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Mercer International Inc. Reports Fourth Quarter and Year End Results and Announces Quarterly Cash Dividend of $0.1375

Selected Highlights

2019 Operating EBITDA of $210.4 million and net loss of $9.6 million
Fourth quarter pulp segment annual maintenance downtime of 54 days significantly contributed to negative Operating EBITDA* of $34.2 million and a net loss of $72.7 million

NEW YORK, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported fourth quarter 2019 Operating EBITDA decreased to negative $34.2 million from positive $118.1 million in the fourth quarter of 2018 and from $50.8 million in the third quarter of 2019. In the fourth quarter of 2019, net loss was $72.7 million, or $1.11 per share, compared to net income of $45.0 million, or $0.69 per basic share and $0.68 per diluted share, in the fourth quarter of 2018 and net income of $1.2 million, or $0.02 per share in the third quarter of 2019.�

In 2019, Operating EBITDA declined to $210.4 million from $364.6 million and the net loss was $9.6 million (or $0.15 per share) compared to net income of $128.6 million (or $1.96 per diluted share) in 2018.

Mr. David M. Gandossi, the Chief Executive Officer, stated: "Our fourth quarter results reflect significant annual maintenance activities in our pulp segment and weakness in the pulp markets. High producer inventories, particularly of hardwood pulp, resulted in pricing pressure on both hardwood and softwood. We believe that pricing for both pulps were bottoming going into 2020 and we expect that improving market conditions will support modest upward pricing pressure during 2020. However, there may be near-term headwinds on pulp prices and demand in China as a result of the current ongoing coronavirus outbreak. In the first quarter of 2020, we�have three days of scheduled downtime at one of our�pulp mills.

In the current quarter our wood segment benefitted from lower fiber costs which largely contributed to it achieving record quarterly operating income of $5.3 million."
____________________
*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.

Consolidated Financial Results: Impacted by annual maintenance downtime and lower sales realizations

�

Q4

�

Q3

�

Q4

�

Year

�

Year

�

2019

�

2019

�

2018⁽¹⁾

�

2019

�

2018⁽¹⁾

�

(in thousands, except per share amounts)

�

Revenues

$

331,172

�

$

383,536

�

$

412,225

�

$

1,624,411

�

$

1,457,718

�

Operating income (loss)

$

(66,106

)

�

$

18,747

�

$

90,997

�

$

84,003

�

$

267,867

�

Operating EBITDA

$

(34,159

)

�

$

50,799

�

$

118,083

�

$

210,397

�

$

364,596

�

Loss on settlement of debt ⁽²⁾

$

(4,750

)

�

$

�

$

�

$

(4,750

)

�

$

(21,515

)

�

Legal cost award

$

�

$

�

$

�

$

�

$

(6,951

)

�

Acquisition commitment fee

$

�

$

�

$

(5,250

)

�

$

�

$

(5,250

)

�

Net income (loss)

$

(72,721

)

�

$

1,207

�

$

45,009

�

$

(9,639

)

�

$

128,589

�

Net income (loss) per common share

�

Basic

$

(1.11

)

�

$

0.02

�

$

0.69

�

$

(0.15

)

�

$

1.97

�

Diluted

$

(1.11

)

�

$

0.02

�

$

0.68

�

$

(0.15

)

�

$

1.96

�

� ______________

� (1) Results of Mercer Peace River Pulp Ltd. ("MPR") included from December 10, 2018.
� (2) Redemption of 7.75% senior notes due 2022.

Consolidated �Three Months Ended December 31, 2019 Compared to Three Months Ended December 31, 2018

In the fourth quarter of 2019 our operating EBITDA decreased to negative $34.2 million from positive $50.8 million in the third quarter of 2019, and from $118.1 million in the same quarter of 2018. The decrease in the current quarter compared to the prior quarter of 2019 was primarily due to higher annual maintenance costs, the negative impact of a weaker dollar at the end of the year compared to the euro and Canadian dollar on the dollar denominated cash and receivables balances held at our mills and lower pulp sales realizations. Compared to the same quarter of 2018 lower pulp sales realizations and higher annual maintenance costs were partially offset by lower per unit fiber costs and the reversal of $13.7 million in accrued wastewater fees as a result of completing certain approved capital projects.

Segment Results

Pulp: Significantly impacted by annual maintenance downtime�

�	Three Months Ended December 31,						�	�
�	2019		�	�	2018⁽¹⁾		�	�
�	(in thousands)						�	�
Pulp revenues	$	275,517	�	�	$	345,128	�	�
Energy and chemical revenues	$	15,273	�	�	$	24,240	�	�
Operating income (loss)	$	(66,574	)	�	$	94,532	�	�

______________

(1)�� Results of MPR included from December 10, 2018.

In the fourth quarter of 2019 the pulp segment had an operating loss of $66.6 million compared to operating income of $94.5 million in the same quarter of 2018. The decrease was primarily due to lower pulp sales realizations and higher annual maintenance costs partially offset by lower per unit fiber costs and the reversal of $13.7 million in accrued wastewater fees. �In the current quarter of 2019, the NBSK pulp realized sales price decreased by approximately 30% to $581 per ADMT from $830 per ADMT in the same quarter of the prior year due to high producer inventory levels. NBSK sales volumes increased by approximately 6% to 416,569 ADMTs in the current quarter from 392,729 ADMTs in the same quarter of 2018 due to the inclusion of MPR for a full quarter and strong demand from China.

In the current quarter, the pulp mills had 54 days (approximately 86,500 ADMTs) of annual maintenance downtime compared to 3 days (approximately 5,700 ADMTs) of annual maintenance downtime in the same quarter of the prior year. We estimate that annual maintenance downtime in the current quarter adversely impacted our operating income by approximately $74.1 million, comprised of approximately $54.5 million in direct out-of-pocket expenses and the balance in reduced production. Many of our competitors that report their results using International Financial Reporting Standards capitalize their direct costs of maintenance downtime.

Per unit fiber costs decreased in the current quarter by approximately 17% from the same quarter of 2018 due to lower per unit fiber costs for our German mills. In Germany, fiber costs benefitted from the continuing availability of beetle damaged wood.� Fiber costs in Canada remained at high levels due to strong fiber demand in Celgar's fiber procurement basket.

As a result of higher per unit fiber costs for our Canadian mills and the decline in pulp sales realizations in the current quarter of 2019, we recorded a non-cash write down of inventory carrying values at our Canadian mills of $9.2 million.

Wood Products: Strong production and lower costs� ��

�	Three Months Ended December 31,						�	�
�	2019		�	�	2018		�	�
�	(in thousands)						�	�
Lumber revenues	$	35,071	�	�	$	37,234	�	�
Energy revenues	$	2,646	�	�	$	2,817	�	�
Wood residual revenues	$	1,871	�	�	$	2,328	�	�
Operating income	$	5,274	�	�	$	669	�	�

In the fourth quarter of 2019 the wood products segment operating income increased to $5.3 million compared to $0.7 million in the same quarter of 2018. The increase reflects record productivity, improved grade outturn and a greater mix of U.S. dimension products, combined with lower per unit fiber costs. In the current quarter per unit fiber costs decreased by approximately 29% from the same quarter of 2018 primarily as a result of the availability of beetle damaged wood. Average lumber sales realizations decreased by approximately 6% to $347 per Mfbm in the fourth quarter of 2019 from approximately $369 per Mfbm in the same quarter of 2018 primarily due to lower pricing in Europe partially offset by higher pricing in the U.S. due to increased demand. European lumber pricing declined due to an increase in the supply of lumber processed from beetle damaged wood which generally obtains lower prices.�

Consolidated �Year Ended December 31, 2019 Compared to Year Ended December 31, 2018

Total revenues in 2019 increased by approximately 11% to $1,624.4 million from $1,457.7 million in 2018 primarily due to the inclusion of the results of MPR for a full year and higher pulp and energy sales volumes partially offset by lower sales realizations.

Costs and expenses in 2019 increased by approximately 29% to $1,540.4 million from $1,189.9 million in 2018 due to the inclusion of MPR costs for a full year, higher pulp sales volumes and higher annual maintenance costs partially offset by lower per unit fiber costs, the positive impact of a stronger dollar primarily on our euro denominated costs and expenses and the reversal of $20.9 million in accrued wastewater fees at our German pulp mills.

In 2019, we redeemed $100.0�million of 2022 Senior Notes at a cost, including premium, of $103.9�million and recorded a loss on such redemption of $4.8�million (being $0.07 per share). In 2018, we redeemed $300.0�million of 2022 Senior Notes at a cost, including premium, of $317.4 million and recorded a loss on such redemption of $21.5 million (being $0.33 per share).

Interest expense in 2019 increased to $75.8�million from $51.5�million in 2018 primarily as a result of the issuance in December 2018 of $350.0 million of our 2025 Senior Notes to finance the acquisition of MPR.

In 2018, we incurred expenses of $7.0�million in connection with a legal cost award and $5.3�million in an acquisition commitment fee related to our acquisition of MPR.

In 2019, after giving effect to costs of $4.8 million, or $0.07 per share, for the loss on the redemption of senior notes our net loss was $9.6 million, or $0.15 per share. In 2018 we had net income of $128.6 million, or $1.97 per basic and $1.96 per diluted share, after giving effect to costs of $33.7 million, or $0.52 per basic and $0.51 per diluted share, for the loss on the redemption of senior notes, the legal cost award and the acquisition commitment fee.

In 2019, Operating EBITDA decreased by approximately 42% to $210.4 million from $364.6 million in 2018 as lower sales realizations and higher annual maintenance costs were only partially offset by lower per unit fiber costs, a $20.9 million reversal of accrued wastewater fees and the positive impact of a stronger dollar primarily on our euro denominated costs and expenses.

Segment Results

Selected Pulp Segment Financial Information

�	Year Ended December 31,						�	�
�	2019		�	�	2018⁽¹⁾		�	�
�	(in thousands)						�	�
Pulp revenues	$	1,370,742	�	�	$	1,190,588	�	�
Energy and chemical revenues	$	86,381	�	�	$	77,616	�	�
Depreciation and amortization	$	117,108	�	�	$	87,628	�	�
Operating income	$	90,583	�	�	$	274,356	�	�

� � � � � � � � � � � � � � � ��

(1)�� Results of MPR included from December 10, 2018.

Selected Wood Products Segment Financial Information

�	Year Ended December 31,						�	�
�	2019		�	�	2018		�	�
�	(in thousands)						�	�
Lumber revenues	$	142,243	�	�	$	168,663	�	�
Energy revenues	$	9,721	�	�	$	10,831	�	�
Wood residual revenues	$	7,973	�	�	$	9,542	�	�
Depreciation and amortization	$	7,966	�	�	$	8,485	�	�
Operating income	$	7,349	�	�	$	6,203	�	�

Liquidity

The following table is a summary of selected financial information as of the dates indicated:

�	December 31,						�	�
�	2019		�	�	2018		�	�
�	(in thousands)						�	�
Cash and cash equivalents	$	351,085	�	�	$	240,491	�	�
Working capital	$	588,385	�	�	$	615,311	�	�
Total assets	$	2,065,720	�	�	$	1,975,735	�	�
Long-term liabilities	$	1,259,005	�	�	$	1,198,918	�	�
Total equity	$	550,403	�	�	$	581,429	�	�

�

As of December 31, 2019, we had approximately $287.2 million available under our revolving credit facilities.

Outlook

Going into 2020, we currently expect continued steady demand to improve markets over the year. Until recently, the combination of steady demand and falling inventories, along with the supply restrictions created by the shut of an NBSK mill in Nova Scotia and the industry strike in Finland was putting upward pressure on prices. However, the current ongoing coronavirus outbreak could create inland logistics restrictions or other disruptions that may, over time, begin to slow down paper manufacturing in China and put pressure on pulp pricing and demand. We are currently unable to determine the full impact at this time. We continue to closely monitor this developing situation.

We currently expect modestly higher lumber prices in the near term due to stronger demand in the U.S.

