The paywalled article reviews the industry’s outlook and considers when the upswing will begin. The bottom has been reached and, for example, pulp prices have even risen from the trough, and overcapacity is not the major issue right now (though cardboard is still a question of its own). Additionally, structural rearrangements have started to occur, and more are likely on the way.
A large-scale turnaround will only happen, however, once the global economy gains momentum. This, in turn, is influenced by factors such as geopolitics, Trump’s antics, achieving a sensible peace in Ukraine, etc. So, in practice, a significant cyclical turn in the forest industry is largely in geopolitical hands, and there is good reason for industry professionals and forest company owners to follow global developments specifically.