The Company reported an operating loss of $5.6 million for the second quarter of 2024, compared to an operating loss of $15.7 million for the first quarter of 2024. These results largely reflected an uplift in global pulp pricing, primarily in response to global pulp supply disruptions, and the correlated improvement in the Company’s average Northern Bleached Softwood Kraft (“NBSK”) pulp sales unit realizations. These factors were offset in part, however, by a decline in the Company’s pulp production and shipments quarter-over-quarter, driven by extended downtime at its Intercontinental NBSK pulp mill (“Intercon”) to address unforeseen recovery boiler repairs identified during the scheduled maintenance in May. In May 2024, the Company announced the decision to indefinitely curtail one production line at its Northwood NBSK pulp mill (“Northwood”) as a result of the continual decline in the availability of economic fibre in the northern British Columbia (“BC”) region.

First, the Company is ceasing production at its very small facility in Niagara Falls, New York, effective immediately and maintaining the premises as a distribution centre. Additionally, Supremex will close its facility in Concord, Ontario, as its lease expires in February 2025 and will transfer the location’s most efficient production equipment, primarily to its other Greater Toronto area (“GTA”) envelope plants in Mississauga and Etobicoke over the coming months. These measures will not result in significant headcount reduction as the vast majority of employees will be relocated within the Company’s existing operations. Related to these moves, Supremex will record restructuring charges of approximately $2.7 million before taxes for a period extending from the third quarter of 2024 through the first quarter of 2025. “With the rising cost of real estate, consolidating envelope production in the GTA will significantly reduce fixed costs and allow us to optimize capacity utilization throughout our network as we methodically pursue the execution of our North American expansion strategy,” said Stewart Emerson, President and CEO of Supremex. “In addition to optimizing the equipment base in the Toronto region, some redundant equipment will be re-deployed to U.S. facilities, providing customers with superior service and high-quality products at the most affordable cost. Finally, we expect the operating leverage resulting from these initiatives to improve the profitability and cash flow generation of our envelope activities.”

*NET TURNOVER increased by 4 percent to 711 (681) MSEK. Compared to the first quarter of 2024, turnover rose by 3 percent due to higher market prices. *THE LIST PRICE of NBSK pulp was 16 percent higher compared with the second quarter of 2023. Compared with the first quarter of 2024, the list price rose 13 percent. The market price of CTMP rose by 1 percent compared with the second quarter of 2023 and decreased by 2 percent from the first quarter of 2024. *PRODUCED VOLUME amounted to 91.0 (93.2) thousand tonnes, which is 2 percent lower than in the corresponding quarter of 2023. *VOLUME SOLD rose to 88.6 (82.8) thousand tonnes, an increase of 7 percent. *EBIT (operating profit) was 30 (41) MSEK. Compared with the corresponding quarter of 2023, selling prices were lower while volumes were higher. EBIT increased from the first quarter of 2024 as a result of rising prices and higher production volumes.

John Baird, Chairman of the Canfor Corporation Board of Directors, announced that Don Kayne, President and Chief Executive Officer, plans to retire at the end of the year. Mr. Kayne has been with Canfor for 46 years and has held the position of President and Chief Executive Officer since 2011. Under his leadership, the Company has grown and transformed from its British Columbia roots into a global entity with operations in Alberta, the United States and Sweden. As a respected industry leader, he has been a constant champion for the forest products sector, serving in a variety of industry roles including Chair of the Forest Products Association of Canada, the BC Council of Forest Industries and the Bi-national Softwood Lumber Board. Canfor is also announcing the appointment of Susan Yurkovich as the Company’s next Chief Executive Officer. Currently serving as Canfor’s Senior Vice President of Global Business Development, Ms. Yurkovich brings three decades of experience working in the natural resources sector to the role, 12 of those years with Canfor.

UPM Raflatac has acquired Grafityp, a Belgian-based company to further accelerate its growth in graphics solutions. Merging UPM Raflatac’s existing Graphics business with Grafityp will strengthen UPM Raflatac’s overall competitive positioning in this attractive product segment, expand its portfolio and give access to high-value new technologies. Both parties have agreed not to disclose the purchase price or other transaction details. Grafityp is a well-established company with more than 50 years of history and a pioneer in developing and manufacturing self-adhesive graphics solutions. Today it is known for its strong brands and product portfolio consisting of colour films, print films for large format colour printing, laminates and wrapping films for various end-uses. The company has approximately 100 employees and has a manufacturing site in Houthalen, Belgium and a distribution centre in the UK.

Q2 2024 highlights *Sales totalled EUR 2,546 million (2,558 million in Q2 2023) *Comparable EBIT increased by 60% to EUR 182 million, 7.2% of sales (114 million, 4.5%) *Operating cash flow was EUR 204 million (459 million) *Moderate recovery in many product markets *UPM Paso de los Toros pulp mill reached nominal capacity before its first maintenance shutdown in June *Unusually high maintenance activity with three pulp mills and all nuclear power plant units having scheduled maintenance. H1 2024 highlights *Sales decreased by 3% to EUR 5,186 million (5,345 million in H1 2023) *Comparable EBIT increased by 10% to EUR 515 million (470 million), and was 9.9% (8.8%) of sales *Operating cash flow was EUR 539 million (1,173 million) *Net debt increased to EUR 2,763 million (2,557 million) and the net debt to EBITDA ratio was 1.64 (1.07)

Materials Group: *Reported sales increased 5% to $1.5 billion. Sales were up 6% ex. currency and on an organic basis. -Label Materials sales were up mid-to-high single-digits on an organic basis. **Volume/mix was up low double-digits, which was partially offset by deflation-related price reductions. -Graphics and Reflectives were up low single-digits organically. -Performance Tapes and Medical were down low single-digits organically. *Reported operating margin was 14.4%. Adjusted EBITDA margin (non-GAAP) was 17.9%, up 220 basis points driven by higher volume/mix and benefits from productivity, partially offset by higher employee-related costs. Solutions Group: *Reported sales increased 12% to $689 million. Sales were up 14% ex. currency and 11% on an organic basis. -Sales in high-value categories were up low double-digits ex. currency. -Sales were up mid-to-high teens ex. currency in base solutions. *Reported operating margin was 9.3%. Adjusted EBITDA margin was 16.8%, up 100 basis points, driven by higher volume and benefits from productivity, partially offset by higher employee-related costs and investments. -Margin was up 70 basis points sequentially; the company expects margin to continue to improve in the second half of 2024.

With reference to the fire and subsequent explosion which occurred on a supplier truck delivering liquid oxygen to the Sappi Saiccor Mill in Umkomaas, KwaZulu-Natal, the following update can be provided. The mopping up and assessment operation has been completed. The damage is limited to the vaporisers (used to turn liquid oxygen into gas usable by the plant) and some peripheral equipment. Replacement equipment is on site and being installed. Work should be completed by Sunday 21 July with phased start-up then reliant on receiving the prerequisite Department of Labour approval. We would like to express our sincere gratitude to our suppliers and customers for their understanding during this short interruption. The impact of the event is not material within the quarter.

According to the report, total printing-writing paper shipments increased 2% in June compared to June 2023. Total printing-writing paper inventory levels increased 3% when compared to May 2024. U.S. purchases of total printing-writing papers in May increased 9% compared to the same month last year. Individually, U.S. shipments in all 3 major P-W categories (UFS, CFS and MECH) increased in June compared to the same period last year. Uncoated Free Sheet shipments increased 1%, Coated Free Sheet shipments increased 4%, and Mechanical papers shipments increased 7%.

I am pleased with the result we were able to produce for the second quarter of 2024. We are back to net sales growth, our underlying profitability improved, both sequentially and versus the same period a year ago, and we delivered yet again a solid cash conversion for the quarter. Demand for our products improved during the quarter, partly due to supply and logistics disturbances within our industry that worked in our favor. This helps us in the short to medium term, but end consumer demand has not strengthened significantly over the past months. We remain cautiously optimistic going forward about gradually improved market conditions. We have adopted an agile mentality to adjust to fast-changing market conditions, which we consider to be the new normal.

In a world where sustainability is not just a buzzword but a pressing need, companies are increasingly looking for innovative ways to reduce their environmental footprint and drive positive change within their industries. Two such trailblazers, UPM Raflatac and Sustana, have joined hands in a concerted effort to revolutionize the way release liner waste is handled, thus catalyzing the transition towards a circular economy. Release liner, often overlooked and dismissed as unrecyclable due to its silicone coating, is a prime example of an underutilized resource. However, through collaborative efforts spearheaded by UPM Raflatac and Sustana, this perception is being challenged. Michael Garretson, Manager of Recycling and Circular Solutions at UPM Raflatac Americas, emphasizes, "Many people don’t realize that there are recycling options for label release liner. There are. It’s just a function of putting the pieces together. That’s what we’re doing here." Sustana's innovative technology plays a pivotal role in this process, enabling the desiliconization of release liner and transforming it into clean, high-grade fiber and papers. This forward-thinking approach not only diverts release liner from landfills but also unlocks its potential as a valuable feedstock.

GreenFirst Forest Products Inc. announces the hiring of Mr. Peter Ferrante as its new Chief Financial Officer. Mr. Ferrante will be assuming the role on August 14, 2024, following GreenFirst’s second quarter earnings call. With over 25 years of finance and business experience, Peter has held a variety of senior roles across both publicly listed and private companies, across diverse industries including manufacturing, leasing and retail, overseeing all facets of accounting, financial management, corporate governance and M&A. Peter is currently the Chief Financial Officer of a Canadian national chain of retail stores. “We are delighted to have a Chief Financial Officer of Peter’s calibre joining GreenFirst. Peter’s success and experience, in particular his financial expertise and his outstanding leadership qualities, are a great addition to our executive team and will be a key driver of the Company’s future.”, said Joël Fournier, CEO, GreenFirst.

Solenis, a leading global producer of specialty chemicals, has acquired all of the membership units of Predictive Food Safety Solutions, LLC., effective July 15, 2024. Headquartered in Lawrenceville, Ga, Predictive Food Safety Solutions (PFS) is a manufacturer and distributor of high-grade antimicrobial, wastewater, sanitation, industrial lubricant and feed additive chemicals for the poultry industry. Offering comprehensive solutions across all stages of poultry processing, PFS technology delivers improved antimicrobial efficiency while reducing the total cost of operation. The company’s proprietary technology, unique algorithms, chemical quality and focus on consistency help to prevent and control the spread of bacteria and disease in poultry processing, which can otherwise lead to significant economic losses and potential threat to human health.

Norske Skog’s EBITDA in the second quarter of 2024 was NOK 471 million, an increase from NOK 76 million in the first quarter of 2024. The second quarter EBITDA was positively impacted by insurance at Norske Skog Saugbrugs of NOK 338 million. Despite signs of positive developments in the publication and containerboard markets, closures are still required. The process to deliver a main study on the BCTMP-production project (bleached chemi-thermomechanical pulp) at Saugbrugs has started. Cash flow from operations was NOK 299 million in the quarter compared to NOK -69 million in the previous quarter. The second quarter cash flow was positively influenced by somewhat higher sales prices and -volumes, and a decrease in working capital due CO2 related proceeds. Operating earnings in the second quarter of 2024 were NOK 364 million compared to operating earnings in the first quarter of 2024 of NOK -177 million. The operating earnings in the quarter were affected by insurance at Norske Skog Saugbrugs of NOK 338 million, non-cash changes in fair value of energy contracts in Norway amounting to NOK 44 million and depreciation of NOK 128 million. Profit before tax in the quarter was NOK 311 million compared to loss before tax of NOK -382 million in the previous quarter.

Solenis, a leading producer of specialty chemicals, marked its 10th anniversary by launching a new brand identity. Updated brand elements reflect the company’s continued growth and vision while establishing a cohesive look for its growing global portfolio, which includes Diversey, a leading brand for hygiene, infection prevention and cleaning products and technology. “This bold new look heralds the next era in our progression,” said John Panichella, CEO. “Just ten years ago, we launched Solenis from our legacy brand, Ashland Water Technologies. Now, we stand strong as a diversified, worldwide brand forging a path that leads customers to achieve their operational and sustainability goals.” The company’s evolution is firmly rooted in more than 100 years of solving complex operational and sustainability challenges. Solenis legacy brands include Ashland, Drew and Hercules among others.

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

Sappi has again achieved the highest platinum level in EcoVadis’ sustainability rating across all three of its manufacturing regions – Europe, North America, and South Africa. In line with Sappi’s business strategy, the organisation has consistently focused on its priority SDGs and collaborated with all its stakeholders to deliver measurable and tangible progress. Sappi, a leading global provider of everyday materials made from woodfibre-based renewable resources, has again achieved Platinum, the highest rating in EcoVadis’ sustainability assessment across all three of its manufacturing regions – Europe, North America, and South Africa. Sappi continues to be among the top 1% of the companies worldwide rated by EcoVadis in the manufacture of pulp, paper and paperboard category. In 2018-2019, Sappi received EcoVadis gold medal, which was the highest level until the Platinum category was introduced in 2020. Sappi’s global business strategy focuses on growing its business, enhancing trust, and driving collaboration and innovation as a sustainable, diversified global woodfibre group.

Lecta is pleased to announce an agreement with Naturgy, a multinational energy group, for the supply of renewable gas that will contribute to the decarbonization of its manufacturing activity. Biomethane gas, a renewable gas obtained from the treatment of different types of waste with properties similar to those of natural gas, will now be used as an energy source in Lecta's Spanish mills in Leitza (Navarra) and Zaragoza. The renewable gas supplied by Naturgy has certified guarantees of origin and sustainability tests that assure Lecta of the reduction of emissions derived from our industrial activity and the fulfillment of the sustainability commi​tments set in our 2030 Agenda. Lecta is firmly committed to sustainability, energy efficiency and decarbonization. This collaborative effort and commitment to the use of renewable energy is one more step the company has taken towards protecting the environment, combating climate change and promoting the circular economy.

