As a company that works in cyclical forest-product businesses, MacMillan Bloedel is under constant pressure to react to short-term market shifts. This report is intended to serve as a workbook to outline and explain the logic behind MacMillan Bloedel’s overall structure and its reasons for staying in businesses that may be experiencing down cycles. The report is constructed from non-traditional annual report papers that feature MacMillan Bloedel’s own packaging and lightweight coated products.