Why it’s on the map
Canadian pulp mills with a US listing — Canadian pulp into the US now faces 50%; Q2 net loss $76M; -88% YoY. Tariffs plausibly determine survival.
Government money & contracts
C$20M from Canada for Peace River.
Customers & commercial
Pulp buyers.
Catalysts
Solvency.
Risk
Wrong side of both governments.
Tariff durability
Loser.