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Canfor Corp announces production cuts as supply and price issues continue
VANCOUVER – Canfor Corp. has announced another temporary cutback in production due to low lumber prices and the high cost of wood supplies.
The company says that starting April 29 it will reduce production output by approximately 100 million board feet spread across its B.C. mills.
In January, Canfor announced temporary cutbacks at three sawmills because of similar concerns, cutting out about 40 million board feet.
The company announced further curtailments last fall as lumber prices declined while wood fibre costs rose.
The B.C. forestry industry has struggled with a loss of supply because of forest fires and insect infestations, while U.S. lumber prices have fallen back from record highs reached last summer.
Canfor has 13 sawmills in Canada, with total annual capacity of approximately 3.8 billion board feet.
Companies in this story: (TSX:CFP)
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