Swedish forest industry group Södra has selected international technology group ANDRITZ to supply a complete solution for kraft lignin production to its Mönsterås pulp mill in Sweden. This major investment marks Södra’s entry into the lignin market as part of its strategy to make the most of the wood used in pulp production. This will be the first commercial kraft lignin plant in Sweden and the largest in the world. Kraft lignin is a by-product of pulp production for paper. Today it is used in pulp mills to generate energy. However, it can also be used as a renewable resource to replace fossil-based materials in the chemical industry or form the basis for new biofuels.

In today’s retail landscape, gift cards are a popular staple of modern shopping experiences for busy consumers. However, this convenience comes at a considerable environmental cost. According to the International Card Manufacturers Association (ICMA), nearly 30 billion plastic cards are produced globally each year. More than 70% of gift cards are used and discarded within just six months – quickly becoming part of the estimated 53 million tons of plastic waste that either accumulates in landfills, undergoes incineration, or requires energy-intensive recycling processes. Given that the total capacity of the U.S.’s ten chemical-recycling plants is only 456,000 tons per year, it’s evident there is a drastic shortfall in handling this waste sustainably. These facts point to the need for a more sustainable gift card solution – Monadnock Paper Mills has the answer. Leveraging this deep expertise, Monadnock presents its innovative response to the environmental challenges posed by traditional plastic gift cards: Envi PC 100 Card.

Ahlstrom is leading the marketplace towards more sustainable, fluoro-free solutions for fiber-based solutions. Today, Ahlstrom extends its innovative fluoro-free technologies into a wide range of industrial air filtration applications to support filter manufacturers in creating products with long-lasting filtration performance without the use of fluorochemicals. Ahlstrom’s new fluoro-free filtration materials are ideal for gas turbine air intake, air pollution control, heating, ventilation, and air conditioning (HVAC) applications. The new range of materials offers water-repellent properties, which increase the durability and stability of the final filter in wet conditions. In global filtration markets, hydrophobic properties are essential to maintaining the highest filtration performance in challenging environments. In air pollution control applications, for example, hydrophobic materials save energy by limiting the pressure drop increase in humid conditions. Specifically, in gas turbine applications, water repellency prevents liquid water ingress and dissolved salt penetration through a filter, protecting the turbine from corrosion.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the launch of Polar Smooth 150 Air P printable film for multiple applications including interior décor, wall and window graphics, decals and stickers, point of sale, and construction hoarding and barriers. The self-adhesive matte white PVC film incorporates Drytac’s innovative bubble-free adhesive technology for ease of application. It is suitable for use on most surfaces including painted walls, melamine, glass and many other flat or simple curve surfaces. At 6 mil (150µ) thick, Polar Smooth 150 Air P ensures an easier installation compared to thinner alternatives. This thickness provides added convenience, particularly for users looking to avoid lamination or seeking a simpler installation process.

UPM Raflatac has received a new certificate of validity from leading international assurance service provider, DEKRA, for its RafCycle™ recycling service. Going forward, this certification validates the credibility of the CO2 impact assessments provided by RafCycle in Europe and the US. As a result, customers can communicate their environmental contributions in the labeling value chain with increased assurance. “With DEKRA validated CO2 calculation method, RafCycle partners now have access to credible information on the potential benefits of the RafCycle service.This information helps companies make informed decisions and convey their sustainability efforts to stakeholders”, states Juha Virmavirta, RafCycle Director, UPM Raflatac. The global waste issue is significant, with the linear use of materials contributing to climate change. Stricter sustainability regulations and changing consumer preferences are driving the need for better waste management. Despite this, there is still room to improve label release liner recycling rates worldwide.

Unifor is proud to announce the conclusion of a historic agreement in principle between the employees at the Kruger plant in Trois-Rivières and the company's management, putting an end to the strike that began on May 30, 2024. Union members overwhelmingly approved the agreement at ratification meetings held throughout the week. This new four-year collective agreement marks a major milestone for employees, with unprecedented wage increases and substantial improvements to benefits, vacation, pension and the introduction of an overtime bank for production employees. The salary increases are spectacular: from May 1, 2024, employees will benefit from an 8% salary adjustment and an additional 3% increase. In 2025, wages will be further increased by $1.30 per hour. For 2026 and 2027, employees will receive a guaranteed increase of 2.25% or more, depending on the pattern in effect.

Paper Excellence in Port Alberni has been awarded a pair of CleanBC Industry Fund grants totalling $145,000 for feasibility studies examining two sustainable business projects. The first grant, for $51,000, will help Port Alberni’s Catalyst Paper division look at offloading and delivery options for its biofuel. This would include improving efficiency in offloading of hogfuel at the plant as well as ways to increase biofuel steam production to reduce natural gas consumption in its No. 4 power boiler and auxiliary boilers. The second grant, for approximately $94,000, will help Catalyst Paper investigate the feasibility of power boiler stack heat recovery. This project would ideally see the paper plant install a heat-recovery system in the power boiler exhaust. Recovered heat would in turn offset the heat generated from fuel combustion.

GreenFirst Forest Products Inc. announces Kap Paper Inc., a wholly owned subsidiary of GreenFirst, has entered into a loan agreement with a third party establishing a non-revolving term loan facility of up to $24 million to support its paper mill operations in the town of Kapuskasing. The loan is to be used for general working capital purposes. “The financing will afford us the opportunity to move forward our long-term strategy for Kap Paper, ensuring its competitiveness,” said Terry Skiffington, Kap Paper’s CEO. Kap Paper remains focused on mill operations and has made considerable improvement on the operational challenges faced in the last two reported quarters, some of which were caused by external events. Kap Paper looks to build on this momentum to further improve operational efficiencies in what has been a tough pricing environment for paper products. Kap Paper is the only pulp and paper mill operating in Eastern Ontario. As such, its operations are imperative to help mitigate challenges related to diminishing chip consumption, which is jeopardizing sawmill operations in Ontario.

We’re proud to announce we recently became a U.S. Army PaYS partner. The Partnership for Your Success (PaYS) program provides job opportunities for veterans after their military service ends. As a PaYS partner, we are committed to guaranteeing job interviews for veterans in the program whose skillsets match our job openings. If a veteran’s skillset matches a job opening at one of our U.S. locations, they’ll be guaranteed an interview. If they are chosen to advance, they would then progress through our normal hiring process. Paper & Packaging President Steve Henry and U.S. Army Lt. Col. Julian Milligan formalized our PaYS partner agreement with their signatures at an event at our Fort Mill, South Carolina, offices. Employees, veterans and Fort Mill Mayor Guynn Savage helped mark the occasion, which also featured a special recognition of our employee veterans.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the appointment of Jeff Mercer as its new Territory Sales Manager for the Southeast US. In his new position, Jeff will oversee sales activity across the Southeast US region, including the states of Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee. Jeff brings with him more than 25 years of experience working in sales, business development and customer services across various businesses, ranging from smaller companies up to Fortune 500 corporations. “Adding Jeff to our US team is a real coup for us,” Glen Fitzgerald, Director of Sales, Americas at Drytac said. “He has a wealth of industry experience, and we believe this will be of significant benefit to the Drytac team and our customers across the busy Southeast US region.

According to the report, total printing-writing paper shipments increased 1% in May compared to May 2023. Total printing-writing paper inventory levels increased 2% when compared to April 2024. U.S. purchases of total printing-writing papers increased 10% in April compared to the same month last year. Individually, U.S. uncoated free sheet (UFS) purchases increased 10% over the same period, coated free sheet (CFS) purchases increased 21% while mechanical (MECH) paper purchases decreased 4%.

Drytac is delighted to announce the launch of Paper Fleece Smooth. Designed to meet the growing demand for high-quality, eco-friendly interior décor solutions, Drytac Paper Fleece Smooth is PVC-free making it a sustainable option for stunning custom wallcoverings in settings such as homes, retail stores, hotels and offices. Paper Fleece Smooth is a 180gsm non-woven wallcovering with a smooth satin finish. It features a repositionable, permanent adhesive backed by a micro-grooved release paper, allowing for easy, bubble-free application and repositioning. The digitally printable Paper Fleece Smooth has high dimensional stability and maintains its shape over time. It is compatible with eco-solvent, latex, and UV printers, ensuring versatility across different printing technologies. The product’s photorealistic print quality produces sharp and detailed graphics with quick drying times.

With a second e-boiler, Sappi takes a further step towards sustainability and advancing decarbonisation. For paper manufacturer Sappi, sustainability and climate protection are of paramount importance and are at the root of a long-term global commitment. In 2021, Sappi invested in the modernisation of its steam generation boiler at its Maastricht mill in the Netherlands. To reduce CO2 emissions, part of the gas-generated steam was replaced by electric steam via the new e-boiler. The electricity used is generated mainly from renewable energy sources such as solar and wind power. The innovative technology has proven so successful that Sappi will now be investing in a second e-boiler which is expected to further reduce CO2 emissions year after year. Construction of the new e-boiler has already begun, with delivery and commissioning planned for the end of 2025.

Solenis, a leading global producer of specialty chemicals for water-intensive industries, has signed an agreement with Beijing PhaBuilder Biotechnology Co., Ltd., (hereinafter referred to as PhaBuilder), an innovative synthetic biology enterprise, to collaborate on further developing key PHA-based (Polyhydroxyalkanoate) technology for the paper packaging market. “The global agreement between Solenis and PhaBuilder will enable unique technology to the paper packaging market to meet the growing need for more sustainable solutions in the packaging industry,” said William (Bill) Kuecker, Senior Director, Global Strategic Marketing, at Solenis. “This strategic cooperation will help enhance the application of PHA-based materials,” said Ms. Sherry Xu, President, PhaBuilder. “The newly developed technology will ultimately reduce the impact on the environment, bringing a greener and more sustainable future.”

Billerud announces that Kevin Kuznicki, President, Billerud North America and member of the Group Management Team, is leaving the company to pursue other ventures, effective 14 June 2024. The recruitment process for the successor to the position will start immediately. “I would like to express a big thank you to Kevin Kuznicki for his contributions since taking over the role in March 2023. He has been a key person in guiding the North America operations during a challenging year for the company and we wish him all the best for the future,” says Ivar Vatne, President and CEO of Billerud. Tor Lundqvist, Deputy President and Senior Vice President of Operations for North America will assume the role of Acting President, Billerud North America until a successor is appointed.

The Lenzing Group, a leading supplier of regenerated cellulose fibers for the textile and nonwovens industries, learned today that Lenzing's main shareholder B&C Group and the Brazilian pulp producer Suzano S/A have signed a long-term partnership in connection with the majority stake in Lenzing. As part of this agreement, Suzano S/A will take over a 15 percent stake in Lenzing AG from B&C Group. Suzano is the world's largest pulp producer based in Sao Paolo and recently achieved annual sales of more than EUR 7 billion. Lenzing's management welcomes the proposed transaction and looks forward working with another core shareholder.

Pennsylvania-based Pixelle Specialty Solutions, a leading provider of specialty papers, announced that it has secured significant new financing, positioning the company with ample liquidity for continued future growth. The recent financing, which includes new capital investment and amendments to the Company’s credit facilities, was completed in collaboration with the Company’s existing lenders and has substantially bolstered the Company's cash liquidity position. This strategic transaction provides a significant injection of fresh capital to invest in the Company’s manufacturing capabilities and to drive improved operational performance at the Company’s three paper mills going forward.

The verification that UPM Plywood’s products have not caused deforestation or forest degradation and that the commodities used in UPM Plywood’s products have been produced in accordance with the relevant legislation will be based on a due diligence process. UPM Plywood is a so-called downstream operator manufacturing its products from other products that have already undergone due diligence in accordance with EUDR. Therefore, UPM Plywood’s due diligence process consists of referring to due diligence statements submitted previously in the supply chain and verifying that its suppliers have adequate due diligence systems in place. Prior to placing its products on the market, UPM Plywood will submit a DDS to the EU Information System Traces. The EU information system will produce an associated reference number that UPM Plywood will share with its customers. The chart below describes the basics of EUDR implementation in UPM Plywood. The supplier of wood or other relevant commodities provides the first DDS with geolocation information to Traces and gets associated reference numbers (REF) from the system.

Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced that it has entered into a long-term power purchase agreement with NOA Group, an integrated energy utility, for ~497GWh of total contracted energy anticipated to be served by plants with capacity in excess of 200MW of renewable wind and solar power through fixed and flexible arrangements to Tronox’s mines and smelters in the Republic of South Africa. The Company anticipates the project should be fully implemented by the end of 2027 and is expected to reduce Tronox’s total Scope 1 & 2 greenhouse gas emissions by an incremental 12% globally. “NOA is extremely excited to partner with Tronox in delivering on their long term decarbonization strategy through an innovative product which blends both wind and solar generation to optimize renewable energy penetration,” remarked NOA’s Chief Executive Officer, Karel Cornelissen.

Mika Kekki has been appointed to act as interim Executive Vice President of UPM Communication Papers business area as of 1 August 2024. He assumes this role on top of his current duties and continues in his current role as Executive Vice President of UPM Plywood business area. Mika Kekki’s biographical details are available at the company’s website. The recruitment process for the Executive Vice President of UPM Communication Papers business area is ongoing. As communicated on 13 March 2024, Antti Jääskeläinen, the current interim Executive Vice President of UPM Communication Papers business area and Executive Vice President, UPM Raflatac business area, will leave UPM to take the role of President and CEO in the Finnish logistics and distribution company Posti Group Oyj. He will continue with his duties at UPM until the end of July 2024.

