Securities and Exchange Commission
                             Washington, D.C. 20549




                                    Form 11-K
                                  Annual Report



                        Pursuant to Section 15(d) of the
                         Securities Exchange Act of 1934



                   For the Fiscal Year Ended December 31, 2000




A.   Full title of the Plan and the address of the Plan, if different from that
     of the issuer named below:

            SENA 401(k) Plan
            c/o Stora Enso North America Corp.
            510 High Street
            P.O. Box 8050
            Wisconsin Rapids, WI 54495-8050
            USA


B.   Name of issuer of the securities held pursuant to the Plan and the address
     of its principal executive office:

            Stora Enso Oyj
            (Stora Enso Corporation)
            Kanavaranta 1
            P.O. Box 309
            00101 Helsinki,
            Finland
<PAGE>

Stora Enso North America Corp.
SENA 401(k) Plan

Financial Statements and Schedule
As of December 31, 2000 and 1999
Together with Report of Independent Public Accountants

<PAGE>

Stora Enso North America Corp.
SENA 401(k) Plan

Financial Statements
December 31, 2000 and 1999



Table of Contents


Report of Independent Public Accountants


Financial Statements

     Statements of Net Assets Available for Plan Benefits as of December 31,
     2000 and 1999

     Statement of Changes in Net Assets Available for Plan Benefits for the Year
     Ended December 31, 2000


Notes to Financial Statements


Supplemental Schedule Supporting Financial Statements

     Schedule I:  Schedule H, Line 4i:  Schedule of Assets (Held at End of
     Year)--December 31, 2000

<PAGE>

Report of Independent Public Accountants



To the Board of the SENA 401(k) Plan:

We have audited the accompanying statements of net assets available for plan
benefits of the SENA 401(k) Plan (the "Plan"), formerly known as the
Consolidated Employees' Tax-Saver and Investment Plan, as of December 31, 2000
and 1999, and the related statement of changes in net assets available for plan
benefits for the year ended December 31, 2000. These financial statements and
the supplemental schedule, as listed in the accompanying table of contents, are
the responsibility of the Plan administrator. Our responsibility is to express
an opinion on these financial statements and the supplemental schedule based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 2000 and 1999, and the changes in its net assets available for
plan benefits, for the year ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule, as listed in the
accompanying table of contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule has been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.



ARTHUR ANDERSEN LLP


Milwaukee, Wisconsin
May 10, 2001

<PAGE>

Stora Enso North America Corp.
SENA 401(k) Plan

Statements of Net Assets Available for Plan Benefits
As of December 31, 2000 and 1999



                                                       2000            1999
                                                  --------------  --------------
Assets:
   Investments, at Fair Market Value-
     Master Trust                                    $23,777,114     $45,865,139
     Mutual Funds                                    206,569,351     200,280,514
   Loans to Participants                               1,169,228       1,392,810
                                                  --------------  --------------

         Total Assets                                231,515,693     247,538,463
                                                  --------------  --------------

Net Assets Available for Plan Benefits              $231,515,693    $247,538,463
                                                  ==============  ==============



The accompanying notes to financial statements are an integral part of these
financial statements.

<PAGE>

Stora Enso North America Corp.
SENA 401(k) Plan

Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 2000


<TABLE>
<S>                                                                       <C>
Additions:
   Investment (Loss) Income-
     Net Depreciation in Fair Value of Mutual Funds                       $(38,475,716)
     Net Income in Master Trust                                             18,911,298
     Dividends and Interest                                                 16,681,193
                                                                       ----------------

         Net Investment Loss                                                (2,883,225)

   Contributions-
     Company                                                                 4,932,349
     Employee                                                               10,896,318
     Transfers from Other Company Defined Contribution Plans, Net            8,871,384
                                                                       ----------------

         Total Contributions                                                24,700,051
                                                                       ----------------

         Net Additions                                                      21,816,826

Deductions:
   Benefits Paid to Participants                                           (37,829,195)
   Other Expenses                                                              (10,401)
                                                                       ----------------

         Total Deductions                                                  (37,839,596)
                                                                       ----------------

         Net Decrease                                                      (16,022,770)

Net Assets Available for Plan Benefits:
   Beginning of Year                                                       247,538,463
                                                                       ----------------
   End of Year                                                            $231,515,693
                                                                       ================
</TABLE>


The accompanying notes to financial statements are an integral part of this
financial statement.

