HELSINKI Feb 4 Finnish forest group Stora Enso
said it plans to cut paper production and 600 jobs
after reporting weaker-than-expected earnings and forecasting a
slow first quarter.
The paper, pulp and packaging board maker said it would shut
down two paper machines in Sweden, representing 3.4 percent of
all European newsprint capacity, to cope with the falling paper
Stora's fourth-quarter operational profit rose 6 percent
year-on-year to 155 million euros ($210 million) but missed the
market's average forecast of 162 million euros in Reuters poll.
It forecast first-quarter operational profit to be about
one-third lower than in the previous quarter due to weak paper
and sawn timber markets.
($1 = 0.7376 euros)
(Reporting By Jussi Rosendahl)