Stora Enso Halted Production and Sales in Russia

SEATTLE (Scrap Monster): Stora Enso today announced its decision to stop all production and sales in Russia until further notice. The decision is on account of ongoing Russian invasion of Ukraine. It must be noted that the company operates three corrugated packaging plants and two wood products sawmills in the country, together employing approximately 1,100 people.

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The company press release noted that all exports and imports from and to Russia will be stopped with immediate effect. Stora Enso is believed to have activated a mitigation plan in order to ensure availability of critical input materials from other sources. The moratorium on sales and production is unlikely to have material impact on the company’s annual sales and EBIT. Incidentally, the company’s sales in Russia account for only around 3% of the Group’s total revenues.

Announcing the decision, Annica Bresky, President and CEO, Stora Enso noted that it considers the war in Ukraine by Russia is totally unacceptable and that the company is fully behind all forms of sanctions on Russia. Stora Enso will now focus on supporting its customers and the well-being of its employees, Bresky added.