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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                           --------------------------

                                   FORM 10-K/A
                                (Amendment No. 1)
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/X/      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                   SECURITIES EXCHANGE ACT OF 1934
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                  For the fiscal year ended December 31, 2002

                                       OR

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<S>  <C>
/ /    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                   SECURITIES EXCHANGE ACT OF 1934
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      For the transition period from ________________ to ________________

                          COMMISSION FILE NO.: 0-9409

                           MERCER INTERNATIONAL INC.
              EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

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           WASHINGTON                                91-6087550
  STATE OR OTHER JURISDICTION             IRS EMPLOYER IDENTIFICATION NO.
OF INCORPORATION OR ORGANIZATION
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       14900 INTERURBAN AVENUE SOUTH, SUITE 282, SEATTLE, WA 98168
                             ADDRESS OF OFFICE

       Registrant's telephone number including area code: (206) 674-4639

        Securities registered pursuant to Section 12(b) of the Act: NONE

          Securities registered pursuant to Section 12(g) of the Act:

                           --------------------------

                 SHARES OF BENEFICIAL INTEREST, $1.00 PAR VALUE
                        PREFERRED STOCK PURCHASE RIGHTS
                                 TITLE OF CLASS

                         ------------------------------

    Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the SECURITIES EXCHANGE ACT OF
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/  No / /

    Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. /X/

    Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes /X/  No / /

    The aggregate market value of the Registrant's voting stock held by
non-affiliates of the Registrant as of June 30, 2003, the last business
day of the Registrant's most recently completed second fiscal quarter, based
on the closing price of the voting stock on the NASDAQ National Market on
such date, was approximately $75,093,300.

    As of September 30, 2003, the Registrant had 17,099,899 common shares of
beneficial interest, $1.00 par value, outstanding.

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INTRODUCTORY NOTE:

    This Amendment No. 1 to the Annual Report on Form 10-K for Mercer
International Inc. for the fiscal year ended December 31, 2002, as filed with
the Securities and Exchange Commission on April 1, 2003, is being filed solely
for the purpose of correcting certain appendices to Exhibit 10.16. Exhibit
10.16 was inadvertently filed as Exhibit 10.15 in the original Form 10-K with
certain information omitted from the appendices. This Amendment No. 1 is
being filed to amend Exhibit 10.16.

    This Form 10-K/A does not reflect events occurring after the filing of
the original Form 10-K, or modify or update the disclosures therein in any
way other than as required to reflect the amendment set forth below. The
filing of this Form 10-K/A shall not be deemed an admission that the original
filing, when made, included any untrue statement of a material fact or
omitted to state a material fact necessary to make a statement not misleading.

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                                    PART IV

ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

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(2) LIST OF EXHIBITS

         3.1     (a) *  Restated Declaration of Trust of the Company as filed with
                          the Secretary of State of Washington on June 11, 1990
                          together with an Amendment to Declaration of Trust dated
                          December 12, 1991.
                 (b) *  Amendments to Declaration of Trust dated July 8, 1993;
                          August 17, 1993; and September 9, 1993.
         3.2*           Trustees' Regulations dated September 24, 1973.
         4.1            Shareholder Rights Plan. Incorporated by reference from
                          Form 8-A dated August 17, 1993.
        10.1            Acquisition Agreement among Treuhandanstalt, Dresden Papier
                          AG, Dresden Papier Holding GmbH, Mercer
                          International Inc., and Shin Ho Paper Mfg. Co., Ltd.
                          Incorporated by reference from Form 8-K dated
                          September 20, 1993.
        10.2            Acquisition Agreement among Treuhandanstalt, Zellstoff-und
                          Papierfabrik Rosenthal GmbH, Raboisen
                          Einhundertsechsundfunfzigste Vermogensverwaltungs-
                          gesellschaft GmbH, to be renamed ZPR Zellstoff-und
                          Papierfabrik Rosenthal Holding GmbH, Mercer
                          International Inc. and 448380 B.C. Ltd. dated July 3,
                          1994. Incorporated by reference from Form 8-K dated
                          July 3, 1994.
        10.3            Amended and Restated 1992 Stock Option Plan. Incorporated by
                          reference from Form S-8 dated March 2, 2000.
        10.4            2002 Employee Incentive Bonus Plan.
        10.5*           Form of Separation Agreement between Mercer
                          International Inc. and Arbatax International Inc.
        10.6            English Translation of a Loan Agreement in the amount of
                          DM508,000,000 between Zellstoff-und Papierfabrik
                          Rosenthal GmbH & Co. KG, Blankenstein on the one hand and
                          Bayerische Hypotheken-und Wechsel-Bank Aktiengesellschaft,
                          Munich and Bayerische Vereinsbank Aktiengesellschaft,
                          Munich on the other hand dated July 6, 1998. Incorporated
                          by reference from Form 8-K dated July 16, 1998.
        10.7            English Translation of Agreement on the obligations of the
                          shareholders between Mercer International Inc.,
                          Spezialpapierfabrik Blankenstein GmbH and Zellstoff-und
                          Papierfabrik Rosenthal Verwaltungs GmbH and Bayerische
                          Hypo-und Vereinsbank Aktiengesellschaft dated
                          February 11, 1999.
        10.8*           Amended and Restated Employment Agreement between Mercer
                          International Inc. and Jimmy S.H. Lee dated
                          November 20, 2000.
        10.9            English Translation of Amendment Agreement No. 4 dated
                          December 13, 2000 between Zellstoff-und Papierfabrik
                          Rosenthal GmbH & Co. KG and Bayerische Hypo-und
                          Vereinsbank Aktiengesellschaft to the Loan Agreement dated
                          July 6, 1998. Incorporated by reference from Form 8-K
                          dated January 23, 2001.
        10.10*          Purchase Agreement between Sihl and Mercer
                          International Inc. dated December 14, 2001 relating to
                          the acquisition of Landqart AG.
        10.11           Project Financing Facility Agreement dated August 26, 2002
                          between Zellstoff Stendal GmbH and Bayerische Hypo-und
                          Vereinsbank AG. Incorporated by reference from Form 8-K
                          dated September 10, 2002.
        10.12           Shareholders' Undertaking Agreement dated August 26, 2002
                          among Mercer International Inc., Stendal Pulp
                          Holdings GmbH, RWE Industrie-Losungen GmbH, AIG Altmark
                          Industrie AG and FAHR Beteiligungen AG and Zellstoff
                          Stendal GmbH and Bayerische Hypo-und Vereinsbank AG.
                          Incorporated by reference from Form 8-K dated
                          September 10, 2002.
        10.13           Shareholders' Agreement dated August 26, 2002 among
                          Zellstoff Stendal GmbH, Stendal Pulp Holdings GmbH, RWE
                          Industrie- Losungen GmbH and FAHR Beteiligungen AG.
</Table>

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        10.14           Loan Agreement dated August 26, 2002 among Babcock & Brown
                          Investment Management Partners LP, Babcock & Brown
                          Investment Management Partners LP et. al. and Mercer
                          International Inc. Incorporated by reference from
                          Form 8-K dated September 10, 2002.
        10.15           Loan Agreement dated August 26, 2002 among MFC Merchant
                          Bank S.A., MFC Merchant Bank S.A. et. al. and Mercer
                          International Inc. Incorporated by reference from
                          Form 8-K dated September 10, 2002.
        10.16           Contract for the Engineering, Design, Procurement,
                          Construction, Erection and Start-Up of a Kraft Pulp Mill
                          between Zellstoff Stendal GmbH and RWE Industrie-
                          Losungen GmbH dated August 26, 2002. Certain non-public
                          information has been omitted from the appendices to
                          Exhibit 10.16 pursuant to a request for confidential
                          treatment filed with the SEC. Such non-public
                          information has been filed with the SEC on a
                          confidential basis.
        10.17           Purchase and Sale Agreement dated December 30, 2002 between
                          Equitable Industries Limited Partnership and Mercer
                          International Inc. relating to the sale of Landqart AG.
        10.18           Employment Agreement effective July 1, 2002 between ZPR
                          Zellstoff-und Papierfabrik Rosenthal Holding GmbH and
                          Maarten Reidel.
        10.19           Form of Trustee's Indemnity Agreement between Mercer
                          International Inc. and its Trustees.
        10.20           English Translation of Agreement between Zellstoff-und
                          Papierfabrik Rosenthal GmbH & Co. KG, Blankenstein a.d.
                          Saale and Bayerische Hypo-und Vereinsbank AG dated
                          May 27, 2002.
        21              List of Subsidiaries of Registrant.
        23              Independent Auditors Consent.
        31.1            Certification by Chief Executive Officer Pursuant to
                          Section 302 of the Sarbanes-Oxley Act of 2002.
        31.2            Certification by Chief Financial Officer Pursuant to
                          Section 302 of the Sarbanes-Oxley Act of 2002.
</Table>

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      *  Filed in Form 10-K for prior years.


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                                SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the SECURITIES
EXCHANGE ACT OF 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

                                MERCER INTERNATIONAL INC.

                                By:      /s/ Jimmy S.H. Lee
                                    ------------------------------
                                    Jimmy S.H. Lee
                                    Chairman

Dated: December 23, 2003

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