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Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Within the context of ongoing challenging global macroeconomic conditions and weak paper markets I am pleased that the group delivered EBITDA of US$156 million, which was in line with guidance provided in the prior quarter.”
JOHANNESBURG--(BUSINESS WIRE)--Feb 7, 2024--
Sappi has confirmed the closure of its Lanaken Mill in Belgium, a move that will take out more than half a million tonnes of coated woodfree paper production for the heatset web offset market.
The persistent global economic downturn is proving to be much tougher than anticipated with depressed markets, geopolitical instability and weak economic growth combining to put significant pressure on Sappi, particularly in Europe.
Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Following the records achieved in FY2022, I am pleased that we have been able to deliver a satisfactory set of results under particularly difficult circumstances with an EBITDA excluding special items of US$731 million for the year ended September 2023. The widespread disruption caused by ongoing geopolitical instability, weak global economic growth, rising interest rates, and an underperforming Chinese economy negatively impacted markets for our products.