Wednesday, December 7, 2022
Canfor Corporation announced a temporary decrease in Canadian output, owing to extremely challenging market conditions. At all solid wood operations in British Columbia and Alberta, production will be curtailed through restrictions. In December and January, this will result in the removal of about 150 million board feet. The curtailments, which will affect all of its Canadian activities, will begin to be applied on December 19, 2022, and they will last from one to four weeks. The Company expects that in the coming year, the bulk of its BC facilities will be used below capacity and will continue to modify operating rates in accordance with market conditions.
Lumber market facing challenges
“Due to the significant decrease in demand for solid wood products and challenging economic conditions, we are temporarily curtailing production in Canada. We will be working to mitigate the impacts on our employees by providing support and identifying meaningful work during the downtime,” said Don Kayne, President and CEO, Canfor.
Canfor is a well-known integrated forest products corporation with headquarters in Vancouver, British Columbia (“BC”), and it also has holdings in Sweden, where it owns 70% of Vida Group, as well as in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi, Arkansas, and Louisiana. In addition to producing mostly softwood lumber, Canfor holds a 54.8% stake in Canfor Pulp Products Inc., one of the world’s biggest manufacturers of Northern Bleached Softwood Kraft Pulp and a pioneer in the development of high-performance kraft paper. Under the ticker symbol CFP, Canfor shares are traded on The Toronto Stock Exchange.
Read more news on Canfor