Stora Enso Corp - SEOAY STOCK NEWS

BlackRock, Inc. increases its holding in Stora Enso Oyj above 5%, triggering a notification under the Finnish Securities Markets Act. Stora Enso, a key player in the bioeconomy, offers renewable products in packaging, biomaterials, and wooden construction. The company has a significant global presence and aims to create value with sustainable, low-carbon products.

BlackRock, Inc. notifications trigger Stora Enso Oyj shares holding changes, falling below and rising above 5% threshold. Stora Enso, part of the global bioeconomy, offers renewable products in packaging, biomaterials, and wooden construction. BlackRock's total holding details revealed through financial instruments.

Stora Enso appoints Tuomas Hallenberg as the new Executive Vice President of the Forest division, succeeding Per Lyrvall. Hallenberg brings extensive experience in forest business leadership and sustainable forest operations. Stora Enso, a major player in the global bioeconomy, aims to leverage Hallenberg's expertise to manage its vast forest assets effectively.

Stora Enso releases its Green and Sustainability-Linked Financing Report for 2023, showcasing the allocation of green bond proceeds and environmental impacts. With EUR 2,594 million in total nominal amount from fourteen outstanding green bonds, the report focuses on sustainable forest management and product processes.

Stora Enso Oyj held its Annual General Meeting on March 20, 2024, adopting the accounts for 2023 and granting discharge from liability to the Board of Directors and CEO. The AGM approved a dividend of EUR 0.10 per share for 2023, payable to shareholders on record as of March 22, 2024.

Stora Enso Oyj publishes its Annual Report 2023, highlighting financial statements, sustainability reporting, and corporate governance. The report complies with ESEF requirements, includes XBRL tags, and is audited by PricewaterhouseCoopers Oy. Stora Enso reports against SASB's Sustainability Accounting Standards and discloses emission data with GHG Protocol. The company, a key player in the bioeconomy, emphasizes renewable products and sustainable practices. Stora Enso had Group sales of EUR 9.4 billion in 2023 and employs around 20,000 people. The company's shares are listed on Nasdaq Helsinki Oy, Nasdaq Stockholm AB, and OTC Markets in the USA.

Stora Enso Oyj has announced the convening of its Annual General Meeting to be held on March 20, 2024. Shareholders can exercise their voting rights by voting in advance, and the AGM will be conducted in Finnish with translation available. The meeting will include matters such as the adoption of annual accounts and the resolution on the use of profit and distribution of dividends.

Stora Enso's Q4/2023 saw a 24% decrease in sales to EUR 2,174 million, with operational EBIT decreasing to EUR 51 million and operational EBIT margin decreasing to 2.3%. Full year 2023 sales were EUR 9,396 million, with operational EBIT at EUR 342 million. The company's net debt increased by EUR 1,314 million to EUR 3,167 million. Stora Enso has initiated a profit improvement program targeting annualized EUR 80 million improvement of operational EBIT and is committed to reaching net-zero carbon emissions by 2040. The Board of Directors will propose a dividend of EUR 0.10 per share at the Annual General Meeting on 20 March 2024, with a potential additional dividend of up to EUR 0.20 per share.

Stora Enso Oyj plans to initiate a new profit improvement program targeting an annualized EUR 80 million improvement of the operational EBIT, potentially leading to a reduction of approximately 1,000 employees. The majority of the savings would materialize during 2025, and the larger part of the employee reductions are planned to take place during the first half of 2024. The program is designed to improve the company's long-term competitiveness by focusing on core business activities without any new production site closures. Stora Enso completed a restructuring program in 2023, resulting in an annual operational EBIT improvement of EUR 110 million and 1,150 employee reductions.