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McCarthy, P., Lei, L., Shifts in Regional Consumption for the Pulp ...

McCarthy, P., Lei, L., Shifts in Regional Consumption for the Pulp ...

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North American Industry• The North American <strong>Pulp</strong> and Paper <strong>in</strong>dustry is a mature webof bus<strong>in</strong>esses generally characterized by:Highest per capita consumption <strong>in</strong> world across allgradesSlower growth than real GDPHigh capital <strong>in</strong>tensityCost and price based competitionBelow cost of capital returnsAn ag<strong>in</strong>g asset base Cyclical pric<strong>in</strong>g and profitability. . . . .6 TAPPI, November 2006

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