman and CEO. “Volumes in our Materials businesses continue to recover from slow market conditions, largely destocking, while our Intelligent Labels platform accelerates adoption into new categories. "While it's good to see the continuing sequential improvements in our Materials businesses and the building momentum in Intelligent Labels, the pace of our recovery is slower than anticipated. Our results for the quarter were below our expectation due to lower revenue, something the team was able to largely offset through cost reduction actions,” Butier added.

In March 2023, Ahlstrom launched a consultation process with employee representatives at its Stenay plant in France about the possibility to divest the plant, and if a buyer cannot be found considering closure. After a long process to identify potential buyers, Ahlstrom has received a binding offer from Accursia Capital to acquire the Stenay plant. The potential acquisition is subject to consultation with employee representatives. Since the beginning of the consultation period, finding a buyer has been Ahlstrom’s priority. The group has been working actively with all the local economic and political stakeholders in the area to support the process of finding a buyer. With a strong commitment to achieving a positive outcome for all parties involved, Ahlstrom would be dedicated to making every effort during the transition to ensure the plant successfully enters its new chapter.

The second quarter was challenging with all-time low sales volumes and with currency-neutral net sales declining by 18% compared to the same period last year. The largest sales decline was in North America due to the continued inventory destocking resulting in production curtailments. This, in combination with historically high fiber costs in Europe led to a weak result. By all indications, the blastomycosis outbreak at the Escanaba mill is behind us. Following a three-week idling and deep cleaning of the facilities, operations were successfully resumed on the 8th of May. We continue to work closely with local, state and federal health experts as they complete their analysis of the testing and sample collection at the mill. Results will be made publicly available in due course. The negative financial impact of the outage and the deep clean was SEK 85 million in the quarter. From the 1st of April, our financial results are reported according to a regional structure. Business conditions differ vastly between Europe and North America, even if the current situation of high inventories and destocking applies to both regions. Region Europe’s profitability deterioration in the second quarter was primarily due to all-time-high fiber cost and soft volumes. Region North America on the other hand delivered a comparatively healthy margin, despite an operating rate of 50-60%, thanks to our cost-leadership and tight cost control.

Sylvamo is releasing its first environmental, social and governance (ESG) report, demonstrating its commitment to building a better future on the promise of paper. The report illustrates the company’s 2022 contributions to the circular, low-carbon economy while improving people’s lives where it does business. “We are excited to release our first report, which highlights our progress toward our 2030 goals,” said James McDonald, chief sustainability officer. “Our strategy will help Sylvamo remain a sustainable company that generates profits for our shareowners, protects the environment and improves people’s lives.”

Following the announcement of a tentative agreement in the labour dispute at B.C. ports, Canfor Pulp Products Inc. is announcing that Northwood Pulp Mill in Prince George will resume production next week (the week of July 17).

Norske Skog’s EBITDA in the second quarter of 2023 was NOK 380 million, a decrease from NOK 675 million in the first quarter of 2023. The main driver for the lower second quarter EBITDA was lower publication paper sales prices. The cash flow from operations in the quarter was NOK 353 million. During the second quarter Norske Skog entered the packaging paper market with a successful production start-up of Bruck PM3, and the first rolls of packaging paper delivered to customers. The rockslide at Norske Skog Saugbrugs will likely keep the paper machine PM6 out of the publication paper market through the first half of 2024. An insurance compensation for business interruption is therefore recognized in the second quarter results. The start-up of the Golbey conversion project is postponed to the second quarter of 2024. Despite the rockslide at Norske Skog Saugbrugs and weakened demand in all segments in the quarter, we have managed to maintain high sales volumes, healthy profitability and a strong financial position.

Fire crews from Port Alberni, Cherry Creek, Beaver Creek and Sproat Lake fire departments took hours to put out a fire in the Paper Excellence Catalyst paper mill in Port Alberni on Friday. Just before 3 p.m., 911 dispatch informed the Port Alberni Fire Department that a barge carrying hog fuel — unrefined wood byproduct used in biomass burners and construction — was on fire. Port Alberni Deputy Fire Chief Wes Patterson said that the majority of the fire was initially contained to a conveyor belt system used to unload the barge with hog fuel. “As the wind picked up, as it usually does in the afternoon in the Port Alberni inlet, it started to blow these embers onto the land and started to cause spot fires,” Patterson said..

After failed attempts to sell the Stockstadt site, Sappi decided launch consultations on the future of the fine paper mill. On 14 April 2023 Sappi announced that the negotiations to sell its Stockstadt, Germany; Maastricht, The Netherlands; and Kirkniemi, Finland, mills could not be completed and the sale had lapsed. Sappi Stockstadt is an integrated pulp and paper mill producing 145,000 tpy of pulp which is converted to 220,000 tpy of coated and uncoated woodfree paper mainly sold into the European print market.

International technology group ANDRITZ received an order from Norske Skog Skogn to supply a thermomechanical pulping (TMP) line for its newsprint mill in Levanger, Norway. The ANDRITZ solution combines secondhand and new equipment to provide a customized package that precisely fits the local conditions. The new line will allow Norske Skog Skogn to change its raw material mix and thus reduce variable costs and the environmental impact of its operations, in particular NOx emissions, fossil CO2 emissions, and landfilled waste.

Lecta presents its first Sustainability Report integrating the three essential areas – environmental, social and governance – used to assess the sustainable performance of organizations. In 2022, Lecta formalized a complete ESG strategy as a key pillar of its long-term corporate activities, and in this first 2022 Sustainability Report it specifies the most relevant aspects and ambitious improvement objectives with a view to the 2030 Agenda. Key Performance Indicators (KPI) are also well defined in order to measure our continuous progress in this commitment. "We have been working for a long time on sustainability issues, and we have now formulated clear targets and our roadmap toward 2030," states Gilles Van Nieuwenhuyzen, CEO of Lecta.

Rottneros has entered into a long-term Power Purchase Agreement (PPA) including Guarantees of Origin (GoOs) with the third largest German energy group Energie Baden-Württemberg (EnBW). The utility will supply Rottneros with just over 30 GWh/annum of clean energy delivered from the 116 MW Målarberget wind farm in Sweden over an 8.5-year period starting in 2025. The partnership marks an additional step in Rottneros’ ambitions to reduce the environmental impact of its operations and its exposure to the volatile and uncertain electricity market. Rottneros’ goal is a fossil-free production according to GHG Scope 1 & 2 by 2030. The emissions from Rottneros’ operations come mainly from its external purchase of electricity, which is also their third largest variable cost item. In addition to helping Rottneros meet its climate targets, long-term PPAs are part of the company’s active work to reduce its long-term exposure to electricity price movements.

UPM has signed an agreement on the sale of the recovered paper sorting plant ASK Kinsau in Germany to the Fisel Holding GmbH & Co. KG, a recovered logistics and municipal waste disposal company. The sale and purchase agreement includes the site and buildings. The parties have agreed not to disclose the purchase price. All employees of ASK Kinsau will be transferred to the new owner. “We are pleased, having found a long-term oriented and innovative buyer for the Kinsau site. The Fisel Group has a high level of expertise in handling recovered paper. As an integral part of this recycling company the sorting facilities could be better developed and optimized,” says Marco Kulterer, responsible for RCP Supply Chain & Operations at UPM Sourcing.

