International Paper announced that it expects its first quarter earnings to be lower than the estimates. The company cited the economic downturn, high energy costs and a strong U.S. dollar.
To bring supply and demand into balance, IP estimates it has taken downtime to remove around 500,000 tons of product from the market during the first quarter.
The company also noted that energy costs during the first quarter were around $50 million higher than the previous quarter.
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