Quarterly Dividend

A quarterly dividend of $0.1375 per share will be paid on April 1, 2020 to all shareholders of record on March 25, 2020. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Director Appointment

We are also pleased to announce the appointment of Rainer Rettig to our board of directors effective February 14, 2020. Mr. Rettig is currently the head of the Circular Economy Program of Covestro AG (formerly known as Bayer Material Science, a subgroup of Bayer AG), one of the world�s leading manufacturers of high-tech polymer materials. Since 1989, Mr. Rettig has served various senior roles at Bayer AG and Bayer Material Science. Mr. Rettig holds a Ph.D in polymer chemistry and polymer processing from the Technical University of Darmstadt in Germany. �

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for February 14, 2020 at 10:00 AM (Eastern Standard Time). Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/aw3cd9fe or through a link on the company's home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its website at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:

Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

David M. Gandossi
Chief Executive Officer
(604) 684-1099

Summary Financial Highlights

�

Q4

�

Q3

�

Q4

�

Year

�

Year

�

2019

�

2019

�

2018⁽¹⁾

�

2019

�

2018⁽¹⁾

�

(in thousands, except per share amounts)

�

Pulp segment revenues

$

290,790

�

$

345,060

�

$

369,368

�

$

1,457,123

�

$

1,268,204

�

Wood products segment revenues

�

39,588

�

36,458

�

42,379

�

159,937

�

189,036

�

Corporate and other revenues

�

794

�

2,018

�

478

�

7,351

�

478

�

Total revenues

$

331,172

�

$

383,536

�

$

412,225

�

$

1,624,411

�

$

1,457,718

�

Pulp segment operating income (loss)

$

(66,574

)

�

$

21,386

�

$

94,532

�

$

90,583

�

$

274,356

�

Wood products segment operating income

�

5,274

�

544

�

669

�

7,349

�

6,203

�

Corporate and other operating loss

�

(4,806

)

�

(3,183

)

�

(4,204

)

�

(13,929

)

�

(12,692

)

�

Total operating income (loss)

$

(66,106

)

�

$

18,747

�

$

90,997

�

$

84,003

�

$

267,867

�

Pulp segment depreciation and amortization

$

29,492

�

$

29,744

�

$

24,176

�

$

117,108

�

$

87,628

�

Wood products segment depreciation and amortization

�

2,029

�

2,016

�

2,625

�

7,966

�

8,485

�

Corporate and other depreciation and amortization

�

426

�

292

�

285

�

1,320

�

616

�

Total depreciation and amortization

$

31,947

�

$

32,052

�

$

27,086

�

$

126,394

�

$

96,729

�

Operating EBITDA

$

(34,159

)

�

$

50,799

�

$

118,083

�

$

210,397

�

$

364,596

�

Loss on settlement of debt ⁽²⁾

$

(4,750

)

�

$

�

$

�

$

(4,750

)

�

$

(21,515

)

�

Legal cost award

$

�

$

�

$

�

$

�

$

(6,951

)

�

Acquisition commitment fee

$

�

$

�

$

(5,250

)

�

$

�

$

(5,250

)

�

Benefit (provision) for income taxes

$

15,875

�

$

(244

)

�

$

(20,457

)

�

$

(19,226

)

�

$

(48,681

)

�

Net income (loss)

$

(72,721

)

�

$

1,207

�

$

45,009

�

$

(9,639

)

�

$

128,589

�

Net income (loss) per common share

�

Basic

$

(1.11

)

�

$

0.02

�

$

0.69

�

$

(0.15

)

�

$

1.97

�

Diluted

$

(1.11

)

�

$

0.02

�

$

0.68

�

$

(0.15

)

�

$

1.96

�

Common shares outstanding at period end

�

65,629

�

65,629

�

65,202

�

65,629

�

65,202

�

______________

�

(1)� Results of MPR included from December 10, 2018.

�

(2)� Redemption of 7.75% senior notes due 2022.

�

Summary Operating Highlights

�

Q4

�

Q3

�

Q4

�

Year

�

Year

�

2019

�

2019

�

2018⁽¹⁾

�

2019

�

2018⁽¹⁾

�

Pulp Segment

�

Pulp production ('000 ADMTs)

�

NBSK

�

381.3

�

441.7

�

413.6

�

1,736.4

�

1,451.3

�

NBHK

�

60.9

�

75.3

�

21.3

�

304.2

�

21.3

�

Annual maintenance downtime ('000�ADMTs)

�

86.5

�

14.1

�

5.7

�

108.1

�

75.6

�

Annual maintenance downtime (days)

�

54

�

13

�

3

�

82

�

54

�

Pulp sales ('000 ADMTs)

�

NBSK

�

416.6

�

451.2

�

392.7

�

1,773.2

�

1,418.0

�

NBHK

�

65.3

�

91.0

�

22.9

�

325.7

�

22.9

�

Average NBSK pulp list prices ($/ADMT)⁽²⁾

�

Europe

�

822

�

860

�

1,205

�

946

�

1,183

�

China

�

588

�

585

�

805

�

634

�

878

�

North America

�

1,115

�

1,170

�

1,428

�

1,239

�

1,337

�

Average NBHK pulp list prices ($/ADMT)⁽²⁾

�

China

�

475

�

507

�

763

�

576

�

790

�

North America

�

893

�

970

�

1,213

�

1,036

�

1,152

�

Average pulp sales realizations ($/ADMT)⁽³⁾

�

NBSK

�

581

�

609

�

830

�

663

�

821

�

NBHK

�

476

�

499

�

707

�

567

�

707

�

Energy production ('000 MWh)⁽⁴⁾

�

432.9

�

572.5

�

504.6

�

2,141.2

�

1,625.2

�

Energy sales ('000 MWh)⁽⁴⁾

�

154.5

�

224.7

�

213.9

�

822.8

�

615.2

�

Average energy sales realizations ($/MWh)

�

88

�

89

�

99

�

91

�

103

�

Wood Products Segment

�

Lumber production (MMfbm)

�

106.7

�

96.6

�

104.7

�

414.7

�

398.7

�

Lumber sales (MMfbm)

�

101.1

�

97.0

�

100.9

�

408.8

�

412.9

�

Average lumber sales realizations ($/Mfbm)

�

347

�

337

�

369

�

348

�

408

�

Energy production and sales ('000 MWh)

�

23.1

�

13.9

�

23.8

�

83.5

�

86.3

�

Average energy sales realizations ($/MWh)

�

114

�

116

�

118

�

116

�

125

�

Average Spot Currency Exchange Rates

�

$ / �⁽⁵⁾

�

1.1075

�

1.1120

�

1.1414

�

1.1194

�

1.1817

�

$ / C$⁽⁵⁾

�

0.7578

�

0.7573

�

0.7577

�

0.7537

�

0.7722

�

______________

�

(1)� Results of MPR included from the date of acquisition on December 10, 2018.�

(2)� Source: RISI pricing report.�

(3)� Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.�

(4)� Excludes energy production and sales relating to our 50% joint venture interest in the Cariboo mill which is accounted for as an equity investment.�

(5)� Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.�

MERCER INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

�

Three Months Ended

�

For the Year Ended

�

December 31,

�

2019

�

2018⁽¹⁾

�

2019

�

2018⁽¹⁾

�

Revenues

$

331,172

�

$

412,225

�

$

1,624,411

�

$

1,457,718

�

Costs and expenses

�

Cost of sales, excluding depreciation and amortization

�

346,020

�

276,673

�

1,340,380

�

1,032,101

�

Cost of sales depreciation and amortization

�

31,693

�

26,976

�

125,801

�

96,288

�

Selling, general and administrative expenses

�

19,565

�

17,579

�

74,227

�

61,462

�

Operating income (loss)

�

(66,106

)

�

90,997

�

84,003

�

267,867

�

Other income (expenses)

�

Interest expense

�

(20,647

)

�

(15,492

)

�

(75,750

)

�

(51,464

)

�

Loss on settlement of debt

�

(4,750

)

�

(4,750

)

�

(21,515

)

�

Legal cost award

�

(6,951

)

�

Acquisition commitment fee

�

(5,250

)

�

(5,250

)

�

Other income (expenses)

�

2,907

�

(4,789

)

�

6,084

�

(5,417

)

�

Total other expenses, net

�

(22,490

)

�

(25,531

)

�

(74,416

)

�

(90,597

)

�

Income (loss) before provision for income taxes

�

(88,596

)

�

65,466

�

9,587

�

177,270

�

Benefit (provision) for income taxes

�

15,875

�

(20,457

)

�

(19,226

)

�

(48,681

)

�

Net income (loss)

$

(72,721

)

�

$

45,009

�

$

(9,639

)

�

$

128,589

�

Net income (loss) per common share

�

Basic

$

(1.11

)

�

$

0.69

�

$

(0.15

)

�

$

1.97

�

Diluted

$

(1.11

)

�

$

0.68

�

$

(0.15

)

�

$

1.96

�

Dividends declared per common share

$

0.1375

�

$

0.1250

�

$

0.5375

�

$

0.5000

�

______________

�

(1)� Results of MPR included from December 10, 2018.

�

MERCER INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

�	�	December 31,							�
�	�	2019			�	2018			�
ASSETS	�	�	�	�	�	�	�	�	�
Current assets	�	�	�	�	�	�	�	�	�
Cash and cash equivalents	�	$	351,085	�	�	$	240,491	�	�
Accounts receivable	�	�	208,740	�	�	�	252,692	�	�
Inventories	�	�	272,599	�	�	�	303,813	�	�
Prepaid expenses and other	�	�	12,273	�	�	�	13,703	�	�
Total current assets	�	�	844,697	�	�	�	810,699	�	�
Property, plant and equipment, net	�	�	1,074,242	�	�	�	1,029,257	�	�
Investment in joint ventures	�	�	53,122	�	�	�	62,574	�	�
Amortizable intangible assets, net	�	�	53,371	�	�	�	53,927	�	�
Operating lease right-of-use assets	�	�	13,004	�	�	�	�	�	�
Other long-term assets	�	�	26,038	�	�	�	17,904	�	�
Deferred income tax	�	�	1,246	�	�	�	1,374	�	�
Total assets	�	$	2,065,720	�	�	$	1,975,735	�	�
LIABILITIES AND SHAREHOLDERS� EQUITY	�	�	�	�	�	�	�	�	�
Current liabilities	�	�	�	�	�	�	�	�	�
Accounts payable and other	�	$	255,544	�	�	$	194,484	�	�
Pension and other post-retirement benefit obligations	�	�	768	�	�	�	904	�	�
Total current liabilities	�	�	256,312	�	�	�	195,388	�	�
Debt	�	�	1,087,932	�	�	�	1,041,389	�	�
Pension and other post-retirement benefit obligations	�	�	25,489	�	�	�	25,829	�	�
Finance lease liabilities	�	�	31,103	�	�	�	24,669	�	�
Operating lease liabilities	�	�	10,520	�	�	�	�	�	�
Other long-term liabilities	�	�	14,114	�	�	�	13,924	�	�
Deferred income tax	�	�	89,847	�	�	�	93,107	�	�
Total liabilities	�	�	1,515,317	�	�	�	1,394,306	�	�
Shareholders� equity	�	�	�	�	�	�	�	�	�
Common shares $1 par value; 200,000,000 authorized; 65,629,000 issued and outstanding (2018 � 65,202,000)	�	�	65,598	�	�	�	65,171	�	�
Additional paid-in capital	�	�	344,994	�	�	�	342,438	�	�
Retained earnings	�	�	256,371	�	�	�	301,990	�	�
Accumulated other comprehensive loss	�	�	(116,560	)	�	�	(128,170	)	�
Total shareholders� equity	�	�	550,403	�	�	�	581,429	�	�
Total liabilities and shareholders� equity	�	$	2,065,720	�	�	$	1,975,735	�	�
�	�	�	�	�	�	�	�	�	�

MERCER INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

�

For the Year Ended December 31,

�

2019

�

2018

�

2017

�

Cash flows from (used in) operating activities

�

Net income (loss)

$

(9,639

)

�

$

128,589

�

$

70,483

�

Adjustments to reconcile net income (loss) to cash flows from operating activities

�

Depreciation and amortization

�

126,394

�

96,729

�

85,294

�

Deferred income tax provision (benefit)

�

(7,873

)

�

16,596

�

22,056

�

Inventory impairment

�

9,200

�

Loss on settlement of debt

�

4,750

�

21,515

�

10,696

�

Defined benefit pension plans and other post-retirement benefit plan expense

�

3,449

�

1,868

�

2,179

�

Stock compensation expense

�

3,036

�

3,940

�

2,890

�

Foreign exchange transaction losses (gains)

�

7,116

�

746

�

(875

)

�

Other

�

5,834

�

2,419

�

3,372

�

Defined benefit pension plans and other post-retirement benefit plan contributions

�

(4,467

)

�

(1,133

)

�

(2,031

)

�

Changes in working capital

�

Accounts receivable

�

41,369

�

(10,370

)

�

(64,949

)

�

Inventories

�

24,683

�

(58,082

)

�

(19,994

)

�

Accounts payable and accrued expenses

�

45,256

�

37,959

�

37,170

�

Other

�

(4,825

)

�

(4,108

)

�

(4,365

)

�

Net cash from (used in) operating activities

�

244,283

�

236,668

�

141,926

�

Cash flows from (used in) investing activities

�

Purchase of property, plant and equipment

�

(132,034

)

�

(87,012

)

�

(57,915

)

�

Purchase of amortizable intangible assets

�

(623

)

�

(600

)

�

(1,777

)

�

Acquisitions

�

(6,380

)

�

(380,312

)

�

(61,627

)

�

Other

�

(321

)

�

445

�

(232

)

�

Net cash from (used in) investing activities

�

(139,358

)

�

(467,479

)

�

(121,551

)

�

Cash flows from (used in) financing activities

�

Redemption of senior notes

�

(103,875

)

�

(317,439

)

�

(234,945

)

�

Proceeds from issuance of senior notes

�

205,500

�

350,000

�

550,000

�

Proceeds from (repayment of) revolving credit facilities, net

�

(58,404

)

�

36,560

�

22,281

�

Dividend payments

�

(35,279

)

�

(40,724

)

�

(29,866

)

�

Payment of interest rate derivative liability

�

(6,887

)

�

Repurchase of common shares

�

(754

)

�

Payment of debt issuance costs

�

(4,213

)

�

(10,074

)

�

(11,620

)

�

Proceeds from government grants

�

6,467

�

600

�

Other

�

(3,344

)

�

(3,462

)

�

(812

)

�

Net cash from (used in) financing activities

�

6,098

�

14,861

�

288,751

�

Effect of exchange rate changes on cash, cash equivalents and restricted cash

�

(429

)

�

(4,297

)

�

10,716

�

Net increase (decrease) in cash, cash equivalents and restricted cash

�

110,594

�

(220,247

)

�

319,842

�

Cash, cash equivalents and restricted cash, beginning of year

�

240,491

�

460,738

�

140,896

�

Cash, cash equivalents and restricted cash, end of year

$

351,085

�

$

240,491

�

$

460,738

�

MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands)

Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income (loss) as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

�

Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity.�The following tables set forth the net income (loss) to Operating EBITDA:

�

Q4

�

Q3

�

Q4

�

Year

�

Year

�

2019

�

2019

�

2018

�

2019

�

2018

�

Net income (loss)

