(Corrects spelling of company name in headline.)

Empresas CMPC SA (CMPC), Chile’s second- biggest forestry company, cut 16,000 metric tons of newspaper production on higher power costs, Chairman Eliodoro Matte said.

CMPC is facing further power cost increases when contracts representing 20 percent of its output expire at the end of next year, he told reporters in Santiago after a shareholder meeting.

“This is an urgent problem,” Matte said. “Not just for this company, but for many companies.”

To contact the reporter on this story: Matt Craze in Santiago at mcraze@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net