VANCOUVER, June 3, 2019 /CNW/ - Today, West Fraser announced temporary production curtailments during which all mill activities will be curtailed for one week in June at five British Columbia sawmills: Chetwynd, Quesnel, Williams Lake, Smithers and Fraser Lake.
The decision to implement this temporary reduction is due to sustained weak pricing in global lumber markets and high log costs.
Lumber production is anticipated to be reduced by approximately 30 million board feet. Over the previous six months including this most recent announcement, West Fraser has implemented temporary and permanent capacity curtailments of approximately 125 million and 300 million board feet respectively.
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States.
This News Release contains descriptions of current circumstances and statements about potential future developments including the timing and approximate amount of the reduction of lumber production. The latter, which are forward‑looking statements, are presented to provide reasonable guidance to the reader but their accuracy depends on a number of assumptions and is subject to various risks and uncertainties. Actual outcomes and results will depend on a number of factors that could affect the ability of the Company to execute its business plans, including those matters described in the 2018 annual Management's Discussion & Analysis under "Risks and Uncertainties", and may differ materially from those anticipated or projected. Accordingly, readers should exercise caution in relying upon forward‑looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by applicable securities laws.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: "WFT".
SOURCE West Fraser Timber Co. Ltd.
For further information: Chris Virostek, Vice-President, Finance and Chief Financial Officer, (604) 895-2700, www.westfraser.com