Norske Skog containerboard ramp-up stalls at Golbey PM1 while Bruck PM3 hits full capacity

A tale of two machines in the European containerboard market

The third quarter of 2026 has provided a stark reality check on the complexities of industrial machine conversions. Norske Skog's strategic pivot from publication paper to recycled containerboard (RCCM) is currently experiencing a highly uneven ramp-up phase, perfectly illustrated by the contrasting fortunes of its two flagship packaging assets.

In Austria, the Bruck PM3 machine has successfully completed its stabilization curve. Operating at full capacity during Q3, the line delivered 55,000 tonnes of packaging paper and generated a healthy EBITDA of NOK 40 million. This performance validates the technical viability of the group's conversion strategy when operational parameters are fully dialed in.

The perfect storm at Golbey PM1

However, the situation in France presents a significantly more challenging picture. The massive Golbey PM1, which boasts an annual capacity of 550,000 tonnes following its conversion from newsprint, continues to struggle with its ramp-up. During the third quarter, the machine produced 60,000 tonnes but recorded a negative EBITDA of NOK 40 million, effectively wiping out the operational gains from Bruck.

The French facility was hit by a convergence of external and internal disruptions:

• Regional drought conditions that impacted water availability for the mill's intensive processes.
• Unplanned maintenance at the wastewater treatment facility, creating critical bottlenecks.
• Mechanical issues in the press section, directly affecting machine runnability and output quality.

As a direct consequence of the Golbey setbacks, Norske Skog's overall packaging paper segment delivered a break-even EBITDA of NOK 0 million for the quarter, down from NOK 1 million in Q2. Total segment deliveries also declined to 115,000 tonnes from the record 122,000 tonnes achieved in the previous quarter.

While Norske Skog's overall corporate balance sheet was bolstered by a NOK 338 million property sale to Norwegian Nuclear Decommissioning (NND) and stronger publication paper margins, the core industrial focus remains on stabilizing Golbey. For the European corrugated industry, the delayed ramp-up of a 550,000-tonne asset means a slower injection of new testliner and fluting capacity into the regional supply chain, keeping market dynamics tighter than initially projected for late 2026.