Today, binders are largely based on components of fossil origin. Stora Enso has created a binder, NeoLigno® by Stora Enso - Bio-based materials | Stora Enso NeoLigno® by Stora Enso, which is made of bio-based materials. Stora Enso together with RISE, IsoTimber, and Moelven, have proven that the bio-based binder works in construction elements on industrial scale, making them 100% fossil-free. NeoLigno® by Stora Enso is a binder made from lignin, which is an organic polymer present in all land-living plants, such as trees. Lignin is the natural binder in wood, it keeps the fibers together and protects the material from rotting. NeoLigno® is bio-based and free from formaldehyde and isocyanate. For two and a half years, Stora Enso, RISE, IsoTimber, and Moelven have worked together in a project with the aim to produce fossil-free construction boards and elements.

Stora Enso intends to divest its wood products DIY (Do It Yourself) unit in Amsterdam, the Netherlands to Megahout, backed by the private equity company Quadrum Capital. Closing is expected in Q3 2023, subject to regulatory approvals and consultation with employee representatives. The intended divestment of Stora Enso Timber DIY Products B.V. is in line with Stora Enso’s long-term strategy to focus on developing integrated mills for wood products production. The Amsterdam planing site is a small non-integrated unit with limited investment and growth opportunities and thus considered a non-core asset for Stora Enso.

The largest producer and exporter of packaging paper and sustainable solutions in paper packaging in Brazil, Klabin will hold, between June 28 and July 8, the General Shutdown at the Monte Alegre Unit, in Telêmaco Borba (PR). The action is provided for by Regulatory Norms for maintenance and necessary adjustments, in order to guarantee the perfect operation of all equipment, as well as the safety and integrity of employees and the entire community. In addition to maintenance, the General Shutdown allows the Unit to undergo eventual improvements, such as technological updates, always with the objective of improving productivity and operational safety, with the adoption of the best practices available in the market.

Paper Excellence Canada has published its third sustainability report: Forward Focused: 2022 Sustainability Report. Paper Excellence Canada is one of Canada’s foremost forest businesses utilizing large scale, technically advanced manufacturing at its core. We are part of global and North American supply chains that depend on Canada’s well-managed forests which allow us to deliver a growing range of products to our customers. Forward Focused: 2022 Sustainability Report looks at both our achievements and our opportunities to do better within this framework. This report also looks at our environmental and economic impacts nationally and on a mill-by-mill basis. From an environmental standpoint, 82% of our total energy use was renewable in 2022 while we have continued to reduce our greenhouse gas emissions—now down by 67% since 1990. We were also gratified that Corporate Knights recognized our ongoing efforts and named us one of Canada’s 50 Best Corporate Citizens in 2022.

International technology group ANDRITZ has installed a new spunlace pilot line at its center of competence in Montbonnot, France. It allows customers and partners to conduct trials for producing nonwovens from recycled and/or natural fibers such as hemp, flax, and cotton. The new pilot line features optimized web forming and entanglement for smooth processing of sensitive and irregular fibers. The innovative card set-up is designed to protect and maintain the quality of the fibers while achieving outstanding productivity rates.

As part of Sappi Europe's full scale decarbonisation roadmap, Gratkorn mill is expanding the share of biomass to be used as an energy source, further driving the move away from fossil fuels as part of the mill’s contribution to the European roadmap. The project follows the recent modernisation of the power plant boiler which enabled the shift from coal to a combined approach of biomass and natural gas. The mill is now embarking on a next step, enhancing its infrastructure and therefore capacity in order to handle the delivery, sorting and processing of increased biomass levels. This increased utilisation requires an improved biomass handling system at the mill as well as decentralised intermediate storage terminals within the surrounding regions.

Paige Goff, Domtar’s vice president of sustainability, recently spoke to business leaders at an MX.0Southeast event focused on data-driven, resilient and sustainable manufacturing. She shared more about the comprehensive structure of Domtar’s ESG approach and outlook. When people talk about costs as a barrier to being more sustainable, Goff counters that it’s more expensive to do nothing. “There is an initial investment, but it pays off in the long run,” she says. “Our customers expect us to do the right thing and be responsible stewards of the environment. Our reputational risk is their reputational risk.” Similarly, she says, an effective ESG approach is important for recruiting and retaining talent. The E in ESG gets the most attention, with the emphasis on environmental responsibility and care for natural resources. It’s an area where Domtar has been a leader, particularly in forestry. But the G also plays a crucial role in our ESG approach. Governance is how we connect the dots from senior leadership to the frontlines of manufacturing, Goff says. Our ESG committee includes leaders from across the organization with a diverse collection of roles and responsibilities.

UPM inaugurated its Paso de los Toros pulp mill in the department of Durazno in Central Uruguay. The inauguration event was attended by the President of Uruguay Luis Lacalle Pou, several ministers and representatives of other stakeholders who have participated in the successful execution of UPM’s growth project in Uruguay. The UPM Paso de los Toros pulp mill has an annual production capacity of 2.1 million tonnes of eucalyptus pulp. The mill represents the latest and best available technology. It is energy efficient with minimal environmental impacts and optimised maintenance. With an increase of more than 50% in UPM’s current pulp capacity, this growth investment creates a step change in the scale of UPM’s pulp business and future earnings. It also has a significant impact on Uruguay’s economy and creates significant opportunities for the country’s people and communities.

Resolute Forest Products Inc. today announced the ratification of a four-year master labor agreement with the Unifor union covering 525 hourly employees at ten company woodlands in Quebec, following an agreement-in-principle reached on May 11. "We are pleased to renew this agreement, which underscores the contribution of our woodlands employees to the company's success and provides stability for our customers, communities and other partners," said Remi G. Lalonde, president and chief executive officer. The individual collective agreements ratified on May 26 cover Resolute's Abitibi and Nord-du-Québec (Comtois, Senneterre), Côte-Nord, Lac-Saint-Jean (Girardville, La Doré, Mistassini, Péribonka, Saint-Félicien, Saint-Thomas) and Mauricie woodlands operations.

Resonating with the ambitious EU regulatory targets for reducing waste, UPM Specialty Papers has introduced a new “LinerLoop compatible” label to promote closed loop recycling of release papers used in self-adhesive labels and tapes. Release papers carrying the label qualify for recycling in UPM LinerLoopTM, which is the first commercial-scale closed-loop recycling solution for silicone coated release papers. Currently some 50% of used release papers and matrix materials are recycled in Europe, but it is estimated that only 15% are recycled back to release papers in a closed loop (source: CELAB, AWA). As a member of CELAB-Europe and AFERA, UPM Specialty Papers works towards increasing the share of closed-loop recycling. Recycling silicone coated papers in a circular fashion is a technically demanding process. One factor, for instance, impacting closed-loop recycling is the shade of paper. As the typical shade of glassine used in label applications is white or some other light shade, recycling darker coloured glassine grades in the same stream would contaminate the recycled pulp.

