Holmen’s Interim Report January-September 2023

GreenFirst Forest Products Inc. is pleased to announce that the Government of Ontario has announced that it is prepared to offer a loan of up to $17.2M (the “Loan Facility”) to support the Company’s plan to relocate and redevelop the Kenora sawmill over the next 3.5 years. Completion of the Loan Facility is subject to due diligence and negotiation of binding agreements. If completed, the Company would be able to draw down on the Loan Facility to cover 20% of its eligible project expenditures provided that the Company meets certain performance parameters including but not limited to job-creation targets and other project milestones. This strategic relocation would open the necessary expansion opportunities to ensure the mill is viable and sustainable.

WestRock Company announced that it plans to reduce its solid bleached sulphate (SBS) mill system production capacity by 200,000 tons by shutting down one paper machine at its Evadale, Texas, mill. This shutdown of the paper machine at the Evadale mill is expected to occur by the end of 2020 and reduce headcount at the mill by 60 employees. The remaining two machines at the Evadale mill will continue to support important end markets, including liquid packaging, foodservice, food and premium coated pre-print liner for corrugated boxes, among other grades. The company’s total SBS production capacity after this action will be approximately 1.9 million tons.

Effective with shipments July 1, 2018 and after, Kruger will increase the transaction price of all coated grades. This includes Krukote Offset; Krukote Hi Bulk; Krukote 76/80; Krukote Recycled; Krukote Satin/76/80. The increase will apply to all basis weights and finishes.