Finland's UPM confirms Uruguay pulp mill Q1 startup

Reuters
1-min read

HELSINKI (Reuters) - Finnish forestry group UPM's new pulp mill in Uruguay will begin commercial production in the first quarter of 2023, the company said on Tuesday, as it reported record third quarter earnings.

UPM said the $2.72 billion eucalyptus pulp mill located in Paso de los Toros would grow its pulp business by more than 50%.

The company's quarterly earnings were in line with the positive profit outlook it gave on Oct. 13, saying sales prices more than offset the impact of continued increases in costs.

"This year, we expect our annual earnings to reach newrecord highs," UPM Chief Executive Jussi Pesonen said in a statement.

July-September comparable earnings before interest and tax rose 84% to 779 million euros ($766 million) from the same quarter a year ago.

($1 = 1.0170 euros)

(Reporting by Anne Kauranen; Editing by Kirsten Donovan)