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| Stora Enso Timber Opens First Sawmill in Russia |
HELSINKI, Finland, Aug. 20 /PRNewswire-FirstCall/ -- Stora Enso (NYSE: SEO) today announced that the official inauguration ceremony of Stora Enso Timber's first sawmill in Russia takes place today at Impilahti in the town of Pitkaranta in the Republic of Karelia. The event marks the Company's entry into the Russian wood products industry. A second greenfield sawmill in the village of Nebolchi in the Novgorod region is scheduled to begin operations later this year. "The start-up of Impilahti Sawmill and other investments related to sawmilling and wood procurement will create and strengthen the basis for Stora Enso's industrial development in Russia. The start-up of local production also demonstrates our growing interest in Russian markets," says Arno Pelkonen, Senior Executive Vice President, Forest Products. The wood procurement area for Impilahti Sawmill will be partly in Karelia and partly in other regions of Russia. The sawmill will use only smaller spruce logs. It has an estimated production capacity of 100 000 cubic metres per year, and it will employ 54 people. The total investment is EUR 8 million. Link to CEO Jukka Harmala's speech at the event: http://www.storaenso.com/investors/speeches Stora Enso Timber is an international wood products company that provides customer-focused solutions to construction and joinery industries and the wood products trade worldwide. Its annual net sales are EUR 1.2 billion. Stora Enso Timber's total annual production capacity is 6.7 million cubic metres of sawn wood products, including 2.4 million cubic metres of value-added products. The company employs 4 600 people in 22 softwood sawmills and 18 further processing plants in eight European countries and its own sales and distribution companies throughout the world. Stora Enso is an integrated paper, packaging and forest products company producing publication and fine papers, packaging boards and wood products, areas in which the Group is a global market leader. Stora Enso sales totalled EUR 12.8 billion in 2002. The Group has some 42 500 employees in more than 40 countries in five continents and about 15 million tonnes of paper and board annual production capacity. Stora Enso's shares are listed in Helsinki, Stockholm and New York.SOURCE Stora Enso
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CONTACT:
Tim Laatsch, Senior Vice President,
Communications, +1-715-422-4023, or Scott Deitz, Vice President,
Investor Relations, +1-715-422-1521, both of Stora Enso North
America