<PAGE>

Stora Enso North America Corp.
SENA 401(k) Plan

Notes to Financial Statements
December 31, 2000 and 1999



(1) Description of the Plan-

    The following description of the SENA 401(k) Plan (the "Plan") is provided
    for general information purposes only. More complete information regarding
    the Plan's provisions may be found in the Plan document.

    At December 31, 2000, 2,120 employees, former employees, spouses, or spouses
    of former employees were participating in the Plan.

    General-

    The Plan is maintained by Stora Enso North America Corp. (the "Company")
    subsequent to August 31, 2000 and Consolidated Papers, Inc. ("CPI") prior to
    August 31, 2000 (see Note 3). Prior to November 15, 2000, the Plan was named
    the Consolidated Employees' Tax-Saver and Investment Plan (the "Prior
    Plan"). The Prior Plan was amended and renamed the SENA 401(k) Plan
    effective as of November 15, 2000.

    The Plan is a defined contribution plan under the provisions of Section
    401(a) of the Internal Revenue Code ("IRC"), which includes a qualified cash
    or deferred arrangement as described in Section 401(k) of the IRC, for the
    benefit of eligible employees of the Company and United States subsidiaries
    of the Company that adopt the Plan with the consent of the Company. All full
    time employees of the Company, as defined, who do not belong to a collective
    bargaining unit are eligible to participate in the Plan. The Plan is subject
    to the provisions of the Employee Retirement Income Security Act of 1974
    ("ERISA"), as amended.

    Under a trust agreement, Fidelity Management Trust Company of Boston,
    Massachusetts (the "Trustee") was appointed Trustee of the Plan.

    Plan Merger and Plan Transfers-

    Effective December 15, 2000, (the "Merger Date") a portion of the assets of
    the Consolidated Employees' Stock Ownership Plan (the "ESOP") attributable
    to ESOP participants that would be eligible to participate in the Plan were
    merged into the Plan. Net assets of approximately $7,800,000 were
    transferred to the Plan on December 15, 2000. In addition, approximately
    $1,100,000 of assets from another Company defined contribution plan were
    transferred to the Plan during 2000 for retirees who transferred from
    bargaining to non-bargaining status while working and would otherwise
    receive benefit payments from both plans. These transfers are reflected in
    the Statement of Changes in Net Assets Available for Plan Benefits as
    "Transfers from Other Company Defined Contribution Plans".

    Contributions-

    Eligible employees can contribute an amount up to 15% of compensation as
    defined by the Plan, subject to certain limitations under the IRC. During
    2000, the maximum amount a participant could defer was $10,500. The Company
    provided a matching contribution equal to 25% of each participant's
    contribution up to a maximum of an employee deferral equal to 10% of the
    participant's compensation for 2000.

    The Plan also allows for a Company contribution from the Compensation Award
    Program ("CAP") that awards salaried employees Company stock based on
    maintaining a specific level of controllable costs and inventory charges.
    Upon receipt, the CAP award is not restricted and participants can transfer
    the award to another investment option at their discretion. In 2000, the
    Company contributed approximately $2,600,000 to the Plan as the CAP
    contribution.

    Vesting-

    Participants are immediately fully vested in their contributions, Company
    contributions and the earnings thereon.

    Benefits-

    If a participating employee terminates employment for any reason, the
    employee has the following distribution options with respect to any or all
    of their investment accounts:

         A.   Withdraw the entire balance in one lump sum.

         B.   Withdraw the balance in a series of installments (quarterly or
              annually) over a period not exceeding ten years.

         C.   Defer withdrawal to any time up to the end of the year in which
              age 70-1/2 is attained.

         D.   Withdraw the balance and transfer it to an eligible retirement
              plan.

         E.   In the case of the Inter Lake Wisconsin Inc. 401(k) Retirement
              Plan trust to trust transfers into the Plan, which occurred in the
              1998 Plan year, such transferred amounts may be paid in quarterly
              installments over a payment period specified by the participant
              (not exceeding the joint life expectancy of the participant and
              the designated beneficiary) or by a dollar amount or an ad hoc
              basis for participants who have attained age 57 and terminated
              employment.