$

(72,721

)

�

$

1,207

�

$

45,009

�

$

(9,639

)

�

$

128,589

�

Provision (benefit) for income taxes

�

(15,875

)

�

244

�

20,457

�

19,226

�

48,681

�

Interest expense

�

20,647

�

18,183

�

15,492

�

75,750

�

51,464

�

Loss on settlement of debt

�

4,750

�

4,750

�

21,515

�

Legal cost award

�

6,951

�

Acquisition commitment fee

�

5,250

�

5,250

�

Other (income) expenses

�

(2,907

)

�

(887

)

�

4,789

�

(6,084

)

�

5,417

�

Operating income (loss)

�

(66,106

)

�

18,747

�

90,997

�

84,003

�

267,867

�

Add: Depreciation and amortization

�

31,947

�

32,052

�

27,086

�

126,394

�

96,729

�

Operating EBITDA

$

(34,159

)

�

$

50,799

�

$

118,083

�

$

210,397

�

$

364,596

�

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On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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MERCER INTERNATIONAL INC. ANNOUNCES DOWNTIME AT ITS JOINT VENTURE CARIBOO MILL

NEW YORK, April 03, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. ("Mercer") (Nasdaq: MERC) reports that its joint venture Cariboo pulp mill will be taking approximately 4 weeks of downtime starting on or about April 20, 2020, resulting in an approximate reduction of NBSK production of 30,000 tonnes of which Mercer''s share is 15,000 tonnes. The downtime is in connection with reduced fibre availability resulting from regional sawmill downtime. The cogeneration facility at the Cariboo mill will continue to operate during the downtime.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its website at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:

Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

David M. Gandossi
Chief Executive Officer
(604) 684-1099

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On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. To Present at Upcoming 2020 RBC Capital Markets Forest Products Virtual Conference

NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today announced that David M. Gandossi, President and CEO, will be presenting at the following upcoming conference:

2020 RBC Capital Markets Forest Products Virtual Conference
Wednesday, December 2nd, 2020
Panel discussion at 12:55 PM ET

A copy of the presentation will be posted in the "Investors - Current Documents" section on the Company's web site (https://mercerint.com/investors/current-documents/) on the morning of the event.

The session will be recorded and made available to conference participants for one week following the presentation time.

At Mercer International Inc., we are exceptional people creating bioproducts for a more sustainable world. We are a diversified global producer of forest products, bioproducts, and green electricity with operations in Germany, Canada, and Australia with a consolidated annual production capacity of approximately 2.2 million tonnes of kraft pulp and 550 million board feet of softwood lumber. For further information, please visit www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: the continuing effects of the recent economic and financial turmoil, the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:
David M. Gandossi, FCPA, FCA
President & CEO
604-684-1099
???????????????????????????????????????????????
David K. Ure, CPA, CGA
Senior VP Finance, CFO & Secretary
604-684-1099

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Mercer International Inc. Reports Third Quarter and Nine Months 2020 Results and Announces Quarterly Cash Dividend of $0.065

Selected Highlights

Third quarter net income of $7.5 million and Operating EBITDA* of $45.6 million
Record Wood Segment Results
Cash on hand and available credit facilities provide liquidity of about $600.6 million at September 30, 2020

NEW YORK, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported third quarter 2020 Operating EBITDA decreased to $45.6 million from $50.8 million in the third quarter of 2019 and increased from $40.5 million in the second quarter of 2020.

In the third quarter of 2020, net income was $7.5 million (or $0.11 per share) compared to $1.2 million (or $0.02 per share) in the third quarter of 2019 and a net loss of $8.4 million (or $0.13 per share) in the second quarter of 2020.

In the first nine months of 2020, Operating EBITDA decreased by 41% to $143.1 million from $244.6 million in the same period of 2019. In the first nine months of 2020, net loss was $4.3 million compared to net income of $63.1 million in the same period of 2019. ??

Mr. David Gandossi, the Chief Executive Officer, stated: "As a resurgence or second wave of infections from COVID-19 is being felt in a number of countries, we remain committed to maintaining measures and procedures to operate our business safely and efficiently and protect our people.

All of our mills ran well this quarter and our Friesau sawmill had record operating income of $12.0?million despite ten days of downtime related to capital upgrades. Our pulp production was down in the quarter primarily due to the previously announced planned 30-day curtailment at our Celgar mill.

Our Q3 results reflect strong cost control and steady production. On average, NBSK pulp pricing was flat compared to Q2. Globally the supply demand fundamentals are slowly improving based on China's improving economy and expected higher levels of maintenance by pulp producers going into the fourth quarter.

Our wood products segment had a record quarter and benefitted from strong demand and robust pricing in the U.S. market. In the current quarter approximately 59% of lumber revenues and 39% of our lumber sales volumes were to the U.S. which was our single largest market.

In Q4, our pulp mills have 17 days of planned annual maintenance downtime (approximately 19,600 ADMTs). We have no planned downtime at our Friesau sawmill. Going forward we will continue to ensure we control our costs, manage our working capital and conservatively manage our strong liquidity position."

____________________
*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.

Consolidated Financial Results

?

Q3

?

Q2

?

Q3

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

(in thousands, except per share amounts)

?

Revenues

$

333,151

?

$

341,195

?

$

383,536

?

$

1,024,945

?

$

1,293,239

?

Operating income

$

13,736

?

$

10,315

?

$

18,747

?

$

48,113

?

$

150,109

?

Operating EBITDA

$

45,620

?

$

40,516

?

$

50,799

?

$

143,144

?

$

244,556

?

Net income (loss)

$

7,545

?

$

(8,411

)

?

$

1,207

?

$

(4,258

)

?

$

63,082

?

Net income (loss) per common share

?

Basic and diluted

$

0.11

?

$

(0.13

)

?

$

0.02

?

$

(0.06

)

?

$

0.96

?

Consolidated - Three Months Ended September 30, 2020 Compared to Three Months Ended September 30, 2019

Total revenues for the three months ended September 30, 2020 decreased by approximately 13% to $333.2 million from $383.5 million in the same quarter of 2019 primarily due to lower pulp sales volumes and pulp sales realizations partially offset by higher lumber sales realizations and volumes.

Costs and expenses in the current quarter decreased by approximately 12% to $319.4 million from $364.8 million in the third quarter of 2019 primarily due to lower pulp sales volumes, per unit fiber costs and maintenance costs partially offset by the negative impact of a weaker dollar primarily on our euro denominated costs and expenses. In the current quarter of 2020, we received approximately $3.5 million of wage assistance under a Canadian government wage subsidy program.

In the third quarter of 2020, other income increased to $11.9 million from $0.9 million in the same quarter of 2019 primarily as a result of $15.4 million of realized gains on the sale of investments in the current quarter.

In the third quarter of 2020, Operating EBITDA decreased by approximately 10% to $45.6 million from $50.8 million in the same quarter of 2019 primarily due to lower pulp sales realizations and the negative impact of a weaker dollar primarily on our euro denominated costs and expenses partially offset by lower per unit fiber costs and higher lumber sales realizations.

Segment Results

Pulp: Lower fiber costs more than offset by lower sales realizations

??	Three Months Ended September 30,						?
?	2020		?	?	2019		?
?	(in thousands)						?
Pulp revenues	$	253,056	?	?	$	322,707	?
Energy and chemical revenues	$	21,860	?	?	$	22,353	?
Operating income	$	3,753	?	?	$	21,386	?

In the third quarter of 2020, pulp segment operating income decreased to $3.8 million from $21.4 million in the same quarter of 2019 as lower pulp sales realizations and the negative impact of a weaker dollar were only partially offset by the positive impact of lower per unit fiber costs and lower maintenance costs.

In the current quarter of 2020, NBSK pulp sales realizations decreased by approximately 8% to $562 per ADMT from $609 per ADMT in the same quarter of the prior year. NBSK sales volumes decreased by approximately 18% to 369,913 ADMTs in the current quarter from 451,171 ADMTs in the same quarter of 2019 primarily due to lower production.

In the current quarter our Canadian pulp mills recorded a non-cash write down of our inventory carrying values of $8.0 million as a result of low pulp sales realizations and high per unit fiber costs. In the same quarter of the prior year our Canadian mills recorded a non-cash write down of our inventory carrying values of $6.9 million.

In the current quarter per unit fiber costs decreased by approximately 12% from the same quarter of 2019 due to lower per unit fiber costs for all of our mills. In Germany, per unit fiber costs benefitted from the continuing availability of beetle damaged wood. Per unit fiber costs in Canada declined due to increased sawmill activity but remained at historically high levels due to strong fiber demand in our mills'' fiber procurement areas.

Wood Products: Record operating income driven by strong demand??

??	Three Months Ended September 30,						?
?	2020		?	?	2019		?
?	(in thousands)						?
Lumber revenues	$	53,612	?	?	$	32,687	?
Energy revenues	$	2,226	?	?	$	1,621	?
Wood residual revenues	$	1,215	?	?	$	2,150	?
Operating income	$	11,963	?	?	$	544	?

In the third quarter of 2020, our wood products segment had record operating income of $12.0 million compared to $0.5 million in the same quarter of 2019 primarily due to a higher lumber realized sales price.

Average lumber sales realizations increased by approximately 34% to $453 per Mfbm in the third quarter of 2020 compared to approximately $337 per Mfbm in the same quarter of 2019 primarily due to higher pricing in the U.S. market. U.S. lumber pricing increased due to strong demand in the current quarter. European lumber pricing modestly decreased due to the supply of lumber processed from beetle damaged wood which generally obtains a lower price.

In the current quarter per unit fiber costs decreased by approximately 6% from the same quarter of 2019 primarily as a result of the continuing availability of beetle damaged wood.

Consolidated - Nine Months Ended September 30, 2020 Compared to Nine Months Ended September 30, 2019

Total revenues for the nine months ended September 30, 2020 decreased by approximately 21% to $1,024.9 million from $1,293.2 million in the nine months ended September 30, 2019 primarily due to lower pulp sales realizations and pulp sales volumes partially offset by higher lumber sales volumes and realizations.

Costs and expenses in the nine months ended September 30, 2020 decreased by approximately 15% to $976.8 million from $1,143.1 million in the nine months ended September 30, 2019 primarily due to lower pulp sales volumes, per unit fiber costs and maintenance costs.

Other income in the nine months ended September 30, 2020 increased to $12.1 million from $3.2 million in the same period of 2019 primarily due to $15.4 million of realized gains in the sale of investments.

For the nine months ended September 30, 2020, our net loss was $4.3 million, or $0.06 per share compared to net income of $63.1 million, or $0.96 per share, in the same period of 2019.

In the nine months ended September 30, 2020, Operating EBITDA decreased by approximately 41% to $143.1 million from $244.6 million in the same period of 2019 primarily due to lower pulp sales realizations and pulp sales volumes partially offset by lower per unit fiber costs, lower maintenance costs and higher lumber sales realizations.

Liquidity

The following table is a summary of selected financial information as of the dates indicated:

??	September 30,		?	?	December 31,		?
?	2020		?	?	2019		?
?	(in thousands)						?
Cash and cash equivalents	$	345,580	?	?	$	351,085	?
Working capital	$	633,764	?	?	$	588,385	?
Total assets	$	2,044,735	?	?	$	2,065,720	?
Long-term liabilities	$	1,293,312	?	?	$	1,259,005	?
Total equity	$	550,707	?	?	$	550,403	?

As of September 30, 2020, we had cash and cash equivalents of approximately $345.6 million, approximately $255.0 million available under our revolving credit facilities, providing aggregate liquidity of about $600.6 million.

Current Market Environment

In mid-2020, many countries eased restrictions on economic and social activities adopted in response to the COVID-19 pandemic to, among other things, reopen their economies by allowing businesses to restart and encourage economic activity. The results of such economic measures and reopening have varied from country to country.

We are encouraged by improved economic activity globally. However, recently there has been a widespread increase or "second wave" in reported infections from COVID-19 including in Europe and the United States. In response, various countries including in Europe have announced the re-imposition of some restrictions on social, business and other activities. Currently we are unable to predict the impact of the recent resurgence in infections, the extent of measures governments may take in response thereto, including imposing some or all prior or new restrictive measures, including business closures, or the overall impact on global economic activity, including the pace of any economic recovery.

Although there is continued economic uncertainty created by the COVID-19 pandemic, we are currently expecting generally stable pulp demand in the upcoming quarter with some modest price improvements due to improving global economic activity, particularly in China.

On the pulp supply side, to date various pulp mills globally have delayed their annual maintenance schedules as a result of the pandemic. As a result, we currently expect mills to curtail production to implement such delayed maintenance in the later part of this year or the early part of next year.

We currently expect strong lumber demand and lumber prices in the U.S. market and steady demand and modestly improving sales realizations in the European lumber market in the upcoming quarter.

Quarterly Dividend

A quarterly dividend of $0.065 per share will be paid on December 30, 2020 to all shareholders of record on December 23, 2020. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for October 30, 2020 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/ermirxzo or through a link on the company''s home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its web site at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:
Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

David M. Gandossi, FCPA, FCA
Chief Executive Officer
(604) 684-1099

-FINANCIAL TABLES FOLLOW-

Summary Financial Highlights

?

Q3

?

Q2

?

Q3

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

(in thousands, except per share amounts)

?

Pulp segment revenues

$

274,916

?

$

298,046

?

$

345,060

?

$

876,567

?

$

1,166,333

?

Wood products segment revenues

?

57,053

?

41,727

?

36,458

?

144,558

?

120,349

?

Corporate and other revenues

?

1,182

?

1,422

?

