HELSINKI, Feb 4 (Reuters) - 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 demand.
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)