Sustana, an innovator of clean materials and the industry-leading producer of sustainable, recycled fiber-based products and services, today announced the appointment of Nathan Jeppson as Chief Executive Officer, succeeding Fabian de Armas. Mr. Jeppson brings more than 20 years of leadership experience driving growth and innovation at premier manufacturing, industrials, and materials businesses, including global roles at Shell Chemical LP and Dow (NYSE: DOW). “Sustana is leading the way in producing sustainable, high-quality, fiber-based materials while minimizing waste, preserving natural resources, and protecting biodiversity. I am deeply energized by the growth opportunity ahead as businesses increasingly embrace sustainability and responsible supply chain management,” said Mr. Jeppson. “The company has experienced meaningful growth under Fabian’s leadership, and I am excited to work alongside the team at Sustana to drive the company’s next stage of growth.”

The Board of the Paper Workers’ Union has confirmed the negotiated results of the collective labour agreements for the Finnish mills and biorefinery of UPM Pulp, UPM Communication Papers, UPM Specialty Papers, UPM Raflatac and UPM Biofuels. An agreement was reached earlier today in the last open negotiations at UPM Specialty Papers. The new collective labour agreements will have a two-year contract period and will enter into force immediately. The agreed wage increases in the collective agreements will take effect from 1 July 2024. "We are pleased that, after long and thorough negotiations, we have reached five agreements where we have jointly developed the content of the agreements to meet the needs of each business," says Riitta Savonlahti, Executive Vice President, HR at UPM.

Ahlstrom, in its ongoing dedication to addressing the global need for clean air and water, has successfully completed a EUR 2 million investment for a new laminator at its Louveira plant in Brazil. This investment not only reinforces Ahlstrom's 50-year commitment to the global filtration industry but also marks a significant expansion of its product offerings in the South American market for industrial air, industrial liquid, and fuel filtration, including products currently produced in European and North American markets. “The new laminator increases our manufacturing capabilities and brings needed flexibility to supply our local customers with the best-in-class filtration solutions,” says Andre Pereira, Head of Sales, Filtration, Latin America. “Efficient supply chain management prevents interruptions to the supply stream, and shorter transport distances reduce carbon emissions and lower environmental impact,” he continues.

In many ways, the Marlboro Mill is one of a kind. Opened in 1990 in Bennettsville, South Carolina, the mill is the last greenfield mill built in the United States. It’s also the last fully integrated paper mill built in North America. And it takes a unique approach to employee training and safety. “Other mills might have the technology we do, or they might even have advancements we don’t have, but they can’t beat us on people,” says Allan Bohn, general manager of the Marlboro Mill since 2022. “It’s what really sets us apart.” Bohn speaks from experience. He’s worked in the industry for decades, including as general manager at our Plymouth and Ashdown mills. But the move to Marlboro has been a highlight of his career with Domtar, which began in 2005.

UPM Raflatac and the Paper Workers' Union have reached an outcome in the collective labour agreement negotiations concerning UPM Raflatac’s Tampere factory in Finland. "The negotiations were conducted in a very good spirit and constructively from start to finish. I would like to thank the Paper Workers’ Union for its solution-oriented approach and for the good negotiations. The solution will enable the long-term development of the Tampere factory," says Antti Waajakoski, General Manager of UPM Raflatac’s Tampere factory. The new collective agreement will have a two-year contract period and it will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that the Board will discuss the negotiation outcome at its meeting on 5 June 2024. Negotiations on the collective labour agreement for UPM Specialty Papers will continue.

Norske Skog will initiate a main study aiming to enter the bleached chemi-thermomechanical pulp (BCTMP) market by starting production at Norske Skog Saugbrugs in Halden. The rockslide at Saugbrugs in April 2023 causing heavy damages on the PM6 machine, released available termo-mechinalcal pulp capacity that can be utilised to produce BCTMP (bleached chemi-thermomechanical pulp) at Norske Skog Saugbrugs. Part of the investment will be covered by the portion of the insurance settlement that has not yet been paid out by the insurance company, amounting to NOK 615 million, for the development of new activities at the plant. The new BCTMP line will produce approximately 300,000 tons of competitive pulp to meet the growing demand, especially for products in the packaging market. Saugbrugs has adequate access to green energy, and thus continue to deliver products with very low carbon footprint. Norske Skog Saugbrugs will continue to be a reliable supplier of SC-publication paper also after the start of BCTMP production.

UPM Biofuels and the Paper Workers' Union have reached a negotiation outcome in the collective labour agreement negotiations concerning UPM Biofuels' Lappeenranta biorefinery. "The negotiations were conducted in a very good spirit, and we were able to focus on the essential issues right from the beginning. The content of the negotiation outcome creates a good basis for flexible operation and development of the refinery," says Petri Rekonen, Director of UPM Biofuels' Lappeenranta biorefinery. The new collective labour agreement will have a two-year contract period and it will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that the Board will discuss the negotiation outcome at its meeting on 5 June 2024. Negotiations on the collective labour agreements for UPM Specialty Papers and UPM Raflatac will continue.

Pulp and Tissue President Richard Tremblay is an experienced executive with more than 35 years in the pulp and paper industry. He was born in La Tuque, Quebec, and graduated from the University of Sherbrooke. Prior to joining Resolute in 2011, he served as general manager of several mills at Smurfit-Stone Container Corporation, beginning in 2002. He was named to his current role in February 2024, after serving in roles of increasing responsibility and leading Resolute’s pulp, paper and tissue manufacturing operations for more than 13 years. He recently spoke about aspects of the integration, pulp and tissue prospects in 2024 and efforts to serve customers well.

Irving Pulp & Paper, Limited has submitted a preliminary application to undertake a major upgrade to Saint John's westside pulp mill, representing a new long-term capital improvement plan and a potential $1.1-billion investment. Known as NextGen, the project will increase the mill’s capacity while also increasing the green energy it generates, making it one of the top producing kraft pulp mills in the world and a global leader in environmental performance. An Environmental Impact Assessment (EIA) related to the project has been submitted to New Brunswick’s Department of Environment. ​ “These upgrades will ensure Saint John's pulp mill continues to be at the heart of the province's forest products supply chain, and provides a regional market for chips, bark and pulpwood,” said Irving Pulp & Paper Vice President, Mark Mosher.

UPM Pulp, UPM Communication Papers and the Paper Workers' Union have reached a negotiation outcome in the collective labour agreement negotiations concerning UPM's Finnish pulp and printing paper mills. "We are pleased that we have reached a negotiated outcome on the new collective agreements and would like to thank the Paper Workers’ Union for the constructive and good spirit negotiations. The contents of the negotiation outcomes now achieved create a good basis for the development of our business in Finland," say Aki Temmes, Executive Vice President of UPM Fibres and Antti Hermonen, Senior Vice President, Operations of UPM Communication Papers. The new collective agreements will have a two-year contract period and will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that their Board will discuss the negotiation outcomes at its meeting on 5 June 2024. Negotiations on the collective labour agreements for UPM Specialty Papers, UPM Raflatac and UPM Biofuels will continue.

Artigo, an international rubber flooring company, will produce their next-generation flooring collections from 2025 with UPM BioMotion™ Renewable Functional Fillers (RFF). By incorporating UPM Biochemicals’ RFF, Artigo has achieved CO2 footprint savings of up to 0.5 kg CO2e/sq. meter1 and managed to reduce the weight by up to 5% per square meter flooring. UPM BioMotion™ RFF are a CO2-negative2 solution for diverse rubber and plastic applications, containing 100% renewable carbon, certified by DIN CERTCO, which is sourced from sustainably managed forests. They support carbon footprint improvements by enabling flooring manufacturers to increase their share of renewable materials in products and reduce the use of traditional highly CO2-intensive fillers, such as precipitated silica, and other fossil-carbon based raw materials. RFF deliver the same technical performance as precipitated silica in aiding flooring durability and elasticity, with the added benefit of being up to one third lighter.

Paper Excellence Canada announced today that it has reached a settlement with the Province of Nova Scotia that acknowledges plans to transform and reopen Northern Pulp Nova Scotia in Pictou will not proceed and provides for a review process agreed between the Northern Pulp group and the Province of Nova Scotia that is aimed to determine whether a new, modern mill in Nova Scotia is viable. The agreement also provides for the settlement of outstanding litigation and loans between the two parties and fully addresses the pensions of former mill employees. Central to the settlement agreement is the creation by the Northern Pulp group (a subsidiary of the Paper Excellence group) and the Province of Nova Scotia of a review process that will explore the feasibility of a new, modern mill in Liverpool, Nova Scotia. Paper Excellence Canada will fund this review process and will work in close consultation with the Province of Nova Scotia in undertaking a feasibility study to determine whether a viable business case exists to open a new mill there. The potential construction of a state-of-the-art Northern Bleached Softwood Kraft (NBSK) pulp mill therefore depends on a determination of viability under this study.

The American Forest & Paper Association (AF&PA) has released the April 2024 Printing-Writing Monthly report. According to the report, total printing-writing paper shipments increased 13% in April compared to April 2023. U.S. purchases of total printing-writing papers decreased 1% in March compared to the same month last year. Total printing-writing paper inventory levels decreased 2% when compared to March 2024. Unlike previous months, changes in U.S. shipments across the 3 major P-W categories (UFS, CFS, and MECH) in April all showed increases compared to the same period last year. Uncoated free sheet (UFS) shipments increased by 9%, coated free sheet (CFS) shipments increased by 22%, and mechanical (MECH) paper shipments increased by 25%.

Nekoosa announces the launch of NextBond™ UV-cured durable adhesive, a robust, eco-friendly and cost-effective alternative to traditional solvent-based adhesives for long-term print applications like displays, decals and signage. NextBond™ is a solvent-free, non-toxic durable adhesive solution. Nekoosa streamlined the product process by curing the NextBond™ adhesive inline with UV lamps and removing all hazardous waste and harmful VOCs. Also, NextBond™ will not shrink and maintains adhesion strength when exposed to challenging outdoor environmental and chemical conditions, making it ideal for long-term printed graphics.

Billerud’s Board of Directors has decided to not proceed with plans to convert its Escanaba mill to cartonboard production. Instead, the company will target to shift its product mix gradually towards packaging materials in North America with a moderate investment level. “After in-depth feasibility studies, evaluations, and supplier discussions, we have concluded that the projected return on investment is not sufficiently attractive to proceed with the conversion of Escanaba to cartonboard production. During the process, conditions have changed and the cost of equipment and services necessary to transform the operations have greatly increased. Instead, we will pursue a higher returning and more moderate investment strategy for our North American mills going forward,” says Ivar Vatne, President and CEO of Billerud.

The Fedrigoni Group - a leading global player in the manufacturing of specialty papers for luxury packaging and other creative applications, self-adhesive labels and graphic materials, as well as RFID and connected solutions - announced that it has entered into an agreement to acquire a majority stake in POLI-TAPE Group, internationally recognized for the production of high-quality materials for graphic applications, including textile, signage, digital printing and specialties. The POLI-TAPE Group, founded in 1993 and headquartered in Remagen, Germany, employees 370 people located in Germany (incl. two production sites), Italy (incl. two production sites) and Oklahoma, USA (focused on distribution); while its products are distributed in more than 90 countries. Its majority shareholder is the Möhren family along with the Bitburger Group as minority shareholder. The Möhren family will retain a significant share to ensure a smooth transition, during which the POLI-TAPE Management team led by Mark Wehrmann will continue to serve its long-standing customers and partners globally.

The American Forest & Paper Association (AF&PA) today released the 64th Paper Industry Annual Capacity and Fiber Consumption Survey. The report provides detailed data on U.S. paper industry capacity and production compiled by the AF&PA statistics team. U.S. paper and paperboard capacity declined by 1.6% in 2023, to 79.7 million tons. That compares to an average decline of 0.9% per year since 2014. U.S. paper and paperboard production declined 7.2% last year, with declines in all categories except tissue.

International technology group ANDRITZ has received an order from lndah Kiat Pulp & Paper TBK to supply a complete old corrugated containers (OCC) line including a reject treatment system to the mill in Karawang, Jawa Barat, Indonesia. The new OCC line will have a design capacity of 2,000 bdmt/d and process a mixture of OCC, mixed waste and up to 30% American OCC as raw material to produce testliner. Based on the latest technology available, it will provide high pulp quality at cost-efficient and resource-saving operation. The collaboration between lndah Kiat Pulp & Paper TBK and ANDRITZ will support Indah Kiat’s stable and sustainable growth, driving the company’s production to new heights. Start-up of the new line is scheduled for the end of 2024.

Cascades Inc. announces the appointment of Mr. Hugues Simon as its new President and CEO. Currently President of the Wood Products business at Resolute Forest Products, Mr. Simon will assume his new role no later than July 1, 2024. The appointment follows an extensive succession planning and recruitment process, supported by an international firm, in anticipation of Mario Plourde’s planned retirement. After more than 11 years at the helm of the Company, Mr. Plourde will support the new President and CEO during a transition period lasting until December 2024, after which he will act as a Special Advisor. A graduate in administration from the Université de Sherbrooke, Hugues Simon has over 30 years of experience in key positions in the manufacturing sector, including as President, of the Wood Products business at Resolute Forest Products. Previously, Mr. Simon was President of BarretteWood Inc., where he worked from 2012 to 2020.

