Eastern European Markets
July 17th, 2007

Stora Enso starts pre-feasibility study for a world-class pulp and paper mill in Russia

Stora Enso has decided to start a pre-feasibility study for a pulp and paper mill complex in Nizhny Novgorod, Russia which will be undertaken in close co-operation with the Russian government. The objective is to manufacture paper for Russian consumers from Russian wood - in Russia.

"Russia is a key growth market for Stora Enso. We have already invested over EUR 300 million in establishing sawmills, corrugated packaging board mills and forest assets in the country. Now we are actively looking into taking the next step, encouraged by good experience with our existing operations in Russia and our unique expertise in all areas from forest management and wood harvesting to chemical pulping and paper manufacturing - many of these capabilities already existing in Russia. We will work closely with the federal ministerial levels and Nizhny Novgorod regional government to establish right investment conditions as regards infrastructure for logistics, forest rights and taxation in relation to theproject," says CEO Jouko Karvinen.

If the results of pre-feasibility and complete feasibility studies are favourable, the Stora Enso Board of Directors will then consider any proposed investment decision.

Further information
Jouko Karvinen, CEO, tel. +44 20 7016 3120
Hannu Ryöppönen, Deputy CEO, tel. +44 207 016 3114
Markku Pentikäinen, EVP, Corporate Technology, Asia Pacific and
Russia, tel. +358 400 498531
Kari Vainio, EVP, Corporate Communications, tel. +44 7799 348 197
Keith B. Russell, SVP, Investor Relations, tel. +44 7775 788 659

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