GLOBAL IMPROVEMENT IN 2011 BUT WITH REGIONAL DISPARITIES
Electronic competition had destabilized the paper industry in advanced countries long before the crisis. The collapse of demand and fall of prices late 2008 particularly weakened Western European industries, which had been slower than their North American counterparts to undergo the necessary restructuring. The improvement expected in 2011 will be a slow process even with corporate margins already beginning to recover in the sector in phase with the upturn.
In emerging regions, the impact of the crisis was brief. But the profitability of sector companies is nonetheless jeopardized in those regions by overcapacity. In general, papermakers that have integrated woodpulp production have benefited from higher prices.
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