Despite a slight increase in Swedish lumber prices in 2024, the soaring log prices—and in some cases, outright log shortages—have severely impacted profitability of the Swedish sawmills. This is evident when examining operating margins, which, in most cases, are at or just above zero, even before depreciation. Announced production curtailments at sawmills in southern Sweden further reflect these difficulties. Looking at the financial results of companies that have reported as of March 4, it is clear that two of them—Södra and Stora Enso—broke even before depreciation, while Holmen managed to stay slightly above zero ...