2,018

?

3,820

?

6,557

?

Total revenues

$

333,151

?

$

341,195

?

$

383,536

?

$

1,024,945

?

$

1,293,239

?

Pulp segment operating income

$

3,753

?

$

8,110

?

$

21,386

?

$

33,302

?

$

157,157

?

Wood products segment operating income

?

11,963

?

4,327

?

544

?

21,845

?

2,075

?

Corporate and other operating loss

?

(1,980

)

?

(2,122

)

?

(3,183

)

?

(7,034

)

?

(9,123

)

Total operating income

$

13,736

?

$

10,315

?

$

18,747

?

$

48,113

?

$

150,109

?

Pulp segment depreciation and amortization

$

28,251

?

$

27,219

?

$

29,744

?

$

85,841

?

$

87,616

?

Wood products segment depreciation and amortization

?

3,446

?

2,804

?

2,016

?

8,627

?

5,937

?

Corporate and other depreciation and amortization

?

187

?

178

?

292

?

563

?

894

?

Total depreciation and amortization

$

31,884

?

$

30,201

?

$

32,052

?

$

95,031

?

$

94,447

?

Operating EBITDA

$

45,620

?

$

40,516

?

$

50,799

?

$

143,144

?

$

244,556

?

Income tax recovery (provision)

$

1,775

?

$

(882

)

?

$

(244

)

?

$

(4,451

)

?

$

(35,101

)

Net income (loss)

$

7,545

?

$

(8,411

)

?

$

1,207

?

$

(4,258

)

?

$

63,082

?

Net income (loss) per common share

?

Basic and diluted

$

0.11

?

$

(0.13

)

?

$

0.02

?

$

(0.06

)

?

$

0.96

?

Common shares outstanding at period end

?

65,868

?

65,868

?

65,629

?

65,868

?

65,629

?

Summary Operating Highlights

??

Q3

?

Q2

?

Q3

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

Pulp Segment

?

Pulp production (''000 ADMTs)

?

NBSK

?

400.2

?

423.8

?

441.7

?

1,279.1

?

1,355.1

?

NBHK

?

79.8

?

88.8

?

75.3

?

247.6

?

243.3

?

Annual maintenance downtime (''000?ADMTs)

?

15.0

?

11.3

?

14.1

?

28.6

?

21.6

?

Annual maintenance downtime (days)

?

10

?

15

?

13

?

27

?

28

?

Pulp sales (''000 ADMTs)

?

NBSK

?

369.9

?

422.6

?

451.2

?

1,230.8

?

1,356.6

?

NBHK

?

100.1

?

69.3

?

91.0

?

235.4

?

260.4

?

Average NBSK pulp prices ($/ADMT)⁽¹⁾

?

Europe

?

840

?

850

?

860

?

841

?

987

?

China

?

572

?

572

?

555

?

572

?

628

?

North America

?

1,133

?

1,158

?

1,170

?

1,139

?

1,281

?

Average NBHK pulp prices ($/ADMT)⁽¹⁾

?

China

?

443

?

465

?

477

?

456

?

593

?

North America

?

868

?

897

?

970

?

885

?

1,083

?

Average pulp sales realizations ($/ADMT)⁽²⁾

?

NBSK

?

562

?

573

?

609

?

565

?

689

?

NBHK

?

424

?

475

?

499

?

451

?

589

?

Energy production (''000 MWh)⁽³⁾

?

529.2

?

562.9

?

572.5

?

1,670.5

?

1,708.3

?

Energy sales (''000 MWh)⁽³⁾

?

215.5

?

222.0

?

224.7

?

669.3

?

668.4

?

Average energy sales realizations ($/MWh)⁽³⁾

?

96

?

85

?

89

?

92

?

92

?

Wood Products Segment

?

Lumber production (MMfbm)

?

96.8

?

113.5

?

96.6

?

326.6

?

308.0

?

Lumber sales (MMfbm)

?

118.5

?

109.0

?

97.0

?

345.2

?

307.7

?

Average lumber sales realizations ($/Mfbm)

?

453

?

345

?

337

?

383

?

348

?

Energy production and sales (''000 MWh)

?

17.8

?

22.7

?

13.9

?

63.3

?

60.4

?

Average energy sales realizations ($/MWh)

?

125

?

116

?

116

?

118

?

117

?

Average Spot Currency Exchange Rates

?

$ / ?⁽⁴⁾

?

1.1698

?

1.1016

?

1.1120

?

1.1248

?

1.1234

?

$ / C$⁽⁴⁾

?

0.7508

?

0.7221

?

0.7573

?

0.7388

?

0.7523

?

______________

????????(1)????Source: RISI pricing report. Europe and North America are list prices. China are net prices which include discounts, allowances and rebates. Effective January 2020, the RISI pricing report does not provide list prices for China.
????????(2)????Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.
????????(3)????Does not include our 50% joint venture interest in the Cariboo mill, which is accounted for using the equity method.
????????(4)????Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

??

?

Three Months Ended
September 30

?

Nine Months Ended
September 30

?

2020

?

2019

?

2020

?

2019

?

Revenues

?

$

333,151

?

$

383,536

?

$

1,024,945

?

$

1,293,239

?

Costs and expenses

?

Cost of sales, excluding depreciation and amortization

?

272,165

?

314,894

?

832,554

?

994,360

?

Cost of sales depreciation and amortization

?

31,862

?

31,934

?

94,952

?

94,108

?

Selling, general and administrative expenses

?

15,388

?

17,961

?

49,326

?

54,662

?

Operating income

?

13,736

?

18,747

?

48,113

?

150,109

?

Other income (expenses)

?

Interest expense

?

(19,864

)

?

(18,183

)

?

(60,056

)

?

(55,103

)

Other income

?

11,898

?

887

?

12,136

?

3,177

?

Total other expenses, net

?

(7,966

)

?

(17,296

)

?

(47,920

)

?

(51,926

)

Income before income taxes

?

5,770

?

1,451

?

193

?

98,183

?

Income tax recovery (provision)

?

1,775

?

(244

)

?

(4,451

)

?

(35,101

)

Net income (loss)

?

$

7,545

?

$

1,207

?

$

(4,258

)

?

$

63,082

?

Net income (loss) per common share

?

Basic and diluted

?

$

0.11

?

$

0.02

?

$

(0.06

)

?

$

0.96

?

Dividends declared per common share

?

$

0.0650

?

$

0.1375

?

$

0.2675

?

$

0.4000

?

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

??	?	September 30,		?	?	December 31,		?
?	?	2020		?	?	2019		?
ASSETS	?	?	?	?	?	?	?	?
Current assets	?	?	?	?	?	?	?	?
Cash and cash equivalents	?	$	345,580	?	?	$	351,085	?
Accounts receivable, net	?	?	202,619	?	?	?	208,740	?
Inventories	?	?	269,864	?	?	?	272,599	?
Prepaid expenses and other	?	?	16,417	?	?	?	12,273	?
Total current assets	?	?	834,480	?	?	?	844,697	?
Property, plant and equipment, net	?	?	1,065,345	?	?	?	1,074,242	?
Investment in joint ventures	?	?	47,865	?	?	?	53,122	?
Amortizable intangible assets, net	?	?	50,132	?	?	?	53,371	?
Operating lease right-of-use assets	?	?	12,932	?	?	?	13,004	?
Other long-term assets	?	?	32,744	?	?	?	26,038	?
Deferred income tax	?	?	1,237	?	?	?	1,246	?
Total assets	?	$	2,044,735	?	?	$	2,065,720	?
LIABILITIES AND SHAREHOLDERS' EQUITY	?	?	?	?	?	?	?	?
Current liabilities	?	?	?	?	?	?	?	?
Accounts payable and other	?	$	199,992	?	?	$	255,544	?
Pension and other post-retirement benefit obligations	?	?	724	?	?	?	768	?
Total current liabilities	?	?	200,716	?	?	?	256,312	?
Debt	?	?	1,124,202	?	?	?	1,087,932	?
Pension and other post-retirement benefit obligations	?	?	24,613	?	?	?	25,489	?
Finance lease liabilities	?	?	39,741	?	?	?	31,103	?
Operating lease liabilities	?	?	9,912	?	?	?	10,520	?
Other long-term liabilities	?	?	14,213	?	?	?	14,114	?
Deferred income tax	?	?	80,631	?	?	?	89,847	?
Total liabilities	?	?	1,494,028	?	?	?	1,515,317	?
Shareholders' equity	?	?	?	?	?	?	?	?
Common shares $1 par value; 200,000,000 authorized; 65,868,000 issued and outstanding (2019 - 65,629,000)	?	?	65,800	?	?	?	65,598	?
Additional paid-in capital	?	?	345,583	?	?	?	344,994	?
Retained earnings	?	?	234,365	?	?	?	256,371	?
Accumulated other comprehensive loss	?	?	(95,041	)	?	?	(116,560	)
Total shareholders' equity	?	?	550,707	?	?	?	550,403	?
Total liabilities and shareholders' equity	?	$	2,044,735	?	?	$	2,065,720	?

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

?

Three Months Ended
September 30

?

Nine Months Ended
September 30

?

2020

?

2019

?

2020

?

2019

?

Cash flows from (used in) operating activities

?

Net income (loss)

?

$

7,545

?

$

1,207

?

$

(4,258

)

?

$

63,082

?

Adjustments to reconcile net income (loss) to cash flows from operating activities

?

Depreciation and amortization

?

31,884

?

32,052

?

95,031

?

94,447

?

Deferred income tax provision (recovery)

?

(4,255

)

?

(1,706

)

?

(10,330

)

?

2,359

?

Inventory impairment

?

8,000

?

6,900

?

25,998

?

13,800

?

Defined benefit pension plans and other post-retirement benefit plan expense

?

769

?

866

?

2,270

?

2,582

?

Stock compensation expense

?

895

?

1,179

?

815

?

2,036

?

Gain on sale of investments

?

(15,443

)

?

-

?

(15,443

)

?

-

?

Foreign exchange transaction losses (gains)

?

3,384

?

(8,873

)

?

4,120

?

369

?

Other

?

(1,801

)

?

2,887

?

(2,993

)

?

4,331

?

Defined benefit pension plans and other post-retirement benefit plan contributions

?

(783

)

?

(1,200

)

?

(2,495

)

?

(2,628

)

Changes in working capital

?

Accounts receivable

?

17,226

?

41,381

?

11,238

?

17,232

?

Inventories

?

(8,031

)

?

2,342

?

(20,443

)

?

15,714

?

Accounts payable and accrued expenses

?

(4,219

)

?

(16,691

)

?

(54,000

)

?

(12,667

)

Other

?

(6,683

)

?

(3,483

)

?

(6,759

)

?

(12,889

)

Net cash from (used in) operating activities

?

28,488

?

56,861

?

22,751

?

187,768

?

Cash flows from (used in) investing activities

?

Purchase of property, plant and equipment

?

(14,639

)

?

(37,049

)

?

(59,201

)

?

(81,417

)

Purchase of amortizable intangible assets

?

(30

)

?

(215

)

?

(557

)

?

(710

)

Purchase of investments

?

-

?

-

?

(9,370

)

?

-

?

Proceeds from sale of investments

?

21,540

?

-

?

21,540

?

-

?

Other

?

396

?

162

?

1,243

?

(181

)

Net cash from (used in) investing activities

?

7,267

?

(37,102

)

?

(46,345

)

?

(82,308

)

Cash flows from (used in) financing activities

?

Proceeds from (repayment of) revolving credit facilities, net

?

8,750

?

-

?

34,359

?

(58,404

)

Dividend payments

?

(4,282

)

?

(9,025

)

?

(13,329

)

?

(17,231

)

Repurchase of common shares

?

-

?

-

?

(162

)

?

(754

)

Payment of debt issuance costs

?

-

?

(369

)

?

-

?

(1,126

)

Proceeds from government grants

?

-

?

147

?

299

?

6,467

?

Other

?

(302

)

?

(1,735

)

?

(2,729

)

?

(8,664

)

Net cash from (used in) financing activities

?

4,166

?

(10,982

)

?

18,438

?

(79,712

)

Effect of exchange rate changes on cash and cash equivalents

?

2,325

?

(1,200

)

?

(349

)

?

(1,340

)

Net increase (decrease) in cash and cash equivalents

?

42,246

?

7,577

?

(5,505

)

?

24,408

?

Cash and cash equivalents, beginning of period

?

303,334

?

257,322

?

351,085

?

240,491

?

Cash and cash equivalents, end of period

?

$

345,580

?

$

264,899

?

$

345,580

?

$

264,899

?

MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands)

Operating EBITDA is defined as operating income plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or operating income as a measure of performance, nor as an alternative to net cash from (used in) operating activities as a measure of liquidity.?The following tables set forth the net income (loss) to Operating EBITDA:

?

Q3

?

Q2

?

Q3

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

Net income (loss)

$

7,545

?

$

(8,411

)

?

$

1,207

?

$

(4,258

)

?

$

63,082

?

Income tax provision (recovery)

?

(1,775

)

?

882

?

244

?

4,451

?

35,101

?

Interest expense

?

19,864

?

20,108

?

18,183

?

60,056

?

55,103

?

Other income

?

(11,898

)

?

(2,264

)

?

(887

)

?

(12,136

)

?

(3,177

)

Operating income

?

13,736

?

10,315

?

18,747

?

48,113

?

150,109

?

Add: Depreciation and amortization

?

31,884

?

30,201

?

32,052

?

95,031

?

94,447

?

Operating EBITDA

$

45,620

?

$

40,516

?

$

50,799

?

$

143,144

?

$

244,556

?

