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The continuous rise of input costs make further corrective pricing measures inevitable.

Sappi Chief Executive Officer Steve Binnie, commenting on the group’s performance, said: “Our third quarter operating performance was in line with previous guidance with earnings (EBITDA ex special items) flat at US$155 million compared to a year ago. The third quarter is seasonally and historically our weakest quarter due to the slow-down in business activity during the Northern Hemisphere summer holiday period and Sappi’s choice to use this quarter to undertake major annual maintenance shuts. A strong performance by our European operations was offset by a number of once-off operational and production issues in our South African and North American businesses.”

The investments include a R2,7 billion capacity expansion project and a planned R5 billion over five years in various continuous improvement initiatives and upgrade projects.

Sappi to fund research on Artificial Intelligence and bringing carbon emissions to net zero in the paper and pulp industry as one of the founding partners of The Prince of Wales Global Sustainability Fellowship Programme