"Segmentally, there was a strong performance in Renewable Packaging and continued cost-driven turnaround in Building and Living. The good news was balanced by Printing and Reading continuing to contend with a weak market environment, and Biomaterials facing exchange-rate-related challenges as well as one-time costs from Veracel. In summary, it was a better than expected quarter that underlined the importance of our cost focus.

The fourth quarter outlook for operational EBIT is clearly lower than a year ago, as already announced on 9 October. This is because, in contrast to the other two segments, the two strongly performing segments Renewable Packaging and Building and Living, which together generate the majority of the Group’s earnings, both have a seasonal and market-driven pattern. In practical terms, the last quarter in these segments is clearly weaker than the first three quarters of the year, thus making the Group’s earnings especially seasonal this year and also weaker during the last quarter.

With all the challenges around us, from European paper markets to finally completing and ramping up Montes del Plata, we at Stora Enso believe that improving the things we can control – from fixed cost reduction to quality of completing and commissioning the new projects in a focused and responsible manner – is more important than ever", Karvinen explained.