    A participant may make the following withdrawals prior to termination:

         A.   Withdrawal of their income deferral contributions for a hardship
              causing immediate and heavy financial needs (however, these
              withdrawals will generally be subject to a 10% penalty tax).

         B.   After age 59-1/2, withdraw the entire account balance.

         C.   Borrow up to one-half of their account balance from the Plan for
              hardship purposes (as long as the loan is repaid, the 10% penalty
              tax will not apply).

         D.   In the case of the Inter Lake Wisconsin Inc. 401(k) Retirement
              Plan trust to trust transfers into the Plan, which occurred in the
              1998 Plan year, such transferred amounts may be withdrawn as
              follows:

              (i)  a participant who has made after-tax voluntary contributions
                   may elect to withdraw such contributions once in any Plan
                   year while employed; and

              (ii) a participant who has attained age 59-1/2 may elect to
                   withdraw a portion of his transferred amount once in each
                   Plan year quarter while employed.

    If a participant dies before distribution of their benefits, the benefits
    are distributed to the beneficiary designated by the participant.

    Participant Accounts-

    The Trustee maintains an account for each fund in which an employee
    participates. At the end of each business day the income earned, additional
    stock or units purchased, stock or units sold, and market appreciation or
    depreciation is posted to the account. The employee receives a statement
    showing the results of their investments in each fund every quarter. The
    employee also has daily telephone and internet access to their balance
    information.

    Investments-

    The Trustee of the Plan held the Plan's investments and executed
    transactions therein.

    Investment Options-

    The Plan provides for investments in a Master Trust and mutual funds.
    Investment securities are exposed to various risks including, but not
    limited to, interest rate, market and credit risks. Due to the level of risk
    associated with certain investment securities, it is at least reasonably
    possible that changes in the values of investment securities will occur in
    the near term.

    Effective with the Acquisition in 2000 (see Note 3), the Consolidated
    Papers, Inc. Common Stock Fund was eliminated as an investment option when
    the Plan received approximately $23.59 in cash plus approximately 1.680
    Stora Enso Oyj American Depositary Shares ("Stora Enso ADSs") for each share
    of CPI common stock held by the Plan. The Stora Enso ADSs received by the
    Plan were allocated and credited to the participants' accounts in the newly
    established SEO Unitized Stock Fund. The cash received by the Plan was
    allocated and credited to the participants' accounts in the Fidelity Money
    Market Trust: Retirement Government Money Market Portfolio Fund.

    The SEO Unitized Stock Fund and the Consolidated Papers, Inc. Common Stock
    Fund are master trust investment accounts ("Master Trust"). The Master Trust
    is a multiple plan trust, of which ownership is divided between the Plan,
    the Consolidated Employees' Stock Ownership Plan and the SENA 401(k) Plan
    for Union Members based on allocated units of participation. Each
    participation unit has a value equal to the total fair value of the Master
    Trust's net assets divided by total participation units outstanding.

    During 2000, the Fidelity Equity Income Fund, the Fidelity Diversified
    International Fund, and the Franklin Small Cap Growth Fund I-Class A were
    added to the Plan as additional investment options. The Fidelity Value Fund
    was discontinued as an investment option and participants were able to
    transfer their balances to other investment options.

    A description of each investment option available for investment in 2000 or
    in 1999 is provided below:

         SEO Unitized Stock Fund-

         The Unitized Stock Fund invests in Stora Enso ADSs with a small portion
         in money market instruments for liquidity. This investment option is
         tied to the economic factors and market risk affecting Stora Enso Oyj.

         Consolidated Papers, Inc. Common Stock Fund-

         The Common Stock Fund invested primarily in the common stock of
         Consolidated Papers, Inc. with a small portion in money market
         instruments for liquidity. This investment option was tied to the
         economic factors and market risk affecting Consolidated Papers, Inc. As
         a result of the Acquisition (see Note 3) this fund was eliminated.

