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Interfor cutting back B.C. Interior production as lumber prices plunge

Interfor cutting back B.C. Interior production as lumber prices plunge | iNFOnews.ca
Logs are seen in an aerial view stacked at the Interfor sawmill, in Grand Forks, B.C., on May 12, 2018. Interfor Corp. says it plans to cut production by about 20 per cent across its sawmills in the B.C. interior as it faces declining lumber prices and higher log costs. THE CANADIAN PRESS/Darryl Dyck

VANCOUVER – Interfor Corp. says it plans to cut production by about 20 per cent across its sawmills in the B.C. Interior as it faces declining lumber prices and higher log costs.

The Vancouver-based company says the scale-back is a temporary measure planned for the fourth quarter.

It says the cuts will be achieved through reduced operating days and extended weekends and holiday breaks spread across its three mills in the Interior.

Lumber prices for Western softwood have plunged from over US$650 per thousand board feet in June to under US$400 as concerns mount about the U.S. housing market.

The drop in lumber prices has sent industry stock prices lower for a variety of Canadian players.

Interfor's share price closed down 54 cents or 3.16 per cent at $16.55 on the Toronto Stock Exchange for a 52-week low and well off the $27.27 high reached in June.

Companies in this story: (TSX:IFP)

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Howard Alexander

Assistant Editor Howard Alexander comes to iNFOnews.ca from the broadcasting side of the media business.

Howard has been a reporter, news anchor, talk show host and news director, first in Saskatchewan and then the Okanagan.

He moved his family to Vernon in the 90s and is proud to call the Okanagan home.

If you have an event to share contact Howard at 250-309-5343or email halexander@infonews.ca.

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