Resolute Forest Products, Greenpeace, Inc., Greenpeace Fund, Inc., and Greenpeace International announced that they have resolved Resolute Forest Products, Inc. et al. v. Greenpeace International et al., No. 3:17-cv-02824-JST (N.D. Cal. 2016). Resolute Forest Products and Greenpeace Canada also announced that they have resolved Resolute Forest Products, Inc. et al. v. Greenpeace Canada et al. (Ontario Superior Court of Justice). All parties are pleased that they have turned the page on these long-running litigations. The Greenpeace parties have no knowledge of illegal operations in off-limit areas by Resolute. Greenpeace, Inc., Greenpeace International and Greenpeace Canada state that their criticism was always directed at Resolute’s legal operations in certain forests that Greenpeace believes require more protection. Greenpeace states that it will continue to advocate for protection of the environment. Resolute states that it is committed to the sustainability of the boreal forest and prosperity of its communities. Resolute and Greenpeace agree everyone should be part of this discussion and to raise concerns with each other in an attempt to resolve factual disagreements.

Koehler Paper and Badische Stahlwerke (BSW), a steel producer, have teamed up with the Rhine port of Kehl to study the feasibility of harvesting wind energy at the port facilities. They hope to find out if building wind turbines is a feasible solution to suppling their own energy at the companies' sites in Kehl. Energy cost in Germany have risen drastically in the last two years – a huge challenge for energy intensive companies like Koehler Paper and Badische Stahlwerke, especially given the intense international competition faced by both companies. At the same time, both companies need to source a significant quantity of electricity from renewables to meet the climate goals of the German national government and the government of the state of Baden-Württemberg, as well as the self-imposed climate goals of the companies themselves. A species protection assessment and an environmental impact study have already been commissioned. Wind measurements are now scheduled to start in June. The feasibility study also includes an analysis of noise emissions and economic viability. The feasibility study is scheduled to last through the summer of 2025, and should indicate whether the site is suitable for wind turbines.

Metsä Group has on 13 May 2024 completed a transaction in which the ownership in the group’s Russian subsidiaries Metsä Svir LLC, Metsä Forest St. Petersburg LLC, Metsä Forest Podporozhye LLC and Metsä Board Rus LLC has transferred to VLP Group. The parties have agreed not to disclose the purchase price of the transaction. VLP Group operates in forestry and forest industry mainly in Vologda region, Russia. Metsä Group held a minority ownership in VLP Group during 2003–2017. In 2022 Metsä Group stopped its business operations in Russia, including the operations of the Svir sawmill, wood procurement and paperboard sales. As result of the completed transaction Metsä Group does not hold any assets in Russia anymore.

Highlights • Q1 2024 net loss from continuing operations was $13.4 million compared to net loss of $21.6 million in Q4 2023. • Average lumber prices for Q1 2024 were higher than Q4 2023, with an average selling price of $626/mfbm compared to $601/mfbm in Q4 2023. • The valuation provision for lumber and log inventory was decreased to $1.0 million from $4.3 million at the end of Q4 2023, generating a $3.3 million credit to lumber cost of sales in Q1 2024. • Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. • There continues to be downward pressure on newsprint and paper products prices in North America.

Paper is by far the highest volume raw material component in UPM Raflatac self-adhesive labels, and therefore we have no room for compromises in sustainability. At the end of 2023 we reached a remarkable milestone when we achieved our target of 100% certified paper six years ahead of time. In practice it means that all papers we source from year 2024 onwards, whether used as a face paper or a release liner in our labeling materials, are certified under a credible third-party forest certification scheme. Purchasing only certified paper is one of our 2030 responsible sourcing and climate targets. We believe that third-party forest certification is one of the key ways to ensure the sustainability of our paper supply chain, along with supplier assessment, related development activities, and continuous risk monitoring and management. As our paper face and liner materials come from a large number of paper supplier sites, reaching this goal required systematic work and close collaboration with our suppliers. Increasing the share of certified papers was discussed in annual negotiations with the suppliers who supported our target by lowering and removing the hurdles of this development.

Linda Coady, President & CEO of the BC Council of Forest Industries (COFI) made the following statement in response to ongoing mill closures and curtailments in BC: “Escalating closures and curtailments of lumber, pulp and paper mills in BC mean the provincial government needs to move faster to stabilize timber supply. Additional transition measures are needed within the next 60 days to address current challenges in approval and permitting systems, and changing land use policies that are leading to dramatic declines in harvest levels. Each time a mill closes in BC, there is a substantial direct impact on employees and their families, with further consequences for local communities as well as across supply chains. The loss of high paying jobs, local tax revenue and relocation to new employment opportunities have lasting effects in rural communities. It also creates uncertainty regarding the future of critical forest sector infrastructure and capacity in BC.

Financial Highlights - First Quarter vs. Fourth Quarter *Net income of $43 million ($1.02 per diluted share) vs. $49 million ($1.16 per diluted share) *Adjusted operating earnings1 of $45 million ($1.07 per diluted share) vs. $49 million ($1.16 per diluted share) *Adjusted EBITDA2 of $118 million (13% margin) vs. $117 million (12% margin) *Cash provided by operating activities of $27 million vs. $167 million

HIGHLIGHTS• Pulp sales of 2,401 thousand tons (-2% vs. 1Q23).• Paper sales1 of 313 thousand tons (12% vs. 1Q23).• Average net pulp price in export market: US$624/ton (-13% vs. 1Q23).• Average net paper price1 of R$6,713/ton (-9% vs. 1Q23). • Pulp cash cost ex-downtime of R$812/ton (-13% vs. 1Q23). • Leverage of 3.5 times in USD and 3.6 times in BRL. • Cerrado Project completes 94% of physical progress and 87% of financial progress up to April 2024.

After thorough analysis of the persistent shortage of economically available timber and challenging operating conditions in northern British Columbia, Canfor Corporation announced the permanent closure of its Polar sawmill in Bear Lake, BC and the suspension of its planned reinvestment in Houston, BC. This follows the announcement by our subsidiary company, Canfor Pulp, that one line of production will be indefinitely curtailed at the Northwood Pulp Mill. The Polar sawmill, with a production capacity of about 300 million board feet annually, has been curtailed since January 2024. The permanent closure will impact approximately 180 employees.

Mativ First Quarter 2024 Highlights (Continuing Operations) *Sales of $500.2 million increased 10.6% sequentially versus Q4 2023, and decreased 8.9% versus the prior year, reflecting sequential volume recovery *GAAP loss was $(28.0) million, GAAP EPS was $(0.52), which included organizational realignment, integration and purchase accounting expenses

Drytac is delighted to announce the appointment of Anne Sierakowski to the role of Product Manager in North America. Effective 1st May 2024, Anne will play a key role in product strategy development at Drytac. This will include assessing the market landscape for major trends and emerging technologies, as well as conducting research to understand core customer needs and requirements. “We are absolutely delighted to welcome Anne to the Drytac team,” says Glen Fitzgerald, Director of Sales, Americas at Drytac. “She brings a wealth of experience to the role which will benefit both our team and customers across the market. “Anne will be supporting us with both new products and existing solutions, working closely with customers and our many partners to ensure we are delivering the best possible solutions.”

​​Lecta once again demonstrates its firm commitment to innovation and sustainability by drawing on its extensive technical know-how in the manufacture of thermal and metallized papers to develop new, high-quality products made with recycled fiber. The new thermal paper products are Termax Recy TFXr30 and Termax Recy TFXr100, both phenol-free and Ineris-certified. Thermal papers made from 30% and 100% recycled fibers, respectively, both have excellent print quality in high-speed thermal printers, very good image resolution and good rigidity for label applications, mainly in the retail and logistics industries. Lecta's new metallized paper products are Metalvac Recy 70 EWS and Metalvac Recy 100 EWS. Metallized papers for high wet-strength labels for returnable bottles, containing a 70 and 100% recycled fibers, respectively, both demonstrate good printability in flexo and offset and perform excellently in labeling trains, even in moist and cold conditions, as well as in their subsequent storage in refrigerators, ice buckets, coolers and freezers. With a reverse side suitable for good glue receptivity and good flatness, they offer excellent results in bottling lines even at high speeds.

Financial summary for the quarter • EBITDA excluding special items US$183 million (Q2 FY23 US$167 million) • EPS excluding special items 12 US cents (Q2 FY23 11 US cents) • Net debt US$1,366 million (Q2 FY23 US$1,225 million) • Closure of Stockstadt and Lanaken Mills completed

In a positive move to reduce its carbon footprint, Sappi Southern Africa has concluded a milestone 175GWh per annum renewable energy Power Purchase Agreement (PPA) with Enpower Trading, a NERSA-licensed private electricity trading company. Sappi’s decision to partner with Enpower Trading aligns seamlessly with its broader sustainability goals and is a significant move towards attaining its Science Based Target (SBTi) objectives. By implementing this renewable energy solution at its multiple South African operations, it is expected that Sappi SA and Sappi Limited’s Scope 1 and Scope 2 emissions will be reduced by 6% and 4% respectively. The power supplied to Sappi will be sourced from SolarAfrica Energy’s Sun Central PV project. SolarAfrica Energy, an integrated energy solutions provider, is executing one of the largest solar farms in South Africa – the 1GW Sun Central PV project is located southeast of De Aar in the Northern Cape.

Supremex Inc. announced the acquisition of the assets of Forest Envelope Group. Founded over 40 years ago, Forest Envelope is a regional leader in specialty envelope manufacturing located in Bolingbrook, Illinois in the Greater Chicago area. The transaction was concluded for a total consideration of approximately US$1.8 million, on a cash-free and debt-free basis, subject to customary adjustments, financed through the Company’s existing credit facility. “The acquisition of Forest Envelope is an excellent fit with our current operations in the U.S. Midwest region,” said Stewart Emerson, President and CEO of Supremex. “Forest Envelope has a solid reputation for providing high-quality products, top-tier customer service and on-time delivery. Given its close proximity to our existing plants in Naperville and Chicago, we intend to integrate Forest Envelope’s activities into these facilities over the next 90 days. The transition should be seamless for customers and, in fact, provide them access to additional capacity and a significantly broader product offering. We expect this tuck-in operation to rapidly yield synergies within our U.S. Envelope network.”

Nine Dragons, Inc. (ND Paper) and Billerud Wisconsin LLC (Billerud) closed on an Asset Purchase Agreement, whereas ND Paper will own and operate Billerud’s Wisconsin Water Quality Center (WQC) and associated landfill and F&E landfill assets. The Water Quality Center is essential component of the Biron facility. The agreement ensures the mill’s uninterrupted production and ND Paper’s Biron facility will remain an integral part of the Wisconsin Rapids community. Five employees are responsible for operating the facility and will be joining the ND Paper team.

First Quarter 2024 Financial Highlights: *Produced revenue of $774 million, a 13% increase compared to the prior quarter, or a 9% increase compared to the prior year *Generated income from operations of $41 million, and a net loss of $9 million; adjusted net loss was $7 million (non-GAAP) *GAAP diluted loss per share of $0.06

Overview • Q1 2024 operating loss of $86 million; shareholder net loss of $65 million, or $0.54 per share • Sustained pressure on global lumber markets and pricing, especially for Southern Yellow Pine (“SYP”) • Solid earnings from Europe; US South results directly impacted by weak SYP lumber pricing; Western Canadian results remained challenging despite uplift in Western Spruce/Pine/Fir lumber pricing • Modest uptick in NBSK pulp unit sales realizations, 7% increase in pulp production quarter-over-quarter • Ongoing constraints accessing economically viable fibre in British Columbia impacting lumber and pulp operating rates in the near-term and through the balance of 2024

In a strategic move, Sustana has acquired fiber drying equipment for its De Pere, Wisconsin facility. Since its establishment, the De Pere mill has specialized in the production of wet lap fiber, with the capability of producing 450 tons per day of quality sustainable fiber. However, growth potential has long been hindered by the challenges inherent in handling a product with roughly 50% water content. Now, with the integration of dryer equipment, Sustana is poised to propel production into a new era of excellence within the recycled fiber market.

Earlier today we notified our employees that we have completed the sale of Twin Rivers’ unbleached Kraft paper mill in Pine Bluff, Arkansas to American Kraft Paper Industries, an affiliate of the global industrial group American Industrial Acquisition Corporation (AIAC). Our press release, which will be published this afternoon, is included for your reference. The sale of Pine Bluff is aligned with Twin Rivers’ strategy of prioritizing the growth of our core specialty papers business and product offering and investing in our Madawaska and New York assets. Twin Rivers Paper is pleased to continue serving your needs for all paper grades made at our Madawaska and New York mills. If Angela Swenson has been your account lead for Madawaska or New York grades, a Twin Rivers account manager will be contacting you immediately to ensure your ongoing needs are fully met.

*Net sales of $496 million, down 6% from the first quarter of last year *Net income of $17 million, or $1.02 per diluted share, down $7 million from the first quarter of last year *Reduced net debt by $33 million, repurchased $1 million of outstanding shares with $6 million remaining under program. “Despite the significant weather event that impacted the quarter, we delivered solid results that came in at the higher end of our expectations through strong operational execution,” said Arsen Kitch, president and chief executive officer. “Our Lewiston team did a tremendous job repairing damaged equipment under very difficult conditions and resuming operations."

The first quarter result was a clear sequential improvement. As we expected, the improvement was mainly derived from stronger sales volumes and stronger price positions within liquid packaging board. We also experienced favorable product mix changes in both regions. Despite headwinds of higher costs for energy, logistics and fiber in Europe, the Group’s EBITDA margin strengthened to 11% in the quarter. Net sales for the first quarter declined by 9% to SEK 10,423 million (11,495). Currency changes had a positive impact of 2%. The organic* and currency-neutral net sales declined by 9%, mainly due to lower sales prices and reduced sales volumes. The Group’s sales volumes totaled 921 ktons (943), negatively impacted by curtailments of production in North America.

