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International Paper to Cease Operations at Hudson River Mill in Q4

Press release from the issuing company

STAMFORD, Conn., June 18 - International Paper today announced it has decided to close its Hudson River mill in Corinth, NY., in the fourth quarter of 2002. During this time the mill will be for sale. "We have a strong history of papermaking at Hudson River and a highly skilled workforce, however, the sluggish economy, coupled with steeply reduced demand has hindered the process of positioning the mill to compete effectively," said LH Puckett, senior vice president for IP's coated and supercalendered papers business. "This mill continues to be the highest cost machine in our coated papers system, and despite our efforts, we could not develop a plan for the mill to support our overall coated paper business." "Our employees have worked tirelessly through a paper machine shutdown last year and very tough economic times," said Peter Connery, mill manager. "Throughout considerable uncertainty over the last several years, Hudson River employees have consistently performed in an exemplary fashion." International Paper's Hudson River Mill is a coated paper mill producing approximately 100,000 tons of coated groundwood and freesheet paper grades as well as a range of specialty products. The mill's 290 jobs will be eliminated as a result of the closure.