VANCOUVER, B.C. - "As the impacts of the COVID-19 pandemic continue to adversely affect global demand for forest products," Canadian lumber giant Conifex has extended its temporary production curtailment at its sawmill in Mackenzie, British Columbia. The curtailment will last for five weeks until July 6.
This is the third extension of the same curtailment. On April 6, it announced a two-week restriction. On April 16, it added on two weeks, extending it to May 3, before again extending it for four weeks to June 1. Now we have this one.
The company said of the earlier curtailments that its hand was forced by continued weakened global demand for forest products due to uncertainty caused by the COVID-19 pandemic. It says it is closely monitoring evolving market conditions and customer demand, while prioritizing employee health and safety.
Headquartered in Vancouver, Conifex (TSX: CFF) and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value-added lumber finishing and distribution. The comp's lumber products are sold in the Canadian, U.S., Chinese, and Japanese markets. Conifex's operations also include bioenergy production.
Earlier in the year, the company sold all three of its U.S. sawmills to Resolute Forest Products for $163 million.
Have something to say? Share your thoughts with us in the comments below.