Results are presented of a study indicating that high-Kappa pulping, two-oxygen delignation, and elemental chlorine free (ECF) bleaching allows better raw material utilization. High-Kappa number pulping, two-stage oxygen delignification, and ECF bleaching offer a definite cost advantage over conventional pulping and ECF bleaching. An analysis was carried out assuming that high-Kappa number pulping was followed by two-stage oxygen delignification and ECF bleaching. High-Kappa number pulping, in combination with oxygen delignification, yielded the lowest operating cost for both options. High-Kappa pulping, followed by oxygen delignification and ECF bleaching offers improved market flexibility.