During the third quarter of 2017 the price of BHKP pulp maintained the upward trend, by rising
around 12% in USD (from 783 USD in the previous quarter to 873 USD in the current quarter),
while in EUR this increase was around 5%.
On the other hand, the investment projects in Celbi and Celtejo’s industrial units remain on
course, being highlighted the latter, with interventions in the recovery boiler, steam reduction
and industrial waste water treatment installations, implying a limitation of the mill operational
potential, in terms of production capacity and efficiency of production costs. This investment
is expected to be completed by the end of the first half of 2018.