Sappi North America Inc., a leading producer and supplier of diversified paper, packaging products and pulp, announced today that several of its employees have received awards for their endeavors in creative graphics, leadership and innovative initiatives. The Technical Association of the Pulp and Paper Industry (TAPPI) awarded Beth Cormier, VP of research, development and sustainability, a Women in Industry Division’s 2023 Woman of the Year Award; recognized Joseph Fernandez, research fellow, with the 2023 Coating & Graphic Arts Division Technical Award and BASF Charles W. Engelhard Medallion and Honorarium; and bestowed Matthew Howard, area process systems manager, with the TAPPI Award for Best Process Control Paper. Additionally, David Niles, senior print and converting scientist, received the Michael H. Bruno award from the Technical Association of Graphic Arts (TAGA).

Resolute Forest Products Inc., a subsidiary of Domtar Corporation and a part of the Paper Excellence Group, today announced that it has entered into an asset purchase agreement to sell its Thunder Bay (Ontario) pulp and paper mill to an affiliate of Atlas Holdings. The transaction, expected to close in the second half of the year, is subject to the satisfaction or waiver of closing conditions, including obtaining required regulatory approvals. Resolute will continue to operate its sawmills and woodlands operations in Northwestern Ontario. At the closing of the transaction, the parties will enter into certain ancillary agreements, including a long-term woodchip and biomass supply agreement pursuant to which Resolute will continue to provide chips and biomass to the Thunder Bay mill.

As per the latest study of Tulchin Research, the majority of American consumers prefer paper receipts over digital receipts when it comes to their own purchases from retail sources. The majority of them say that paper receipts have the crucial advantage of being better when it comes to protecting personal information. Tulchin Research is an award-winning public opinion research firm that specializes in opinion surveys. The survey, which was initiated by the Paper Receipt Converting Association (PRCA), was based on responses from 1,000 randomly selected adults 18 years or older in the USA. Three out of four survey respondents preferred paper receipts, while only one fourth preferred a digital receipt sent to their phones by e-mail or text message. Meanwhile, eight out of ten American consumers said they wanted to decide themselves which type of receipt they wanted for their purchases and were not interested in having the decision made for them. “These results are surprising, since they go against the general trend towards digitalization,” Koehler America General Manager Steve Graves says before adding: “This development shows that paper receipts are experiencing a renaissance, and I’m pretty sure that these survey results would be nearly identical if we were to survey Europeans instead.”

Mactac®, a LINTEC Company, is acquiring Label Supply, headquartered in Ontario, Canada. Label Supply has been servicing the Canadian roll label market for more than three decades. The acquisition is expected to close June 1, 2023, and consists of an established, turnkey facility with 11 finishing assets, a comprehensive transportation/shipping fleet, robust laboratory and technical resource group, and an in-house ink partner. With the added support of Mactac, Label Supply benefits from a larger customer base, capital access, information technology, and broad, consistent product supply. The acquisition expands the geographic reach of both companies in the Canadian market, creating a unique service and product offering that provides specialty products, service, and large quantities to more customers throughout Eastern Canada.

Sylvamo is announcing a senior leadership change for its Latin America division. Tatiana Kalman has been elected senior vice president and general manager, Latin America, effective June 1. Kalman joins Sylvamo from BASF, most recently serving as managing director and senior vice president, Business Unit Personal Care Europe. “We welcome Tatiana to our company. She will help us continue building a better future for our employees, customers and investors,” said Jean-Michel Ribiéras, chairman and chief executive officer.

Domtar’s Engineered Absorbent Materials (EAM) facility in Jesup, Georgia, recently celebrated the completion of a $90 million project that added a large-scale airlaid production line to the facility as well as 75 new jobs. The EAM expansion makes Domtar a leading nonwovens provider. The facility hosted a ribbon-cutting ceremony on May 23 that included remarks from Domtar leaders and Georgia state and county officials. Staff from U.S. Rep. Buddy Carter’s office also attended. “The EAM expansion adds more scale and technology, and combining it with our world-class fluff pulp business, we will deliver more value to our customers and Domtar for many years to come,” said Steve Henry, Domtar executive vice president and chief operating officer. “We are very confident and excited by what the future holds for Domtar’s pulp business and EAM.”

Avery Dennison Corporation announced that its board of directors, as a result of a planned succession process, has elected the company’s president and chief operating officer, Deon Stander, as president and chief executive officer, effective September 1, 2023. Current chairman and CEO, Mitch Butier, will serve as executive chairman of the company’s board of directors. “It has been a privilege to have led Avery Dennison for much of the past decade. I have been fortunate to have worked with such a tremendous team at this wonderful company -- a team that has raised the bar by both delivering superior results, while also positioning us for even greater successes in the future,” said Mitch Butier, chairman and chief executive officer, Avery Dennison. “With the company so well positioned, I am confident it is the right time to transition the role of CEO to Deon.”

As the world shifts towards renewable energy sources, the demand for high-performance insulation materials for electrotechnical uses is on the rise. Supporting this transition, electrotechnical papers are designed as an ideal solution for demanding applications such as high-voltage cables, distribution transformers, instrument transformers, power transformers, and bushings. Ahlstrom offers a comprehensive range of innovative electrotechnical papers under a new brand Elektro-Tek® that offer excellent thermal and electrical properties. The key features required in electrotechnical papers include for example their insulation properties, density and thermal endurance, to enable the insulation to perform in operation for the defined lifecycle of the highest quality OEM producers.

UPM Biochemicals and URSA, one of the leading producers of glass wool and mineral wool in Europe, today announced the development of more environmentally friendly building insulation that will help to reduce energy consumption and lower CO2 emissions. URSA will produce sustainable glass wool made from an innovative, binder based on UPM BioPiva™ lignin. It will be one of the most natural insulation material available on the market. The new binder implemented by Ursa is based on the proprietary lignin-resin technology developed by UPM Biochemicals. URSA and UPM Biochemicals have closely collaborated in optimizing binder composition for best physical characteristics of the new insulation material and smooth runnability on URSA’s production lines.

In an effort to focus on products that fit best within our manufacturing capabilities, we are discontinuing our MagneCote® product. Today, we will no longer manufacture this product or actively promote it on our website. Limited inventory is available at our Nekoosa, Wisconsin facility for purchase on a ‘first come, first serve’ basis. If you want to purchase any remaining merchandise, please contact your assigned Nekoosa Business Development Manager (BDM) for additional information.

Canfor Corporation (TSX:CFP) and Canfor Pulp Products Inc. (TSX:CFX) jointly announce the release of the 2022 Sustainability Report, which outlines performance on topics such as climate change, sustainable forestry and energy management, and social issues such as inclusion and diversity, and Indigenous relations. “Climate change is one of the most pressing issues we are facing today, and sustainable forest management and low carbon forest products can play a key role in addressing our changing climate,” says Don Kayne, President and CEO, Canfor. “Sustainability is at the very core of what we do, and our 2022 Sustainability Report outlines the progress we are making.

Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, today released its 2022 Sustainability Report, highlighting its commitment to science-based targets in creating sustainable products and business practices. The company also secured the EcoVadis Platinum sustainability rating for the third year in a row, keeping Sappi at the top 1% of companies rated for sustainability. In 2022, the United Nation’s Sustainable Development Goals (UNSDG) continued to play an integral role in shaping Sappi’s business practices. The UNSDGs not only provide a global benchmark for sustainability, but also help guide Sappi’s approach to new sustainable product development; achieve record-breaking employee safety; elevate diversity in senior management; collaborate with partners on forward-trending projects; and more.

First Quarter of 2023 Highlights: *First quarter 2023 net loss from continuing operations was $20.2 million, compared to net loss of $25.9 million in the fourth quarter of 2022 on the same basis. Lumber prices dropped, reflecting economic headwinds and lower demand in Q1 2023, with an average selling price of $605/mfbm compared to $644/mfbm in Q4 2022. The Q1 2023 valuation provision for lumber and logs inventory was increased to $11.9 million from $8.7 million at the end of Q4 2022. *Sold its two Quebec mills for gross proceeds of $94.1 million, subject to working capital adjustments, at a $3.5 million loss on disposal. *Reducing overheads and operating costs while increasing production efficiencies. *Signed a non-binding letter of intent to sell approximately 30 of 118 acres of the land in Kenora. *The Company has significantly deleveraged its balance sheet by reducing its outstanding debt and is no longer subject to financial covenant ratios.

Mativ First Quarter 2023 Highlights *Sales increased 66.9% to $679.0 million, reflecting the benefit of the merger; 1% constant currency organic sales growth *GAAP loss was $7.7 million, GAAP EPS was $(0.14), and GAAP Operating Profit was $9.3 million, which all included merger integration and purchase accounting expenses *Price increases more than offset the impacts of higher input costs; however, lower volumes primarily from customer de-stocking and manufacturing challenges drove margin pressure *$25 million incremental synergy realization still expected in 2023, with procurement and supply chain activities building upon 2022 SG&A actions; easing input costs also expected to support sequential margin improvements

Financial summary for the quarter *EBITDA excluding special items US$167 million (Q2 FY22 US$337 million) *Net debt of US$1,225 million (Q2 FY22 US$1,793 million) *Profit for the period US$69 million (Q2 FY22 US$188 million) *EPS excluding special items 11 US Cents (Q2 FY22 35 US Cents)

Ahlstrom ECO™, a new range of renewable and sustainable filtration solutions for automotive applications, was selected as the New Product of the Year by the America Filtration Society (AFS) on May 2, 2023. The Product of the Year award is given to a company introducing the most significant new product in the previous year. Ahlstrom ECO™ is a renewable and sustainable filter media which utilizes lignin-based impregnation, thereby limiting the use of fossil-based resin. The resin contains a significant amount of bio-based renewable lignin, while the mechanical properties and durability of the filter media, even in challenging environments, are maintained. Ahlstrom ECO™ supports the increased sustainability demands of the global transportation market and offers a new choice for filter manufacturers. Ahlstrom ECO™ was first developed in our Louveira plant in Brazil.

“We generated $208 million in adjusted EBITDA, which was consistent with our outlook of $205 million to $215 million, and achieved a 22% adjusted EBITDA margin,” said Jean-Michel Ribiéras. “We maintained a strong balance sheet and repurchased 80% of our outstanding notes to eliminate restrictive covenants in the notes agreement. These steps enabled us to continue on the path to returning more cash to shareowners.” Financial Highlights – First Quarter vs. Fourth Quarter *Net income from continuing operations of $97 million ($2.25 per diluted share) vs. $88 million ($1.99 per diluted share) *Cash provided by operating activities from continuing operations of $63 million vs. $142 million

Greg Gibson, senior vice president and general manager, North America, will be elected senior vice president, Commercial Excellence, until his retirement March 31, 2024. Gibson joined the industry in 1982 and has served in various sales, marketing, general management and senior leadership roles in North America and Europe. Rodrigo Davoli, senior vice president and general manager, Latin America, will be elected senior vice president and general manager, North America. Davoli joined the industry in 1993 and has served in various finance, strategic planning, sales, marketing, general management and senior leadership roles in Latin America and Europe. They will assist each other with transitions throughout the third quarter.

Overview • Q1 2023 adjusted operating loss of $146 million; adjusted shareholder net loss of $145 million, or $1.20 per share • Strong earnings from the Company’s European operations and more modest earnings from its US South operations outweighed by continued pricing pressure on its Western Canadian operations • Increased lumber production & shipments notwithstanding North American market-related challenges; uplift in pulp production despite ongoing fibre constraints

Through Lean Six Sigma projects and other continuous improvement initiatives, our teams have uncovered millions of dollars in efficiencies and process optimization savings across our manufacturing network. To date, 11 Domtar employees are Lean Six Sigma Black Belts. To achieve this, professionals attend two weeks of classroom training and pass a certification exam. Additionally, Black Belt candidates must complete a process improvement project at their location using the program’s fundamental tools, with oversight from a certified mentor.

For the first quarter of 2023, Clearwater Paper reported net sales of $525 million, an 8% increase compared to net sales of $488 million for the first quarter of 2022. Net income for the first quarter of 2023 was $24 million, or $1.40 per diluted share, compared to net income for the first quarter of 2022 of $17 million, or $0.97 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2023 of $25 million, or $1.47 per diluted share, compared to first quarter 2022 adjusted net income of $18 million, or $1.03 per diluted share.

The Board of Directors of Holmen has decided to exercise its authorisation from the Annual General Meeting held on 28 March 2023 to buy back own shares. Repurchases may amount to a maximum of 3 million shares of series B during the period from and including 3 May 2023 until the next annual general meeting, on one or several occasions. The shares will be bought on Nasdaq Stockholm in accordance with its Issuer Rules, at a price per share within the price range on Stockholm Nasdaq at any given time, by which is meant the range between the highest buying price and the lowest selling price published continuously by Nasdaq Stockholm.

Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and dissolving wood pulp, has announced it will showcase seven new and recently launched textures from its Arrio finished surface and Ultracast decorative laminate release paper lines during interzum 2023 in Cologne, Germany from May 9-12, 2023. Sappi will also display a decorative laminate texture six-pack and a “bio-lab” that will highlight materials such as bio-based leather alternatives whose aesthetics benefit from the use of Sappi release paper. The six-pack will include these new or recently launched textures: Matte Stipple: This all-over delicate granular design is inspired by plaster effects in the decorative coatings of walls and ceilings. Lunaris: With its elevated concrete look, Lunaris expresses the spirit of surface patterns eroded over time, celebrating the beauty of naturally created texture. Koa: Koa's curly, wavy pattern is arguably one of the most beautiful woodgrain textures in Sappi’s catalog. Kenwood CD (CD=cross direction) is a modern and sophisticated version of Sappi's popular Kenwood design, aimed at the medium-high-end door market. Cayenne: Cayenne is a natural, fresh and trendy wood texture inspired by a refined linear Italian walnut surface. Bond: Bond rounds up every elevated laminate collection with the warmth and coziness of a textile finish.

