Mercer International is a forest products company focused primarily on pulp, with a secondary solid wood business. Mercer is one of the world's largest producers of northern bleached softwood kraft (NBSK) pulp — a premium grade used in tissue, specialty papers, and printing and writing papers. Mercer operates four kraft pulp mills across Germany and Western Canada with combined capacity of ~2.1 million ADMTs/year. The German mills (Stendal and Rosenthal) serve as the only significant market pulp producers in Germany, Europe's largest pulp import market, giving them a logistics cost advantage. The Canadian mills (Celgar in British Columbia and Peace River in Alberta) are positioned to serve Asian markets via the Port of Vancouver. A high-margin secondary revenue stream comes from surplus electricity and chemical by-products generated as part of the pulping process. The solid wood segment includes two large German sawmills, a Euro-pallet facility at Torgau (~17 million pallets/year), and three mass timber facilities in North America producing CLT and glulam — representing roughly 30% of North American CLT capacity. Mercer's core profitability is driven by the spread between pulp prices and fiber costs, with significant sensitivity to FX given USD-denominated revenues and euro/CAD-denominated costs. Longer-term, Mercer is pursuing biorefinery initiatives including lignin extraction and carbon capture, while growing its mass timber business targeting construction and data center customers.