Posts Tagged ‘Markets’

Verso Paper Corp. Reports Third Quarter 2012 Results

Tuesday, November 13th, 2012

MEMPHIS, Tenn.–(BUSINESS WIRE)– Verso Paper Corp. (NYSE: VRS) today reported financial results for the third quarter and nine months ended September 30, 2012. Results for the quarters ended September 30, 2012 and 2011 include:

  • Adjusted EBITDA before pro forma effects of profitability program of $50.2 million in the third quarter of 2012, compared to $23.5 million in the second quarter of 2012 and $64.2 million in the third quarter of 2011. (Note: Adjusted EBITDA is a non-GAAP financial measure and is defined and reconciled to net income later in this release).
  • Net loss before items of $12.0 million, or $0.23 per diluted share, in the third quarter of 2012 compared to net loss before items of $43.1 million, or $0.81 per diluted share, in the second quarter of 2012 and net income before items of $0.8 million, or $0.01 per diluted share, in the third quarter of 2011.
  • The closure of the Sartell mill resulted in an aggregate pre-tax charge to earnings of approximately $97.2 million in the third quarter of 2012. This includes approximately $16.3 million for severance and benefit costs; $75.8 million in non-cash charges for fixed asset and other impairment charges; and $5.1 million related to other costs.

Click Here to read the full report from Verso Paper Corp.

Raye & Thomas Visit E. Millinocket Mill & Millinocket Thermogen Site

Thursday, June 7th, 2012

Maine Senator Doug Thomas (R-Ripley); Everett O’Neill, GPN’s Vice President of Operations and Manufacturing, and Maine Senate President Kevin Raye (R-Perry)

EAST MILLINOCKET – Maine Senate President Kevin Raye (R-Perry) and Senator Doug Thomas (R-Ripley) visited the Great Northern Paper mill in East Millinocket on Tuesday, June 5th, where they toured the mill and met with representatives of Cate Street Capital.  Raye and Thomas also visited for a first-hand look at the site on the campus of the closed Millinocket mill where Thermogen Industries plans to create jobs manufacturing torrefied wood pellets.

The Thermogen proposal received a boost in May when Raye and Thomas successfully included an amendment to the state budget that makes the project eligible for participation in Maine’s New Markets Capital Investment Program (NMCIP).  Raye sponsored the law establishing the New Markets tax credit last year, in an effort to encourage private sector investment in job creation in areas of Maine that have been left behind economically.

The amendment pushed by Raye and Thomas this year increased the cap for the program from $10 million to $40 million, which will encourage Cate Street Capital to make an investment in the project through its Thermogen Industries subsidiary.

“Cate Street really did create a dual opportunity,” said Senator Thomas. “Making use of the idled Millinocket paper mill property as a wood-product manufacturing facility is a great idea, a natural fit, and a boost to a town sorely in need of new jobs,” said Senator Thomas. “It’s also a boost to Maine port towns where these wood products will be shipped overseas.”

“The New Markets Tax Credit is designed to boost the economy in areas of greatest need,” said Raye.  “That’s why I introduced it, and it is exciting to see it hold such great promise for the Katahdin Region, which has been hit so hard by the loss of traditional paper-making jobs.  We need to do everything we can to encourage quality jobs and ensure a bright future for rural Maine.”

The Senators were greeted in East Millinocket by Richard Cyr, CEO and President of Great Northern Paper (GNP) and Thermogen, and COO of Cate Street Capital. Everett O’Neill, GNP’s Vice President of Operations and Manufacturing, took Raye and Thomas on a tour of the East Millinocket mill, and then the Senators visited Millinocket with Cyr and other company officials.

“Those of us who live and work in rural Maine have seen so many manufacturing plants idled and wasting away,” said Senator Raye. “The New Markets Tax Credit and other steps we have taken to make Maine more jobs-friendly are making a difference as we look to the future.”

How Will Russia’s Membership in the WTO Affect US Exporters?

Tuesday, February 7th, 2012

by

On December 16, after 18 years of halting progress, the World Trade Organization (WTO) has voted to approve Russia’s membership application. The Russian parliament has 6 months to ratify the agreement, and their membership will become final within 30 days of ratification.

In general, membership in the WTO requires that countries commit to the following tenets…

…Many have speculated what Russia’s WTO membership would mean for US exporters of wood and lumber to China….

Read full article on Forest2Market.com

Katahdin businessman wants to buy region’s mills

Tuesday, July 5th, 2011

Via PLC on Twitter

By Nick Sambides Jr., BDN Staff

EAST MILLINOCKET, Maine — A local businessman who already owns a retail stove and alternative fuels store and is part owner of a scrap metal business wants to be the next owner of the two Katahdin region paper mills.

Galen Hale told the Bangor Daily News on Tuesday that he has been “tentatively assured” of enough start-up capital to get the East Millinocket paper mill operational and that he envisions no unions at either mill.

Read full story in the Bangor Daily News

FOEX: Latest PIX Index Values with comments – March 29, 2011

Tuesday, March 29th, 2011
Tuesdays 4 pm 3.29.2011 Δ prev. week in currency Δ beg. 2011 in currency
PIX US NBSK USD 985.19 +0.83 +18.08
PIX US Newsprint USD 626.93 +0.01 +1.33
PIX US Newsprint 27.65lb USD 669.74 +0.01 +0.44

Market Comments

US NBSKP – Shipments on pulp to the North American market were fairly weak in February, reflecting the declines seen in paper shipments. The PPPC data showed shipments of paper grades market pulp down by as much as 9.6% against February 2010. Supported by good demand elsewhere – and by the approaching high season for paper and maintenance downtime period for pulp – the US BSKP market has remained tight. Price increases have been announced separately by several major producers, typically by 30 USD/ton from April 1. If fully successful, the attempted hike would bring the gross contract price up to 1020 USD/ton. The data reported was again in a range between 960 and 990 USD, with 990 USD clearly the most common individual quote. Our PIX NBSKP US index moved up by 83 cents, or by 0.1%, and closed at 985.19 USD/ton.

US Newsprint – February was another very weak month for the North American newsprint. In addition to the softness of the domestic market, the export volumes were down and inventories moved up. The weather conditions and other logistics problems are reported to have delayed the export shipments causing most of the inventory hike. The US publishers’ inventories are rather elevated. The latest price data for the US Newsprint indexes included some slight changes from last week.  The PIX US Newsprint 30lb index moved up by 1 cent, or 0.0%, to 626.93 USD/ton, and the 27.7 lb index moved up by the same 1 cent, or 0.0%, to 669.74 USD/ton.

Read More on FOEX.fi

Softwood & Hardwood Pulp Futures from CME Group

Tuesday, March 8th, 2011

The following links show the trend line of pulp futures from CME Group*

Chart of Softwood Pulp Futures from CME Group are here

Chart of Hardwood Pulp Futures from CME Group are here

* About CME Group
As the world’s leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

Source: CMEGroup.com


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