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Stora Enso's operating profit lower in s

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STORA ENSO OYJ Stock Exchange Release 7 July 2003 at 13.00


Stora Enso's operating profit lower in second quarter than first 
quarter 2003

Stora Enso expects to report that its second quarter 2003 
operating profit was about half the level achieved in the first 
quarter when it announces its second quarter results on 24 July 
2003. However, due to decreased financial costs mainly related 
to valuation of financial instruments, earnings per share are 
expected to be about one third lower for the second quarter of 
2003 than the first quarter. 

The decrease in operating profit is due mainly to:
-	the combined effects of weak economic conditions in 
	Europe and therefore an increase in lower-profit-
	margin overseas exports from the Company's European 
	mills, direct and indirect effects of the fall in the 
	value of the US dollar and continuing overcapacity in 
	some paper grades;
-	the weaker financial performance of the Company's North 
	American operations due to higher energy costs, lower 
	production volumes and only limited success in 
	increasing product prices from already low levels; and
-	costs associated with the annual Midsummer holiday 
	shutdowns at the Company's Nordic mills, especially in 
	Finland.

Further comments on the Company's performance and outlook will 
be provided when the second quarter financial results are 
released on 24 July 2003 at 13.00 Finnish time (11.00 UK time).

For further information, please contact:
Esko Mäkeläinen, CFO, tel. +44 20 7016 3115
Keith B Russell, Senior Vice President, Investor Relations, 
tel. +44 20 7016 3146
Ulla Paajanen-Sainio, Vice President, Investor Relations and 
Financial Communications, tel. +358 2046 21242
Scott Deitz, Vice President, Investor Relations, Stora Enso North 
America, tel. +1 715 422 1521
Kari Vainio, Executive Vice President, Corporate Communications, 
tel. +44 7799 348 197

www.storaenso.com

STORA ENSO OYJ


p.p.   Jussi Siitonen          Minna Taukojärvi

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