®.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management
® (ISM
®) Services Business Survey Committee: The Services PMI
® registered 62.7 percent, which is 1 percentage point lower than last month s all-time high of 63.7 percent. The April reading indicates the 11th straight month of growth for the services sector, which has expanded for all but two of the last 135 months. The Supplier Deliveries Index registered 66.1 percent, up 5.1 percentage points from March s reading of 61 percent. (Supplier Deliveries is the only ISM
®
Report On Business
® index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Prices Index figure of 76.8 percent is 2.8 percentage points higher than the March reading of 74 percent, indicating that prices increased in April, and at a faster rate. This is the index s highest readi
Article by Amanda Jasi
PENDING discussions with employees, renewable materials company Stora Enso plans to permanently close two European pulp and paper production mills amidst declining demand. The closures, planned for Q3 of 2021, would impact more than 1,000 workers.
According to Stora, paper demand in Europe has been declining for more than a decade, and the Covid-19 pandemic has accelerated this downward trend. This has led to significant overcapacity in the European market, resulting in historically low prices and challenges to the cost-competitiveness of many paper mills.
Plans would see Stora close its Kvarsden Mill in Borlänge, Sweden, which has capacity of 565,000 t/y of paper products and a 900,000 t/y pulp mill. The company would also close its Veitsiluoto Mill in Kemi, Finland (with a total paper capacity of 790,000 t/y, a 360,000 t/y pulp mill, a groundwood mill, and a sheeting plant). The plants produce paper for a range of applications, including magazines, newspr
LP Building Solutions Reports First Quarter 2021 Results, Provides Second Quarter Outlook, and Announces an Additional $1 Billion Share Repurchase Authorization
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NASHVILLE, Tenn., May 4, 2021 /PRNewswire/ Louisiana-Pacific Corporation (LP) (NYSE: LPX) today reported its quarter ended March 31, 2021 financial results.
Key Highlights for the First Quarter
Net sales increased by 74% to $1.0 billion
LP
® net sales increased by 49% to $283 million
OSB net sales increased by $319 million to $539 million, $333 million of which was from higher OSB prices
Net income attributed to LP was $320 million ($3.00 per diluted share)
Cash provided by operating activities was $314 million
Adjusted EBITDA