Sappi, the world’s largest maker of fibres made from wood pulp, slashed capital expenditure by nearly a fifth as it painted a bleak 2020 picture due to stalling orders from clients responding to the Covid-19 pandemic.  

Sappi, which also reported a hefty 97% slump in quarterly profit on Thursday, has repositioned itself as a paper packaging company to capitalise on the global switch from plastic while its viscose fibres meet increasing demand for alternative textile to cotton  from the fashion industry.  

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