TORONTO -- Norbord Inc. (TSX: NBD) (TSX: NBD.WT) recorded earnings of minus $11 million for the full year compared to earnings of positive $13 million in 2010.
"Our 2011 financial results are disappointing in absolute terms," said Barrie Shineton, president and CEO. "However, I am pleased that Norbord's operations in both North America and Europe performed exceptionally well this year. We achieved $25 million of margin improvement gains, reflecting an outstanding effort across our company in reducing manufacturing costs and increasing mill productivity. In North America, these gains allowed us to maintain positive EBITDA despite a 15% drop in OSB prices. In Europe, our business held up surprisingly well in the face of increasing economic uncertainty. We increased shipments by 10% and stronger product pricing offset sharply higher raw material costs."
Read about Norbord's full 2011 results.
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