The more challenging macroeconomic scenario and market pulp fundamentals pressured the revenues during the quarter. The decline in pulp prices and sales volumes in relation to the previous quarter resulted in lower adjusted EBITDA from the segment compared to 4Q22. The paper business unit registered EBITDA per ton growth, driven by better prices despite lower sales volume associated with a strategy to recompose inventories. Consequently, adjusted EBITDA in the quarter came to R$6.2 billion, down 25% from 4Q22, and 20% higher than in 1Q22.

To further strengthen Holmen's market-leading position in book paper and increase production of Holmen's new packaging product, INNR, the company is investing SEK 450 million in rebuilding a paper machine at Braviken Paper Mill. "In 2022, we launched a new corrugated board product, Holmen INNR, which has been well received by the market. Holmen's paper products have a low climate footprint and are lighter than traditional alternatives, making them resource efficient without compromising on strength, quality or overall feel," says Lars Lundin, Senior Vice President Paper. Rebuilding PM52 at Braviken Paper Mill will broaden the product range for book paper while enabling Holmen to efficiently increase the production of fluting for use in the centre layer of corrugated boxes. The rebuild is planned for autumn 2024 with an estimated cost of SEK 450 million.

January–March 2023 (1–3/2022) *Sales were EUR 1.634 million (1.594). *Operating result was EUR 276 million (341). Comparable operating result was EUR 276 million (244). *Result before taxes was EUR 271 million (330). Comparable result before taxes was EUR 272 million (232). *Comparable return on capital employed was 15.3% (15.8). *Net cash flow from operations was EUR 38 million (135).

Ahlstrom has received the significant honor of successfully achieving the Pet Sustainability Coalition’s “Pet Sustainability Accredited” status. The Pet Sustainability Coalition (PSC), an organization committed to advancing sustainability in the pet industry, recognizes Ahlstrom's commitment to sustainability and its efforts to reduce the environmental impact of its products and operations through the accreditation. As part of the accreditation process, Ahlstrom underwent a demanding assessment of its sustainability practices, including its environmental impact, social responsibility, and governance policies. The assessment evaluated various aspects of the company's sustainability performance, such as its carbon footprint, waste management, and water use.

There was a landslide at Norske Skog Saugbrugs around 04:30 CET today on 27 April 2023. This has had a material impact on building structures, cranes, and other machinery and equipment relating to PM6, which will result in a production stop for a longer period. "There has been a significant landslide which has caused great damage to the building structure for PM6 at Saugbrugs. We are working to get a full overview of the situation and risk of further landslides, but at the moment it is considered too dangerous to enter the area. This will result in a production stop on PM6 for a longer period. Most importantly, no one were harmed in the landslide, but it has been a traumatic and shocking experience for all involved and the local community" says Sven Ombudstvedt, CEO of Norske Skog ASA. Saugbrugs PM6 has a capacity of 260 000 tonnes SC magazine paper. Operations at Saugbrugs PM4 continue, the machine has a capacity of 100 000 tonnes SC magazine paper. The production and financial impact is currently uncertain, but further information will be provided when there is a clear overview of the situation

First Quarter 2023 Financial Highlights: *Produced revenue of $708 million, a decrease of 27% compared to the prior year *Generated income from operations of $62 million and net income of $25 million *Invested $93 million in capital expenditures, primarily in our vertical integration and newTRON initiatives

The Board of Directors of Rottneros has decided to invest a total of approximately 86 MSEK in renewable electricity at Rottneros Mill. The investments include a solar park and a battery storage and are part of a long-term strategy to reduce the groups exposure to the electricity market. The start-up is planned for 2024. The solar park is expected to generate over 3 GWh annually, which can be compared to the company's annual purchased electricity demand of around 220 GWh. The purpose of the battery storage is primarily to contribute to an improved balance on the electricity market, which also generates revenue from Svenska Kraftnät and thus a favourable return on investment.

Key highlights Q1 *Organic* and currency-neutral sales growth of 6% *Market-related downtime in several mills due to customers’ destocking and expectations of weaker market conditions *Prices increased for liquid board and speciality paper, were stable for graphic paper and cartonboard, and decreased for other product categories *All-time high input costs. Quarterly data Q1 *Net sales increased by 55% to SEK 11,495 million (7,397), whereof Billerud North America accounted for SEK 3,311 million (–) *Operating profit was SEK 806 million (1,189) *Net profit was SEK 639 million (884)

Ahlstrom introduces a new range of renewable and sustainable filtration solutions for automotive applications. Ahlstrom ECO™ is a technology supporting the increasing sustainability demands of the global transportation market and offering a new choice for filter manufacturers. Developed by Ahlstrom, a new renewable and sustainable filter media utilizes lignin-based* impregnation, replacing fossil-based resin. The resin solution contains a significant amount of bio-based, renewable lignin, whilst the mechanical properties and the durability of the filter media, even in challenging environments, are maintained. According to Ahlstrom’s initial estimates1, the new lignin-based impregnated filter media displays a lower carbon footprint than a standard fossil-based resin media. Additionally, the lignin-based impregnation recipe brings a significant reduction, between 50-70%, of formaldehyde emissions during the curing process.

Resolute Forest Products Inc. held a ceremony to inaugurate its new commercial-scale plant for the production of cellulose filaments at its Kénogami paper mill in Saguenay, Quebec. Cellulose filaments, also known as nanofibrillated cellulose, are a novel biomaterial derived from wood fiber, which can be used as a natural additive in many products to improve technical performance. Announced in 2020, the construction of the $27 million facility was part of a $38 million investment project in the company's Kénogami mill. Remi G. Lalonde, Resolute's president and chief executive officer, led the inauguration ceremony, also attended by Andrée Laforest, Quebec Minister of Municipal Affairs and Minister Responsible for the Saguenay-Lac-Saint-Jean region, as well as by local officials, dignitaries and Resolute employees.

Trust, but verify. This is the value of third-party assessments including the annual review undertaken by EcoVadis. All three of Sappi’s manufacturing regions – Europe, North America and South Africa – once again achieved the highest possible rating, platinum, in the annual EcoVadis Corporate Social Responsibility (CSR) ratings. This achievement places the regions individually and Sappi collectively in the top 1% of over 90,000 companies assessed by EcoVadis. Enhancing trust is one of Sappi’s key strategic fundamentals. We work to make every day more sustainable for people, communities and the planet. We demonstrate this through our tangible actions, our partnerships, through public reporting, by the group’s alignment with the United Nations Global Compact and Sustainable Development Goals (SDGs) and importantly also through various assessments and verifications.

