Paper, Packaging & Forest Products

Research evidence excerpt

Paper, Packaging & Forest Products

ly removing ~62k tonnes of

production). The Pietarsaari mill was closed for two weeks last November, and the Kaukas mill was closed

from mid-August to mid-October last year for maintenance and market related factors.

NORPAC hiking UFS prices. In a letter to its customers on June 10, NORPAC (which was recently acquired

by International Paper) said that it will raise prices for its UFS papers by 5-8% per ton, effective July

1. North American UFS prices are already up $100/ton since the start of the year, and other major

producers have hiked prices for June.

Mill Pond Capital released a letter urging RYAM's board to pursue a sale, citing a ~$55–60MM

overhead burden and a rejected 100% premium offer in November 2025. Mill Pond (who owns ~3%

of RYAM shares) argued that RYAM should pursue a sale of the company, and highlighted rotating

management (three CEOs since 2019, currently no permanent CEO) and that a strategic acquirer could

eliminate duplicate overhead and have a clear path to unlocking asset value. We continue to think the

strategic review can surface value for shareholders.

Borregaard reiterated its FY26 BioMaterials volume guidance of 155–160k tonnes and flagged RYAM's

pricing strategy as a potential 2027 opportunity. The company noted average BioMaterials selling

prices in H1/26 are expected to be ~3–4% lower vs. H2/25, reflecting product and customer mix and

limited ability to capture incremental volumes in 2026, though it stated RYAM's pricing strategy may

create opportunities in 2027. Borregaard highlighted the preliminary U.S. anti-dumping rate of 6.54%

on Norwegian HPDP imports (vs. 7.20% for Brazil; final determination on or around October 7, 2026)

may prompt U.S.