UPM Not Considering New Pulp Mill in Russia
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According to a Reuters News report this week, Finland-based UPM-Kymmene is denying a newspaper report that is looking to build a $2 billion pulp mill in eastern Russia. Finnish business daily Kauppalehti reported that the governor of the Russian region of Irkutsk said last month local authorities and UPM were negotiating the construction of a million-metric ton pulp mill, estimated to cost $2 billion, in Ust-Kut.
"We are not aware of such plan. We deny that this would be going on," spokeswoman Sini Paloheimo said in the business daily.
Last month, UPM-Kymmene said it was buying debt-laden rival Myllykoski, bringing much needed consolidation to a European paper industry struggling with overcapacity and weak demand.
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