Norske Skog’s EBITDA in the first quarter of 2024 was NOK 76 million, a decrease from NOK 760 million in the fourth quarter of 2023. The fourth quarter EBITDA was significantly influenced by business interruption insurance of NOK 625 million at Norske Skog Saugbrugs. The first quarter EBITDA was negatively impacted by deconsolidation of Norske Skog Tasman of NOK 46 million and lower European CO2-allowance prices of NOK 32 million. Demand for publication paper is stabilising, but further capacity closures are still required. Containerboard demand is increasing but still experiences excess capacity. “We are very satisfied with the demand for our publication paper products in the first quarter. We have invested close to EUR 500 million into containerboard and energy projects over the past three years, and we still maintain a very strong balance sheet and cash position. We are highly satisfied with the production ramp-up at Bruck. The feedback from our customers on product quality is positive, and this is promising for our plan to deliver a total of 760 000 tonnes of packaging paper from Bruck and Golbey into the market in the coming years. Along with the Saugbrugs management team, we have continued to identify future opportunities for Saugbrugs industrial site, and we hope to announce further details during the second quarter,” says Geir Drangsland, CEO of Norske Skog.

Massimo Reynaudo, President and CEO, comments on the results: “In Q1, recovering demand and continued successful margin management resulted in improved earnings compared to previous quarters. The destocking that characterised last year was over for all our businesses and most of them improved their performance from Q4. In addition, our transformative growth investments, UPM Paso de los Toros and OL3, delivered good contribution to earnings. Our sales were EUR 2,640 million and our comparable EBIT was EUR 333 million, broadly at similar levels as in the comparison quarters. Our operating cash flow was solid at EUR 335 million and our net debt decreased to EUR 2,312 million during the quarter.

The quality of air intake is a substantial factor in the overall performance of today’s engines. An efficient air intake filtration supports optimal operation, preventing particulate contaminants from entering the engine while optimizing fuel consumption and reducing engine wear. In this context, a longer filter lifetime is a key benefit as it ensures continuous removal of contaminants while extending service intervals and minimizing environmental impact. Ahlstrom introduces a new dual-layer filter media technology, available globally, that represents a leap forward in filtration and is a perfect solution to comply with future market needs. The dual-layer design offers up to double dust holding capacity compared to the single-layer design, as each layer serves a distinct purpose to optimize the overall retention of particles in the depth of the material. In automotive engine air intake applications, the technology has proven to extend by over 50% the filter lifetime in the same configuration. It also offers the possibility to reduce both size and weight of the filter element in vehicles where these parameters are important.

Metsä Group has entered into an extensive cooperation with international technology group ANDRITZ to conduct a pre-study for the first possible commercial mill producing the Kuura textile fiber. This new type of textile fiber, developed by Metsä Group’s innovation company Metsä Spring, is made from Finnish wood. The primary objectives of this collaboration are to develop a pulp pre-treatment method, smart ways to integrate textile fiber production into the various departments of a bioproduct mill, and automation for Kuura production. The pre-study is the first planning stage for a potential commercial mill project to process softwood pulp into a new type of man-made cellulosic fiber (MMCF). The Kuura concept produces a sustainable, high value-added product without the use of fossil fuels.

New Force Magnetics and Master Magnetics, Inc. − a Colorado company − were acquired by a newly formed investment company now known as Master Magnetics Inc (a Delaware corporation) on April 1, 2024. Beginning on April 22, 2024, New Force Magnetics will operate as a new business unit under Master Magnetics Inc. Katie Fink will continue to provide the same level of customer service to which you are accustomed, operating under her new title, New Force Business Unit Manager. Jack Nellessen continues his employment with the company Chief R & D Strategist. Our new product offerings will expand to include not only the current flexible magnetics sheeting and strip and magnetic receptive products, but an entire array of neodymium, ceramic, ALNICO, and samarium cobalt magnets and magnetic assemblies for consumer, commercial and industrial use.

HEINZEL GROUP announces its performance for the year 2023, showcasing resilience in a complex market environment. The company reports a healthy €135,0 million of Operating Cash Flow and a simultaneous 6% reduction in CO2 emissions compared to the previous year, underscoring its dedication to both economic performance and sustainability. HEINZEL GROUP achieved net sales of €2,214.9 million in 2023, with an EBITDA of €116.5 million. Notable successes of 2023 include the startup of unbleached pulp production at Heinzel Pöls as well as the preparation of the integration of Steyrermühl operations acquired from UPM in Austria. Sebastian Heinzel, CEO of HEINZEL GROUP, commented, "In 2023 we have demonstrated resilience in challenging market conditions, especially in the containerboard segment, and we have laid the groundworks for future successes.” The Steyrermühl mill has become part of HEINZEL GROUP on January 1, 2024. The rebuilding of PM6 machine there remains well on track, with production of kraft papers slated to commence in May 2024.

Stora Enso appoints Tuomas Hallenberg as Executive Vice President of the Forest division and a member of the Group Leadership Team (GLT). He will join Stora Enso during the fourth quarter of 2024 and report to President and CEO of Stora Enso, Hans Sohlström. In this role, Hallenberg will succeed Per Lyrvall who will retire at the end of the first quarter 2025. Tuomas Hallenberg has long and diverse experience in forest business leadership. He is currently working as Senior Vice President, Property Development and Renewables, for Metsähallitus (the Finnish national forest company managing forest land and territorial water areas exceeding 12 million hectares). Prior to that, he has held several leadership roles at Metsähallitus since 2014. Between 1998 and 2014, Tuomas held various leadership and management roles at UPM, mainly in the wood sourcing and forest operations. He has a Master of Science degree in Forestry and a Master of Business Administration degree.

The jointly owned biorefinery, owned by SCA and St1, is now inaugurated. When fully operational in Gothenburg, the refinery will contribute an annual production of around 200,000 tons of renewable fuel. Mikael Källgren, Business Area Manager for Renewable Energy at SCA, notes that the inauguration marks a new milestone for SCA. The facility is the first where SCA produces renewable vehicle fuel, and SCA's share in the facility is 25 percent. The partnership and production at the facility also mean that SCA's pulp mills will be able to supply tall oil, a by-product from pulp production, for further processing at the new factory. The factory has undergone a start-up phase since the beginning of the year and has now commenced operations to produce sustainable aviation fuels (SAF), biodiesel (HVO), bio-naphtha, and bio-LPG. The inauguration of the refinery in Gothenburg also marks the culmination of a long process where an idea and vision have transformed into a state-of-the-art facility.

Canfor Corporation announced that it will optimize its footprint in southern Alabama by permanently closing its Jackson facility and expanding production at its Fulton facility with a second shift. These steps, together with the previously announced construction of a new, state-of-the art greenfield sawmill in Axis, will grow the Company’s regional manufacturing platform by 100 million board feet of production capacity and consolidate operations at modern facilities that are well positioned to be competitive for the long-term. “Canfor is working to optimize our operational footprint in southern Alabama to ensure we have wellcapitalized and highly efficient manufacturing facilities,” said Lee Goodloe, President, Canfor Southern Pine. “To this end, we are making the difficult decision to close the aging Jackson mill at the end of June, while expanding production at our nearby Fulton facility. We recognize this decision impacts our Jackson employees and community. However, we expect the majority of our employees will have an opportunity at either our expanded operation in Fulton, which will add a second shift, or in Axis once the new facility opens later this year.”

UPM Raflatac’s RafCycle™ recycling service recently won the 2024 Innovator Award for Innovation in a Recovery Technology or Practice at the Sustainable Packaging Coalition (SPC) Impact event. ”This award is a testament to our ongoing commitment to contributing to the circular economy. By collecting and recycling the release liner waste through RafCycle service, we help businesses in the label industry meet their sustainability goals. This is true not only for our customers, but their customers as well,” said Michael Garretson, Manager, RafCycle, UPM Raflatac Americas. The SPC Innovator Awards recognize meaningful contributions and advancements towards more sustainable packaging. The awards showcase the outstanding collaboration behind extraordinary advancements in sustainability. Recognized as the original label release liner recycling service, RafCycle by UPM Raflatac has over 400 partners worldwide.

Pixelle Specialty Solutions announced a new name for their popular bulking book papers brand. 1864 Trade Book and 1864 End Leaf, the print medium of choice for book publishers and book manufacturers for more than a century, will be renamed Authors Trade Book and Authors End Leaf, respectively. The new branding is effective immediately. “Our premium trade book and end leaf papers have graced the pages of countless bestsellers, classics, and memoirs,” said Ross Bushnell, President and Chief Executive Officer. “We’re committed to consistently delivering the highest-quality book papers in all the same basis weights, shades and bulks, but now with a new name more fitting for our customers.”

UPM Raflatac, a global supplier of innovative and sustainable self-adhesive paper and film products, has been formally recognized by the Association of Plastic Recyclers (APR) for three types of biaxially-oriented polypropylene (BOPP) label products for HDPE and PP package recycling. These include Undecorated BOPP with hotmelt adhesive, Undecorated BOPP with RW85C, and Metalized undecorated BOPP with general purpose acrylic adhesive. APR Design® for Recyclability Recognition provides third-party validation that a package or packaging component’s design is compatible with the North American recycling system. This process has now confirmed that UPM Raflatac’s BOPP products, as stated above, have met the highest criteria for recyclability according to the APR Design® Guide. UPM Raflatac’s latest recognitions are all for HDPE and PP recycling.

West Fraser Timber Co. Ltd. and Mercer International Inc. announced an agreement to dissolve their 50/50 joint venture in Cariboo Pulp and Paper. West Fraser will continue as the sole owner/operator of the mill, doing business as Cariboo Pulp and Paper Company. Located in Quesnel, British Columbia, Cariboo Pulp and Paper has the capacity to produce up to 340,000 tonnes of high-quality Northern Bleached Softwood Kraft (NBSK) pulp annually, employing nearly 300 people. “Cariboo Pulp is an important member of the West Fraser family of mills," said Sean McLaren, West Fraser's President & CEO. "This agreement better positions West Fraser to support the mill and provides ongoing certainty to our talented workforce."

Domtar joined industry allies in the nonprofit groups Envelope Manufacturers Association (EMA) and Keep US Posted in continuing their postal service advocacy in March, with visits to key members of Congress. While in Washington, our representatives pressed for sensible postal rate regulations, honored postal champions and called attention to a concerning new study regarding the U.S. Postal Service’s finances. Tina Howard, Domtar’s vice president of converting sales and a member of the EMA board, joined other women leaders for a Women’s Hill Day.

SCA’s Wifstamon nursery had its seed extraction premier this past winter. Using an in-house developed kiln and seed separator, SCA can now process cones to obtain seeds from its own pine seed plantations. In the seed extraction process, the cones open up and release their seeds. It may sound simple, but it requires a quality-assured work method so as not to damage the valuable seeds. For many years, SCA has hired a contractor for its cone kilning, but as of this year, the company can process a large share of the cones itself. “It's good to be able to do some of the extraction in-house,” says Marlene Lagergren, who was the project manager for the project. “In addition, we create employment over the winter in our otherwise very seasonal business. And we enhance our skills,” adds Anders Tolblad, Manager at NorrPlant.

The Supervisory Board of Mayr-Melnhof Karton AG has unanimously reappointed Peter Oswald (61) as Chairman of the Management Board and CEO until May 31, 2029 following his first period of office, which expires on March 31, 2025. At the same time, the Management Board, which currently includes CFO Franz Hiesinger (58) alongside him, will be expanded to three members. Roman Billiani (50), who up to now was responsible for “Food & Specialities Packaging” as Managing Director in the MM Packaging division and has held management positions in the field of fibre-based packaging for around 20 years, has been appointed as a new member of the Management Board for the term of office from May 1, 2024 until April 30, 2027. He will be responsible for the enlarged unit “Food & Premium Packaging”, which contains the entire packaging business with the exception of the area “Pharma & Health Care Packaging”.

Finland's industrial, logistics and electrical workers have agreed to extend strikes in protest against planned labour market reforms to a fourth week, the head of trade union association SAK said on Wednesday. The workers have been on strike since March 11, targeting exports, imports and cargo transportation. "The strikes will continue from Monday morning onwards for a week," SAK President Jarkko Eloranta told Reuters. "We are trying to negotiate and compromise with the government but unfortunately there has been no response to these efforts." Several of Finland's largest companies have said the strikes, which are disrupting ports and the rail system, are negatively affecting their operations.

Kimberly-Clark Corporation announced that, Mike Hsu, Chairman and Chief Executive Officer, and members of his executive leadership team are unveiling the next phase of the company's transformation, including a new operating model and key commercial initiatives designed to grow its brands and businesses at a faster pace than its categories. "Over the past five years, our global team's dedication and strong execution have positioned us to fully leverage the scale we've built and to catapult Kimberly-Clark into its next chapter of growth," said Hsu. "We are building on the consumer centricity and commercial advantages we've established by moving to a more agile and focused operating structure that we are confident will help accelerate our proprietary pipeline of innovation in right-to-win spaces and improve our growth trajectory, profitability, and returns on investment. We have more than 150 years of history, transforming groundbreaking insights into innovative categories, with products that provide Better Care for a Better World. We are excited to build on the strength of that legacy as we drive for consistent, long-term value creation."

UPM Biochemicals has announced the launch of a new range of bio-based plant stimulants, UPM SolargoTM. This launch marks UPM’s entry into the large and profitable agrochemicals market with an innovative, sustainable alternative to fossil raw materials-based products. UPM SolargoTM biostimulants are a highly innovative solution for sustainable agriculture providing scientifically proven benefits for a broad range of crops cultivated in fields and greenhouses with a significantly optimized environmental footprint compared to incumbent fossils-based products. They aid plant growth by improving the quality of soil microbiome and by increasing water retention. Unlike traditional fertilizers, UPM SolargoTM biostimulants do not directly provide nutrients to the plant. Instead, they increase nutrient absorption, utilization efficiency and stress tolerance of the plant. In long term testing, UPM SolargoTM products have shown to increase crop yield and quality. More importantly, UPM SolargoTM has the potential to help significantly reduce demand for classical fertilizers based on nitrogen, phosphorus and potassium (NPK), the production and use of which is held responsible for up to 80% of CO2-emissions in crop production1.

