HELSINKI Jan 5 Finnish forestry group
UPM-Kymmene UPM1V.HE denied a newspaper report on Wednesday
that it was in was looking to build a $2 billion pulp mill in
Finnish business daily Kauppalehti reported the governor of
the Russion region of Irkutsk said last month local authorities
and UPM were negotiating the construction of a million-tonne
pulp mill, estimated to cost $2 billion, in Ust-Kut.
"We are not aware of such plan. We deny that this would be
going on," spokeswoman Sini Paloheimo said.
Last month, UPM-Kymmene said it was buying debt-laden rival
Myllykoski, bringing much needed consolidation to a European
paper industry struggling with overcapacity and weak demand.
(Reporting by Terhi Kinnunen; Editing by Dan Lalor)