<SEC-DOCUMENT>0000950123-18-006976.txt : 20180914
<SEC-HEADER>0000950123-18-006976.hdr.sgml : 20180914
<ACCEPTANCE-DATETIME>20180724214544
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-18-006976
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano Papel e Celulose S.A.
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		AV. PROFESSOR MAGALHAES NETO, 1,752
		STREET 2:		10TH FLOOR, ROOMS 1010 AND 1011
		CITY:			SALVADOR - BA
		STATE:			D5
		ZIP:			41 810-012
		BUSINESS PHONE:		551198896708

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		8TH FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01 452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		DATE OF NAME CHANGE:	19930719
</SEC-HEADER>
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<TYPE>DRSLTR
<SEQUENCE>1
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 <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:4%" ALIGN="center"><B></B>


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;24, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR TRANSMISSION</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Natural Resources </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Suzano Papel e Celulose S.A. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Submitted July&nbsp;9, 2018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0000909327 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Mr.&nbsp;Reynolds: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Suzano Papel e Celulose S.A. (&#147;<U>Suzano</U>&#148;), we have set forth below the
responses of Suzano to the comments of the staff of the Office of Natural Resources (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission contained in your letter dated July&nbsp;20, 2018 (the &#147;<U>Comment
Letter</U>&#148;) with respect to the above-referenced Amendment No.&nbsp;1 to the draft Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;F-4.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the filing of this letter, Suzano is submitting confidentially a revised Registration Statement on Form <FONT
STYLE="white-space:nowrap">F-4</FONT> (the &#147;<U>Amendment No.</U><U></U><U>&nbsp;2 to the Draft Registration Statement</U>&#148;), which reflects changes made in response to the Staff&#146;s comments, as well as certain other information and
data to reflect new developments and other updates since its July&nbsp;9, 2018 filing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Suzano&#146;s responses set forth in this letter
are numbered to correspond to the numbered comments in the letter dated July&nbsp;20, 2018 from the Staff. All terms used but not defined herein have the meanings assigned to such terms in the Amendment No.&nbsp;2 to the Draft Registration
Statement. For ease of reference, we have set forth the Staff&#146;s comments and Suzano&#146;s response for each item below. In preparing this response letter, Suzano has </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Natural Resources </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 24, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
tried to explain both the reasons behind the responses and the revisions made to the Amendment No.&nbsp;2 to the Draft Registration Statement, which we hope will facilitate your review. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>General</U>: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comments 1 and 3 indicate that BNDESPAR has the right to appoint a director
that is independent of Suzano to the Suzano board of directors upon completion of the merger. Please revise your disclosure to clarify whether there is any requirement that BNDESPAR&#146;s appointment to Suzano&#146;s board of directors be
independent from BNDESPAR. </I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Under the <I>Novo Mercado </I>listing rules, the Suzano Board of Directors must meet certain independence requirements, and in addition,
pursuant to the terms of the BNDESPAR Shareholders Agreement, Suzano agreed to the implementation, following the closing of the Merger, of standards of board independence that are more rigorous than the requirements of the <I>Novo Mercado</I>.<I>
</I>These requirements state that independent directors must not act or have acted as an officer or employee of the company, its subsidiaries, or the controlling shareholder of the company. There is no requirement, whether under the <I>Novo
Mercado</I> rules or the independence policy to be adopted by Suzano pursuant to the BNDESPAR Shareholders Agreement, that BNDESPAR&#146;s appointment to the Suzano Board of Directors be independent from BNDESPAR. Nevertheless, Suzano has been
informed by BNDESPAR that its current practice is to appoint members who can vote independently from the guidance provided by BNDESPAR. Suzano has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page 83 to clarify this point
in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Questions and Answers About the Merger and Fibria Extraordinary General Shareholders Meeting, page 1
</U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Has the Fibria Board of Directors or the Suzano Board of Directors taken any position relating to the Merger, page 6</U>: </I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note you disclose that the merger agreement will be submitted to the approval of both Fibria&#146;s and
Suzano&#146;s board of directors and that the Fibria board of directors has not made any recommendation for or against the approval by Fibria&#146;s shareholders. Please clarify whether the Fibria board of directors will make a recommendation to
Fibria&#146;s shareholders prior to Fibria&#146;s extraordinary general shareholders meeting. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Natural Resources </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 24, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As the Fibria Board of Directors is not required to make a recommendation to shareholders under Brazilian law, it will not make any such
recommendation in advance of the Fibria extraordinary general shareholders meeting. Suzano has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page&nbsp;8 in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Risk Factors, page 19 </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Risks Relating to Our
Shares and ADSs, page 33 </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Our management is strongly influenced by our controlling shareholders and their interests may conflict with the
interests of the other shareholders, page 35</U>: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Your revised disclosure in response to prior comment 11 indicates that the Shareholders Agreement limits your flexibility in financing and increases your independence requirements for your board members. We further
note you disclose on page 136 that BNDES has been an important source of debt financing for your capital investments. Please clarify whether the involvement of BNDESPAR and its affiliates in Suzano&#146;s business operations, including its right to