         Fidelity Retirement Government Money Market Portfolio Fund-

         Retirement Government Money Market Fund seeks as high a level of
         current income as is consistent with the preservation of principal and
         liquidity. It invests in obligations issued or guaranteed as to
         principal and interest by the U.S. Government, its agencies or
         instrumentalities, and in repurchase agreements secured by these
         obligations.

         Fidelity Equity-Income Fund-

         Equity-Income Fund is a growth and income mutual fund. It seeks to
         provide reasonable income while considering the potential for capital
         appreciation. It seeks a yield that exceeds the yield of the securities
         in the Standard & Poor's 500 Index. It normally invests at least 65% of
         its assets in income-producing equity securities, which tends to lead
         to investments in large-cap stocks.

         Fidelity Diversified International Fund-

         Diversified International Fund is a growth mutual fund that invests
         overseas. It seeks to increase the value of the investment over the
         long-term through capital growth. It normally invests at least 65% of
         its assets in foreign securities.

         Fidelity Magellan Fund-

         Magellan Fund is a growth mutual fund. It seeks long-term capital
         appreciation by investing in the stocks of both well-known and
         lesser-known companies with potentially above-average growth potential
         and a correspondingly higher level of risk. Securities may be of
         foreign and domestic companies.

         Fidelity Asset Manager Fund-

         Asset Manager is an asset allocation mutual fund. It seeks high total
         return with reduced risk over the long-term by allocating its assets
         among domestic and foreign equities, bonds and short-term instruments.
         In order to achieve its investment objective, the fund gradually shifts
         its assets among and across these groups as market or other conditions
         change. Normally, the fund will allocate its assets within the
         following investment parameters: 30-70% in stocks, 20-60% in bonds and
         0-50% in short-term instruments. Over time, the fund's allocation will
         fluctuate around a mix of 50% stocks, 40% bonds, and 10% short-term
         instruments.

         Fidelity Asset Manager Growth Fund-

         Asset Manager Growth is an asset allocation mutual fund. It seeks to
         maximize total return over the long term by allocating its assets in
         all types of domestic and foreign stocks, bonds, and short-term
         instruments. Under normal conditions, a single reallocation decision
         will not involve more than 20% of the fund's total assets. Normally,
         the fund will allocate its assets within the following investment
         parameters: 50-100% in stocks, 0-50% in bonds, and 0-50% in short-term
         instruments. Over the long-term, its allocation will fluctuate around a
         mix of 70% stocks, 25% bonds and 5% short-term instruments.

         Fidelity Asset Manager Income Fund-

         Asset Manager Income is an asset allocation mutual fund. It seeks a
         high level of current income by allocating its assets in all types of
         domestic and foreign stocks, bonds, and short-term instruments. When
         appropriate, the fund will consider the potential for capital
         appreciation. Under normal conditions, a single reallocation decision
         will not involve more than 10% of the fund's total assets. Normally,
         the fund will allocate its assets within the following investment
         parameters: 10-30% in stocks, 40-60% in bonds and 10-50% in short-term
         instruments. Over time, the fund's allocation will fluctuate around a
         mix of 20% stocks, 50% bonds and 30% short-term instruments.

         Fidelity Brokerage Link-

         Brokerage Link contains the common stock of Allete, Inc. (formerly
         Minnesota Power and Light Company). No additional contributions are
         allowed into Brokerage Link. This investment option is tied to the
         economic factors and market risk affecting these two companies.

         Fidelity Value Fund-

         Value Fund is a value mutual fund. It seeks long-term capital
         appreciation by investing in the securities of companies with valuable
         fixed assets, or in the securities of companies that its investment
         adviser believes are undervalued in relation to those companys' assets,
         earnings or growth potential. During 2000, this fund was discontinued
         as an investment option.

         Fidelity OTC Portfolio Fund-

         OTC Portfolio is a growth mutual fund. It seeks long-term capital
         appreciation by investing primarily in securities traded in the
         over-the-counter securities market. Securities in which the Portfolio
         may invest include common stocks, preferred stocks, securities
         convertible into common stocks and debt securities. Companies whose
         securities trade on the OTC market generally are smaller or newer
         companies than those on the New York and American Stock Exchanges.
         These securities may be subject to more abrupt or erratic market
         movements than securities of larger companies and involve greater
         investment risk than more well-known companies.

