BPM Inc.

Q4 PAPER OUTLOOK -- On-the-Cheap Sheets
September 1, 2003

BY MARK SMITH Moving in fits and starts is about the best that can be said for the paper industry's attempts to rebound from its recent market woes. Across most grades, prices have been seen to be on the rise, but also continuing to decline. In both cases, the change has been relatively minor. The quarterly financial reports from major manufacturers again tell the story. Common themes include a continuation of competitive market conditions and rising costs. "This has been a particularly difficult quarter for the company," reports Sappi CEO Jonathan Leslie. "Our third quarter results were achieved against a background of lower pulp