Stone Container, whose merger with Jefferson Smurfit Corporation is due to be ratified by both sets of shareholders on November 17th, has reported a dreadful set of third-quarter results, with losses of $275.5 million (£184 million) in the period.
This compares with a loss of $98.7 million in the third quarter of 1997 and a loss of $156.6 million in the second quarter of 1998. Stone's debt at the end of the third quarter was more than $4.5 billion.
Chief executive Mr Roger Stone said: "Our poor operating performance during the third quarter resulted mainly from adverse market conditions for containerboard, corrugated containers and market pulp, and from the results at our affiliates, principally Abitibi-Consolidated and Venepal."
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