Q1 2023 highlights *Sales increased by 11% to EUR 2,787 million (2,507 million in Q1 2022) *Comparable EBIT grew by 29% to EUR 356 million, 12.8% of sales (277 million, 11.0%) *Delivery volumes were impacted by destocking in various product value chains *Operating cash flow was EUR 714 million (12 million), supported by cash inflow from energy hedges *Net debt increased to EUR 2,167 million (837 million) and the net debt to EBITDA ratio was 0.82 (0.46) *UPM Paso de los Toros pulp mill in Uruguay started up production on 15 April

Twin Rivers Paper Company has announced the promotion of Tyler Rajeski to President and Chief Financial Officer. In the new role, Rajeski will oversee all functions of the business, including finance, procurement, operations, customer supply chain, sales and human resources. Rajeski continues to report to the Chief Executive Officer of Twin Rivers Paper, Debabrata ‘Deba’ Mukherjee. “Tyler has done a spectacular job leading several significant initiatives for Twin Rivers Paper, including a major refinancing of the business that has provided Twin Rivers with a strong working capital position, and the recent sale of the company’s Plaster Rock softwood lumber operation that benefits Twin with a long-term supply agreement,” stated Mukherjee. “Tyler’s impressive accomplishments in a relatively short timeframe have created strategic value for the business that will help ensure its long-term success.”

A longer filter lifetime is one of the key features helping to sustain operations and boost performance with minimal interruptions. This not only saves costs associated with frequent filter replacements but also reduces energy consumption and minimizes environmental impacts by lowering emissions. In addition, a longer filter lifetime can reduce the risk of system failures, downtimes, and potential equipment damage, further enhancing operational efficiency and reliability. New synthetic materials have more surface area available, therefore extending the filter lifetime and offering a more sustainable alternative to competing materials. The media can be used for both air and liquid filtration applications including air pollution control, oil, and fuel filtration. Products are easier to convert, which offers further savings for filter manufacturers. These capabilities reinforce our purpose to deliver products which Purify and Protect. "This investment is another example of our commitment to our customers in the Asia-Pacific region," says Kathrin Hueppe, Head of Asia, Filtration. "Improving our capabilities in the Hyun Poong plant allows us to serve their growing needs in high-performance filtration materials.”

UPM is replacing the use of fossil fuels with electric boilers in heat and steam production at its mills in Finland and Germany. A total of eight boilers will be installed, mainly to replace the use of natural gas. With the introduction of the electric boilers, the company will take a step towards its 2030 target of reducing CO2 emissions from the fuels and purchased electricity by 65%. In Finland, new electric boilers can reduce CO2 emissions from the use of fossil fuels by about 50,000 tonnes per year. In Germany, electric boilers will improve security of supply for heat and steam generation and achieve even greater emission reductions. "In addition to improved security of supply and emission reduction, electric boilers will significantly increase the mills’ ability to provide demand side flexibility to the electricity system and markets," says Petri Hyyryläinen, Energy Director at UPM Communication Papers.

Perce Thrower, UK sales, Crown Van Gelder - We ended 2022 on a positive note with a record-breaking volume of our Crown Letsgo inkjet-treated substrates, but due to a sudden cashflow problem, we went into administration in early 2023. The failure of the company was due to high costs of energy and pulp in the second half of 2022, and a drop in demand in the last months of 2022. During the tense weeks that followed we received a lot of positive messages from customers, merchants, OEMs inkjet press manufacturers and other paper mills, which increased our belief that Crown Van Gelder could and should survive. On 1 March we were able to announce that with the help of a new investor we could continue the paper mill as Crown Van Gelder International. The lead partner in the relaunch is EPAC Technologies, with whom we codeveloped our leading inkjet paper over five years ago, and we have continued to collaborate since. This will change the industry in a great way for our customers.

UPM has received the final operating authorization for its new UPM Paso de los Toros pulp mill from the environmental authorities. The start-up of the mill commences immediately, and first customer deliveries are expected to ship in May. The mill has gone through a comprehensive and thorough permitting process. Uruguayan environmental authority has monitored the construction of the mill on site throughout the project. The operating authorization process has included several inspections by the authorities, as well as third party audits by industry experts. UPM has an extensive environmental monitoring programme covering water and biota, air, soil, noise, and socio-economic aspects. Through the growth investment, UPM and its subcontractors will create 4,000 new jobs through the value chain, as well as approximately 6,000 induced jobs and a 2% increase in GDP for the Uruguay economy.

Billerud announces the temporary idling of the Escanaba Mill for up to three weeks as a precautionary measure to protect the health and safety of its employees and contractors due to a blastomycosis fungal infection outbreak. “Our top priority now and always is protecting the health and safety of our employees and contractors who work at our Escanaba Mill,” says Christoph Michalski, Billerud President and CEO. “We care deeply about their well-being and are doing everything we can to protect them and identify and address the root cause of the blastomycosis fungal infections. As a precautionary measure, we will temporarily idle the Escanaba Mill for up to three weeks to facilitate additional proper cleaning based on recommendations from NIOSH and other organizations, which requires larger portions of the mill to be vacant while this work is performed. The financial impact is assessed to be limited since the production at the Escanaba Mill was being adjusted to meet current market demand.”

HEINZEL GROUP is proud to announce a record-breaking year in 2022, achieving the highest turnover and the best earnings in the company's history. At the same time HEINZEL GROUP reduced its CO2 emissions substantially, in line with its climate targets and sustainability strategy. In the face of multiple crises in 2022, including the Ukraine crisis, the European energy crisis, and the steep general cost increases, HEINZEL GROUP showed resilience and responded flexibly to market changes. An all-time high in terms of pulp and paper prices contributed to an increase of HEINZEL GROUP's net sales by 36.6% to €2,777.4 million in 2022. In total, HEINZEL GROUP generated an EBITDA of €287.5 million, an increase of 46.8%, while lowering CO2 emissions (Scope 1&2) by 14.9% to 535,333 tons.

Sappi Limited announced today that the intended sale to Aurelius Group of its Maastricht Mill in the Netherlands, its Stockstadt Mill in Germany and its Kirkniemi Mill in Finland (the “Transaction”) has not materialised within the agreed timeframe of the contractual agreement and therefore the agreement has lapsed. The mills included: Sappi Maastricht Mill produces 260,000 ton per annum (tpa) of coated woodfree paper and paperboard mainly sold to printers and packaging converters globally. Sappi Stockstadt Mill is an integrated pulp and paper mill located in Germany, producing 145,000 tpa of pulp which is used to produce 220,000 tpa of coated and uncoated woodfree paper mainly sold into the European print market. Sappi Kirkniemi Mill is an integrated pulp and paper mill located in Finland, producing 300,000 tpa of bleached mechanical pulp which is used to produce approximately 750 000 tpa of a variety of coated mechanical paper grades used in the print publication industry globally.

