News Archive: July 2010

Catalyst Paper names new Chairman of the Board

Richmond, BC – Catalyst Paper (TSX:CTL) today announced several changes to its board of directors which take effect July 30, 2010.

Assuming the role of chairman is Benjamin Duster IV, former chairman of Algoma Steel. Mr. Duster joined the Catalyst board in December 2006 bringing 20 years of Wall Street experience. He is a graduate of Harvard Business and Harvard Law Schools and was admitted to the Illinois Bar in 1985. Mr. Duster is a director on several corporate boards including Jazz Air Holding GP Inc.

Catalyst Q2 results impacted by asset write-down

Richmond, (BC) – Catalyst Paper (TSX:CTL) recorded a net loss of $368.4 million ($0.96 per common share) on sales of $299.4 million for the second quarter of 2010. Results were significantly impacted by after-tax impairment and closure costs of $302.0 million on the permanent closure of the Elk Falls and Paper Recycling Divisions.

Catalyst announces permanent closure of Elk Falls mill

Richmond (BC) – Catalyst Paper (TSX:CTL) announced today that it is permanently closing its Elk Falls paper mill near Campbell River, British Columbia in September. This facility has been indefinitely curtailed since February 2009.

“Today’s news is a disappointing outcome for mill employees and families, for the community, and for our business,” said Catalyst President and CEO Kevin J. Clarke. “The steep decline in commodity paper markets, coupled with uncompetitive labour and tax costs were contributing factors that could not be overcome.”

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