Q1 2020 UPM-Kymmene Oyj Earnings Call Transcript
Ladies and gentlemen, welcome to UPM's Quarter 1 2020 Result Webcast. My name is Jussi Pesonen, I'm the CEO of UPM, and I'm here with our CFO, Tapio Korpeinen.
Hello to everyone.
First of all, UPM made a solid results during the quarter. In January, we made an investment decision for the first-of-its-kind biochemicals refinery in Germany. This investment opens totally a new and exciting market for UPM's future growth and value creation.
In January and February, we were affected by the strikes in Finland. Our Finnish pulp and paper mills were down for 2 weeks, and our Finnish plywood mills and sawn timber mills were down for 4 weeks. The big news during the quarter was, obviously, the COVID-19 outbreak, which was already an epidemic in China starting in January and then
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