Metsä Group will launch a pre-study for the first commercial mill producing the Kuura textile fibre. Kuura is one of the spearhead projects of Metsä Group’s innovation company Metsä Spring. The goal is to increase the refinement of pulp sustainably and efficiently. Produced from softwood pulp, the Kuura textile fibre is a new material developed by Metsä Group, in which Finnish wood is converted into a sustainable product with high added value – without fossil fuels. The textile fibre has been researched and developed at the Äänekoski demo plant, among other places. The new pre-study is the first planning stage of a potential commercial mill project. During the pre-study, the size of the mill investment – and the profitability of the business idea – will be determined. According to plans, the pre-study will last for roughly a year, after which the mill planning can proceed to a more detailed pre-engineering stage.

Total European shipments of graphic papers in January 2024 were up 11% vs. January 2023. Total European shipments of newsprint in January 2024 were down 2% vs. January 2023. Total European shipments of sc-magazine in January 2024 were down 5% vs. January 2023. Total European shipments of coated mechanical in January 2024 were up 3% vs. January 2023. Total European shipments of uncoated mechanical in January 2024 were up 6% vs. January 2023. Total European shipments of coated woodfree in January 2024 were up 19% vs. January 2023. Total European shipments of uncoated woodfree in January 2024 were up 28% vs. January 2023.

Holmen's Board has decided to invest SEK 1.5 billion in the construction of Blisterliden Wind Farm in Skellefteå Municipality. As part of Holmen's drive to develop its renewable energy business, the investment will boost hydro and wind power production by 20 percent. “This investment is fully in line with our strategy to create long-term value, while facilitating the green transition through greater electrification. We are in no doubt that wind power will play an important role in the electricity system of the future, along with controllable hydro power, and we are proud to be able to contribute to this development,” says Fredrik Nordqvist, Senior Vice President Renewable Energy. The company’s renewable electricity production will contribute to a more sustainable society, in combination with the growing forest and the renewable products manufactured at Holmen’s mills. This particular investment will increase Holmen’s annual production of renewable energy from water and wind by 360 GWh to just over 2 TWh.

Production at Metsä Group's board mills and sawmills will be temporarily shut down due to the ongoing strikes. Production at the Rauma, Vilppula, Renko and Lappeenranta sawmills will stop on Friday 22 March. The production of board mills in Simpele, Kyro, Tako (Tampere) and Äänekoski is expected to stop on Monday 25 March. Previously, the production at Metsä Group's pulp and board mills in Kemi, pulp and BCTMP mills in Joutseno and the BCTMP mill in Kaskinen has been shut down. The mills can be started up when raw material is available and product transports start.

Metsä Group will construct a demo plant for lignin refining in connection with its Äänekoski bioproduct mill. The equipment will be supplied by technology group ANDRITZ. Construction will begin in Summer 2024, and the demo plant will be completed in late 2025. The plant’s daily capacity will be two tonnes of the lignin product. Lignin is a substance in wood that binds wood fibres together. In pulp production, lignin is separated from the fibres into black liquor in the chemical cycle and used as bioenergy. Lignin could also be used in chemical and material applications. Metsä Group and ANDRITZ will focus on developing the production process of the new lignin product and its integration with the bioproduct mill, as well as the product properties suitable for various end uses.

Phoenix Paper is proud to announce the latest addition to their Premier Treated Inkjet Line of quality papers with the release of Premier Inkjet Envelope TM. This new addition to the Phoenix Paper product line including Phoenix Premier Treated TM and Phoenix Premier Book TM solidifies Phoenix Paper’s dedication to inkjet technology and the critical role paper plays in helping today’s commercial printers maximize their inkjet investment and increase offerings to their customers. The creation of Phoenix Paper’s Premier Inkjet Envelope is in large part based on customer feedback, the launch of new inkjet printing equipment, as well as direct mail industry trends.

Fedrigoni announces a significant transformation in its executive team: Rodrigo Lacerda (formerly Bostik) will take over the Self-Adhesives business unit and Fulvio Capussotti will lead RFID, Innovation, ESG and Energy Transition. Lacerda, as the new Executive Vice President of the Self-Adhesives business unit, will bring his 30 years of international experience in leading global companies such a Bostik and Parex. Fulvio Capussotti, who led the Self-Adhesives division for nearly five years, will now transition to the role of Executive Vice President RFID, Innovation, and Chief Sustainability Officer.

Sappi Southern Africa has achieved GMP+ Feed Safety Assurance (FSA) 2020 certification for Pelletin, one of its Lignin products used as an additive in animal feed manufacturing, making it only the second organisation in Africa to attain this prestigious certification. GMP+ is the world’s largest and most rigorous animal feed certification scheme, focused on enabling companies to contribute to safe animal feed throughout the entire production chain, with an emphasis on the need for quality assurance and risk management in the production and trade of animal feed. Sappi’s certification is for the ‘Trade in Feed’ and ‘Production of Feed Additives’ categories, respectively. Pelletin is a technical lignin that primarily functions as a binder in the production of compound animal feeds. It is a natural wood-based product that acts as a natural glue that binds all the feed ingredients and additives together to produce cost-effective compound feed pellets with enhanced durability and strength.

In a significant move to address the evolving needs of the graphics industry, UPM Raflatac is pleased to announce the expansion of its Graphics Solutions product range. Designed to meet growing customer demands for high quality, durable and versatile materials, the expansion includes the launch of a range of new, self-adhesive products. The new solutions being showcased include a range of self-adhesive films and protection laminates specifically engineered with high tack adhesive for large format printing (LFP) applications. Available to customers from April, the new High Tack Polymeric LFP range is tailored for demanding indoor and outdoor LFP applications on polar and non-polar surfaces, offering key benefits for customers including a high initial tack and a clear, non-yellowing adhesive that is resistant to temperature, water, chemicals and UV.

The acquisition of Crane Stationery marks a significant milestone for WP Strategic Holdings as it expands its portfolio into the luxury goods sector. This strategic move underscores WP Strategic Holdings' dedication to fostering the growth and development of companies with rich legacies and a commitment to excellence. Tom O'Connor Jr, former CEO at Mohawk Paper, and instrumental figure in facilitating the acquisition, played a pivotal role in orchestrating the transaction. His extensive experience and deep industry knowledge were invaluable assets in navigating the complexities of the deal and ensuring a smooth transition.

Highlights *Fourth quarter 2023 net loss from continuing operations was $21.6 million or $0.12 per share (diluted), compared to net earnings of $2.7 million or earnings of $0.01 per share (diluted) in the third quarter of 2023. For fiscal 2023, net loss from continuing operations was $48.8 million or $0.27 per share (diluted), compared to a net loss of $4.1 million or $0.02 per share (diluted) in 2022 on the same basis. *Average lumber prices for Q4 2023 were lower than Q3 2023, with an average selling price of $611/mfbm compared to $642/mfbm in Q3 2023. There was strong pricing momentum in the first half of Q3 2023 due to supply related concerns, which benefited results at the beginning of the third quarter. Despite lower prices, volumes in Q4 2023 were higher than Q3 2023 due to increased demand in the latter half of Q4 driven by positive trends in US housing starts and the central banks indicating a pause of further interest rate hikes. *The valuation provision for lumber and log inventory was decreased to $4.3 million from $8.7 million at the end of Q4 2022, generating a $4.4 million credit to cost of sales in fiscal 2023. *US Department of Commerce’s (“US DOC”) Final Determination of its Fourth Administrative Review resulted in a final duty rate of 8.05%. The Company stands to benefit from an approximate US$6.9 million (CAD$9.2 million) recovery on duties paid in 2021, as recorded in 2023. Additionally, the ongoing lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023.

UPM Biochemicals announced another important milestone in the development of the world’s first biorefinery in Leuna, Germany. In partnership with DB Cargo, the first deliveries of wood have now been made to Leuna by rail, establishing and testing the direct rail link to the Leuna operations’ wood yard. This will enable UPM to transport wood sustainably and to strengthen local supply chains, increasing the security of supply with critical raw materials. DB Cargo, specialists in the sustainable and climate-friendlier transport of goods, is a long-standing partner for timber transportation in the rail sector and has been handling UPM’s paper and pulp freight for several years. It is worth mentioning, that wood handling and processing activities have started as part of the commissioning and start-up work for the biorefinery. The first wood chips made of wood from sustainably managed regional forests have been produced, confirming the overall progress made on-site.

The Paper Workers’ Union has terminated its collective agreements with UPM Pulp, UPM Communication Papers, UPM Specialty Papers, UPM Raflatac and UPM Biofuels businesses to expire mid-term on 21 or 22 April 2024, depending on the agreement. "The Paper Workers’ Union's decision to terminate the collective agreements in the middle of the contract period is regrettable. We had hoped that wage increases and productivity improvements could have been discussed constructively without terminating the agreements. Our aim is to find mutually beneficial solutions without creating unnecessary insecurity," says Jyrki Hollmén, Vice President, Labour Markets at UPM. UPM's businesses and the Paper Workers’ Union have been negotiating for the last two years of the contract period. So far, the negotiations have focused on the parties' objectives. The business environment has changed significantly since the agreements were signed in 2022. UPM underlines the importance of defining wage increases in relation to mutually agreed productivity improvements.

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the global availability of ReTac Clear PET PVC-free film. The award-winning product was initially launched in North America in September 2023 but is now also being made available to Drytac customers in the UK and in markets across Europe. A 3.0 mil (75µ) clear polyester (PET) film with a clear ReTac adhesive​, ReTac Clear PET forms part of Drytac’s popular ReTac range of solutions. It has been specifically developed with the environment in mind and is ideal for POP, retail and hospitality window, wall, and counter-top graphics. The film can be applied to all flat and simple curved surfaces. Printable on both Latex and UV machines, ReTac Clear PET is available in roll widths of up to 54 inches (approx. 137cm).

Antti Jääskeläinen, Executive Vice President, UPM Raflatac, will be leaving UPM to assume the role of President and CEO in the Finnish logistics and distribution company Posti Group Oyj. He will continue with his duties in UPM until the end of July 2024. Antti joined UPM in 2014 and was appointed to UPM’s Group Executive Team in 2016 with responsibility for UPM Raflatac Business Area. During recent months Antti has also held the interim responsibility for UPM Communication Papers Business Area. “I want to thank all my colleagues in UPM for the great journey together in creating a future beyond fossils and building the global profitable growth of UPM Raflatac. UPM is a great company with great people, and I am convinced that UPM will continue to build a strong future. I wish everybody the best of success,” says Antti Jääskeläinen.

The research, called Carbon Sinks+, aims to understand how commercial forests affect to climate change in ways other than as carbon sinks and stores. For example, forests also have an impact on the formation of aerosol particles and clouds, rainfall and the reflection of sunlight back into space, all of which affect to climate change. “It is not yet known which forest or ecosystem has the greatest overall cooling effect on the atmosphere and by which mechanisms. It is known that forests act as carbon sinks, but the SMEAR (station for measuring Earth surface-atmosphere relations) study aims to find out what else commercial forests do for the climate”, explains Markku Kulmala, Professor of Aerosol and Environmental Physics at the University of Helsinki, who is leading the study. The study will measure more than a thousand different variables, and the main measurement site will be the Hyytiälä forest station at the University of Helsinki, where measurements have been taken for decades.

UPM has high aspirations in responding to the global climate challenge. Sustainably produced pulp is one of the answers when aiming for a future beyond fossils. Here are some key facts on our sustainability efforts. 1. Zero tolerance for deforestation - UPM’s business is based on forests. This is a strong reason to ensure that the forests always grow more than they are used. 2. Improving biodiversity in our own forests - As a leader in the industry, UPM was the first forest company in the world to make a commitment to increasing the biodiversity of its own forests. 3. Ultimate goal of climate positive portfolio - The majority of airborne emissions that UPM mills produce are biomass-based from renewable sources. 4. Zero Solid Waste to landfill globally by 2030 - Most of UPM’s waste is reused in other processes such as energy generation.

Searching for the ultimate eco-friendly solution for your next label initiative? We've got you covered. Wausau Coated Products proudly introduces our latest innovation - a range of five new clear sheet products boasting 90% Post-Consumer Recycled (PCR) PET (Polyester) content. This marks a significant step forward in our commitment to sustainability and eco-friendly solutions. Why choose our new products for your next label project? Here's why: • Eco-Friendly Excellence: Our new clear sheets offer the performance of other films but with a major eco-advantage – they are made from 90% PCR PET • It’s The Right Thing To Do: Just like tossing your aluminum cans into the recycling bin instead of the trash at home, buying and using products with recycled content is the right thing to do. • Versatile Applications: Whether you're looking for permanent or removable signage solutions, or need eco-friendly options for product and regulatory labeling, our new 90% PCR PET sheets are the perfect choice.

Sappi North America Inc., a leading producer and supplier of diversified paper, packaging products and pulp, announced today its innovative collaboration with Biophilica, the company behind Treekind®. Treekind is one of the only plastic free leather alternatives that is 100% biobased, home compostable, non-toxic, and PETA vegan certified, notably benefiting from Sappi’s textured release paper to give the material an ultra-realistic look and feel. Understanding the important role that touch plays in consumers’ relationship with products, it was paramount for Biophilica to create a product with an authentic, non-plastic-like feel. Touch has the power to shift consumers’ minds into a deeper level of engagement – one more conducive to building a lasting relationship and connection with a brand. To help facilitate this vision in 2022, Sappi stepped in to deliver a high-fidelity, 3D, leather grain solution to impart texture to Treekind through the application of Sappi’s Ultracast Viva® release paper.

