In 1920, the paper mill was destroyed by fire. The ground-wood mill was rebuilt in 1921 and sold to Oswegatchie Paper Company. Newsprint became the primary focus of the mill in 1923 and continued as such until 1929 when the mill was closed due to lack of business.

Rushmore Paper Company acquired and reopened the mill in 1935. In conjunction with this restart-up, the mill's output shifted from the newsprint focus it had six years earlier to tissue grades of paper. Fire struck once again in 1938 keeping the mill closed until 1939 when production of tissue paper resumed. A labor strike caused the mill to shut down in 1956. Groveton Papers eventually acquired the mill in 1957, continuing to produce a tissue base sheet that was converted into various Toweling, bath tissue, facial, and napkin products.

In 1968, the mill was purchased by Diamond International Corporation. Diamond owned the mill until mid-1983, at which time James River Corporation acquired control. Just prior to James River assuming ownership, the mill's converting operations were discontinued in late 1982, leaving the mill poised to manufacture and sell tissue in jumbo roll form.

Under James River, the mill began to specialize in deep-tone, specialty colors. After ten years, in 1993, James River purchased converting equipment from CA Reed, that would allow the mill to produce crepe streamers from the mill's base sheet and jumbo roll stock. Such products can be found in most party goods stores.

In May, 1996, The Fonda Group, Inc., a division of 4M Corporation, purchased the Natural Dam mill and continued to produce specialty tissue in jumbo roll form. Fonda added a second paper machine in August of 1997 that they purchased from James River's Groveton, NH mill. Approximately two years later, Cellu Tissue Holdings, Inc. acquired the facility as the mill became more and more non-core to Fonda's specialty napkin and party goods businesses. Currently the mill produces specialty tissue products with a high concentration on the carrier tissue market.