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Stora Enso Joint Venture in China

Press release from the issuing company

HELSINKI, Finland, Oct. 28 -- Stora Enso today announced that Stora Enso is starting a joint venture with Shandong Huatai Paper of China. The parties will initially conduct a prefeasibility study concerning publication paper production in China, including a market analysis and an investigation of the possibility of transferring an existing paper machine to China. The prefeasibility study is expected to be completed in March 2005. Stora Enso will have a majority shareholding in the joint venture. Shandong Huatai Paper is a company listed on the Shanghai Stock Exchange with sales of EUR 160 million in 2003. It is part of the Huatai Group, which is involved in paper manufacture, the chemicals industry, printing, energy, forestry, logistics and trading. The Huatai Group has over 8 000 employees, including about 3 700 at Huatai Paper. All of the company's paper and board manufacturing assets are located in Shandong province and its annual production capacity is 800 000 tonnes of paper and board.