Moorim Paper and Moorim P&P have each had board approval for corporate value-up plans targeting return on equity of 8% by 2030, after both South Korean papermakers posted net losses in 2025. Moorim Paper targets a price-to-book ratio of 0.45x by 2030, from 0.19x at end-2025, while Moorim P&P targets 0.50x, from 0.26x. Both attribute their unstable profitability mainly to swings in international pulp prices and printing paper market conditions.
Why this mattersThe plans signal pressure on South Korean paper producers to prove sustainable profitability to close persistent valuation discounts despite heavy fixed-asset bases.
- Both companies target ROE of 6% by 2028 and 8% by 2030, from -3.56% (Moorim Paper) and -5.68% (Moorim P&P) in 2025
- Moorim Paper targets a price-to-book ratio of 0.25x by 2028 and 0.45x by 2030, from 0.19x at end-2025
- Moorim P&P targets 0.30x by 2028 and 0.50x by 2030, from 0.26x at end-2025
- Moorim Paper 2025 revenue fell to USD 955.4m (KRW 1,264.9bn) from USD 1,045.6m (KRW 1,384.4bn); operating profit fell to USD 4.5m (KRW 6.0bn) from USD 67.5m (KRW 89.4bn), with a net loss of USD 17.5m (KRW 23.2bn)
- Moorim P&P 2025 revenue fell to USD 552.6m (KRW 731.6bn) from USD 613.1m (KRW 811.7bn), with an operating loss of USD 18.5m (KRW 24.5bn) and a net loss of USD 25.0m (KRW 33.1bn), after 2024 operating profit of USD 27.6m (KRW 36.5bn)
- Both cite international pulp prices and printing paper market conditions as the main cause of unstable profitability
A coalition of South Korean publishers is organising a joint damages lawsuit against the six printing paper makers found by the Korea Fair Trade Commission to have fixed prices between February 2021 and December 2024. The KFTC set fines at KRW 338.325bn (USD 253.8m) in April, then cut the final amount to KRW 144.1bn (USD 108.1m) after leniency applications. The coalition will recruit claimants from 13 October to 15 November and file in December, putting publishers' losses at more than KRW 400bn (USD 300m).
Why this mattersCustomer-led damages claims add a second front of financial exposure for the cartel members beyond the regulatory fines and reset orders already under appeal.
- Publishing-industry coalition recruits claimants from 13 October to 15 November 2026 and plans to file a joint damages claim in December
- Publishing sector puts its own losses from the collusion at more than KRW 400bn (USD 300m)
- KFTC imposed fines of KRW 338.325bn (USD 253.8m) in April, reduced to a final KRW 144.1bn (USD 108.1m) under the leniency programme
- Hansol Paper, Moorim P&P, Moorim Paper, Moorim SP, Korea Paper and Hongwon Paper account for about 95% of domestic printing paper sales and held at least 60 meetings between February 2021 and December 2024, agreeing seven price increases
- Average printing paper prices rose about 71%, from KRW 841,000 to KRW 1,439,000 per tonne (USD 631 to USD 1,080), on sales of about KRW 4.03 trillion (USD 3.02bn)
- Seoul High Court suspended the price-reset orders for four of the six companies pending the main proceedings; Korea Paper and Hongwon Paper were referred to prosecutors
- Printing associations representing about 20,000 small operators and 68,000 workers say cumulative damages from the price-fixing exceed KRW 520bn (USD 392.5m)
- A court has granted a stay on the order requiring the six paper makers to re-set prices
- Printing-paper prices remain about 34 percent above 2020 levels, printers say
- Printers are demanding a joint compensation fund from the paper makers plus government damage assessments, policy financing and tax relief
Hansol Paper will roll back discount rates on white paper, MFC, art paper and lightweight paper from 28 September 2026, effectively raising supply prices to offset pulp and energy costs. The move follows an April 2026 Korea Fair Trade Commission ruling that Hansol and five other paper makers colluded on printing paper price increases; Hansol's fine was set at USD 104m (KRW 142.58bn) before leniency reductions cut the six companies' combined penalty to USD 106m (KRW 144.1bn).
Why this mattersDiscount rollbacks from 28 September lift Korean printing paper prices while Hansol carries a cartel fine and borrowings above USD 601m (KRW 820bn).
- Hansol Paper will adjust discount rates on white paper, MFC, art paper and lightweight paper from 28 September 2026, effectively raising supply prices.
- The KFTC ruled in April 2026 that Hansol Paper and five other paper makers had agreed printing paper price increases over about three years and ten months.
- The original combined fine for the six companies was USD 248m (KRW 338.3bn), with Hansol Paper's share set at USD 104m (KRW 142.58bn).
- After leniency applications, the six companies' combined fine was reduced to USD 106m (KRW 144.1bn).
- Second-quarter 2026 operating profit was USD 37m (KRW 50.8bn) against USD 14m (KRW 19.3bn) a year earlier; first-half revenue rose 1.0% and operating profit 56.4%.
- First-quarter 2026 total borrowings exceeded USD 601m (KRW 820bn), with negative operating cash flow.
- Hansol Paper and Korea Paper Co notified printers of further price increases of up to 13% beyond the discount rollback
- Korea Federation of Printing Cooperatives and 11 regional cooperatives issued a joint statement against the increases on 27 September 2026
- Chinese hardwood pulp, which accounts for about 40-50% of printing paper production cost, rose about 13% from USD 510 per tonne in September 2025 to USD 576 per tonne on 21 September 2026
- Hansol Paper and Korea Paper notified clients of printing-paper price increases of up to 13% in September 2026, on top of the July-August discount cuts
- The printing industry has demanded a rollback of the September price increases
- The Fair Trade Commission ordered the six fined companies to independently reset printing-paper prices to pre-collusion competitive levels
- The Fair Trade Commission separately sanctioned Hansol Paper and Korea Paper for bid-rigging in a tender run by newspaper Nongmin Shinmun
- Korea Paper Co has separately notified customers of price increases on standard printing paper and its premium Arte grade.
