Clearwater Paper Corporation has set a target of generating strong cash flow across business cycles, aiming for adjusted EBITDA margins of approximately 13% to 14% on average. At the cycle peak, the company expects margins above 10% with free cash flow conversion rates of 50-60%. For the current period, which is characterized as a downcycle, adjusted EBITDA margins are below 10%, with utilization rates under 85% and free cash flow conversion between 0-20%. Clearwater Paper is focused on reducing its fixed cost structure by $30-40 million in 2025, with progress tracking toward delivering around $50 million in cost reductions. The company continues to invest in its assets and pursue growth opportunities to enhance competitiveness and expand its product offering.