Summary Box:

AP News
Posted: Apr 24, 2012 11:50 AM
Summary Box:

PAPER CHASE: Paper maker Stora Enso Oyj's first-quarter net profit halved to (EURO)74 million ($97 million), mainly because of lower paper prices and less demand for renewable packaging materials. The Finnish-Swedish company said Tuesday that revenue fell slightly as well.

STACKED UP: Like other forest products companies, Stora has struggled with persistent overcapacity in European markets and low demand, forcing it to cut production, close mills and lay off thousands of workers.

PAPER CUTS: In February, Stora announced 240 layoffs as part of a planned annual savings target of some (EURO)70 million.