Stora Enso Warns Curtailments Hurt 4Q Earnings
Jan. 19, 2009 - Stora Enso today warned that after agressively curtailing production during the fourth quarter 2008, earnings from that period would be negatively affected.
Regardless, the Helsinki-based papermaker said it will continue to take "significant paper and board production curtailments as well as curtailments in pulp and sawmill operations" during the first half of 2009 due to weakened demand for its products.
In the fourth quarter of 2008, Stora Enso cut paper and board production by about 490,000 tonnes, which is a reduction equivalent to about 15% of the company's paper and board production capacity. In addition, pulp production was cut by about 240,000 tonnes (20% of capacity) and sawnwood production by 300, 000 m3 (30% of capacity).
SOURCE: Stora Enso