Celulosa Argentina recovers industrial volume with a 288 percent production surge

The paper machines at Capitán Bermúdez and Zárate are finally running with sustained rhythm after a turbulent period. Celulosa Argentina manufactured 22,654 tons of printing and writing paper, tissue, and eucalyptus market pulp during the quarter ending August 31, 2026. This volume represents a 288% increase compared to the same period last year, signaling a critical operational turnaround for one of the country's most traditional papermakers.

For the paper industry, the tonnage on the floor tells a more accurate story than the balance sheet. The spectacular percentage jump is largely explained by a very low comparative base: during the equivalent months of 2025, the company's mills suffered severe paralyzations due to a financial crisis that choked working capital. Today, the physical output confirms that the industrial core of the company has been reactivated.

Financial relief amid structural constraints

The return to the production lines has naturally improved the commercial metrics. Net sales reached ARS 40,926.7 million, a 129% year-over-year growth. Consequently, the company managed to reduce its comprehensive loss by 87%, bringing it down to ARS 14,196.2 million compared to the massive deficit recorded during the 2025 stoppage.

However, the operational environment remains complex. The company is still navigating its preventive bankruptcy proceedings (concurso preventivo), a legal status that severely restricts access to standard credit lines and forces the administration to rely on short-term financial tools like check discounting to maintain liquidity.

Energy costs and market dynamics

Operating a paper mill in the current Argentine context requires constant troubleshooting. During the winter months of this quarter, gas supply restrictions forced Celulosa Argentina to rely on alternative fuels to keep the boilers running, putting additional pressure on production costs. Furthermore, the domestic demand for printing and writing papers remains weak, reflecting a broader macroeconomic contraction.

To compensate for the sluggish local market, the company has leaned on exports, although these external operations typically yield tighter contribution margins than domestic sales. Despite the ongoing energy challenges and financial constraints, the fundamental news for the sector is clear: Celulosa Argentina has managed to restart its heavy machinery and put over 22,000 tons of product back into the market.