YLE reported yesterday that Stora Enso (OMX: STERV) has cancelled planned layoffs in Kemi. Veitsiluoto Mill is the northernmost paper mill in the world and employs 750 people in the production of office papers, coated mechanical papers and sawn products.
The layoffs were planned on the coated mechanical papers factory for the entire personnel of 330 in the unit for one week. According to Mill Director Harri Pihlajaniemi improved market condition is the reason behind the cancellation. Layoffs are still being planned for the springtime. Stora Enso is now up over 25% in three weeks and gained strongly yesterday as well.
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