Sylvamo is a global manufacturer of uncoated freesheet (UFS) paper — everyday products like copy paper and offset paper used in commercial printing, publishing, and education. Spun off from International Paper in 2021, Sylvamo operates mills across North America, Latin America (primarily Brazil), and Europe, selling through direct channels, distributors, and retail and e-commerce partners. Revenue is driven by volume sold and price per ton, with wood fiber and energy as the primary cost inputs. Sylvamo generates most of its energy from biomass residuals at its mills, reducing dependence on purchased fossil fuels. The company operates three geographic segments: North America, anchored by the Eastover mill in South Carolina; Latin America, centered on Brazilian mills backed by company-owned eucalyptus plantations that provide low-cost fiber; and Europe, which operates two mills in France and Sweden and has been the weakest segment due to high wood costs and soft demand. North America is by far the most profitable segment on a per-ton basis. Sylvamo's strategy is to be a pure-play, low-cost UFS producer — management has ruled out diversifying away from UFS, and instead focuses on reinvesting in its most competitive mills, returning cash to shareholders, and maintaining a strong balance sheet. The company is investing $145M at Eastover to add 60,000 tons of capacity and over $50M of incremental annual EBITDA. Since its spin-off, Sylvamo has reduced gross debt by roughly half and returned over $500M to shareholders.