Below are listed some frequently asked questions about Metsä Board.
  1. 1

    What are Metsä Board's main products and their typical end uses?

    Metsä Board produces premium and lightweight paperboards. The company focuses on folding boxboards and white kraftliners made from fresh fibre, which are mainly used in consumer product packaging and for retail purposes.

    Approximately 55% of the end use of folding boxboard is in food and food service packaging, 40% in other consumer product packaging such as a cosmetics, pharmaceutical and electronics, and 5% in graphical end uses. Majority of Metsä Board's white kraftliners are used within various retail purposes, for example in point-of-sale display solutions, shelf-ready packaging and fresh fruit/vegetable boxes.

  2. 2

    What is Metsä Board's strategy and financial targets?

    Metsä Board's vision is to be the preferred supplier of innovative and sustainable fibre-based packaging solutions, creating value for customers globally.

    Company's strategy is to grow in fibre-based packaging materials and renew its industrial operations. Strategy is implemented through five strategic programmes. Read more about Metsä Board's strategy in here

    The decision-making is guided by profitability and sustainability targets. The goal is to distribute a competitive dividend to owners and maintain the strong financial position.

    Metsä Board's target for return on capital employed (ROCE) is at least 12% and the ratio of interest-bearing net debt to comparable EBITDA is a maximum of 2.5. Read more about Metsä Board's financial targets in here.

  3. 3

    Who are Metsä Board's customers?

    In folding boxboard, Metsä Board's main customers are brand owners, converters and merchants. In white kraftliners, the most important customers are corrugated packaging manufacturers.

  4. 4

    Who are Metsä Board's main competitors?

    Metsä Board's main competitors are other producers of high-quality paperboards mainly for consumer packaging purposes. In Europe, Metsä Board is the leading producer of folding boxboard and white kraftliners. Globally Metsä Board is the largest producer of coated white kraftliners.

    Read more about capacities of folding boxboard and white kraftliners in Europe in here.

  5. 5

    How many production units does Metsä Board have, and where are they located?

    Metsä Board has eight production units, of which seven are in Finland and one is in Sweden. Metsä Board's strategic choice is to have production close to its main raw material, Northern fibre.

    Read more about Metsä Board's mills and production capacities in here.

  6. 6

    What are Metsä Board's main market areas?

    Metsä Board's products are sold to around 100 countries. The sales split in 2023 was EMEA 66%, Americas 27% and APAC 7%. Europe and North-America are Metsä Board's main markets. In the recent years, growth has been fastest in the US, which today is Metsä Board's largest single country in terms of paperboard deliveries. Instead, the importance of the APAC region, and China in particular, is emphasised through the market pulp business and the business of associated company Metsä Fibre.

  7. 7

    What are the main growth drivers in the global packaging market and especially in fresh fibre paperboards?

    The need for packaging is growing due to the population growth, urbanization and rising living standards. Regulation and consumers preferences favor fossil-free packaging materials. Lightweight and fully recyclable fresh fibre paperboards support principles of circular economy and provide and alternative to plastic packaging. In addition, demand for fresh fibre paperboards is boosted by the reduced availability and quality of recycled fibres. 

    Read more about long term growth drivers for fresh fibre paperboards in here

  8. 8

    What are the main benefits of Metsä Board's paperboards to customers?

    Metsä Board's paperboards are stiff, but yet light-weight. This provides a yield advantage compared to other paperboard grades in similar end uses. Production is resource efficient: less raw materials, water and energy is needed in the production. The main raw material is renewable and traceble wood and all Metsä Board's paperboards are recyclable and/or compostable. They can be in direct contact with food without the mineral oil absorbed into the food. In addition, Metsä Board's paperboards are high-quality paperboards with excellent printability and runnability.

    In terms of carbon footprint of packaging, the most relevant is 1) the energy used in its production and 2) the lightweight of the paperboard itself. As Metsä Board shifts to the use of 100% fossil free energy in its production, the carbon footprint of its products will become even smaller. At its best, the carbon footprint of packaging made from Metsä Board's fresh fibre paperboard is more than 50% smaller than that of recycled fibre or solid bleached board packaging of equivalent stiffness (Ecoinvent database). 


  9. 9

    Is Metsä Board a growth company or a high dividend yield company?

    Metsä Board focuses on profitable and sustainable growth in cooperation with its customers. The cornerstone of growth is to offer the industry's best products and new innovative packaging solutions. Growth investments are guided by at least a return on investment of 12%. In accordance with its dividend policy, Metsä Board aims to distribute at least 50% of the result for the financial period as dividend every year.

  10. 10

    How much is the annual maintenance capex, and what are the biggest growth and/or development investments?

    In 2023, Metsä Board's total investments were roughly EUR 230 million, of which the maintenance investments accounted for roughly 26% and growth/development investments 74% a. For year 2024, Metsä Board estimates its total investments to be roughly at the same level as in 2023.

