VANCOUVER, Nov. 1, 2018 /CNW/ - Canfor Corporation (TSX: CFP) announced today it will be curtailing sawmill operations in British Columbia (BC) during Q4 2018 due to log supply constraints, log costs and current market conditions. The curtailment is expected to reduce Canfor's BC production output by approximately 10% throughout the quarter.
"We have made the difficult decision to curtail our BC sawmill operations over the fourth quarter due to log supply challenges following another difficult wildfire season, uncompetitive log costs and declining lumber prices," said Don Kayne, President and Chief Executive Officer. "We are working to mitigate impacts on our employees as much as possible."
Lumber production will be reduced over the quarter through a decrease in operating days. This will be achieved through immediate short-term curtailments at some facilities, along with extended downtime at Christmas.
Canfor has 13 sawmills in Canada, with total annual capacity of approximately 3.8 billion board feet.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP.
SOURCE Canfor Corporation
For further information: Media Contact: Michelle Ward, Director, Corporate Communications, (604) 661-5225, [email protected]; Investor Contact: Pat Elliott, VP, Corporate Finance and Strategy, (604) 661-5441, [email protected]