Finnish paper workers' union agrees pay deal, ends strike

Finland's paper workers union agreed on a pay deal with the forestry industry association on Monday, the two sides said, ending a two-week strike that halted production of one of the country's main exports. The agreement will increase salaries by 3.3% over a 25- month period, and increase annual production time of factories by 24 hours through shortening midsummer stoppages in late June, Finnish Forest Industries association said in a statement.

"The changes are a step in the right direction, but are inadequate for ensuring the international competitiveness of Finnish factories," the association said. Stora Enso, one of Finland's biggest paper producers, has said the strike cost 11 million euros ($12 million) for each week of industrial action.