What (if any) are the rules about printing (and binding) copyrighted PDFs?

Someone sent me a short story – actually a medium-length story – they had written – they own the copyright and the intellectual property, and I totally respect that.

It’s good. It’s the kind of thing that, if this guy were a professional writer, he could have published and sold. He doesn’t want to go that direction; writing is a hobby for him.

My question: suppose I printed out the PDF and then had it bound. Not changing the content at all; just converting it from PDF to paper and putting it in book binding.

Are there legal ramifications to this? Can I do that with someone else’s intellectual property? I’m not going to sell it; just put it on my bookshelf and read it from time to time.