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Weak paper demand hits Stora Enso sales

Nordic paper maker Stora Enso sees lower third-quarter sales as demand declines in Europe

Weak paper demand hits Stora Enso sales

HELSINKI (AP) -- Hit by the declining paper market, Stora Enso has reported a 6 percent drop in third-quarter sales to 2.5 billion euros ($3.4 billion) and predicted business will remain tough.

Lower costs helped the Nordic paper maker make a slight improvement to net profit in the third quarter, to 84 million euros from 81 million euros a year earlier.

But the company gave a grim outlook on Tuesday, saying that weak demand would continue and that its fourth-quarter operating earnings will be "clearly lower" than in the same period in 2012.

Stora's share price fell more than 2.5 percent to 6.74 euros in early afternoon trading in Helsinki.