Smurfit-Stone Container Corporation the 29.4 per cent owned associate of Jefferson Smurfit, said first quarter profits would fall short of forecasts.
The company blamed lower than expected demand for corrugated packaging resulting from the weakening US economy. The company also cited higher energy costs and economic downtime for mills as other factors.
Mr Ray Curran, chief executive of Smurfit Stone said the US government's proposed tax cuts would stimulate the stagnant US economy leading to a recovery in the second half of 2001.