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On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. to Present at Upcoming Jefferies 2020 Virtual Industrials Conference

NEW YORK, July 23, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today announced that David M. Gandossi, President and CEO, will be presenting at the following upcoming conference:

Jefferies 2020 Industrials Conference

August?5-6, 2020

Presentation at 3:00 PM EDT, Thursday, August 6

A copy of the presentation will be posted in the "Investors - Current Documents" section on the Company's web site (https://mercerint.com/investors/current-documents/) on the morning of the event.

Mercer International Inc. is a global forest products manufacturing company with operations in Germany and Canada with a consolidated annual production capacity of approximately 2.2 million tonnes of pulp and 550 million fbm of softwood lumber. To obtain further information on the company, please visit its web site at https://mercerint.com/.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: the continuing effects of the recent economic and financial turmoil, the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

FOR:?	Mercer International Inc.?
APPROVED BY:?	David M. Gandossi, FCPA, FCA?
?	President & CEO
?	604-684-1099
?	?
?	David K. Ure, CPA, CGA
?	Senior VP Finance, CFO & Secretary
?	604-684-1099

?

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On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. Announces Conference Call for Third Quarter 2020 Results

NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Mercer International (NASDAQ: MERC) will release its third quarter results for the period ended September 30, 2020 on Thursday, October 29, 2020, after the close of the market. David M. Gandossi, President and Chief Executive Officer and David K. Ure, Senior Vice President Finance, Chief Financial Officer and Secretary, will be hosting a conference call on Friday, October 30, 2020, at 10:00 am ET to discuss the results. The call can be accessed by dialing one of the following:

North America: (888) 241-0326
International: (647) 427-3411
Conference ID: 2063449

Listeners can also access the conference call live over the Internet by clicking on or copying and pasting the following link into their web browser:

https://edge.media-server.com/mmc/p/ermirxzo

A recording of the completed conference call can be accessed for fifteen days through a link on the Company''s home page at http://www.mercerint.com, or by dialing (855) 859-2056 and entering Conference ID 2063449.

Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. For additional information on accessing the call, please contact Daniela Navarria of Mercer International at daniela.navarria@mercerint.com or (604) 639-4602.

At Mercer International Inc., we are exceptional people creating bioproducts for a more sustainable world. We are a diversified global producer of forest products, bioproducts, and green electricity with operations in Germany, Canada, and Australia with a consolidated annual production capacity of approximately 2.2 million tonnes of kraft pulp and 550 million board feet of softwood lumber. For further information, please visit www.mercerint.com.

David M. Gandossi, FCPA, FCA
President & CEO
604-684-1099

David K. Ure, CPA, CGA
Senior VP Finance, CFO & Secretary
604-684-1099

This message was distributed by GlobeNewswire.
2321 Rosecrans Ave. Ste 2200, El Segundo, CA, 90245, USA. +1-800-307-6627. www.globenewswire.com
On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. Announces Conference Call for First Quarter 2020 Results

NEW YORK, April 15, 2020 (GLOBE NEWSWIRE) -- Mercer International (NASDAQ: MERC) will release its first quarter results for the period ended March 31, 2020 on Thursday, April 30, 2020, after the close of the market.? David M. Gandossi, President and Chief Executive Officer and David K. Ure, Senior Vice President Finance, Chief Financial Officer and Secretary, will be hosting a conference call on Friday, May 1, 2020, at 10:00 am ET to discuss the results.? The call can be accessed by dialing one of the following:

North America: (888) 241-0326
International: (647) 427-3411

Conference ID: 5869249

Listeners can also access the conference call live over the Internet by clicking on or copying and pasting the following link into their web browser:

https://edge.media-server.com/mmc/p/qrp3w7ec

A recording of the completed conference call can be accessed for fifteen days through a link on the Company''s home page at http://www.mercerint.com, or by dialing (855) 859-2056 and entering Conference ID 5869249.

Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software. For additional information on accessing the call, please contact Daniela Navarria of Mercer International at dnavarria@mercerint.com or (604) 639-4602.

Mercer International Inc. is a global forest products manufacturing company with operations in Germany and Canada with a consolidated annual production capacity of approximately 2.2 million tonnes of NBSK pulp and 550 million fbm of softwood lumber.

APPROVED BY:

David M. Gandossi, FCPA, FCA
President & CEO
604-684-1099

David K. Ure, CPA, CGA
Senior VP Finance, CFO & Secretary
604-684-1099

This message was distributed by GlobeNewswire.
2321 Rosecrans Ave. Ste 2200, El Segundo, CA, 90245, USA. +1-800-307-6627. www.globenewswire.com
On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. Announces That 2020 Annual Meeting of Shareholders Is Changed to a Virtual Only Format

NEW YORK, May 15, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) announced that our 2020 Annual Meeting of Shareholders (the "Meeting") will be held in virtual format only due to the ongoing public health concerns related to the coronavirus (COVID-19) pandemic and to support the health and well-being of our shareholders, the community and other stakeholders. There will no longer be an in-person event location for the Meeting.

The Meeting will be hosted through the Internet at www.meetingcenter.io/246849420. The password for the meeting is:? MERC2020. As set forth in our proxy materials, the meeting will be held on May 29, 2020 at 10:00 a.m. (Vancouver time)? and shareholders of record at the close of business on March 25, 2020 will be entitled to participate, vote and submit questions prior to and during the Meeting.

Shareholders of record must enter the control number found on their notice, proxy card or voting instruction form in order to participate, vote and submit questions at the Meeting. If you hold your shares through a broker account or in another nominee form, you may view the meeting virtually at the website set forth above and may vote your shares prior to the Meeting by providing voting instructions to your broker or nominee as set forth in our proxy materials. However, if you wish to participate, vote or submit questions at the Meeting you will need to obtain a legal proxy from such broker or other nominee and send it, along with your name and email address to our registrar transfer agent by email at legalproxy@computershare.com or mail at Proxy Services, c/o Computershare, Inc. (Legal Proxy), P.O. Box 505008, Louisville, KY 40233. Such requests must be labelled "Legal Proxy" and must be received by Computershare no later than 5:00 p.m. (Eastern Time) on May 25, 2020 in order to allow sufficient time for our transfer agent to process such request and generate a control number.

Shareholders are encouraged to vote in advance of the Meeting using one of the methods specified in our proxy materials. Shareholders who have previously voted in respect of the matters to be considered at the Meeting are not required to recast a vote at the Meeting unless they wish to change their vote.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit our web site at https://www.mercerint.com.

APPROVED BY:

David M. Gandossi, FCPA, FCA
Chief Executive Officer
(604) 684-1099

David K. Ure, CPA, CGA
Senior VP Finance, CFO & Secretary
(604) 684-1099

This message was distributed by GlobeNewswire.
2321 Rosecrans Ave. Ste 2200, El Segundo, CA, 90245, USA. +1-800-307-6627. www.globenewswire.com
On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. Reports First Quarter 2020 Results and Announces Quarterly Cash Dividend of $0.065

Selected Highlights

First quarter net loss of $3.4 million
Quarterly Operating EBITDA* of $57.0 million
Cash on hand and available credit facilities provide liquidity of about $516.5 million at March 31, 2020

NEW YORK, April 30, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported first quarter 2020 Operating EBITDA decreased to $57.0 million from $123.8 million in the first quarter of 2019 and increased from negative $34.2 million in the fourth quarter of 2019.

In the first quarter of 2020, net loss was $3.4 million (or $0.05 per share) compared to net income of $51.6 million (or $0.79 per basic share and $0.78 per diluted share) in the first quarter of 2019 and a net loss of $72.7 million (or $1.11 per share) in the fourth quarter of 2019.?

Mr. David Gandossi, the Chief Executive Officer, stated: "The outbreak of the COVID-19 pandemic in the first quarter has presented a number of challenges and I am proud that our people have risen to meet these head on.

Our pulp products are an important constituent of many pandemic related high demand goods such as tissue and cleaning products and certain personal protective equipment. Accordingly, we have implemented a number of new and important health and safety measures at our operations to protect our employees and to allow our mills to operate responsibly and efficiently. We are constantly monitoring our operations and guidance from governmental and health organizations to ensure we take appropriate and necessary actions to protect our people.?

The current working environment and resultant work changes have not been easy and I want to thank all our employees for working cooperatively to implement new procedures to keep safety at the forefront and for looking out for one another. Despite these new procedures, our mills continued to run well in the first quarter of 2020.

Despite weak product pricing, our solid first quarter financial results reflect strong production, effective cost control, steady demand for both pulp and lumber and favorable currency movements. On the pulp side, we experienced modest price increases off trough price levels in the fourth quarter of 2019 as demand was generally steady. Overall, our sales volumes were held back slightly as we worked through pandemic related logistical challenges early in the quarter. On the lumber side, our recent sawmill upgrades allowed us to take advantage of strong demand and upward pricing momentum in the U.S. market to report record quarterly operating income for our wood products segment.

As we manage through the current global business uncertainty, we are working to lower our costs and working capital usage and conservatively managing liquidity. As a result, we have reduced our 2020 planned capital expenditures to about $90?million and reduced our quarterly dividend to $0.065 per share."?

____________
^{*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.}

?

Consolidated Financial Results

?	Q1		?	?	Q4		?	?	Q1		?
?	2020		?	?	2019		?	?	2019		?
?	(in thousands, except per share amounts)
Revenues	$	350,599	?	?	$	331,172	?	?	$	483,950	?
Operating income (loss)	$	24,062	?	?	$	(66,106	)	?	$	93,552	?
Operating EBITDA	$	57,008	?	?	$	(34,159	)	?	$	123,799	?
Loss on settlement of debt ⁽¹⁾	$	-	?	?	$	(4,750	)	?	$	-	?
Net income (loss)	$	(3,392	)	?	$	(72,721	)	?	$	51,616	?
Net income (loss) per common share	?	?	?	?	?	?	?	?	?	?	?
Basic	$	(0.05	)	?	$	(1.11	)	?	$	0.79	?
Diluted	$	(0.05	)	?	$	(1.11	)	?	$	0.78	?

______________
(1) Redemption of 7.75% senior notes due 2022.

?

Consolidated - Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019
In the first quarter of 2020, our operating EBITDA increased to $57.0 million from negative $34.2 million in the fourth quarter of 2019 and decreased from $123.8 million in the same quarter of 2019. The increase in the current quarter compared to the prior quarter is primarily due to lower maintenance costs, the positive impact of a stronger dollar on our dollar denominated cash and receivables held at our operations and higher sales volumes. The decrease compared to the same quarter of 2019 is primarily due to lower pulp sales realizations partially offset by lower per unit fiber costs and the positive impact of a stronger dollar.????

Segment Results

Pulp: Lower fiber costs more than offset by lower sales realizations

?	Three Months Ended March 31,						?
?	2020		?	?	2019		?
?	(in thousands)						?
Pulp revenues	$	278,948	?	?	$	413,313	?
Energy and chemical revenues	$	24,657	?	?	$	23,161	?
Operating income	$	21,439	?	?	$	93,520	?

In the first quarter of 2020, pulp segment operating income decreased to $21.4 million from $93.5 million in the same quarter of 2019. The decrease was primarily due to lower pulp sales realizations partially offset by the positive impact of a stronger dollar and lower per unit fiber costs. In the current quarter of 2020, the NBSK pulp realized sales price decreased by approximately 26% to $561 per ADMT from $757 per ADMT in the same quarter of the prior year due to high producer inventory levels and market uncertainty as COVID-19 spread through China. NBSK sales volumes decreased by approximately 6% to 438,326 ADMTs in the current quarter from 466,893 ADMTs in the same quarter of 2019 due to logistics issues early in the current quarter related to closures, restrictions and other effects related to the COVID-19 pandemic.

Our Canadian pulp mills recorded a non-cash write down of our inventory carrying values of $5.7 million in the current quarter as a result of lower pulp sales realizations and high fiber costs.

Per unit fiber costs decreased in the current quarter by approximately 12% from the same quarter of 2019 primarily due to lower per unit fiber costs for our German mills. In Germany, per unit fiber costs benefitted from the continuing availability of beetle damaged wood. Per unit fiber costs in Canada were flat but remained at historically high levels due to strong fiber demand in the mills'' fiber procurement areas.

Wood Products: Record operating income due to record production and lower fiber costs?

?	Three Months Ended March 31,						?
?	2020		?	?	2019		?
?	(in thousands)						?
Lumber revenues	$	40,986	?	?	$	39,163	?
Energy revenues	$	2,631	?	?	$	2,666	?
Wood residual revenues	$	2,161	?	?	$	2,610	?
Operating income	$	5,555	?	?	$	1,620	?

In the first quarter of 2020 the wood products segment operating income increased to a record $5.6 million compared to $1.6 million in the same quarter of 2019. The increase was primarily due to record production and lower per unit fiber costs. Production increased by approximately 5% to 116.4 MMfbm of lumber in the current quarter from 110.7 MMfbm in the same quarter of 2019 primarily due to capital improvements at the mill. In the current quarter per unit fiber costs decreased by approximately 25% from the same quarter of 2019 primarily as a result of the continuing availability of beetle damaged wood.

Average lumber sales realizations decreased by approximately 3% to $348 per Mfbm in the first quarter of 2020 from approximately $359 per Mfbm in the same quarter of 2019 primarily due to lower pricing in Europe partially offset by higher pricing in the U.S. market. European lumber pricing declined due to an increase in the supply of lumber processed from beetle damaged wood which generally obtains lower prices. U.S. lumber pricing increased due to strong demand in the current quarter.

