I understand your point. I think we all agree on the challenges in Joutseno. Regarding Stora, you have a point there. It is also worth noting that there is massive overcapacity in cardboard, which does not seem to be easing (at least not in all segments) anytime soon. China is pushing an increasing amount of cardboard into the market. Given Stora’s current financial situation, they have to evaluate the profitability/outlook of Varkaus, and Eno is just a pulp mill, not an integrated site. Neither of these can compete with UPM’s pulp mills in terms of cost. I share your view regarding UPM when it comes to market pulp/challenges. Paper demand will continue to fall, and some mills already have only two paper machines left instead of three, which has made market pulp a more important part of the profitability for the entire integrated site. UPM’s pulp mills are more cost-competitive than those two Stora mills and Joutseno. But if the reasons you described, which I also write about, are the deciding factors—including UPM’s own goals—the order [of shutdowns] might not follow the order of cost-competitiveness.
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