Overview Key strengths Key risks Largest containerboard and corrugated products manufacturer in North America Exposure to cyclical end markets and raw material/input price volatility Low-cost mills and access to high-quality softwood fiber Potential large, debt-financed acquisitions could stretch leverage Global cellulose fibers business provides some diversity to its core industrial packaging segment In response to supply-chain tightness in 2020 and 2021, International Paper Co.'s (IP) consumer goods customers increased inventories of a variety of inputs, including boxes, well above normal levels. As consumer goods supply chains loosened and demand weakened in the second half of 2022, these customers reduced their inventories of boxes, and this has continued into the first half of 2023. As a result, corrugated box demand has