• 2023 operating loss of $532 million; shareholder net loss of $326 million • Q4 2023 operating loss of $191 million; shareholder net loss of $117 million • Solid earnings for the Company’s European and US South operations in 2023, with persistent challenges in British Columbia • Successful execution of significant capital growth program in the US South throughout 2023 • Sustained pressure on global lumber market conditions and pricing through most of the fourth quarter, drove quarter-over-quarter decline in results in all lumber operating regions, most notably in Western Canada • Moderate uplift in global pulp market fundamentals through the fourth quarter driven by a slight increase in demand and purchasing activity in most major regions; 20% improvement in pulp production quarter-overquarter

• 2023 operating loss of $128 million; net loss of $96 million • Q4 2023 operating loss of $15 million; net loss of $13 million • Moderate uplift in global pulp market fundamentals through the fourth quarter driven by a slight increase in demand and purchasing activity in most major regions • 20% increase in pulp production in the fourth quarter reflecting improved operating performance at both the Northwood and Intercontinental NBSK pulp mills • Persistent challenges associated with the availability of economic fibre in British Columbia

Mondi, a global leader in the production of sustainable packaging and paper, recently put a new slitting and rewinding unit into operation at its Slovak paper mill in Ružomberok. The equipment allows for an extended capacity in narrow reels thus complementing Mondi’s portfolio offering. “We want to give our customers supply security for their paper needs in folio and various reel widths and for this we needed to extend our narrow reel capacity,” explains Bernhard Cantzler, Marketing and Sales Director at Mondi Uncoated Fine Paper. This wide paper portfolio is offered from Mondi SCP, Mondi’s integrated pulp and paper mill located in Slovakia fulfilling strict sustainability requirements. All Mondi uncoated fine paper brands produced at the site are Cradle to Cradle Certified® at the Bronze level. This certification ensures that, regardless of the level, all certified products are safe, circular and responsibly made. Depending on the specific product the papers carry the EU Ecolabel and are chain of custody certified according to PEFC and/or FSCTM requirements.

ANDRITZ supplied energy-efficient and environmentally leading technology for UPM’s largest investment to date. With a capacity to produce 2.1 million tons of eucalyptus pulp per year, the mill is the biggest in Uruguay and the world’s biggest single line mill in operation. It will also contribute around 1 TWh of surplus green electricity per year to the Uruguayan power supply. UPM will use the pulp from the Paso de los Toros mill to meet the rising demand of existing customers, particularly in China, but also to target new markets. Having successfully established itself as a reliable pulp supplier in the Asia-Pacific region and in Europe during the last decade, UPM is now using this experience, as well as the increased capacity, to develop the North American market.

Felix Schoeller is fulfilling its PAPER MADE FOR LIFE brand promise with five sustainable product solutions at this year's FESPA Global Print Expo (19-22.03.2024) in Amsterdam. The new TRANSFER DT paper with 67 percent less plastic is a sustainable addition to the transfer films in the product portfolio; the S-RACE® TERRA sublimation paper made of 65 percent recycled fibres, the SCM pro terra and the polyethylen-free ULTRA green photo paper are the consistent implementations of the promise to use resources and make an essential contribution to society consciously and the environment with sustainable paper solutions - without compromising on quality. As if that were not enough, Felix Schoeller is also taking a sustainable approach to packaging its digital media products. In close consultation with customers, the aim is to make this 100% plastic-free in future. You can experience the unique, sustainable solutions and new products live at the trade fair stand in Hall 12, Stand D21.

Pixelle Specialty Solutions (“Pixelle”), a leading manufacturer of specialty papers in North America, launched a new product portfolio of premium ballot papers tailored for local, state and federal elections across the United States. As the 2024 national and local elections draw near, Pixelle is positioned to support polling nationwide with a wide range of high-performance ballot papers that are made in the U.S.A. Pixelle’s ballot paper portfolio includes options for hand-marked ballots, machine-readable ballots compatible with major voting systems, and durable mail-in/absentee ballots. Basis weights range from 80 lb. to 100 lb. and include durable, uncoated heavyweight stocks that deliver excellent opacity and trouble-free printing on web offset, sheetfed, digital toner and inkjet presses. Additionally, Pixelle’s ballot papers offer consistent post-processing for folding, scoring and perforation.

UPM Raflatac, a global supplier of innovative and sustainable self-adhesive paper and film products, opens a new slitting and distribution terminal in Mumbai, India. The new facility further improves service and quality to UPM Raflatac’s customers and strengthens the relationships in the region. “Our talented team has created a great workplace for our employees, a great facility to serve our customers and a great platform for growth. With the new modern facility, we can stock more material locally which will optimize lead times, enhance service, and help meet the diverse and dynamic needs of our customers,“ says Alan Wright, Senior Vice President, EMEIA Region, UPM Raflatac. The new Mumbai terminal, operational since February, will soon see the addition of another slitting machine. Its strategic central location extends UPM Raflatac’s reach across the country.

Fedrigoni has set the goal for 2030 to have 100% of its special paper families with a verified level of recyclability according to the Aticelca 501/19 method, one of the most rigorous and in line with current regulations. If the paper product falls into one of the four recyclability classes (A+, A, B, C), it means that it can be collected in paper and recycled in paper mills, and the company is authorized to use the “Recyclable with paper – Aticelca® 501” mark for commercial purposes. More intense colors can generate a drop in recylability class (for example, bringing the classification from an A+ level to an A level if going from a light color to a more intense one), limit the use of paper, or require a greater use of colors or coatings to cover intensely colored fibers. In addition, the recycling of differently colored and deep papers leads to the creation of gray recycled papers, with optical inhomogeneity; these papers can only be used for limited applications (for example, inside a box). At Fedrigoni, we recover our colored paper waste through a color flow (from white to black) to maximize its optical homogeneity.

HIGHLIGHTS • Pulp sales of 2,761 thousand tons (stable vs. 4Q22). • Paper sales³ of 386 thousand tons (14% vs. 4Q22). • Net average pulp price in export market: US$572/ton (-31% vs. 4Q22). • Average net paper price3 of R$6,732/ton (-5% vs. 4Q22). • Pulp cash cost ex-downtime of R$816/ton (-13% vs. 4Q22). • Leverage of 3.1 times in USD and 3.0 times in BRL. • Cerrado Project completes 86% of physical progress and 78% of financial progress.

Rottneros introduces our brand; Spring by Rottneros - the same high-quality CTMP pulp as before but now with its own name. In connection with the brand introduction, the article structure is also simplified to harmonize with the usual way of classifying different CTMP qualities on the market. We have a strong brand for our chemical pulp, Robur Flash. Now we want to create an equally strong brand for our CTMP quality, says Kasper Skuthälla, Rottneros Sales and Business Development Manager. Spring by Rottneros is a quality primarily developed for the needs of the growing cardboard market and can also be adapted for a range of other special applications. It is approved for food contact and can be obtained as environmentally certified.

Nekoosa announces the launch of Nekoosa Dye Sublimation Transfer Paper, a new paper for the transfer of sharp, high-definition color images onto both hard and soft surfaces such as metal, wood, ceramic, fabric, glass, fiberglass and more. Nekoosa Dye Sublimation Transfer Paper is compatible with all major dye sublimation printer brands designed with water-based ink systems. “Nekoosa's Dye Sublimation Transfer Paper is setting a new standard for print quality and durability in the industry. With ecommerce driving corporate and consumer demands for personalized products across various sectors, the need for short run, high-definition printing with added versatility has never been more critical for growth,” says Rita Gibson, Product Manager at Nekoosa. As a part of the Nekoosa Promise™ portfolio, Nekoosa Dye Sublimation Transfer Paper is paper-based and 100% recyclable, aligning with Nekoosa’s commitment to offering sustainable products. The portfolio offers print media solutions that reduce environmental impact without sacrificing quality, performance or affordability.

The Fedrigoni Group, one of the world's leading manufacturers of special papers, self-adhesive materials, and RFID solutions, announces the acquisition of certain assets of Mohawk Fine Papers, Inc., the company it entered into an industrial partnership with last September 2022 to strengthen the distribution of specialty fine papers in the North American market. The transaction was finalized through a NewCo incorporated by Fedrigoni to acquire Mohawk's assets in a sale process initiated by a financial institution, following a period of significant financial distress that affected the U.S.-based company in the past months. The transaction entirely cleared the new company from existing indebtedness, allowing to preserve the majority of existing jobs, industrial activities and customer relationships. Founded in 1931, Mohawk is a family-owned company that produces some of the best-known specialty papers for designers, brands, and printers and that - like Fedrigoni - has strongly innovated in the field of digital printing and sustainability. The sharing of core values such as solid know-how and a focus on innovation and environmental impact reduction led to the acquisition of this firm, which becomes part of the Fedrigoni Special Papers division and represents an important piece in the group's overseas growth strategy.

The blue thermal paper from Koehler Paper, known under the trade name Blue4est®, is becoming increasingly popular due to its sustainability; a result of a complete absence of color developers and that it can be easily disposed of as wastepaper. The blue checkout rolls from the world’s leading thermal paper manufacturer from Oberkirch have now become the subject of a promotional campaign in the Renchtal region. Eight businesses and restaurants from the city Oberkirch have come together voluntarily to use their logos on the back of the blue till paper in an act of solidarity to campaign for a green Renchtal. In addition to the eight logos, they are also highlighting the main advantage of the blue thermal paper: It is environmentally friendly and can be recycled. This makes it clear to customers that their blue receipt is helping to protect the environment and represents an even greener Renchtal.

Mativ Fourth Quarter 2023 Highlights (Continuing Operations) *Sales were $452.3 million down 13.7% year over year, reflecting lower volume *GAAP loss was $13.6 million, GAAP EPS was $(0.25), and GAAP Operating Loss was $2.2 million. Results included $10.6 million ($0.19 per share) related to asset write-downs due to footprint rationalization, integration costs from the Merger, and divestiture costs from the EP Divestiture. Mativ Full Year 2023 Highlights (Continuing Operations) *Sales increased 24% to $2,026.0 million, reflecting the full benefit of the Merger; Sales decreased 9% on a comparable basis, reflecting lower volume partly offset by higher selling prices and favorable currency translation *GAAP Loss was $507.7 million, GAAP EPS was $(9.33), and GAAP Operating Loss was $413.9 million, which all included significant expenses related to goodwill impairment, integration, and restructuring

Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the global availability of ReTac Duo double-sided mounting adhesive. Previously only available in North America but now being offered to customers worldwide, ReTac Duo is a clear, double-sided mounting adhesive on a clear PET carrier. It has a permanent adhesive on one side and ReTac ultra-removable adhesive on the other. The permanent adhesive side of the film sticks to the desired graphic, while ReTac ultra removable adhesive on the other means the graphic can be easily applied, repositioned and removed for repeated use. Such is the flexibility and adaptability of ReTac Duo that it can adhere to walls, doors, windows, or any other smooth surface, without leaving behind residue when removed.

Last spring, the board of the Rottneros Group decided to invest 93 MSEK in a solar park and energy storage. This is part of the Group's efforts to increase the share of renewable electricity, but also to reduce its exposure to the electricity market. The procurement is now complete. Nordic Solar will deliver the solar panels and Powerworks the energy storage. With these contracts in place, everything is lined up to build the Rottneros group's first solar park and energy storage. The facility is expected to generate 3 GWh/year. It is a smaller part of the electricity consumption in the factory, but an important part of the Rottneros Group's long-term sustainability strategy.

International technology group ANDRITZ has received an order from Moorim P&P, South Korea, to upgrade an evaporation plant at its Ulsan mill, which produces bleached kraft pulp and different types of high-quality paper. The refurbishment will help to increase the mill’s efficiency and reduce consumption of resources. Mr. Kim Sangwoo, Project Director, Moorim P&P, says, “We have set ambitious energy saving targets for our Ulsan mill. This upgrade will increase the capacity of our evaporation line no. 1 and the final dry solids content of the black liquor, which supports these targets. ANDRITZ’s efficient technologies will contribute to water and energy savings.” The upgraded evaporation plant is designed to produce a stable, high-solids black liquor stream for efficient combustion in the recovery boiler. All condensates generated in the evaporation plant can be 100% re-used in other mill areas reducing the need for raw water.

Fourth Quarter 2023 Financial Highlights: *Revenue of $686 million *Income from operations of $8 million; Net loss attributable to Tronox of $56 million *GAAP diluted loss per share of $0.36; Full Year 2023 Financial Highlights: *Total revenue of $2,850 million *Income from operations of $186 million; Net loss attributable to Tronox of $316 million; *Adjusted EBITDA of $524 million; *GAAP diluted loss per share of $2.02; *Capital expenditures of $261 million *Returned $89 million to shareholders in the form of dividends

Financial Highlights – 2023 Full Year *Net income from continuing operations of $253 million *Cash provided by operating activities from continuing operations of $504 million *Free cash flow3 of $294 million *Paid regular and special dividends totaling $57 million *Repurchased 1,574,133 shares of our common stock for approximately $70 million, resulting in 41.2 million shares outstanding as of Dec. 31 *Ended the year with net debt of $730 million ($950 million of gross debt and $220 million cash on hand). Financial Highlights - Fourth Quarter vs. Third Quarter *Net sales of $964 million vs. $897 million (7.5% increase) *Net income from continuing operations of $49 million vs. $58 million *Cash provided by operating activities from continuing operations of $167 million vs. $197 million *Free cash flow3 of $104 million vs. $155 million

Fluff pulp is cool. Who knew? The people of Arkansas, that’s who. They voted Domtar’s fluff pulp the coolest thing made in their state. The Coolest Thing Made in Arkansas is a program sponsored by Arkansas Business, a weekly business journal and the Arkansas State Chamber of Commerce and Associated Industries of Arkansas. Fluff pulp from our mill in Ashdown, Arkansas, uses wood harvested from sustainably managed forests in the region. In the final stage of voting, called the “Featured Four,” our fluff pulp competed against rubber bands, a sliding shoe sorter and aluminum swirl tables. We’re honored to have been chosen the winner in the 2023 contest.

