The Group will proceed with the efficiency improvements as planned
STORA ENSO OYJ STOCK EXCHANGE RELEASE 12 November 2008 at 15.30 GMT
“We are very pleased with the Russian decision announced today to postpone the
wood duty on Russian wood exports. That is an indication of the desire to avoid
barriers to international trade that would hamper the economies on both sides of
the border. This decision gives us more time to adjust our operations to the
postponed wood duty,” says Stora Enso CEO Jouko Karvinen.
Stora Enso will proceed with implementation of its efficiency improvement plans
as announced in September. In addition, in line with its strategy, the Group has
already considerably reduced the use of wood imported from Russia in its mills
in Finland. The restructuring of Stora Enso's Russian Wood Supply unit will
continue as planned due to the need for productivity and profitability
improvements. The reshaped unit will be able to deliver cost-competitive Russian
wood to Stora Enso's mills based on availability and customer needs.
The recent and current production curtailments at sawmills and for pulp and
paper mills are market related and not driven by wood availability.
For further information, please contact:
Juha Vanhainen, Country Manager Finland, tel. +358 2046 21343
Kari Vainio, EVP, Corporate Communications, tel. +44 7799 348 197
Keith B Russell, SVP, Investor Relations, tel. +44 7775 788 659
Ulla Paajanen-Sainio, Vice President, Investor Relations and Financial
Communications,
tel. +358 2046 21242
www.storaenso.com
www.storaenso.com/investors
STORA ENSO OYJ
Jari Suvanto Ulla Paajanen-Sainio
Stora Enso CEO Jouko Karvinen welcomes initiative to postpone Russian wood duty
| Source: Stora Enso Oyj