Liquidity
The following table is a summary of selected financial information as of the dates indicated:

?	March 31,		?	?	December 31,		?
?	2020		?	?	2019		?
?	(in thousands)						?
Cash and cash equivalents	$	286,526	?	?	$	351,085	?
Working capital	$	603,410	?	?	$	588,385	?
Total assets	$	1,951,989	?	?	$	2,065,720	?
Long-term liabilities	$	1,304,078	?	?	$	1,259,005	?
Total equity	$	462,768	?	?	$	550,403	?

As of March 31, 2020, we had cash and cash equivalents of approximately $286.5 million, approximately $229.9 million available under our revolving credit facilities, providing aggregate liquidity of about $516.5 million. ?

Current Market Environment
Although there is a great deal of global business uncertainty resulting from the COVID-19 pandemic and its effect and societal responses are evolving and can change quickly, in the second quarter we are currently expecting to see steady pulp demand from tissue and hygiene producers but a weakening in demand from printing and writing paper producers.

On the pulp supply side, in the upcoming quarter, we are currently expecting certain mills to curtail production as a result of fiber shortages resulting from sawmill downtime. Further, some pulp mills have announced some sporadic curtailments resulting from COVID-19. Additionally, various pulp mills globally have delayed their annual maintenance schedules as a result of the current pandemic. This is expected to curtail production in the later part of the year or early part of next year.

On the lumber side, we are currently expecting weakening lumber markets and lower lumber sales realizations in the second quarter of 2020 due to a drop in housing starts and business slowdowns and disruptions resulting from the pandemic in our major markets.

Quarterly Dividend
A quarterly dividend of $0.065 per share will be paid on July 7, 2020 to all shareholders of record on June 25, 2020. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Earnings Release Call
In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for May 1, 2020 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/qrp3w7ec or through a link on the company''s home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its web site at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:

Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

David M. Gandossi
Chief Executive Officer
(604) 684-1099

-FINANCIAL TABLES FOLLOW-

Summary Financial Highlights

?	Q1		?	?	Q4		?	?	Q1		?
?	2020		?	?	2019		?	?	2019		?
?	(in thousands, except per share amounts)
Pulp segment revenues	$	303,605	?	?	$	290,790	?	?	$	436,474	?
Wood products segment revenues	?	45,778	?	?	?	39,588	?	?	?	44,439	?
Corporate and other revenues	?	1,216	?	?	?	794	?	?	?	3,037	?
Total revenues	$	350,599	?	?	$	331,172	?	?	$	483,950	?
?	?	?	?	?	?	?	?	?	?	?	?
Pulp segment operating income (loss)	$	21,439	?	?	$	(66,574	)	?	$	93,520	?
Wood products segment operating income	?	5,555	?	?	?	5,274	?	?	?	1,620	?
Corporate and other operating loss	?	(2,932	)	?	?	(4,806	)	?	?	(1,588	)
Total operating income (loss)	$	24,062	?	?	$	(66,106	)	?	$	93,552	?
?	?	?	?	?	?	?	?	?	?	?	?
Pulp segment depreciation and amortization	$	30,371	?	?	$	29,492	?	?	$	28,023	?
Wood products segment depreciation and amortization	?	2,377	?	?	?	2,029	?	?	?	1,911	?
Corporate and other depreciation and amortization	?	198	?	?	?	426	?	?	?	313	?
Total depreciation and amortization	$	32,946	?	?	$	31,947	?	?	$	30,247	?
?	?	?	?	?	?	?	?	?	?	?	?
Operating EBITDA	$	57,008	?	?	$	(34,159	)	?	$	123,799	?
Loss on settlement of debt ⁽¹⁾	$	-	?	?	$	(4,750	)	?	$	-	?
Benefit (provision) for income taxes	$	(5,344	)	?	$	15,875	?	?	$	(24,424	)
Net income (loss)	$	(3,392	)	?	$	(72,721	)	?	$	51,616	?
Net income (loss) per common share	?	?	?	?	?	?	?	?	?	?	?
Basic	$	(0.05	)	?	$	(1.11	)	?	$	0.79	?
Diluted	$	(0.05	)	?	$	(1.11	)	?	$	0.78	?
Common shares outstanding at period end	?	65,800	?	?	?	65,629	?	?	?	65,651	?

______________

(1) Redemption of 7.75% senior notes due 2022.

Summary Operating Highlights

?	Q1		?	?	Q4		?	?	Q1		?
?	2020		?	?	2019		?	?	2019		?
Pulp Segment	?	?	?	?	?	?	?	?	?	?	?
Pulp production (''000 ADMTs)	?	?	?	?	?	?	?	?	?	?	?
NBSK	?	455.2	?	?	?	381.3	?	?	?	460.6	?
NBHK	?	78.9	?	?	?	60.9	?	?	?	78.6	?
Annual maintenance downtime (''000?ADMTs)	?	2.3	?	?	?	86.5	?	?	?	-	?
Annual maintenance downtime (days)	?	2	?	?	?	54	?	?	?	-	?
Pulp sales (''000 ADMTs)	?	?	?	?	?	?	?	?	?	?	?
NBSK	?	438.3	?	?	?	416.6	?	?	?	466.9	?
NBHK	?	66.0	?	?	?	65.3	?	?	?	87.8	?
Average NBSK pulp prices ($/ADMT)⁽¹⁾	?	?	?	?	?	?	?	?	?	?	?
Europe	?	833	?	?	?	822	?	?	?	1,105	?
China	?	573	?	?	?	563	?	?	?	700	?
North America	?	1,127	?	?	?	1,115	?	?	?	1,380	?
Average NBHK pulp prices ($/ADMT)⁽¹⁾	?	?	?	?	?	?	?	?	?	?	?
China	?	460	?	?	?	455	?	?	?	695	?
North America	?	890	?	?	?	893	?	?	?	1,180	?
Average pulp sales realizations ($/ADMT)⁽²⁾	?	?	?	?	?	?	?	?	?	?	?
NBSK	?	561	?	?	?	581	?	?	?	757	?
NBHK	?	468	?	?	?	476	?	?	?	656	?
Energy production (''000 MWh)⁽³⁾	?	578.4	?	?	?	432.9	?	?	?	560.5	?
Energy sales (''000 MWh)⁽³⁾	?	231.7	?	?	?	154.5	?	?	?	211.8	?
Average energy sales realizations ($/MWh)⁽³⁾	?	95	?	?	?	88	?	?	?	94	?
?	?	?	?	?	?	?	?	?	?	?	?
Wood Products Segment	?	?	?	?	?	?	?	?	?	?	?
Lumber production (MMfbm)	?	116.4	?	?	?	106.7	?	?	?	110.7	?
Lumber sales (MMfbm)	?	117.7	?	?	?	101.1	?	?	109.2		?
Average lumber sales realizations ($/Mfbm)	?	348	?	?	347		?	?	359		?
Energy production and sales (''000 MWh)	?	22.8	?	?	?	23.1	?	?	22.4		?
Average energy sales realizations ($/MWh)	?	116	?	?	114		?	?	119		?
?	?	?	?	?	?	?	?	?	?	?	?
Average Spot Currency Exchange Rates	?	?	?	?	?	?	?	?	?	?	?
$ / ?⁽⁴⁾	?	1.1022	?	?	?	1.1075	?	?	1.1354		?
$ / C$⁽⁴⁾	?	0.7438	?	?	0.7578		?	?	?	0.7521	?

______________

(1) Source: RISI pricing report. Europe and North America are list prices. China are net prices which include discounts, allowances and rebates. Effective January 2020, the RISI pricing report does not provide list prices for China.?
(2) Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.
(3) Does not include our 50% joint venture interest in the Cariboo mill, which is accounted for using the equity method.
(4) Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

?	Three Months Ended March 31,						?
?	2020		?	?	2019		?
Revenues	$	350,599	?	?	$	483,950	?
Costs and expenses	?	?	?	?	?	?	?
Cost of sales, excluding depreciation and amortization	?	276,056	?	?	?	343,033	?
Cost of sales depreciation and amortization	?	32,911	?	?	?	30,136	?
Selling, general and administrative expenses	?	17,570	?	?	?	17,229	?
Operating income	?	24,062	?	?	?	93,552	?
Other income (expenses)	?	?	?	?	?	?	?
Interest expense	?	(20,084	)	?	?	(18,551	)
Other income (expenses)	?	(2,026	)	?	?	1,039	?
Total other expenses, net	?	(22,110	)	?	?	(17,512	)
Income before provision for income taxes	?	1,952	?	?	?	76,040	?
Provision for income taxes	?	(5,344	)	?	?	(24,424	)
Net income (loss)	$	(3,392	)	?	$	51,616	?
Net income (loss) per common share	?	?	?	?	?	?	?
Basic	$	(0.05	)	?	$	0.79	?
Diluted	$	(0.05	)	?	$	0.78	?
Dividends declared per common share	$	0.1375	?	?	$	0.1250	?

?

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

?	?	March 31,		?	?	December 31,		?
?	?	2020		?	?	2019		?
ASSETS	?	?	?	?	?	?	?	?
Current assets	?	?	?	?	?	?	?	?
Cash and cash equivalents	?	$	286,526	?	?	$	351,085	?
Accounts receivable, net	?	?	221,921	?	?	?	208,740	?
Inventories	?	?	269,812	?	?	?	272,599	?
Prepaid expenses and other	?	?	10,294	?	?	?	12,273	?
Total current assets	?	?	788,553	?	?	?	844,697	?
Property, plant and equipment, net	?	?	1,020,345	?	?	?	1,074,242	?
Investment in joint ventures	?	?	48,188	?	?	?	53,122	?
Amortizable intangible assets, net	?	?	48,957	?	?	?	53,371	?
Operating lease right-of-use assets	?	?	11,866	?	?	?	13,004	?
Other long-term assets	?	?	32,848	?	?	?	26,038	?
Deferred income tax	?	?	1,232	?	?	?	1,246	?
Total assets	?	$	1,951,989	?	?	$	2,065,720	?
LIABILITIES AND SHAREHOLDERS' EQUITY	?	?	?	?	?	?	?	?
Current liabilities	?	?	?	?	?	?	?	?
Accounts payable and other	?	$	184,447	?	?	$	255,544	?
Pension and other post-retirement benefit obligations	?	?	696	?	?	?	768	?
Total current liabilities	?	?	185,143	?	?	?	256,312	?
Debt	?	?	1,136,454	?	?	?	1,087,932	?
Pension and other post-retirement benefit obligations	?	?	23,157	?	?	?	25,489	?
Finance lease liabilities	?	?	37,537	?	?	?	31,103	?
Operating lease liabilities	?	?	9,436	?	?	?	10,520	?
Other long-term liabilities	?	?	13,323	?	?	?	14,114	?
Deferred income tax	?	?	84,171	?	?	?	89,847	?
Total liabilities	?	?	1,489,221	?	?	?	1,515,317	?
Shareholders' equity	?	?	?	?	?	?	?	?
Common shares $1 par value; 200,000,000 authorized; 65,800,000 issued and outstanding (2019 - 65,629,000)	?	?	65,769	?	?	?	65,598	?
Additional paid-in capital	?	?	344,753	?	?	?	344,994	?
Retained earnings	?	?	243,794	?	?	?	256,371	?
Accumulated other comprehensive loss	?	?	(191,548	)	?	?	(116,560	)
Total shareholders' equity	?	?	462,768	?	?	?	550,403	?
Total liabilities and shareholders' equity	?	$	1,951,989	?	?	$	2,065,720	?

?

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

?	?	Three Months Ended March 31,						?
?	?	2020		?	?	2019		?
Cash flows from (used in) operating activities	?	?	?	?	?	?	?	?
Net income (loss)	?	$	(3,392	)	?	$	51,616	?
Adjustments to reconcile net income (loss) to cash flows from operating activities	?	?	?	?	?	?	?	?
Depreciation and amortization	?	?	32,946	?	?	?	30,247	?
Deferred income tax provision (benefit)	?	?	(1,331	)	?	?	3,639	?
Inventory impairment	?	?	5,734	?	?	?	-	?
Defined benefit pension plans and other post-retirement benefit plan expense	?	?	762	?	?	?	856	?
Stock compensation recovery	?	?	(46	)	?	?	(345	)
Foreign exchange transaction gains	?	?	(6,144	)	?	?	(263	)
Other	?	?	(497	)	?	?	704	?
Defined benefit pension plans and other post-retirement benefit plan contributions	?	?	(915	)	?	?	(1,158	)
Changes in working capital	?	?	?	?	?	?	?	?
Accounts receivable	?	?	(20,926	)	?	?	(56,353	)
Inventories	?	?	(18,120	)	?	?	21,141	?
Accounts payable and accrued expenses	?	?	(57,660	)	?	?	(173	)
Other	?	?	(253	)	?	?	(7,725	)
Net cash from (used in) operating activities	?	?	(69,842	)	?	?	42,186	?
Cash flows from (used in) investing activities	?	?	?	?	?	?	?	?
Purchase of property, plant and equipment	?	?	(23,018	)	?	?	(19,389	)
Purchase of amortizable intangible assets	?	?	(438	)	?	?	(316	)
Other	?	?	51	?	?	?	(261	)
Net cash from (used in) investing activities	?	?	(23,405	)	?	?	(19,966	)
Cash flows from (used in) financing activities	?	?	?	?	?	?	?	?
Proceeds from (repayment of) revolving credit facilities, net	?	?	51,260	?	?	?	(33,672	)
Dividend payments	?	?	(9,047	)	?	?	-	?
Repurchase of common shares	?	?	(162	)	?	?	-	?
Payment of debt issuance costs	?	?	-	?	?	?	(509	)
Proceeds from government grants	?	?	-	?	?	?	6,320	?
Other	?	?	(9,801	)	?	?	(862	)
Net cash from (used in) financing activities	?	?	32,250	?	?	?	(28,723	)
Effect of exchange rate changes on cash and cash equivalents	?	?	(3,562	)	?	?	(754	)
Net decrease in cash and cash equivalents	?	?	(64,559	)	?	?	(7,257	)
Cash and cash equivalents, beginning of period	?	?	351,085	?	?	?	240,491	?
Cash and cash equivalents, end of period	?	$	286,526	?	?	$	233,234	?

