This article presents a study of the discourse on the development of one of the main holdings of the Chilean forestry sector, namely, Empresas Arauco (Arauco). Through a content analysis, textual analysis based on grounded theory techniques, and critical discourse analysis, we conclude that Arauco discursively constructs a representation of development as sustainable development and social development. The documents show the holding's interest in increasing its social legitimacy to ensure its continuity. The concept of sustainable development and social development allows the discursive articulation of economic development and productive activity, with social development and environmental balance, hiding and / or redefining their tensions.