Klabin will carry out the 2023 General Shutdown at the Puma Unit, in Ortigueira (PR), starting next week. This important event aims to ensure the proper functioning and reliability of the Unit's equipment, in addition to implementing improvements that increase the quality of the company's production process and the safety of employees and the community. Maintenance stop periods are regulatory for some industry sectors and therefore in line with Brazilian legislation. It is at this moment that the necessary interventions take place to guarantee the reliability of the operation, bringing safety to the processes and to employees and the community. The Parade also generates an opportunity for improvements and technological updates to be implemented. It should be noted that at Klabin, the stages of work are defined using the best project management practices, with a focus on safety, planning, integration and quality in the production processes of the manufacturing units.

Monadnock Paper Mills, a manufacturer of technical specialty and premium printing and packaging papers, announced that Stephen (Steve) Murphy has rejoined the Company as Director of Supply Chain and Logistics. Steve has a history with Monadnock Paper Mills. He joined the Company in January of 1988 as an hourly employee and rose to the position of Paper Machine Tender. In January1997, he was promoted to the position of Maintenance Purchasing/Stockroom Manager. Steve left Monadnock in 2007 to pursue his education and a career progression with ENCON Evaporators, Inc. of Hooksett, NH. He earned a Bachelor of Science degree in Operations Management & Supply Chain, Summa Cum Laude, from Southern New Hampshire University. While attending college, he continued his career with ENCON, holding multiple positions from 2007 through 2023 including Purchasing Manager, Operations and Production Manager, Supply Chain Manager.

Stora Enso has completed the divestment of its paper production site in Hylte, Sweden announced on 27 January 2023, and all related assets to Sweden Timber, a Sweden-based sawmill and planing mill company. The enterprise value of the transaction is approximately EUR 18 million and will result in the reduction of Stora Enso’s annual newsprint paper capacity by 245,000 tonnes. Using 2022 figures as a benchmark, the divestment is expected to reduce Stora Enso’s annual sales by approximately EUR 160 million. As announced earlier, Stora Enso will book a disposal loss of approximately EUR 35 million, in addition to an impairment loss of EUR 19 million recorded in Q4/2022 in its IFRS operating profit in Q2/2023, as an item affecting comparability. The final value will be subject to closing date adjustments.

Paper Excellence Canada is thrilled to announce today that it has been awarded the Corporate Pioneer of the Year Award at the annual Foresight Canada BC Cleantech Awards. The award was announced during an event in Vancouver on Thursday evening. Foresight Canada’s BC Cleantech Awards are an annual event to recognize inspiring change-makers from across British Columbia that are leading the charge to a net-zero economy. The Corporate Pioneer of the Year Award recognizes a large organization or company adopting, championing or leading sustainable practices in their industry. Paper Excellence was honoured to be nominated alongside other great companies, including Copper Mountain Mining Corp., Shell, FortisBC, and the Port of Vancouver.

"I am confident that Kevin Kuznicki, with his experience from a variety of positions and industries, is the right person to lead Billerud's journey in the US going forward," says Christoph Michalski, President and CEO at Billerud. “I feel very fortunate to have the opportunity to serve as President for Billerud North America and am optimistic about our future. I am honored to work with such a talented team across the company and look forward to continuing our journey and accomplishing great success together,” says Kevin Kuznicki, incoming President of North America at Billerud. Kevin Kuznicki succeeds Robert Kreizenbeck, who left the company this month.

Avery Dennison Corporation has appointed leaders for its two business segments. Hassan Rmaile has been named president of the Materials Group. Francisco Melo has been named president of the Solutions Group, a role that has been open since Deon Stander’s appointment to president and chief operating officer in March of 2022. As earlier announced, the company now consists of two reportable segments. The Materials Group comprises what was formerly Label and Graphic Materials and Industrial and Healthcare Materials. The change reflects efforts in recent years to leverage their combined operational capabilities and technologies to enhance the ability to win in their respective marketplaces. The Solutions Group was formerly Retail Branding and Information Solutions. This name change better reflects the business’s reach and ambition for its solutions beyond retail. Rmaile and Melo report to Avery Dennison President and COO Deon Stander.

UPM has completed withdrawal of its businesses from Russia by selling all its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading. The parties have agreed not to disclose the details of the transaction. Following Russia's war of aggression in Ukraine, UPM announced in March 2022 suspension of its business activities in Russia, including deliveries, wood procurement and the Chudovo plywood mill.

Paper Excellence Canada is pleased to announce that Stew Gibson, the company’s Chief Operating Officer, was recently appointed to the board of directors for Forest Products Association of Canada (FPAC). FPAC is a non-profit association that represents many of Canada’s largest forestry companies. Mr. Gibson was appointed Chief Operating Officer of Paper Excellence Canada in 2022, after previously serving as Vice President – Operations West for the company. “I’m thrilled to be representing Paper Excellence Canada on the board of FPAC and I look forward to working alongside my colleagues from other forestry companies and with the FPAC leadership to advance the interests of our industry in Ottawa and across Canada,” said Gibson.

Billerud comes second when Lund University and the business newspaper Dagens Industri rank the 131 largest companies on the stock exchange in Sweden from a sustainability perspective. “We are proud to have been awarded second place out of 131 audited Swedish companies in the 2022 edition of Sustainable Companies. This recognition shows that we stand tall in Swedish industry and that our forward leaning perspective, long-term proactive sustainability work and high ambitions are appreciated. We will continue to develop our sustainability work and constantly strive to improve to meet the challenges and opportunities of the future”, says Matthew Hirst, EVP of Commercial and Sustainability at Billerud.

Out with the old, in with the new! Georgia-Pacific has contributed $100,000 to Auburn University to help fund a new state-of-the-art digester that will give engineering students the ability to test and improve a newly patented innovation in papermaking. The current digester in the Alabama Center for Paper and Bioresource Engineering (AC-PABE) at AU is over 30 years old with many operational issues and no longer meets teaching and research needs. That’s why the AC-PABE contacted Georgia-Pacific, a long-time partner of AU and the pulp and paper program. A digester is a key piece of equipment used in the paper-making process. Pulp mill digesters use heat and chemicals to break down wood chips into pulp. The pulp is then further refined and processed to produce paper products.

Paper Excellence Canada is very pleased to announce today that it has been named as a Finalist for the fourth annual Foresight Canada BC Cleantech Awards. Paper Excellence Canada is a finalist in the Corporate Pioneer of the Year category, which features large organizations or companies adopting, championing, or leading sustainable practices in their industry. Paper Excellence Canada stands alongside other well-known finalists in this category, including FortisBC, Port of Vancouver, Shell Canada, and Copper Mountain Mining Corporation. “We are very excited and honoured to be a Finalist for this year’s BC Cleantech Awards, and we look forward to the awards event on March 30th,” said Stew Gibson, Chief Operating Officer for Paper Excellence Canada. “To be nominated as a finalist in this category confirms the work we are doing as a company, like investing in cleantech, improving our operations and developing innovative low-carbon products, is making an impact towards meeting global climate objectives.”