?

MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands)

Operating EBITDA is defined as operating income (loss) plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income (loss) as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or income (loss) from operations as a measure of performance, nor as an alternative to net cash from operating activities as a measure of liquidity.?The following tables set forth the net income (loss) to Operating EBITDA:

??	Q1		?	?	Q4		?	?	Q1		?
?	2020		?	?	2019		?	?	2019		?
Net income (loss)	$	(3,392	)	?	$	(72,721	)	?	$	51,616	?
Provision (benefit) for income taxes	?	5,344	?	?	?	(15,875	)	?	?	24,424	?
Interest expense	?	20,084	?	?	?	20,647	?	?	?	18,551	?
Loss on settlement of debt	?	-	?	?	?	4,750	?	?	?	-	?
Other (income) expenses	?	2,026	?	?	?	(2,907	)	?	?	(1,039	)
Operating income (loss)	?	24,062	?	?	?	(66,106	)	?	?	93,552	?
Add: Depreciation and amortization	?	32,946	?	?	?	31,947	?	?	?	30,247	?
Operating EBITDA	$	57,008	?	?	$	(34,159	)	?	$	123,799	?

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Mercer International Inc. Reports Second Quarter and First Half 2020 Results and Announces Quarterly Cash Dividend of $0.065

Selected Highlights

Second quarter net loss of $8.4 million
Quarterly Operating EBITDA* of $40.5 million
Cash on hand and available credit facilities provide liquidity of about $566.8 million at June 30, 2020

NEW YORK, July 30, 2020 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported second quarter 2020 Operating EBITDA decreased to $40.5 million from $70.0 million in the second quarter of 2019 and from $57.0 million in the first quarter of 2020.

In the second quarter of 2020, net loss was $8.4 million (or $0.13 per share) compared to net income of $10.3 million (or $0.16 per share) in the second quarter of 2019 and a net loss of $3.4 million (or $0.05 per share) in the first quarter of 2020.?

In the first half of 2020, Operating EBITDA decreased by 50% to $97.5 million from $193.8 million in the same period of 2019. In the first half of 2020, net loss was $11.8 million compared to net income of $61.9 million in the same period of 2019. ??

Mr. David Gandossi, the Chief Executive Officer, stated: "While the world continues to be impacted by the COVID-19 pandemic, I am proud to say that our people have remained resilient and we implemented measures and procedures to meet the challenges of operating our business safely and efficiently. We are constantly monitoring our operations and guidance from governmental and health organizations to ensure that we continue to take appropriate and necessary actions to protect our people.

All of our mills ran well this quarter. Pulp production was down slightly in the quarter primarily due to a previously announced short-term planned curtailment.

Our Q2 results reflect strong cost control and steady production.? On average, pulp pricing was modestly up compared to Q1. However, late in the current quarter, overall pulp demand was modestly weaker as continued strong tissue demand was more than offset by weaker demand from printing and writing customers. Our wood products segment had another strong quarter. Our Friesau mill ran well with strong demand in our U.S. market creating upward pricing pressure late in the quarter. In the current quarter approximately 38% of our lumber sales volumes were to the U.S. which was our single largest market.

As we move into Q3 we will remain focused on controlling our costs, managing our working capital and conservatively managing our strong liquidity position."

____________
*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA.

Consolidated Financial Results

?

Q2

?

Q1

?

Q2

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

(in thousands, except per share amounts)

?

Revenues

$

341,195

?

$

350,599

?

$

425,753

?

$

691,794

?

$

909,703

?

Operating income

$

10,315

?

$

24,062

?

$

37,810

?

$

34,377

?

$

131,362

?

Operating EBITDA

$

40,516

?

$

57,008

?

$

69,958

?

$

97,524

?

$

193,757

?

Net income (loss)

$

(8,411

)

?

$

(3,392

)

?

$

10,259

?

$

(11,803

)

?

$

61,875

?

Net income (loss) per common share

?

Basic and diluted

$

(0.13

)

?

$

(0.05

)

?

$

0.16

?

$

(0.18

)

?

$

0.94

?

Consolidated - Three Months Ended June 30, 2020 Compared to Three Months Ended June 30, 2019

Total revenues for the three months ended June 30, 2020 decreased by approximately 20% to $341.2 million from $425.8 million in the same quarter of 2019 primarily due to lower pulp sales realizations and pulp sales volumes.

Costs and expenses in the current quarter decreased by approximately 15% to $330.9 million from $387.9 million in the second quarter of 2019 primarily due to lower per unit fiber costs and lower pulp sales volumes and the positive impact of a stronger dollar on our Canadian dollar and euro denominated costs and expenses.

In the second quarter of 2020, Operating EBITDA decreased by approximately 42% to $40.5 million from $70.0 million in the same quarter of 2019 primarily due to lower pulp sales realizations partially offset by lower per unit fiber costs and the positive impact of a stronger dollar.

Segment Results

Pulp: Lower fiber costs more than offset by lower sales realizations

?	Three Months Ended June 30,						?
?	2020		?	?	2019		?
?	(in thousands)						?
Pulp revenues	$	276,919	?	?	$	359,205	?
Energy and chemical revenues	$	21,127	?	?	$	25,594	?
Operating income	$	8,110	?	?	$	42,251	?
?	?	?	?	?	?	?	?

In the second quarter of 2020, pulp segment operating income decreased to $8.1 million from $42.3 million in the same quarter of 2019. The decrease was primarily due to lower pulp sales realizations partially offset by the positive impact of lower per unit fiber costs and a stronger dollar. In the current quarter of 2020, NBSK pulp sales realizations decreased by approximately 18% to $573 per ADMT from $699 per ADMT in the same quarter of the prior year due to high producer inventory levels. NBSK sales volumes decreased by approximately 4% to 422,586 ADMTs in the current quarter from 438,520 ADMTs in the same quarter of 2019 due to lower production. ?

Our Canadian pulp mills recorded a non-cash write down of our inventory carrying values of $12.3 million in the current quarter as a result of lower pulp sales realizations and high fiber costs.

Per unit fiber costs decreased in the current quarter by approximately 16% from the same quarter of 2019 due to lower per unit fiber costs for all of our mills. In Germany, per unit fiber costs benefitted from the continuing availability of beetle damaged wood. Per unit fiber costs in Canada declined but remained at historically high levels due to strong fiber demand in the mills'' fiber procurement areas.

Wood Products: Continued strong production and lower fiber costs?

?	Three Months Ended June 30,						?
?	2020		?	?	2019		?
?	(in thousands)						?
Lumber revenues	$	37,611	?	?	$	35,322	?
Energy revenues	$	2,629	?	?	$	2,788	?
Wood residual revenues	$	1,487	?	?	$	1,342	?
Operating income (loss)	$	4,327	?	?	$	(89	)
?	?	?	?	?	?	?	?

In the second quarter of 2020 the wood products segment operating income increased to $4.3 million compared to an operating loss of $0.1 million in the same quarter of 2019. The increase was primarily due to strong production and lower per unit fiber costs. Production increased by approximately 13% to 113.5 MMfbm of lumber in the current quarter from 100.8 MMfbm in the same quarter of 2019 primarily due to capital improvements at the mill. In the current quarter per unit fiber costs decreased by approximately 26% from the same quarter of 2019 primarily as a result of the continuing availability of beetle damaged wood.

Average lumber sales realizations were generally flat at approximately $345 per Mfbm in the second quarter of 2020 compared to approximately $348 per Mfbm in the same quarter of 2019 as higher pricing in the U.S. market was offset by lower pricing in Europe. U.S. lumber pricing increased due to stronger demand in the current quarter. European lumber pricing declined due to an increase in the supply of lumber processed from beetle damaged wood which generally obtains lower prices.

Consolidated - Six Months Ended June 30, 2020 Compared to Six Months Ended June 30, 2019

Total revenues for the first half of 2020 decreased by approximately 24% to $691.8 million from $909.7 million in the first half of 2019 primarily due to lower pulp sales realizations and pulp sales volumes.

Costs and expenses in the first half of 2020 decreased by approximately 16% to $657.4 million from $778.3 million in the first half of 2019 primarily due to lower per unit fiber costs, lower pulp sales volumes and the positive impact of a stronger dollar on our Canadian dollar and euro denominated costs and expenses.

For the first half of 2020, our net loss was $11.8 million, or $0.18 per share compared to net income of $61.9 million, or $0.94 per share, in the same period of 2019.

In the first half of 2020, Operating EBITDA decreased by approximately 50% to $97.5 million from $193.8 million in the same period of 2019 primarily due to lower pulp sales realizations and pulp sales volumes partially offset by lower per unit fiber costs and the positive impact of a stronger dollar versus the Canadian dollar and euro.

Liquidity

The following table is a summary of selected financial information as of the dates indicated:

?	June 30,		?	?	December 31,		?
?	2020		?	?	2019		?
?	(in thousands)						?
Cash and cash equivalents	$	303,334	?	?	$	351,085	?
Working capital	$	586,682	?	?	$	588,385	?
Total assets	$	1,973,609	?	?	$	2,065,720	?
Long-term liabilities	$	1,282,395	?	?	$	1,259,005	?
Total equity	$	494,260	?	?	$	550,403	?
?	?	?	?	?	?	?	?

As of June 30, 2020, we had cash and cash equivalents of approximately $303.3 million, approximately $263.5 million available under our revolving credit facilities, providing aggregate liquidity of about $566.8 million.

In June 2020, we amended our revolving credit facility for our Celgar mill to increase the principal amount available to C$60?million from C$40?million with all other terms remaining substantially unchanged.

Current Market Environment

Commencing around the end of the second quarter, many countries have taken measures to ease restrictions on economic and social activities to, among other things, reopen their economies by allowing businesses to restart and encourage economic activity. The results of such economic measures and reopening have varied from country to country.

While such measures are encouraging, currently we are unable to predict the outcome or pace of such economic reopening, the strength or timing of any recovery or whether they will result in such a material resurgence of the virus that causes governments to re-impose restrictive measures.

As a result of the continuing global economic impact and uncertainty resulting from the COVID-19 pandemic and the seasonal third quarter pulp market slowdown, we are expecting an overall weakening in pulp demand in the upcoming quarter with some modest price improvements towards the end of the quarter.

On the pulp supply side, to date various pulp mills globally have delayed their annual maintenance schedules as a result of the current pandemic. As a result, we currently expect mills to curtail production to implement such delayed maintenance in the later part of this year or the early part of next year. As previously announced, in July our Celgar mill is taking a 30-day market related curtailment.

We currently expect strong lumber demand and higher lumber sales realizations in the U.S. market and steady demand and sales realizations in the European lumber market in the upcoming quarter.

Quarterly Dividend

A quarterly dividend of $0.065 per share will be paid on October 6, 2020 to all shareholders of record on September 29, 2020. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

Earnings Release Call

In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for July 31, 2020 at 10:00 AM (Eastern Daylight Time). Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/cmgyreto or through a link on the company''s home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

Mercer International Inc. is a global forest products company with operations in Germany and Canada with consolidated annual production capacity of 2.2 million tonnes of pulp and 550 million board feet of lumber. To obtain further information on the company, please visit its web site at https://www.mercerint.com.

The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

APPROVED BY:
Jimmy S.H. Lee
Executive Chairman
(604) 684-1099

David M. Gandossi, FCPA, FCA
Chief Executive Officer
(604) 684-1099

-FINANCIAL TABLES FOLLOW-

Summary Financial Highlights

?

Q2

?

Q1

?

Q2

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

(in thousands, except per share amounts)

?

Pulp segment revenues

$

298,046

?

$

303,605

?

$

384,799

?

$

601,651

?

$

821,273

?

Wood products segment revenues

?

41,727

?

45,778

?

39,452

?

87,505

?

83,891

?

Corporate and other revenues

?

1,422

?

1,216

?

1,502

?

2,638

?

4,539

?

Total revenues

$

341,195

?

$

350,599

?

$

425,753

?

$

691,794

?

$

909,703

?

Pulp segment operating income

$

8,110

?

$

21,439

?

$

42,251

?

$

29,549

?

$

135,771

?

Wood products segment operating income (loss)

?

4,327

?

5,555

?

(89

)

?

9,882

?

1,531

?

Corporate and other operating loss

?

(2,122

)

?

(2,932

)

?

(4,352

)

?

(5,054

)

?

(5,940

)

Total operating income

$

10,315

?

$

24,062

?

$

37,810

?

$

34,377

?

$

131,362

?

Pulp segment depreciation and amortization

$

27,219

?

$

30,371

?

$

29,849

?

$

57,590

?

$

57,872

?

Wood products segment depreciation and amortization

?

2,804

?

2,377

?

2,010

?

5,181

?

3,921

?

Corporate and other depreciation and amortization

?

178

?

198

?

289

?

376

?

602

?

Total depreciation and amortization

$

30,201

?

$

32,946

?

$

32,148

?

$

63,147

?

$

62,395

?

Operating EBITDA

$

40,516

?

$

57,008

?

$

69,958

?

$

97,524

?

$

193,757

?

Provision for income taxes

$

(882

)

?

$

(5,344

)

?

$

(10,433

)

?

$

(6,226

)

?