- South Korea's Ministry of Trade, Industry and Energy reported international bleached hardwood kraft pulp (SBHK) prices reached USD 780 per tonne, accounting for 40-50% of printing paper production cost.
- An industry source said the printing paper segment posted losses of hundreds of hundred-million-won in the first half of the year.
- Printing and publishing trade groups are demanding the price increases be withdrawn and a mutual-support fund set up instead.
The Seoul High Court has suspended enforcement of the Korea Fair Trade Commission's order that six Korean printing-paper makers reset their prices independently, granting stays to four of them: Moorim SP, Moorim Paper, Moorim P&P and Korea Paper. The stays run until 30 days after the first-instance judgment in the companies' main lawsuits. The KFTC fined the six a combined KRW 338.3bn (USD 250m) in April 2026 over alleged coordinated price rises and discount cuts between February 2021 and December 2024, and says it will appeal.
Why this mattersA stayed price-reset order lets affected mills keep current pricing pending litigation, reducing near-term uncertainty over Korean printing-paper pricing.
- Seoul High Court granted execution stays to Moorim SP, Moorim Paper and Moorim P&P on 28 August 2026; Korea Paper's application was granted separately
- The stays run until 30 days after the first-instance ruling in the main proceedings
- Four of the six sanctioned paper companies have now had the price re-determination order suspended
- The KFTC's April 2026 decision fined Moorim SP, Moorim Paper, Moorim P&P, Korea Paper, Hansol Paper and Hongwon Paper a combined KRW 338.3bn (USD 250m), alleging more than 60 meetings between February 2021 and December 2024
- The price re-determination order was only the second in KFTC history, after the April 2006 flour-cartel case
- The KFTC said it will appeal the stay rulings and defend the legality of its order in the main proceedings
- The suspension, previously confirmed for Moorim SP, Moorim Paper, Moorim P&P and Korea Paper, is now also reported to cover Hansol Paper and Hongwon Paper, the remaining two of the six companies fined by the KFTC
- A National Assembly forum in Seoul on 2 October 2026 heard that the printing paper cartel cost the average printing firm KRW 93.6m (USD 68,800) over nearly four years.
- Cumulative losses across Korea's printing industry were estimated at KRW 525.5bn (USD 389.9m), separate from the KRW 338.3bn (USD 251.0m) KFTC fine.
- The Korea Printing Cooperative Federation submitted a petition signed by 5,005 printers seeking a victim-compensation fund and class-action mechanism.
- The KFTC reduced the total April 2026 fine from KRW 338.3bn to KRW 143.9bn (USD 107.3m) in June 2026 after partial appeals.
- Hansol Paper's KRW 142.6bn (USD 106.3m) fine was waived in full.
- Moorim P&P's fine was cut from KRW 91.9bn to KRW 57.4bn (USD 42.8m) and Moorim Paper's from KRW 45.8bn to KRW 28.6bn (USD 21.3m).
- Korea Paper Co (KRW 49.0bn/USD 36.5m) and Hongwon Paper (KRW 8.5bn/USD 6.3m) are pursuing administrative appeals at the Seoul High Court.
- Combined KFTC fines on six printing paper makers were reduced from KRW 338.3bn to KRW 143.9bn in June 2026 after partial relief
- Hansol Paper's original KRW 142.6bn fine was fully exempted
- Moorim P&P's fine was cut from KRW 91.9bn to KRW 57.4bn
- Moorim Paper's fine was cut from KRW 45.8bn to KRW 28.6bn
- Hansol Paper's KRW 142.58bn (USD 107.0m) fine in the April 2026 printing-paper cartel case was fully waived under the KFTC's leniency programme.
- A Moorim affiliate had its fine in the same case cut by KRW 51.7bn (USD 38.8m).
- After leniency reductions, the combined fine on the six printing-paper makers fell to KRW 144.1bn (USD 108.1m) from the original KRW 338.3bn (USD 253.8m).
- KFTC chairman Joo Byung-gi told the 12 October audit that the regulator has drafted legislation to curb leniency abuse and will pursue compensation for victims.
Moorim P&P has signed a memorandum of understanding with South Korea's National Institute of Horticultural and Herbal Science and Gyeongsang National University to develop a nanocellulose-based frost protectant for fruit tree flower buds. The agreement, signed on 24 July 2026, targets up to a 20% reduction in cold-related orchard damage versus existing methods. Moorim P&P will supply the raw material and handle product development and mass production, while its partners run field trials and performance verification.
Why this mattersDiversifying pulp output into agricultural materials gives paper producers a new revenue avenue as core paper demand softens.
- Moorim P&P signed the MOU with the National Institute of Horticultural and Herbal Science and Gyeongsang National University on 24 July 2026
- The product uses nanocellulose (CNF) extracted from natural pulp; Moorim P&P says it is South Korea's only domestic pulp producer
- The frost protectant forms a thin film on fruit tree flower buds, targeted at up to a 20% reduction in cold damage versus existing methods
- Moorim P&P will supply raw material and handle product development and mass production under the partnership
- The institute will run field trials with farmers; the university will handle performance verification and data collection
- The move extends Moorim P&P's cellulose applications beyond pulp moulding, wet wipes, bioplastics, paint materials and cosmetics into agriculture
