Stora Enso is intending to become “strategically independent” of Russian roundwood imported into Finland, CEO Jouko Karvinen has told the company’s AGM.
Mr Karvinen made the statement as Russia prepared to launch its second round of duty rises on roundwood exports, which will see tariffs hit 25% of the timber’s value.
He told the AGM that the financial peformance of Stora Enso in 2007 had been burdened by extremely high fibre costs and further weakening of the US dollar.
“A compromise on Russian wood duties would be an upside for Stora Enso,” he said.
Meanwhile, the latest talks on March 28 between the EU and Russia over the latter’s bid to become a member of the World Trade Organisation have failed, with the timber duties one of the main sticking points.