         Spartan U.S. Equity Index Portfolio Fund-

         Spartan U.S. Equity Index Portfolio is an index fund. It seeks
         investment results that try to duplicate the composition and total
         return of the Standard & Poor's 500 Index, which is comprised of common
         stocks.

         Fidelity U.S. Bond Index Fund-

         U.S. Bond Index Fund is an index fund. It seeks investment results that
         correspond to the aggregate price and interest performance of the debt
         securities in the Lehman Brothers Aggregate Bond Index. The fund
         invests in investment grade (medium to high quality) or above debt
         securities with maturities of at least one year, including U.S.
         Treasury or government debt securities and corporate bonds,
         asset-backed and mortgage-backed debt securities and U.S.
         dollar-denominated foreign debt securities.

         Fidelity Puritan Fund-

         Puritan Fund is a value/blend mutual fund. It seeks as high of a level
         of current income as is consistent with the preservation of capital, by
         investing in a broadly diversified portfolio of domestic and foreign
         common stocks, preferred stocks and bonds, including lower-quality,
         high-yield debt securities.

         Neuberger Berman Genesis Trust-

         Neuberger Berman Genesis Trust is a value/blend mutual fund. It seeks
         to provide capital appreciation by investing primarily in common stocks
         of small-cap companies (those with market capitalizations of up to $1.5
         billion at the time of investment). The portfolio looks for growth
         potential by investing in strong companies with solid performance
         histories and proven management. The portfolio diversifies among many
         companies and industries to reduce risk.

         Dreyfus Founders Growth Fund F-

         Founders Growth Fund F is a growth mutual fund. It seeks to increase
         long-term capital growth by investing in the common stocks of
         well-established, high-quality growth companies, both domestic and
         abroad. These companies tend to historically have solid performance
         records and financial strength, and have been in operation for at least
         three years.

         Franklin Small Cap Growth Fund I-Class A-

         Small Cap Growth Fund I-Class A is a growth mutual fund. It seeks to
         increase the value of the investment over the long-term through capital
         growth. It invests primarily in equity securities of companies with
         market capitalizations of less than $1.5 billion at the time of the
         investment. The fund may also invest a portion of its assets in foreign
         securities, including those of developing markets issuers.

         Templeton Foreign Fund A-

         Templeton Foreign Fund A is a value mutual fund that invests
         internationally. It seeks to increase the value of the investment over
         the long-term through capital growth by investing primarily in common
         stocks, and it can purchase securities in any foreign country,
         developed or developing. Foreign investments involve greater risk and
         may offer greater potential returns than U.S. investments.

    Loans to Participants-

    A participant may borrow the lesser of $50,000 or 50% of their vested
    account balance with a minimum loan amount of $1,000. Loans are repayable
    through payroll deductions. The interest rate is the prime rate and is fixed
    over the life of the loan.

(2) Summary of Significant Accounting Principles-

    Basis of Accounting-

    The accompanying financial statements are prepared on the accrual basis of
    accounting.

    Investment Valuation-

    Investments and investments of the Master Trust are stated at fair market
    value. Securities and funds traded on a national securities exchange are
    valued at the last reported sales price on the last business day of the
    year.

    The fair market value of individual assets that represent 5% or more of the
    Plan's net assets as of December 31, 2000 and 1999, are as follows:

                                                                       2000
                                                                  --------------

    Fidelity Retirement Government Money Market Portfolio Fund      $33,874,210
    Fidelity Magellan Fund                                           59,793,622
    Fidelity Asset Manager Growth Fund                               11,840,291
    Fidelity OTC Portfolio Fund                                      26,578,309
    Spartan U.S. Equity Index Portfolio Fund                         21,688,516

                                                                       1999
                                                                  --------------

    Fidelity Retirement Government Money Market Portfolio Fund      $20,995,918
    Fidelity Magellan Fund                                           67,751,922
    Fidelity Asset Manager Growth Fund                               12,815,327
    Fidelity OTC Portfolio Fund                                      24,237,791
    Spartan U.S. Equity Index Portfolio Fund                         26,618,737

    Net Depreciation in Fair Value of Investments-

    Net realized and unrealized appreciation/(depreciation) is recorded in the
    accompanying statement of changes in net assets available for plan benefits
    as net depreciation in fair value of mutual funds.

