Stora Enso Oyj (OTCPK:SEOJF) Q1 2022 Earnings Conference Call April 28, 2022 7:00 AM ET Company Participants Annica Bresky – President and Chief Executive Officer Seppo Parvi – Chief.
Stora Enso confirms Veitsiluoto closure printweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from printweek.com Daily Mail and Mail on Sunday newspapers.
Stora Enso will start co-determination negotiations with employees at its Kvarnsveden Mill in Sweden and Veitsiluoto Mill in Finland regarding a plan to permanently close down pulp and paper production at both mills. The planned closures would take place during the third quarter of 2021, and affect directly 670 people in Finland and 440 people in Sweden.
Paper demand in Europe has declined for over a decade. This trend has further accelerated due to the pandemic, which has led to changes in consumer behaviour. As a consequence, there is a significant overcapacity in the European paper market, which has resulted in historically low price levels and challenged the cost-competitiveness of many paper mills. Both Kvarnsveden and Veitsiluoto mills are loss-making, and their profitability is expected to remain unsatisfactory also going forward.
Stora Enso to cull more capacity with radical mill closure plan Jo Francis Wednesday, April 21, 2021
Stora Enso has rocked the industry by announcing plans to take out a further one million-plus tonnes of paper production – more than a third of its total paper capacity – with the closure of two mills, including its large Veitsiluoto Mill in Finland.
Veitsiluoto has three paper machines. Stora Enso CEO says approximately 15 machines of an average size need to be closed across Europe
The biomaterials group had already made dramatic changes in its paper business after deciding to convert its entire Lumi coated woodfree paper production – also more than one million tonnes – to packaging board.