Q2 results came as no surprise as profit normalisation – after excessive gains in 2018 – is slowly materialising. Even though pulp markets/prices are expected to soften further in the coming years due to evolving demand-supply dynamics, pulp’s long-term prospects remain sacrosanct – reflecting UPM’s decision to invest $2.7bn in a new pulp mill in Uruguay. Through a combination of sustained restructuring measures and non-paper growth investments, UPM is gradually ....