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 for Union Members
            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 for Union Members

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 for Union Members

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--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 for Union Members:

We have audited the accompanying statements of net assets available for plan
benefits of the SENA 401(k) Plan for Union Members (the "Plan"), formerly known
as the Consolidated Employees' Tax-Saver and Investment Plan--II, 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 for Union Members

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                                     $4,165,538      $7,837,877
     Mutual Funds                                     73,121,032      66,304,700
   Loans to Participants                                 258,277         227,905
                                                  --------------  --------------

         Total Assets                                 77,544,847      74,370,482
                                                  --------------  --------------

   Net Assets Available for Plan Benefits            $77,544,847     $74,370,482
                                                  ==============  ==============




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

<PAGE>

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

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




Additions:
   Investment (Loss) Income-
     Net Depreciation in Fair Value of Mutual Funds                $(15,636,611)
     Net Income in Master Trust                                       3,156,884
     Dividends and Interest                                           6,762,136
                                                                ----------------

         Net Investment Loss                                         (5,717,591)

   Contributions-
     Employee                                                        12,780,889
     Rollovers                                                          194,668
                                                                ----------------

         Total Contributions                                         12,975,557
                                                                ----------------

         Net Additions                                                7,257,966

Deductions:
   Benefits Paid to Participants                                     (3,000,062)
   Other Expenses                                                        (1,335)
   Transfer to Another Company Defined Contribution Plan, Net        (1,082,204)
                                                                ----------------

         Total Deductions                                            (4,083,601)
                                                                ----------------

         Net Increase                                                 3,174,365

Net Assets Available for Plan Benefits:
   Beginning of Year                                                 74,370,482
                                                                ----------------
   End of Year                                                      $77,544,847
                                                                ================




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

<PAGE>

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

Notes to Financial Statements
December 31, 2000 and 1999



(1) Description of the Plan-

    The following description of the SENA 401(k) Plan for Union Members (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, 3,019 employees, former employees, spouses, or spouses
    of former employees were participating in the Plan.

    General-

    The Plan is a defined contribution plan 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), 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
    those United States subsidiaries and affiliates of the Company which adopt
    the Plan with the Company's consent. All employees of the Company, other
    than employees of the Kimberly Mill, as defined, who belong to a collective
    bargaining unit and are not eligible to participate in the SENA 401(k) Plan
    are eligible to participate in the Plan. Prior to November 15, 2000, the
    Plan was named the Consolidated Employees' Tax-Saver and Investment Plan II
    (the "Prior Plan"). The Prior Plan was amended and renamed SENA 401(k) Plan
    for Union Members effective as of November 15, 2000. The Plan is subject to
    the provisions of the Employee Retirement Income Security Act of 1974
    ("ERISA"), as amended.

    The Plan was established in 1995. 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. Assets of approximately $13,000 were transferred to
    the Plan on December 15, 2000. In addition, approximately $1,100,000 of Plan
    assets were transferred to another Company defined contribution plan for
    retirees who transferred from bargaining to non-bargaining status while
    working and would otherwise receive benefit payments from both plans. This
    transfer has been reflected in the Statement of Changes in Net Assets
    Available for Plan Benefits as "Transfer to Another Company Defined
    Contribution Plan".

    Contributions-

    Eligible employees can contribute an amount up to 15% of compensation as
    defined by the Plan, subject to certain limitations under the IRC. Certain
    collective bargaining units have negotiated with the Company to allow
    contributions up to 25% of compensation. During 2000, the maximum amount a
    participant could defer was $10,500. The Company does not provide a matching
    contribution.

    Vesting-

    Participants are immediately fully vested in their 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 701/2is attained.

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

    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).

    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 the 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
    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 this fund was eliminated (See Note 3).

         Fidelity Retirement Government Money Market Portfolio Fund-

         Retirement Government Money Market Fund is a money market fund. It
         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 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.

         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.

         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.

         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.

         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.

    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       $4,707,433
    Fidelity Magellan Fund                                           27,361,471
    Fidelity Asset Manager Growth Fund                                8,603,066
    Fidelity OTC Portfolio Fund                                      11,728,970
    Spartan U.S. Equity Index Portfolio Fund                          5,926,015

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

    Fidelity Magellan Fund                                          $27,619,974
    Fidelity Asset Manager Growth Fund                                8,730,527
    Fidelity OTC Portfolio Fund                                       8,627,814
    Spartan U.S. Equity Index Portfolio Fund                          6,455,388

    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 investments.

    Interest and dividends, net realized and unrealized appreciation
    (depreciation) from 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 $(15,636,611).

    Administrative Expenses-

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

    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 assets,
    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.
    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 14.9% and 12.9% 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                                     20,010,615
    Unrealized Appreciation in Common Stock                  2,812,334
                                                        ---------------

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

(5) Income Tax Status-

    The Internal Revenue Service issued a determination letter August 11, 1997
    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 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
    schedules, are not considered prohibited transactions by statutory
    exemptions under the ERISA regulations.

(8) Subsequent Event-

    Effective December 31, 2000, Consolidated Water Power Company, a wholly
    owned subsidiary of the Company, sold its interest in Wisconsin River Power
    Company and Subsidiary ("WRP") to Wisconsin Public Service Corporation
    ("WPS"). In accordance with the Agreement for Purchase and Sale of Stock,
    WRP continued as a participating employer in the Plan through March 31,
    2001. The active employees of WRP who were participating in the Plan on
    March 31, 2001 had their accounts trust-to-trust transferred to the
    Wisconsin Public Service Corporation Employees Savings Plan and Trust -
    401(k) Plan on March 31, 2001. Assets of approximately $107,000 were
    transferred from the Plan.

<PAGE>
                                               E.I. No. 39-2003332, Plan No. 004
                                                                      Schedule I



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

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              4,707,433       $4,707,433
   Equity-Income Fund                                                28,343        1,514,387
   Diversified International Fund                                     8,879          194,809
   Magellan Fund                                                    229,350       27,361,471
   Asset Manager Fund                                               193,677        3,257,655
   Asset Manager Growth Fund                                        540,733        8,603,066
   Asset Manager Income Fund                                         56,336          660,817
   OTC Portfolio Fund                                               285,724       11,728,970
   Spartan U.S. Equity Index Portfolio Fund                         126,597        5,926,015
   U.S. Bond Index Fund                                              83,456          883,795
   Puritan Fund                                                     138,500        2,607,958

Templeton Foreign A Fund                                            132,850        1,373,666

Dreyfus Founders Growth Fund F                                      165,065        2,315,861

Neuberger Berman Genesis Trust                                       41,049        1,098,073

Franklin Small Cap Growth Fund I--Class A                            22,554          887,056

Loan Fund--Various Plan Participants (Interest Rates Ranging
  from 8.5% to 9.5%)                                                                 258,277
                                                                               --------------
         Total Investments                                                       $73,379,309
                                                                               ==============


*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 Union Members 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. 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 for Union Members

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