Mondi eyes more cost cuts

Paper maker Mondi said yesterday it plans more cost cuts as the sector struggles to recover from a slump caused by weak demand and overcapacity, exacerbated by a slowdown in the global economy. Mondi, which also said its third-quarter underlying profit was higher than a year earlier, added that the weak economy was putting moderate pricing pressure on some of its products. Mondi’s rivals Sappi, UPM-Kymmene’s and Stora Enso have also warned demand would slow more in the struggling paper sector.