appoint a director to Suzano&#146;s board, creates any potential conflict of interest <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> other shareholders. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U><I>:</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As a
government development bank, BNDES often participates as a lender and, through its equity investment arm BNDESPAR, as an equity holder in Brazilian companies. This double role fulfills BNDES&#146; mandate to support the development of Brazilian
companies, both economically and in matters of corporate governance. The terms negotiated in the BNDESPAR Shareholders Agreement reflect this mandate, in that they are intended to support more robust corporate governance policies at Suzano and
provide guardrails against overleverage. Both of these goals are of general benefit to equity holders of Suzano. However, BNDESPAR&#151;which carries out equity investments&#151;is a separately formed business corporation and wholly owned subsidiary
of BNDES. Morever, BNDESPAR currently has no role in the management of Suzano&#146;s operations, and Suzano does not anticipate that it will take on any role following the completion of the Merger. As a result, Suzano does not believe that
BNDESPAR&#146;s right to nominate a member of the Suzano Board of Directors gives rise to any conflict of interest with other shareholders in light of the role of BNDES as financing provider to Suzano. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page 41 to refer Fibria shareholders to information
regarding BNDES as financing provider to Suzano and Fibria in response to the Staff&#146;s comment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Natural Resources </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 24, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>The Merger, page 56 </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Background of the Merger, page 56 </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Negotiations and Agreements between the Fibria Controlling Shareholders and the Suzano Controlling Shareholders Regarding the Merger, page 57</U>:
</I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that certain members of the Suzano board of directors are also Suzano Controlling Shareholders.
Please discuss Suzano&#146;s rationale for initiating merger discussions with Fibria, including any factors behind its decision to consider this transaction at this time, and whether Suzano considered any alternative targets or transactions.
</I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano acknowledges the Staff&#146;s comment and has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page 64 in
response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your responses to prior comments 2 and 19, and your statement that the Merger will reduce operating
costs and generate substantial synergies in your areas of forestry, logistics and overheads, which will increase your competitiveness both in Brazil and overseas. Please revise to quantify the estimated reduction in operating costs and synergies
that Suzano considered in connection with this transaction. </I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano acknowledges the Staff&#146;s comment and has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page 69 to reflect
Suzano&#146;s initial estimates in response to the Staff&#146;s comment, which are in line with estimates published by unafilliated market analysts. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please quantify the combined cash and share merger consideration presented by Suzano in its indicative, <FONT
STYLE="white-space:nowrap">non-binding</FONT> proposal on February&nbsp;7, 2018 and the agreed cash and share merger consideration preliminarily agreed on February&nbsp;23, 2018. Please also clarify how such initial merger consideration was
determined and the specific factors considered in increasing both the proposed cash and stock components of such consideration and the transaction structure that were agreed on February&nbsp;23, 2018. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano
acknowledges the Staff&#146;s comment and has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on pages <FONT STYLE="white-space:nowrap">64-65</FONT> in response to the Staff&#146;s comment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Natural Resources </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 24, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note you disclose that the parties met on a consistent basis to negotiate the definitive agreements relating to the merger from February&nbsp;23, 2018 onwards. Please expand your disclosure to discuss any material
changes to the terms of the merger agreement and any other agreements relating the merger. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano acknowledges the Staff&#146;s comment and has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on pages <FONT
STYLE="white-space:nowrap">64-65</FONT> to clarify this point in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please identify the party from whom BNDESPAR and Votorantim received a competing indicative <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal and discuss BNDESPAR&#146;s and Votorantim&#146;s assessment of
such proposal and the reasons such proposal was not pursued. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano acknowledges the Staff&#146;s comment and has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page 65 in
response to the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Enforceability of Civil Liabilities, page 183</U>: </I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your revised disclosures in response to prior comment 22. Please clarify your disclosure to explain that your arbitration provision does not waive the rights of U.S. shareholders or ADS holders to bring
claims under the U.S. federal securities laws. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzano acknowledges the Staff&#146;s comment and has revised the Amendment No.&nbsp;2 to the Draft Registration Statement on page 206 in
response to the Staff&#146;s comment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Natural Resources </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 24, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Suzano appreciates the Staff&#146;s assistance in reviewing this response letter and the Amendment No.&nbsp;2 to the Draft Registration
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or require any additional information with respect to the above, please do not hesitate to contact
Juan Gir&aacute;ldez of Cleary Gottlieb Steen&nbsp;&amp; Hamilton&nbsp;LLP at +55 (11) 2196-7202 or jgiraldez@cgsh.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature page
follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Juan Gir&aacute;ldez</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Juan Gir&aacute;ldez, Esq.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Walter Schalka </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chief Executive Officer, Suzano Papel e Celulose S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Nick Grabar, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cleary
Gottlieb Steen&nbsp;&amp; Hamilton LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
