Canfor Corp. (CFP) is extending production cuts at its sawmills in British Columbia due to continued weakness in the market for lumber products.
The Vancouver-based forest products company said production will continue to be reduced during the first two weeks of January at its facilities across British Columbia.
The decision to extend the production cuts will remove about 21 million board feet of lumber production, said Canfor in a written statement.
The latest production cuts follow a reduction of about 150 million board feet this past December.
Canfor said last month that it was curtailing production across its Canadian operations as the North American housing market slows and demand for lumber products slumps.
Canfor said that, going forward, it will continue to adjust its operations to align them with prevailing market conditions.
Canfor’s stock is down nearly 30% over the past 12 months at $21.95 per share.