Phoenix Paper is pleased to announce the launch of their new product line, Phoenix Inkjet. Fall of 2022, Phoenix Paper entered the Inkjet paper market, offering Phoenix Premier™, a treated inkjet sheet, and Phoenix Preferred™, an untreated inkjet sheet to Commercial Inkjet Printers. Phoenix Paper completed the launch of their Inkjet line in March of 2023 with their 7pt. and 9pt. treated Phoenix Premier™ Grades. Field trials were conducted on each Phoenix Inkjet grade at OEMs and commercial ink jet locations to ensure the products met the paper applications required by end users. Phoenix Paper Field Tech Representatives were involved in the quality trials at major OEMs and the paper scored high in all categories.

Fourth Quarter of 2022 Highlights: *Fourth quarter 2022 net loss from continuing operations was $25.9 million, compared to net loss of $16.3 million in the third quarter of 2022on the same basis . This result reflects the sharp downturn in lumber market prices seen during the fourth quarter. *Lumber prices dropped, reflecting economic headwinds and lower demand in Q4 2022, with an average selling price of $644/mfbm compared to $800/mfbm in Q3 2022. Steadily rising interest rates since Q2 2022, in response to high inflation, reduced US housing starts and caused flagging homebuilders’ confidence, which worsened during the fourth quarter.

It is well known that Jackson Wijaya, the ultimate and sole owner of Paper Excellence, is the son of the current head of APP. In the early days, Jackson benefited from some experience gained from the family business early in his life, as well as support getting his company started. This is hardly a unique or exceptional circumstance. The situation is entirely different today. Jackson operates his Paper Excellence independently. Many stakeholders and regulators – global funding institutions, regulatory bodies and certifiers, among others – have acknowledged this reality. Paper Excellence’s acquisition of Resolute was extensively reviewed under the Investment Canada Act. As we have expanded our business, we have looked for companies and markets steeped in long traditions and with best practices to share in these areas. Our recent acquisitions of Domtar and Resolute were spurred certainly by undervalued businesses that we believe with meaningful investment can be improved and modernized, but equally by the rich experience and expertise of the leadership, and deep understanding of the norms and values of the markets in which they operate.

KPLP Q4 2022 Business and Financial Highlights • Revenue was $458.1 million in Q4 2022 compared to $424.1 million in Q4 2021, an increase of $34.0 million or 8.0%. • Net income was $16.0 million in Q4 2022, compared to net income of $42.3 million in Q4 2021, a decrease of $26.3 million. KPLP Full Year 2022 Financial Highlights • Revenue was $1,681.4 million in 2022 compared to $1,465.2 million in 2021, an increase of $216.2 million or 14.8%. • Net loss was $56.9 million in 2022, compared to net income of $42.0 million in 2021, a decrease of $98.9 million.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce its products will feature on a number of stands at Sign & Digital UK 2023. Taking place from 21-23 March at the NEC in Birmingham, Sign & Digital UK is the longest running event in the UK signs, graphics and display sector, welcoming a wide range of major exhibitors and thousands of visitors from all corners of the industry. Epson, Roland DG, Soyang Europe and Hybrid Services, the exclusive distributor for Mimaki printing equipment in the UK and Ireland, will all feature Drytac media solutions as part of their own product demonstrations at Sign & Digital UK 2023.

Billerud's North America President, Robert Kreizenbeck, is leaving the company. “I would like to express a big thank you to Robert for his contributions during Billerud's startup phase in North America. He has been a key person in the integration work. I wish him all the best for the future”, says Christoph Michalski, Billerud’s President and Chief Executive Officer. Robert Kreizenbeck will be leaving Billerud later in March. A successor for the role will be announced in due course.

HEINZEL GROUP announces the conversion of an idled paper machine at the Steyrermühl mill in Austria for the production of sustainable kraft papers for flexible packaging. Heinzel will take over the Steyrermühl site from UPM on January 1st, 2024, according to an agreement signed in 2022, and will enter the market with a new range of unbleached and bleached kraft papers shortly thereafter. The Steyrermühl paper mill, currently still owned by UPM, has a long history of producing top-quality graphic paper products. The conversion of the machine will enable the mill to enter the growing market for packaging papers. The new kraft paper grades produced will be used in the production of bags, pouches, and other flexible packaging products. At the site UPM today operates one paper machine for newsprint production, a sawmill, and a residue incineration plant co-owned with Heinzel's Laakirchen Papier. UPM plans to continue operations as-is until the end of 2023 when the production of graphic papers in Steyrermühl will be ceased.

Members of the Technical Association of the Pulp & Paper Industry (TAPPI) recently elected Bill Edwards, Domtar’s senior vice president of pulp and paper operations, to serve on the TAPPI board of directors. TAPPI is the leading association for the worldwide pulp, paper, packaging, tissue and converting industries. Through information exchange and events, it has provided management training and networking to the pulp and paper industry’s leaders for more than 100 years. Edwards leads Domtar’s pulp and paper manufacturing, converting/coating operations, and optimization efforts, and he brings more than 30 years of experience in the industry to his role on the TAPPI board of directors.

The Paper Excellence Group, through its wholly-owned subsidiary Domtar Corporation, announced the successful closing of its previously announced acquisition of Resolute Forest Products Inc. This acquisition creates a stronger and more resilient diversified forest products company, manufacturing a range of pulp products and specialty, printing, writing, and packaging papers, as well as lumber and tissue. The acquisition of Domtar in 2021 and Resolute today significantly increases the Group’s scale, overall product offering and geographic reach.

HIGHLIGHTS • Pulp sales of 2,759 thousand tons (+1% vs. 4Q21). • Paper sales³ of 338 thousand tons (-9% vs. 4Q21). • Average net pulp price in export market: US$831/ton (+32% vs. 4Q21). • Average net paper price3 of R$7,079/ton (+39% vs. 4Q21). • Pulp cash cost ex-downtime of R$937/ton (+25% vs. 4Q21). • Leverage ratio declines to 2.0 times in USD and 2.0 times in BRL, despite the investment cycle. • Cerrado Project completes 45% of physical progress and 41% of financial progress.

We are very happy to be at Hunkeler Innovation Days celebrating the relaunch of Crown Van Gelder International B.V. Not only is CVG now in its best financial position in our 126 year history (debt free with 30 million Euros of equity), we will actually be able to grow our 250 person work force this year. At this show, we are running our new Crown Letsgo High Performance Mail Card (235 micron / 9 pt) stock at 150 m/min on the HP PageWide Advantage 2200. This development testifies our core capability: achieving excellent inkjet print quality, with unrivaled ink consumption reduction, minimal drying requirements and highest output. A 20% better yield than other typical 7 and 9 point papers tops it off. Material savings, energy savings and postal savings. We are happy to announce that EPAC Technologies, Inc is our lead partner in CVG’s relaunch. EPAC’s solutions and technology combined with CVG’s paper knowledge will bring unmatched benefit to our customers. EPAC already provides integrated solutions to publishers, book printers, and now CVG will be able to bring these benefits to many more printers.