The share price of RYAM has doubled since 2Q:25 results (compared to the 10.9% rise of the Russell 2000), rebounding from a trough quarter marked by tariff disruptions, labor unrest, and plant outages. Management says it expects stronger performance in the second half as order patterns normalize, operations stabilize, and pricing in cellulose specialties strengthens. In August, RYAM and the United Steelworkers filed trade petitions with U.S. authorities against Brazil and Norway, seeking relief from unfairly priced dissolving pulp imports that have undercut domestic producers and threatened U.S. jobs. Operational initiatives are underway, including a $30 million cost-saving program and the commercialization of new paperboard and pulp products designed to enhance profitability and improve the attractiveness of assets slated for potential divestment. The Fed's recent rate cut has eased refinancing concerns and provided greater flexibility for RYAM to invest in Biomaterials projects while continuing to reduce leverage. The company ended 2Q:25 with $71 million in cash on its balance sheet and a net secured leverage ratio of 3.8x, well within the 5.0x covenant threshold. Management has maintained its full-year outlook and reiterated its 2027 goals. We will revisit our estimates ahead of the November earnings release, when results will provide clearer visibility into the 2H:25 recovery and allow us to extend the model through 2027. We maintain our $6 price target on RYAM shares for the time being, based on an 11x enterprise value to free cash flow multiple applied to our 2026 forecast of $100 million in FCF. Progress in Cellulose Specialties, momentum in Biomaterials, and improving financial discipline support our moderate risk rating.