International Paper Company (NYSE: IP) announced the election of Christopher M. Connor to its board of directors effective October 1, 2017. Mr. Connor, age 61, retired as Executive Chairman of The Sherwin-Williams Company in December of 2016. Mr. Connor joined The Sherwin Williams Company in 1983 and served as its Chairman and Chief Executive Officer from 2000 to December 2015. Mr. Connor is Chairman of the Rock & Roll Hall of Fame in Cleveland, Ohio, and serves on the board of directors for both Eaton Corporation plc. and Yum! Brands, Inc. He will be assigned to join the Board's Audit and Finance Committee and Management Development and Compensation Committee.
Due to rising costs pulp, raw materials and transportation, Moorim announces a $2.00/cwt increase on all C1S label basis weights in both sheets and rolls, effective from orders received on and after November 1, 2017.
Premier Dwight Ball is worried about the impact of huge tariffs on newsprint from Corner Brook Pulp and Paper, following the introduction of another new tarriff by the United States. Just two months after the mill was hit by an export duty of nearly 10 per cent, the U.S. Department of Commerce on Tuesday announced an anti-dumping duty of 22.16 per cent — the result, it says, of a preliminary investigation that found Canadian exporters underpriced uncoated groundwood paper by up to that amount. The total tariffs will now add 32 per cent to the cost of newsprint — the highest duties of any mill in Canada. Click Read More below for additional information.
According to the May 2019 Printing-Writing Monthly report from AF&PA, total printing-writing paper shipments decreased 11 percent in May compared to May 2018. U.S. purchases of total printing-writing papers declined eight percent in May compared to the same month last year. Total printing-writing paper inventory levels increased one percent from April 2019. U.S. shipments of uncoated free sheet (UFS) paper decreased 13 percent in May from the same month one year ago. The inventory level of UFS papers increased two percent in May compared to April. UFS imports in April 2019 increased 39 percent year-over-year while exports decreased 29 percent. U.S. purchases of coated free sheet (CFS) papers decreased five percent in May when compared to May 2018. Inventories decreased two percent compared to last month. Imports of CFS papers in April 2019 increased six percent while exports decreased 10 percent. U.S. shipments of coated mechanical (CM) papers decreased four percent year-over-year in May. U.S. purchases of uncoated mechanical (UM) paper decreased 10 percent in May. Inventory levels at the end of May when compared to April increased for CM and decreased for UM, both by three percent. Both imports and exports of CM increased year-over-year in April, while UM imports and exports were both up.