Its net sales fell only 0.4% to 805m (EUR1.177bn) compared to the same period in 2002. But it made a pre-tax loss of 463,000 compared to last years profit of 45.8m due to interest charges associated with its leveraged capital structure.

It blamed its third-quarter financial performance on price pressures in European markets, additional maintenance and market-related downtime at its European mills, the impact of the weak macroeconomic environment and the relative strengthening of the pound.

Chief executive Gary McGann said current business conditions necessitated active management of factors within his control. We continue to exercise discipline in our capital programmes, address underperforming businesses, reduce operating and administrative cost and focus on cash generation.

The objective is to position the business for sustainable performance. This means progressively improving operating and financial performance at all points of the industry cycle, said McGann.