UPM-Kymmene's President & CEO Juha Niemelä at the Annual General Meeting:"Economic outlook uncertain, paper deliveries at last year's level"

"In the beginning of year 2003, the economic growth in the company's main markets was slow and consumer confidence continued to be low also due to the uncertain geopolitical situation. The threat of war has diminished the predictability of the markets" stated UPM-Kymmene's President & CEO Juha Niemelä today at the company's annual general meeting in Helsinki.

"The paper deliveries are at the same levels as the previous year. Prices for all printing paper contracts decreased at the beginning of the year and additionally the value of US dollar weakened. Converting and wood products industries have developed steadily," said Juha Niemelä.

"During Q2 2003, deliveries are expected to experience seasonal growth in demand of magazine grades, specifically in the North American market. Strong paper demand continues also in Asia," concluded Niemelä.


UPM-Kymmene Corporation
Corporate Communications
March 19, 2003