Canada-headed forest products major Canfor Corporation (Canfor) has announced a temporary reduction in Canadian production due to "very weak market conditions."
According to a statement, the production will be reduced through curtailments at all solid wood facilities in British Columbia (BC) and Alberta (AB).
The curtailments will start to be implemented on December 19, 2022, and will range from one to four weeks across its Canadian operations.
This will remove approximately 150 million board feet in December and January. The company will continue to adjust operating rates to align with market conditions and anticipates that the majority of its BC facilities will operate below full capacity in the New Year.
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 of Canfor.
