In 2013, the North American team did an outstanding job in transforming their business. By adapting to changing market conditions in all three businesses, they lowered their cost base, got closer to their customers and better responded to the needs of customers by focusing on products and services which were in high demand. The highlight of 2013 was the very successful conversion of the Cloquet pulp mill to produce Specialised Cellulose, completing the work on time, on budget, and with first grade product now delivered to our customers worldwide. Looking ahead to 2014, while market conditions will
remain challenging, the North American team will continue to create sustainable success for future growth through strategic investment, creative customer solutions and improved efficiencies.