The operating conditions of the forest industry in Finland came into focus on Thursday as Finnish forestry giant UPM (United Paper Mills) elaborated on its decision to close down its hallmark paper mill in Kaipola, central Finland. The business circumstances for the pillar paper industry in Finland are now “overwhelming,” said UPM President and CEO Jussi Pesonen. The paper and forestry sector is one of the pillar industries of Finland. The closing of the Kaipola paper mill is a historic move as it is the last remaining plant in Finland producing … newsprint. The closing of the mill would mean the loss of 450 jobs. Finnish commentators noted that the demise of the Kaipola paper mill was accelerated by the steep drop in demand for paper caused by the COVID-19 crisis.