Stora Enso will cut up to 240 jobs as part of streamlining following falling sales and profit. The paper maker reported that net profit fell 66 per cent to €100 million in Q4 with net sales down slightly at €2.681 billion, from €2.685 billion.

“Stora Enso’s 2011 turned out to be another year of change. Whereas the full year shows year-on-year operational EBIT improvement, the latter part and especially the fourth quarter showed that rethinking within the Group has to continue,“ said Jouko Karvinen, CEO.

“The uncertainty and slowing down of the economy were distinctly apparent in our performance in the fourth quarter. The pricing momentum achieved earlier in the year helped us through the fourth quarter with satisfactory results, and as before, with strong cash flow and liquidity at the year end. This is naturally crucial for the transformation of the Group and our continued strategic
investments in growth markets.

“During the first months of 2012, we will face a challenging operating environment. Uncertainty and limited visibility, at least in European markets, will continue. The decrease in variable costs will only begin to be visible in our profit and loss statements.”