HELSINKI (From news reports) - Finnish forestry group UPM's new pulp mill in Uruguay will begin commercial production in the first quarter of 2023, the company said on Tuesday, as it reported record third quarter earnings.

UPM said the $2.72 billion eucalyptus pulp mill located in Paso de los Toros would grow its pulp business by more than 50%.

The company's quarterly earnings were in line with the positive profit outlook it gave on Oct. 13, saying sales prices more than offset the impact of continued increases in costs.

"This year, we expect our annual earnings to reach new record highs," UPM Chief Executive Jussi Pesonen said in a statement.