Financial summary for the quarter *EBITDA excluding special items US$156 million (Q1 FY23 US$290 million) *Net debt US$1,216 million (Q1 FY23 US$1,241 million) *EPS excluding special items 8 US cents (Q1 FY23 30 US cents) *Production at Stockstadt and Lanaken Mills in Europe permanently ceased

The Rumford outage recently wrapped up a historic outage and we would like to thank everyone for the hard work over the past few months.This outage was a massive undertaking, and we are excited for a more efficient and more productive future. Throughout August and September, the historic mill received a deep-cleaning, some much-needed TLC, and several major repairs and significant projects took place throughout the mill. This outage is a significant milestone in ND Paper’s commitment to operational efficiency and safety and approximately 1,000 contractors were on site performing various functions. Unlike the simultaneous annual outage, a cold outage involved a complete shutdown of all equipment and electricity. This pause in production allowed our team to make critical repairs and replacement on typically inaccessible machinery. The cold outage spanned nine days (September 5th to September 14th) and included major steam, air, water, electrical and sewer system repairs. All four boilers were taken offline, allowing for the execution of 88 work orders focused on steam system leaks and valve issues.

Our donation of $50,000 to Vancouver Island University has supported 19 student awards in the past two years. “Awards are great incentive for students to focus on their learning and when received instill a sense of pride as they meet their goals,” says Brad Jannaway, Instructor and Department Chair of HMT in Trades and applied Technologies “From a practical standpoint, the award will likely come at a time they really need it and can help them move into their chosen careers.” Created with the $50,000 donation, the Paper Excellence Award Fund gives students who did well in the program a financial boost as this graduate. Congratulations to the 19 students who received these $1,000 awards in 2022 and 2023. The 2024 recipient selections will take place between April and August.

Lecta expands its line of Termax thermal products and launches its two new high-quality grades of Termax top-coated thermal paper on the market, Termax TC20X and Termax TC20XB, for a wide variety of self-adhesive labels. The two new grades of paper in this product line are made to be used as adhesive facestock for food and industrial label applications in which there may be adverse conditions such as moisture, grease or solvents. Both products are highly resistant to grease, water, solvents, scratching and plasticizers, and are therefore an excellent solution to these problems. In addition to excellent chemical and environmental resistance, Termax TC20X and TC20XB papers provide high image resolution, good temperature resistance, high sensitivity, and both are phenol-free. The TC20XB also has a protective layer on the back to protect the label when used with more demanding adhesives.

UPM has been recognised by the global environmental non-profit organisation CDP for its leadership in corporate transparency and performance on climate change and forests, securing a place on the annual 'A List'. Based on data reported through CDP's 2023 Climate Change and Forests questionnaires, UPM is one of a small number of companies to achieve a double 'A' out of more than 21,000 companies assessed. For the water questionnaire, UPM received an A-, which is also a leadership position. "In today's world, all three aspects of the CDP are very important for all of us," says Sami Lundgren, Vice President, Responsibility, UPM.

Mondi plc (Mondi), a global leader in the production of sustainable packaging and paper, has completed the acquisition of Hinton Pulp mill in Alberta, Canada, from West Fraser Timber Co. Ltd (West Fraser) for a total consideration of USD 5 million. The mill has the capacity to produce around 250,000 tonnes of pulp per annum and will provide the Group with access to local, high-quality fibre from a well-established wood basket as part of a long-term partnership with West Fraser. Mondi intends to invest in the mill to improve productivity and sustainability performance and, subject to pre-engineering and permitting, invest in expanding the facility primarily with a new kraft paper machine which will integrate its paper bag operations in the Americas to support future growth.

Zhao Lei, President, Wuzhou Special Paper, says: “In collaboration with ANDRITZ, we have set a world record by achieving a capacity of 1,500 admt/d using just one HC refiner in our new production line. With this cutting-edge system, we will be self-sufficient in pulp production, guaranteeing top-quality products without having to rely on outsourcing.” Zhang Yancheng, Vice General Manager, Wuzhou Special Paper, adds: “ANDRITZ's proven technology, coupled with its team of domestic and international experts, has greatly supported our production line start-up. We're very satisfied with the high fiber quality and the low energy consumption.” The new system produces pulp for premium folding boxboard using eucalyptus and acacia chips as raw material. The patented state-of-the-art P-RC APMP (Pre-conditioning Refiner Chemical Alkaline Peroxide Mechanical Pulp) process ensures optimum pulp quality at minimum operating cost and lowest environmental impact.

Q4 2023 highlights: *Sales decreased by 22% to EUR 2,531 million (3,231 million in Q4 2022) *Comparable EBIT decreased by 51% to EUR 323 million, 12.8% of sales (653 million, 20.2%) *Operating cash flow was EUR 456 million (1,576 million), supported by cash inflow from working capital. 2023 highlights: *Sales decreased by 11% to EUR 10,460 million (11,720 million in 2022) *Comparable EBIT decreased by 52% to EUR 1,013 million (2,096 million), and was 9.7% (17.9%) of sales *Operating cash flow was record strong at EUR 2,269 million (508 million), supported by cash inflow from energy hedges

Avery Dennison Corporation announced preliminary, unaudited results for its fourth quarter and full year ended December 30, 2023. Unless otherwise indicated, comparisons are to the same period in the prior year. “Earnings per share were in line with our expectations for the fourth quarter, increasing sequentially for the fourth consecutive quarter,” said Deon Stander, president and CEO. “Volume in both Label Materials and Apparel Solutions improved sequentially, continuing to recover from slow market conditions, largely due to inventory destocking, while our Intelligent Labels platform continues to accelerate. “In Intelligent Labels, we are targeting to deliver significant growth in 2024, as apparel rebounds and we accelerate the adoption of our solutions that help address key industry challenges in logistics, food and general retail, further advancing our leadership position at the intersection of the physical and digital.

According to Forbes magazine, each year 4 million baby boomers, the generation born between 1946 and 1964, leave the workforce, taking with them valuable institutional knowledge that future generations might miss out on. At Domtar, we’re working to capture and transfer that institutional knowledge before it’s gone. Since April, Manufacturing Knowledge Development Senior Director Larry Warren has worked with a steering team of operational leaders, both at corporate offices and manufacturing sites, to create an intentional operations training structure. The aim is to ensure consistent operator training, development and institutional knowledge transfer across our manufacturing network as older employees retire and new ones take their place.

Commensurate with the recent divestiture of the Company’s Engineered Papers business, Mativ Holdings, Inc. announced organizational realignment initiatives that will streamline organizational size and complexity, and leverage business-critical resources to enhance customer support. As a result of these initiatives, the Company expects to achieve an annualized run-rate of $20 million of overhead cost reduction in 2024 and an additional $20 million by the end of 2026, effectively reducing overhead costs by approximately 15% over that timeframe. The first wave of this initiative is primarily driven by workforce reductions and indexed toward senior levels of the organization. The second wave of savings will be unlocked by system integrations, further restructuring, and transactional efficiencies. The 2024 charges associated with these initiatives are estimated to be $15-$20 million, which are expected to be incurred predominantly in the first half of 2024.

Key highlights *Weak volumes in North America and negative price and mix impact in both regions *Sequentially lower input costs, mainly related to pulpwood in Europe *Another strong delivery of our efficiency enhancement program *Excellent cash delivery through working capital focus *Negative profit impact from revaluation of biological assets in the associated company BSÖ. Quarterly data Q4 *Net sales decreased by 20% to SEK 9,566 million (11,971) *Operating loss SEK 191 million (profit: 1,353) including items affecting comparability of SEK -244 million (-52) *Net loss SEK 330 million (profit: 940)

Ahlstrom is proud to announce the launch of PureLid™, a fiber-based lid offering for single-serve coffee capsules to support the coffee industry in its sustainability journey. With its ground-breaking design, PureLid™ offers a high-performing, home-compostable alternative to aluminum or plastic lids used in coffee capsules. PureLid™ has received the OK compost HOME and OK compost INDUSTRIAL certifications from TÜV®. OK compost HOME and OK compost INDUSTRIAL certifications confirm that PureLid™ can be composted at home and in an industrial facility. All tests have been carried out with an independent laboratory certified and accredited to ISO 17025. This innovative, patented coffee lid structure is ready to seal on coffee capsules, making it an ideal choice for manufacturers who are looking to embrace the future of sustainable coffee packaging.

Ahlstrom pursues its over 50-year commitment and drive of the future of the global filtration industry by investing in a new production line for molecular filtration media in Turin, Italy. Air quality in closed environments such as buildings and vehicles is a major concern in many areas of the world. In this context, particulate filter media play an important role in removing solid particles and aerosols from the air. Molecular filter media are used in complement, removing gaseous pollutants, including volatile organic compounds, inorganic gases (such as sulfur dioxide, nitrogen oxides, ammonia), and odors, and delivering the cleanest air to people and processes. The new line is being designed to produce the highest-performance adsorbent materials for premium filtration applications, including next-generation cabin air and fuel cell air intake, as well as a complete range for HVAC and cleanrooms.

In a strategic move to streamline its operations and enhance its commitment to sustainability, Sustana proudly announces the rebranding of its subsidiary companies, including Sustana Fiber, Rolland, and Hanna Paper, under the united Sustana umbrella. Fabian de Armas, Chairman and CEO of Sustana, expressed his enthusiasm for the rebrand, stating, “This strategic move marks a significant milestone in our journey toward a more circular and nature-positive future. By uniting our business units under the Sustana brand, we are creating a stronger, more united company around our shared purpose – to make sustainability an ingredient in everyday products.”

The persistent global economic downturn is proving to be much tougher than anticipated with depressed markets, geopolitical instability and weak economic growth combining to put significant pressure on Sappi, particularly in Europe. In response we announced on 10 October 2023 the start of a consultation process on the possible closure of Sappi Lanaken Mill. We have completed this process and agreed on the social plan for the employees. Production of paper ended in December 2023. The closure of the site should be completed during the second calendar quarter of 2024. Details regarding the financial impact once all closure elements are taken into account will be provided during the first quarter financial results announcement.

GreenFirst Forest Products Inc. is pleased to announce that it has successfully completed the previously announced decentralization of its lumber mill and paper mill operations. In connection with the decentralization, Terry Skiffington has been engaged as Chief Executive Officer of the paper mill division. Mr. Skiffington is a skilled executive with a broad range of experience in the pulp and paper sector in Canada and globally. The strategic decision to decentralize the businesses and management is expected to improve the ability to focus on the unique aspects of each business, provide for more efficient decision-making processes and to allow for increased entrepreneurialism and cost-control measures.

Domtar’s commitment to literacy drives our investments in community libraries across Canada and the United States. We recognize the integral connection between paper and learning, as well as the unique role of local libraries. As part of our 175th anniversary celebration, we made one of the largest community investments in our history to support the construction of a new community library in Windsor, Quebec, home to our Windsor Mill. Domtar committed $225,000 to support the project, which will relocate the Patrick Dignan Library to a new building that will offer more space and improved accessibility. “Domtar’s partnership with the library project is a natural fit. In addition to being a mobilizing and inclusive project for the entire community, it is directly linked to our product, paper,” says Sylvain Bricault, general manager of the Windsor Mill.

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.

All papers sourced by UPM Raflatac, whether used as a face paper or a release liner in its labeling materials, are now certified under a credible third-party forest certification scheme. Having all papers certified is one of UPM Raflatac’s 2030 responsible sourcing and climate targets, which was now achieved six years ahead of time. “Reaching our 2030 target this far in advance is a significant milestone that we could not have achieved without the support and close collaboration of our suppliers, and the drive and commitment of our employees. Third-party forest certification is one important element in our responsible sourcing approach, combined with supplier assessment and development activities, as well as continuous risk monitoring and management,” says Maria Seppälä, VP Sourcing, UPM Raflatac.

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.

Wood is a natural, renewable resource, and Lecta firmly supports its responsible use to preserve forests, the environment and its value for our society at large. Our Responsible Purchasing of Wood and Forest-Based Products Policy states our commitment regarding the purchasing of pulp and fiber. The policy and its requirements, along with the principles in our Code of Ethics and Lecta's Integrated Management System Policy, ensure the correct management of our purchases, in line with our sustainability targets. In keeping with these values, Lecta’s PEFC and FSC® C011032 Chain of Custody system has been in place for years to guarantee accountability and the protection of forest resources through tracking systems.

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.

Forest Stewardship Council (FSC), the world’s most trusted forest certification system, is proud to announce its 2023 FSC-US Leadership Awards, recognizing uncommon excellence that advances responsible forest management and forest conservation. “It is a great honor to recognize the efforts of such diverse organizations and individuals”, says Stuart Hale, Co-Chair of the FSC-US Board of Directors. “They are leading the way in demonstrating how well-managed forests can provide benefits through sustainable resources and natural climate solutions.” *Monadnock Paper Mills, for its Unplastic Initiative – nine eco-friendly, FSC-certified fiber-based alternative products. Remarkably, Monadnock’s sustainable solutions have already replaced more than 10 billion conventional plastic gift cards worldwide.

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.