    Read more about Metsä Board's ongoing and planned investments in here.

  11. 11

    What is Metsä Board's relationship with Metsä Fibre?

    Metsä Board owns 24.9% in its associated company Metsä Fibre, which is a leading producer of wood-based bioproducts such as pulp, sawn timber, biochemicals and bioenergy. The other owners of Metsä Fibre are Metsäliitto Cooperative (50.1%) and Itochu Corporation (25.0%). Metsä Fibre is globally the largest producer of softwood market pulp. Metsä Fibre’s annual capacity is approximately 4 million tonnes of pulp and 2.1 million cubic metres of sawn timber.

    The ownership of Metsä Fibre guarantees Metsä Board's self-suffiency in pulp. This enables Metsä Board to grow in its paperboard business and ensures consistent high quality in paperboard production.

    Metsä Board's consolidated operating result includes 24.9% of Metsä Fibre's net result. In addition, Metsä Board receives an annual dividend corresponding to its holding from Metsä Fibre.

  12. 12

    How big is Metsä Board's annual pulp position?

    Metsä Board produces chemical pulp and bleached mechanical pulp (BCTMP), which both are used in its own paperboard production, and some sold as market pulp. The annual capacity for pulp and BCTMP is roughly 1.7 million tonnes. In addition, Metsä Board owns 24.9% of its associated company Metsä Fibre, whose annual pulp capacity is roughly 4 million tonnes. Norra Skog, a Swedish forest owners' cooperative holds a minority stake of 30% in Metsä Board's Husum pulp mill. In 2023, 

    Taking into account Metsä Board's own pulp/BCTMP production and consumption, Metsä Board's 24.9% ownership in Metsä Fibre and Norra Skog's 30% ownership in Metsä Board's Husum pulp mill, Metsä Board's net position in pulp is clearly in surplus. 

    Result's sensitivity to market pulp price:  A 10% increase (decrease) in the price of market pulp would have an approximately EUR 40 million positive (negative) impact on Metsä Board's annual operating result.

  13. 13

    What is BCTMP?

    BCTMP (bleached chemi-thermomechanical pulp) means bleached chemical pulp. Its manufacture combines mechanical and chemical pulping processes for removing the fibres. The middle layer of folding boxboard's three-layer structure is BCTMP and the outer layers are chemical pulp. BCTMP makes the folding boxboard lightweight yet stiff.

  14. 14

    Where are Metsä Board's shares listed, and what is the difference between the A and B shares?

    Metsä Board's A and B series shares are listed on the Nasdaq Helsinki in the Large Cap segment. The difference between the A and B shares is in their voting rights. Each series A share entitles its holder to twenty (20) votes at a general meeting of shareholders, and each series B share entitles the holder to one (1) vote. All shares carry the same right to receive a dividend.

  15. 15

    Who are the biggest shareholders of Metsä Board?

    The largest shareholder is Metsäliitto Cooperative, with 52% share of total shares and 69% of total votes.

    Monthly updated list of Metsä Board's biggest shareholders can be found in here.

  16. 16

    Why Metsä Board doesn't utilise recycled materials in its paperboard production?

    The end use of a packaging material largely determines the type of raw material that can be used in its production. For example, in food packaging, the purity and safety of the packaging is crucial, and for this end-use, fresh fibre is the right choice.

    When considering the carbon footprint of cartonboard, the most relevant factors are 1) the energy used in the production process and 2) the (light)weight of packaging material. Out of all energy Metsä Board uses, 90% is fossil-free, and our goal is to have 100% fossil-free production by the end of 2030. We also have a long tradition and experience with lightweight paperboards, and we will continue to invest in this. Our paperboards use less raw materials, water and energy. In the transport chain, lightness results in lower emissions and less waste after use.  At its best, the carbon footprint of packaging made from Metsä Board's fresh fibre paperboard is more than 50% smaller than that of recycled fibre or solid bleached board packaging of equivalent stiffness (Ecoinvent database).

    We operate in accordance with the principles of the circular economy. Our main raw material is renewable and traceable wood. We recycle more than 99% of the by-products of our production. On average, we recycle water 12-14 times in our board mills and up to 30 times in our BCTMP mills. In addition, all our paperboards are recyclable and most are compostable.

  17. 17

    How Metsä Board develops its products? New innovations?

    Metsä Board’s R&D work focuses on the paperboard’s good printing and conversion properties as well as on reducing its weight, without compromising its strength. Lightweight paperboards are resource-efficient and help to reduce the carbon footprint of packaging throughout the value chain. In addition, the company continues to develop barrier solutions and is investigating their commercial potential in food and food service applications. New packaging solutions are developed in cooperation with customers at Metsä Board’s Excellence Centre in Äänekoski.

     Metsä Spring is Metsä Group's innovation company, and invests in startups and potential innovations that explore new uses for sustanably-grown Nordic wood.