Helsinki, Finland, 23 May 2008 -- Stora Enso has decided to commence a feasibility study for an integrated pulp and paper mill in the Nizhny Novgorod region in Russia. The findings of the recently completed prefeasibility study begun in July 2007 supported continuation of the process at this point. The feasibility study, which is expected to be completed by April 2009, will evaluate the profitability of the project to manufacture paper for Russian consumers from Russian wood in Russia.

If the results of the feasibility study are favorable, preconditions are met, and the necessary permits are obtained, the Stora Enso board of directors will then consider the final decision on implementation.