European paper makers face tougher trading conditions despite a recovery in volumes in the European paper and forest products industry in 2011, Moody’s said in a special comment on Tuesday.
"Underlying demand for most paper grades in Europe remains well below pre-crisis levels," said Anke Rindermann, an analyst at Moodys. "In addition, although capacity cuts have helped to tighten the supply-demand balance, recent price increases pushed through by European producers have not materially improved profitability, in the face
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