Norske Skog Says CEO's Comments Misunderstood in Reuters Article

Oct. 14, 2010 - Norwegian papermaker Norske Skog said that the news agency Thomson Reuters published an interview on Monday (Oct. 11) with its president and CEO, Sven Ombudstvedt, and misinterpreted his comments.

The article from Thomson Reuters states that "Ombudstvedt said that business performance had been somewhat better than he expected during the third quarter of 2010."

However, Norske Skog said "the formulation in the article must be due to a misunderstanding, since comments regarding the quarterly financial statements were not given in the interview."

Norske Skog pointed out that Ombudstvedt said that market development was somewhat better.

"The results in the third quarter will continue to be weak, as it was guided in connection with the presentation of the financial statements for the second quarter," Norske Skog said in a written statement.

SOURCE: Norske Skog