$

(34,857

)

Net income (loss)

$

(8,411

)

?

$

(3,392

)

?

$

10,259

?

$

(11,803

)

?

$

61,875

?

Net income (loss) per common share

?

Basic and diluted

$

(0.13

)

?

$

(0.05

)

?

$

0.16

?

$

(0.18

)

?

$

0.94

?

Common shares outstanding at period end

?

65,868

?

65,800

?

65,629

?

65,868

?

65,629

?

Summary Operating Highlights

?

Q2

?

Q1

?

Q2

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

Pulp Segment

?

Pulp production (''000 ADMTs)

?

NBSK

?

423.8

?

455.2

?

452.8

?

879.0

?

913.4

?

NBHK

?

88.8

?

78.9

?

89.4

?

167.8

?

168.0

?

Annual maintenance downtime (''000?ADMTs)

?

11.3

?

2.3

?

7.5

?

13.6

?

7.5

?

Annual maintenance downtime (days)

?

15

?

2

?

15

?

17

?

15

?

Pulp sales (''000 ADMTs)

?

NBSK

?

422.6

?

438.3

?

438.5

?

860.9

?

905.4

?

NBHK

?

69.3

?

66.0

?

81.5

?

135.4

?

169.4

?

Average NBSK pulp prices ($/ADMT)⁽¹⁾

?

Europe

?

850

?

833

?

997

?

842

?

1,051

?

China

?

572

?

573

?

630

?

573

?

665

?

North America

?

1,158

?

1,127

?

1,292

?

1,143

?

1,336

?

Average NBHK pulp prices ($/ADMT)⁽¹⁾

?

China

?

465

?

460

?

607

?

463

?

651

?

North America

?

897

?

890

?

1,100

?

893

?

1,140

?

Average pulp sales realizations ($/ADMT)⁽²⁾

?

NBSK

?

573

?

561

?

699

?

567

?

729

?

NBHK

?

475

?

468

?

618

?

472

?

638

?

Energy production (''000 MWh)⁽³⁾

?

562.9

?

578.4

?

575.4

?

1,141.3

?

1,135.8

?

Energy sales (''000 MWh)⁽³⁾

?

222.0

?

231.7

?

231.9

?

453.7

?

443.7

?

Average energy sales realizations ($/MWh)⁽³⁾

?

85

?

95

?

93

?

90

?

94

?

Wood Products Segment

?

Lumber production (MMfbm)

?

113.5

?

116.4

?

100.8

?

229.8

?

211.5

?

Lumber sales (MMfbm)

?

109.0

?

117.7

?

101.5

?

226.7

?

210.7

?

Average lumber sales realizations ($/Mfbm)

?

345

?

348

?

348

?

347

?

354

?

Energy production and sales (''000 MWh)

?

22.7

?

22.8

?

24.1

?

45.4

?

46.4

?

Average energy sales realizations ($/MWh)

?

116

?

116

?

116

?

116

?

118

?

Average Spot Currency Exchange Rates

?

$ / ?⁽⁴⁾

?

1.1016

?

1.1022

?

1.1237

?

1.1019

?

1.1293

?

$ / C$⁽⁴⁾

?

0.7221

?

0.7438

?

0.7475

?

0.7328

?

0.7497

?

______________

(1)	?	Source: RISI pricing report. Europe and North America are list prices. China are net prices which include discounts, allowances and rebates. Effective January 2020, the RISI pricing report does not provide list prices for China.?
(2)	?	Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.
(3)	?	?Does not include our 50% joint venture interest in the Cariboo mill, which is accounted for using the equity method.
(4)	?	Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

?

Three Months Ended
June 30

?

Six Months Ended
June 30

?

2020

?

2019

?

2020

?

2019

?

Revenues

?

$

341,195

?

$

425,753

?

$

691,794

?

$

909,703

?

Costs and expenses

?

Cost of sales, excluding depreciation and amortization

?

284,333

?

336,433

?

560,389

?

679,466

?

Cost of sales depreciation and amortization

?

30,179

?

32,038

?

63,090

?

62,174

?

Selling, general and administrative expenses

?

16,368

?

19,472

?

33,938

?

36,701

?

Operating income

?

10,315

?

37,810

?

34,377

?

131,362

?

Other income (expenses)

?

Interest expense

?

(20,108

)

?

(18,369

)

?

(40,192

)

?

(36,920

)

Other income

?

2,264

?

1,251

?

238

?

2,290

?

Total other expenses, net

?

(17,844

)

?

(17,118

)

?

(39,954

)

?

(34,630

)

Income (loss) before provision for income taxes

?

(7,529

)

?

20,692

?

(5,577

)

?

96,732

?

Provision for income taxes

?

(882

)

?

(10,433

)

?

(6,226

)

?

(34,857

)

Net income (loss)

?

$

(8,411

)

?

$

10,259

?

$

(11,803

)

?

$

61,875

?

Net income (loss) per common share

?

Basic and diluted

?

$

(0.13

)

?

$

0.16

?

$

(0.18

)

?

$

0.94

?

Dividends declared per common share

?

$

0.0650

?

$

0.1375

?

$

0.2025

?

$

0.2625

?

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

?	?	June 30,		?	?	December 31,		?
?	?	2020		?	?	2019		?
ASSETS	?	?	?	?	?	?	?	?
Current assets	?	?	?	?	?	?	?	?
Cash and cash equivalents	?	$	303,334	?	?	$	351,085	?
Accounts receivable, net	?	?	209,184	?	?	?	208,740	?
Inventories	?	?	261,453	?	?	?	272,599	?
Prepaid expenses and other	?	?	9,665	?	?	?	12,273	?
Total current assets	?	?	783,636	?	?	?	844,697	?
Property, plant and equipment, net	?	?	1,040,171	?	?	?	1,074,242	?
Investment in joint ventures	?	?	48,413	?	?	?	53,122	?
Amortizable intangible assets, net	?	?	49,893	?	?	?	53,371	?
Operating lease right-of-use assets	?	?	12,866	?	?	?	13,004	?
Other long-term assets	?	?	37,414	?	?	?	26,038	?
Deferred income tax	?	?	1,216	?	?	?	1,246	?
Total assets	?	$	1,973,609	?	?	$	2,065,720	?
LIABILITIES AND SHAREHOLDERS' EQUITY	?	?	?	?	?	?	?	?
Current liabilities	?	?	?	?	?	?	?	?
Accounts payable and other	?	$	196,238	?	?	$	255,544	?
Pension and other post-retirement benefit obligations	?	?	716	?	?	?	768	?
Total current liabilities	?	?	196,954	?	?	?	256,312	?
Debt	?	?	1,114,069	?	?	?	1,087,932	?
Pension and other post-retirement benefit obligations	?	?	24,044	?	?	?	25,489	?
Finance lease liabilities	?	?	38,628	?	?	?	31,103	?
Operating lease liabilities	?	?	10,052	?	?	?	10,520	?
Other long-term liabilities	?	?	13,733	?	?	?	14,114	?
Deferred income tax	?	?	81,869	?	?	?	89,847	?
Total liabilities	?	?	1,479,349	?	?	?	1,515,317	?
Shareholders' equity	?	?	?	?	?	?	?	?
Common shares $1 par value; 200,000,000 authorized; 65,868,000 issued and outstanding (2019 - 65,629,000)	?	?	65,800	?	?	?	65,598	?
Additional paid-in capital	?	?	344,688	?	?	?	344,994	?
Retained earnings	?	?	231,101	?	?	?	256,371	?
Accumulated other comprehensive loss	?	?	(147,329	)	?	?	(116,560	)
Total shareholders' equity	?	?	494,260	?	?	?	550,403	?
Total liabilities and shareholders' equity	?	$	1,973,609	?	?	$	2,065,720	?
?

MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

?

Three Months Ended
June 30

?

Six Months Ended
June 30

?

2020

?

2019

?

2020

?

2019

?

Cash flows from (used in) operating activities

?

Net income (loss)

?

$

(8,411

)

?

$

10,259

?

$

(11,803

)

?

$

61,875

?

Adjustments to reconcile net income (loss) to cash flows from operating activities

?

Depreciation and amortization

?

30,201

?

32,148

?

63,147

?

62,395

?

Deferred income tax provision (benefit)

?

(4,744

)

?

426

?

(6,075

)

?

4,065

?

Inventory impairment

?

6,530

?

6,900

?

12,264

?

6,900

?

Defined benefit pension plans and other post-retirement benefit plan expense

?

739

?

860

?

1,501

?

1,716

?

Stock compensation expense (recovery)

?

(34

)

?

1,202

?

(80

)

?

857

?

Foreign exchange transaction losses

?

6,880

?

9,505

?

736

?

9,242

?

Other

?

(695

)

?

740

?

(1,192

)

?

1,444

?

Defined benefit pension plans and other post-retirement benefit plan contributions

?

(797

)

?

(270

)

?

(1,712

)

?

(1,428

)

Changes in working capital

?

Accounts receivable

?

14,938

?

32,204

?

(5,988

)

?

(24,149

)

Inventories

?

11,442

?

(7,769

)

?

(6,678

)

?

13,372

?

Accounts payable and accrued expenses

?

7,879

?

4,197

?

(49,781

)

?

4,024

?

Other

?

177

?

(1,681

)

?

(76

)

?

(9,406

)

Net cash from (used in) operating activities

?

64,105

?

88,721

?

(5,737

)

?

130,907

?

Cash flows from (used in) investing activities

?

Purchase of property, plant and equipment

?

(21,544

)

?

(24,979

)

?

(44,562

)

?

(44,368

)

Purchase of amortizable intangible assets

?

(89

)

?

(179

)

?

(527

)

?

(495

)

Other

?

796

?

(82

)

?

847

?

(343

)

Net cash from (used in) investing activities

?

(20,837

)

?

(25,240

)

?

(44,242

)

?

(45,206

)

Cash flows from (used in) financing activities

?

Proceeds from (repayment of) revolving credit facilities, net

?

(25,651

)

?

(24,732

)

?

25,609

?

(58,404

)

Dividend payments

?

-

?

(8,206

)

?

(9,047

)

?

(8,206

)

Repurchase of common shares

?

-

?

(754

)

?

(162

)

?

(754

)

Payment of debt issuance costs

?

-

?

(248

)

?

-

?

(757

)

Proceeds from government grants

?

299

?

-

?

299

?

6,320

?

Other

?

(1,996

)

?

(6,067

)

?

(11,797

)

?

(6,929

)

Net cash from (used in) financing activities

?

(27,348

)

?

(40,007

)

?

4,902

?

(68,730

)

Effect of exchange rate changes on cash and cash equivalents

?

888

?

614

?

(2,674

)

?

(140

)

Net increase (decrease) in cash and cash equivalents

?

16,808

?

24,088

?

(47,751

)

?

16,831

?

Cash and cash equivalents, beginning of period

?

286,526

?

233,234

?

351,085

?

240,491

?

Cash and cash equivalents, end of period

?

$

303,334

?

$

257,322

?

$

303,334

?

$

257,322

?

MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING EBITDA
(Unaudited)
(In thousands)

Operating EBITDA is defined as operating income plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

Operating EBITDA does not reflect the impact of a number of items that affect our net income (loss), including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income (loss) or operating income as a measure of performance, nor as an alternative to net cash from (used in) operating activities as a measure of liquidity.?The following tables set forth the net income (loss) to Operating EBITDA:

?

Q2

?

Q1

?

Q2

?

YTD

?

YTD

?

2020

?

2020

?

2019

?

2020

?

2019

?

Net income (loss)

$

(8,411

)

?

$

(3,392

)

?

$

10,259

?

$

(11,803

)

?

$

61,875

?

Provision for income taxes

?

882

?

5,344

?

10,433

?

6,226

?

34,857

?

Interest expense

?

20,108

?

20,084

?

18,369

?

40,192

?

36,920

?

Other (income) expenses

?

(2,264

)

?

2,026

?

(1,251

)

?

(238

)

?

(2,290

)

Operating income

?

10,315

?

24,062

?

37,810

?

34,377

?

131,362

?

Add: Depreciation and amortization

?

30,201

?

32,946

?

32,148

?

63,147

?

62,395

?

Operating EBITDA

$

40,516

?

$

57,008

?

$

69,958

?

$

97,524

?

$

193,757

?

This message was distributed by GlobeNewswire.
2321 Rosecrans Ave. Ste 2200, El Segundo, CA, 90245, USA. +1-800-307-6627. www.globenewswire.com
On behalf of Mercer International Inc. 700 West Pender St Suite 1120, Vancouver, BC V6C 1G8 CA www.mercerint.com

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Mercer International Inc. Reports Fourth Quarter and Year End Results and Announces Quarterly Cash Dividend of $0.1375

MERCER INTERNATIONAL INC. ANNOUNCES DOWNTIME AT ITS JOINT VENTURE CARIBOO MILL

Mercer International Inc. To Present at Upcoming 2020 RBC Capital Markets Forest Products Virtual Conference

Mercer International Inc. Reports Third Quarter and Nine Months 2020 Results and Announces Quarterly Cash Dividend of $0.065

Mercer International Inc. to Present at Upcoming Jefferies 2020 Virtual Industrials Conference

Mercer International Inc. Announces Conference Call for Third Quarter 2020 Results

Mercer International Inc. Announces Conference Call for First Quarter 2020 Results

Mercer International Inc. Announces That 2020 Annual Meeting of Shareholders Is Changed to a Virtual Only Format

Mercer International Inc. Reports First Quarter 2020 Results and Announces Quarterly Cash Dividend of $0.065

Mercer International Inc. Reports Second Quarter and First Half 2020 Results and Announces Quarterly Cash Dividend of $0.065

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