    Interest and dividends, net realized and unrealized appreciation
    (depreciation) from the investment in the Master Trust is recorded on the
    accompanying financial statements as net income in Master Trust.

    During the year ended December 31, 2000, the Plan's investments, other than
    the investment in Master Trust, depreciated in fair value by $(38,475,716).

    Administrative Expenses-

    Administrative expenses reasonably incurred in the administration of the
    Plan are paid by the Company, except for fees related to loan administration
    and Fidelity Brokerage Link.

    Accounting Estimates-

    The preparation of these financial statements in conformity with accounting
    principles generally accepted in the United States requires the use of
    certain estimates by management in determining the Plan's asset's
    liabilities, revenues and expenses. Actual results could differ from these
    estimates.

    Reclassifications-

    Certain amounts in the 1999 financial statements have been reclassified to
    be consistent with the current year presentation.

(3) Acquisition-

    Effective August 31, 2000, Stora Enso Acquisition, Inc., a wholly owned U.S.
    subsidiary of Stora Enso Oyj, Helsinki, Finland, acquired all of the
    outstanding shares of CPI for approximately $4.0 billion (the
    "Acquisition"). All of the shares of CPI were acquired and retired.
    Effective with the closing of the Acquisition, Stora Enso Acquisition, Inc.
    changed its name to Stora Enso Consolidated Papers, Inc. In November of
    2000, Stora Enso Consolidated Papers, Inc. changed its name to Stora Enso
    North America Corp.

(4) Investment in Master Trust-

    The Master Trust is a trust account established by the Company for the Plan,
    the Consolidated Employees' Stock Ownership Plan and the SENA 401(k) Plan
    for Union Members. The Master Trust reinvests all dividend and interest
    income received on securities owned by the Master Trust. The value of the
    units in the Master Trust is adjusted each month to reflect the earnings on
    investments plus the appreciation or depreciation in the fair market value
    of the investments. Master Trust units may be redeemed by the Plan for an
    amount equal to their current fair value.

    The assets and liabilities of the Plan are commingled and are not segregated
    in the accounts of the Master Trust. The assets and liabilities of the
    Master Trust are as follows:

                                                         December 31,
                                              --------------------------------
                                                    2000             1999
                                              ---------------- ---------------
     Assets:
        Investments at Market Value-
          Cash and Cash Equivalents                 $258,523       $2,505,227
          Common Stocks                           27,664,271       57,640,315
                                             ----------------  ---------------

              Total Investments                   27,922,794       60,145,542

        Receivables                                  103,999        1,010,089
                                             ----------------  ---------------

              Total Assets                        28,026,793       61,155,631
                                             ----------------  ---------------

     Liabilities:
        Benefit Claims Payable                       (84,141)        (274,777)
                                             ----------------  ---------------

              Total Liabilities                      (84,141)        (274,777)
                                             ----------------  ---------------

     Total Master Trust Net Assets               $27,942,652      $60,880,854
                                             ================  ===============

    The Master Trust's investments, and related income, are allocated to each of
    the aforementioned plans, based on the percentage of participant
    contributions of each plan compared to the total participant contributions
    of all the plans.

    At December 31, 2000 and 1999, the Plan's interest in the Master Trust
    represented 85.1% and 75.3% of the total investment balance of the Master
    Trust.

    Investment income is allocated monthly, based on the beginning of the month
    net asset balance of each plan. Master Trust income for the year ended
    December 31, 2000 is as follows:

    Interest and Dividends                                         $1,272,343
    Realized Gains, Net                                            20,010,915
    Unrealized Appreciation in Fair Value Common Stock              2,812,334
                                                                 -------------

              Total Master Trust Income                           $24,095,292
                                                                 =============

(5) Income Tax Status-

    The Internal Revenue Service issued a determination letter July 17,1995,
    stating that the Plan was designed and being operated in compliance with the
    applicable requirements of the IRC. The Plan has been amended since
    receiving the determination letter. However, the Plan administrator and
    legal counsel believe that the Plan continues to be designed and operated in
    compliance with the applicable requirements of the IRC and, as such, that
    the Plan was qualified and that the related trust was tax-exempt for the
    years ended December 31, 2000 and 1999.

