The US Commerce Department has issued a final antidumping determination on high purity dissolving pulp from Brazil, setting a 6.40% cash deposit rate for Bracell and other Brazilian exporters effective from publication on 16 October 2026. A parallel countervailing duty case set a 9.37% subsidy rate, not yet collected pending an ITC injury ruling due within 45 days. Rayonier Advanced Materials and the United Steelworkers filed the original petitions in August 2025.
Why this mattersA cumulative deposit near 15.77% if the subsidy order follows would raise landed costs for Brazilian dissolving pulp and support US domestic producers such as Rayonier Advanced Materials.
- Commerce set a 6.40% antidumping cash deposit on Brazilian high purity dissolving pulp, effective with publication on 16 October 2026
- The underlying dumping margin is 6.50% for Bracell and all other Brazilian exporters
- A parallel countervailing duty case set a 9.37% subsidy rate, not currently collected pending an ITC injury finding
- A companion case set a 6.51% antidumping rate for dissolving pulp from Norway
- Rayonier Advanced Materials and the United Steelworkers filed the petitions in August 2025
- The ITC held its final hearing on 8 October 2026 and must rule within 45 days of Commerce's decision
Borregaard has signed three new bilateral multicurrency revolving credit facility agreements totalling NOK 1,500m (USD 157.8m), one each with Danske Bank, DNB Bank and Skandinaviska Enskilda Banken. The facilities, which carry margins linked to sustainability targets, replace an existing NOK 1,500m revolving credit line maturing in 2027 and run for five years with two one-year extension options.
Why this mattersThe refinancing extends Borregaard's debt maturity profile and liquidity backstop, supporting stated growth investment plans while tying financing cost to emissions and safety performance.
- Total facility size NOK 1,500m (USD 157.8m), split evenly across three banks at NOK 500m each
- Lenders are Danske Bank, DNB Bank ASA and Skandinaviska Enskilda Banken (SEB acted as documentation coordinator)
- Facilities have five-year tenors with two one-year extension options
- Margins adjust based on Scope 1 and 2 emissions reduction, total recordable injuries and organic compound emissions to the Glomma river
- Facilities replace an existing NOK 1,500m revolving credit line due to mature in 2027
- Agreements signed 28 September 2026, for general corporate purposes
Borregaard used its Capital Markets Day on 17 September 2026 to set new financial ambitions of 5% annual revenue growth and a 25% EBITDA margin. The company said it will pursue specialisation and selective capacity expansion, prioritising its BioSolutions and premium cellulose niches, backed by disciplined capital allocation and cost savings.
Why this mattersThe targets signal Borregaard will favour niche biomaterials over broad volume growth, shaping how it deploys capital against forestry-sector peers.
- Borregaard held its Capital Markets Day on 17 September 2026
- Company targets 5% annual revenue growth
- Company targets a 25% EBITDA margin
- Priorities include specialisation, selective capacity expansion and geographic growth
- Growth focus areas named are BioSolutions and premium cellulose
- Plans include disciplined capital allocation and cost-saving initiatives
