One of China’s largest papermakers has said that it intends to secure supplies of more recycled paper pulp.
Just like its competitor Nine Dragons, the company has announced that it will seek to increase its use of recycled paper pulp in response to not being able to import as much recovered cardboard and paper.
In its 2019 Annual Report and 2020 First Quarter Reporter, Shanying International Holdings vice president Wu Xingyu said: “In response to the pressure on shortage of raw materials caused by the further reduction of foreign waste quota, the company has deployed a number of recycled pulp projects through asset-light methods, and plans to build 1.5 million tonnes of recycled pulp capacity by the end of 2020.”
The firm’s 2019 Annual Report showed that it achieved operating income of CNY 23.241 billion (£2.65 billion) and net profit of CNY 1.362 billion (£155 million).
Its annual sales volume of raw paper increased by 3% over the year to 4.577 million tonnes.
However, it warned that its first quarter figures were down due to the impact of the coronavirus outbreak, plus the impact of China-US trade frictions.