With industry capacity additions and slowing box demand, WestRock is facing some challenges. However, the company has responded to containerboard market imbalances by reducing some of its containerboard and kraft paper production in the March quarter, via planned maintenance and from economic downtime. Despite this, the company's organic box shipment volume growth of 2% was still relatively solid compared to the broader industry. WestRock benefits from a balanced mix between virgin and recycled fiber, with the costs of both expected to moderate sequentially. WestRock's adjusted debt to EBITDA ratio was 3.8x at March 31, 2019, which is a turn higher than the 2.8x average through the six quarters preceding the KapStone acquisition. Management is committed to reducing the company's debt
