IP second half pulp downtime plan follows 80,000 tonnes in second

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forestweb.com
SAN FRANCISCO, July 17, 2001 (Forestweb) - International Paper Co. (IP) took 80,000 tonnes of market pulp downtime in the second quarter and is likely to take the same amount in both the third and fourth quarters, the company said today.
IP executive vice president and chief financial officer John Faraci made the comments in the company's conference call today, in connection with the release of second quarter results showing a $313 million net loss.
An IP spokesman said there were no further details.
The second-half plan would be about the same rate of market downtime the company has taken since the beginning of the year.
Last month an informed source said that from January through April, the company had taken 130,000 tonnes of total pulp downtime, including 25,000 tonnes for maintenance.
That would average 26,250 tonnes per month of market-related downtime for the first four months of the year, about the same as the 26,700 tonnes per month average for 80,000 tonnes per quarter.
"IP is doing what it needs to do, with prices what they are," said a Canadian pulp and paper industry consultant who heard the conference call.