International Paper Co. (IP), a leading North American forest products company, will reduce its containerboard capacity by 100,000-tons and cut 350 jobs as part of an effort to trim costs.

This month, IP will shut down its 100,000-tpy one-machine Oswego, NY, lightweight recycled linerboard, corrugating medium and kraft paper mill. The Oswego closure will eliminate 102 jobs, in addition to another 250 jobs slashed in other IP containerboard mills. In the last 15 months, IP has shut a total of 940,000 tpy of containerboard capacity on five machines.