(6) Plan Termination-

    Although it has not expressed any intent to do so, the Company has the right
    under the Plan to discontinue its contributions at any time and to terminate
    the Plan subject to the provisions of ERISA.

(7) Related Party Transactions-

    The Plan periodically invests in a money market fund and mutual funds
    managed by the Trustee and a fund invested in the common stock of the
    Company. These transactions, which are included in the supplemental
    schedule, are not considered prohibited transactions by statutory exemptions
    under the ERISA regulations.

<PAGE>

                                               E.I. No. 39-2003332, Plan No. 003
                                                                      Schedule I



Stora Enso North America Corp.
SENA 401(k) Plan

Schedule H, Line 4i:  Schedule of Assets (Held at End of Year)--
December 31, 2000

<TABLE>
                                                                  Shares/          Market
                                                                   Units            Value
                                                                -----------     -------------
<S>                                                             <C>             <C>
*Fidelity Investment Funds-
   Retirement Government Money Market Portfolio Fund             33,874,210      $33,874,210
   Equity-Income Fund                                                83,923        4,484,012
   Diversified International Fund                                    92,196        2,022,793
   Magellan Fund                                                    501,204       59,793,622
   Asset Manager Fund                                               497,068        8,360,685
   Asset Manager Growth Fund                                        744,204       11,840,291
   Asset Manager Income Fund                                        185,658        2,177,762
   Brokerage Link                                                 1,422,420        1,422,420
   Value Fund                                                           284           13,172
   OTC Portfolio Fund                                               647,462       26,578,309
   Spartan U.S. Equity Index Portfolio Fund                         463,331       21,688,516
   U.S. Bond Index Fund                                             492,905        5,219,865
   Puritan Fund                                                     274,653        5,171,719

Neuberger Berman Genesis Trust                                      148,735        3,978,672

Dreyfus Founders Growth Fund F                                      740,430       10,388,228

Franklin Small Cap Growth Fund I-Class A                            131,356        5,165,432

Templeton Foreign Fund A                                            424,530        4,389,643

Loan Fund--Various Plan Participants (Interest Rates
   Ranging from 8.5% to 9.5%)                                                      1,169,228
                                                                               --------------
Total Investments                                                               $207,738,579
                                                                               ==============

*Indicates Party-in-Interest.
</TABLE>


The accompanying notes to financial statements are an integral part of this
schedule.

<PAGE>

Exhibits:

         The financial statements of the SENA 401(k) Plan for the fiscal year
ended December 31, 2000 were audited by Arthur Andersen LLP, independent
accountants, as set forth in their report thereon dated May 10, 2001, included
herein. During October of 2001, Stora Enso Oyj (Stora Enso Corporation)
dismissed Arthur Anderson LLP as its independent public accountants with regard
to its benefit plans. Arthur Andersen LLP has not consented to the inclusion of
its report on the financial statements for the fiscal year ended December 31,
2000 contained in this annual report. Rule 437a of the Securities Act of 1933,
as amended, permits the inclusion of Arthur Andersen LLP's report on the
financial statements contained in this annual report without their consent.
Because Arthur Andersen LLP has not consented to the inclusion of its report in
this annual report, your ability to recover for claims against Arthur Andersen
LLP may be limited. In particular, you will not be able to recover against
Arthur Andersen LLP under Section 11 of the Securities Act of 1933 for any
untrue statements of material fact contained in the financial statements audited
by Arthur Andersen LLP or any omission to state a material fact required to be
stated therein.


Exhibit 99   Certificate Pursuant to Section 906 of the Sarbanes-Oxley Act of
             2002 (18 U.S.C. Section 1350) - Filed herewith.



                                    SIGNATURE


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the SENA 401(k) Board has duly caused this annual report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                       SENA 401(k) Plan

Dated: September 29, 2003              By /s/ Dawn E. Neuman
                                          -----------------------------
                                          Dawn E. Neuman
                                          Member, SENA 401(k) Board