Stora Enso’s result was affected by cost inflation and unfavourable exchange rates, partially offset by clearly higher sales prices.“In July we forecast rapidly increasing economic uncertainty and the need to plan for alternative demand scenarios going forward. We described the early signs of weakening demand and sales channel inventory reductions in Fine Paper and Wood Products. Whereas we see for example in coated fine paper stabilization after inventory corrections, it is clear that going into the fourth quarter our customers, as well as ourselves, will reduce inventories and therefore we will further step up the manufacturing curtailments which we already increased significantly in the third quarter. If temporary lay-offs are planned, they will be subject to co-determination negotiations,” commmented Jouko Karvinen, CEO of Stora Enso.On a near-term outlook, Stora Enso forecasts demand for consumer board to be weaker than a year ago, as well as seasonally weaker than in the previous quarter. Demand is forecast to be slightly weaker for industrial packaging. For newsprint and coated magazine paper, demand is expected to be significantly weaker in Europe, and weaker for uncoated magazine paper. Demand is forecast to be stable for coated fine paper and slightly weaker for uncoated fine paper.Stora Enso expects prices to be stable for consumer board and lower for industrial packaging. In Europe prices are forecast to be stable for newsprint, magazine paper and coated fine paper and slightly lower for uncoated fine paper.Stora Enso expects its cost inflation to remain unchanged. Actions continue to mitigate cost inflation. Production curtailments to control inventory levels increased in the third quarter and will continue in the fourth quarter.“Looking further ahead, our current strategic projects - the Montes del Plata pulp mill in Uruguay, the Ostroleka containerboard machine in Poland and the cross-laminated timber investment in Austria - are proceeding according to plan. Our strong balance sheet and cash position gives us a solid platform to pursue our future in our selected growth areas,” Jouko Karvinen continued. /KB