Pulpwood IS marketable timber, you just don't get as much and it's usually chipped up for paper.
Basically, in that case, I would think they would be referring to a "clear-cut", without saying clearcut. You wouldn't have much left, except for young trees, dead trees, rotten trees, bushes, or crooked, knarly junk trees.
Basically, I would think they would be taking mature red and white pine for lumber or poles, lumber for maples and other hardwoods, maybe even lumber for spruce or cedar, but pulpwood for soft woods, jack pine, and spruce.
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