Net sales in the third quarter were $3,259 million compared to $2,920 million in the third quarter of 2021 reflecting increased beverage can unit volumes and the pass through of higher raw material costs partially offset by unfavorable foreign currency translation of $127 million. Income from operations was $297 million in the third quarter compared to $348 million in the third quarter of 2021. Segment income in the third quarter of 2022 was $336 million compared to $379 million in the prior year third quarter reflecting higher energy prices, costs associated with higher inventory levels and unfavorable foreign currency translation of $8 million.
Norske Skog announced that the start-up of the rebuilt PM 1 at its Golbey mill in France will we delayed and has been again postponed from Q2 2024 to the second half of next year due to delivery delays.
In addition, the net investment amount for the conversion project will increase from €265m to €300m, primarily due to increased purchase prices for goods and services as well as somewhat delayed deliveries of equipment. In July this year, the company had postponed the start-up to Q2 2024 in order to align it with the commissioning of the new biomass boiler. Originally, start-up of the rebuilt paper machine was scheduled for the fourth quarter of this year.
The Golbey project is to convert PM 1 from newsprint to recycled containerboard production. The rebuilt paper machine will have an output capacity of 550,000 tpy, and Norske Skog expects the machine to run at 95 per cent of full capacity within two to three years after start-up. PM 1 formerly produced up to 250,000 tpy of newsprint and was stopped in the fourth quarter of 2022 to commence the rebuild.
more at: https://www.euwid-paper.com/news/companies/norske-skog-golbey-again-postpones-startup-of-pm-1-131123/