Suzano is the world's largest producer of eucalyptus pulp and the largest seller of virgin market pulp globally. Suzano grows eucalyptus trees across roughly 1.7 million hectares in Brazil, converts them into bleached kraft pulp, and sells that pulp to paper manufacturers worldwide. Pulp accounts for roughly 75% of net revenue, with over 95% of pulp sold internationally — primarily to tissue, printing and writing, and specialty paper producers in Asia (particularly China), Europe, and North America. Suzano's economics are driven by the spread between global market pulp prices and its production costs. Suzano argues that its low-cost position is structurally advantaged by Brazil's short ~7-year eucalyptus harvest cycle and high land productivity, relative to temperate-climate softwood producers. Suzano also owns port terminals and rail links to manage logistics costs. The company tracks a metric called TOD (Total Operation Disbursement) — encompassing cash production costs, SG&A, sustaining CapEx, and logistics — as its primary competitiveness measure, and management has targeted a declining TOD curve through 2027. Beyond pulp, Suzano produces printing and writing paper, paperboard, and tissue, primarily in Brazil. A pending JV with Kimberly-Clark will add 22 tissue manufacturing facilities across 14 countries, significantly expanding Suzano's presence in consumer tissue globally. Suzano also holds a recently acquired paperboard mill in Pine Bluff, Arkansas focused on liquid packaging board.