Newsprint giant hit by lack of demand

Norske Skog, one of the world's largest newsprint makers, is to cut production after posting net losses for both the fourth quarter and the full year. The Norwegian-based group is shutting down mills in the Czech Republic and South Korea, and it may also reduce its headquarters staff and sell off non-core assets. Why? Because demand for newsprint has declined by as much as 9% percent in North America. (Via E&P)