Canfor posted a fourth-quarter loss of $117 million to close out 2023.
The company unveiled their results for last year today. (Tuesday)
Canfor finished 2023 with an operating loss of $326 million.
“It was an extremely challenging year for the Company as ongoing affordability constraints and high global lumber inventory levels put persistent pressure on lumber market conditions throughout the year, including the fourth quarter,” said Canfor President and CEO Don Kayne.
“While our global footprint helped mitigate some of these market-related headwinds, our British Columbia operations continued to face ongoing challenges associated with a lack of economically viable fibre in BC.”
Canfor Pulp posted a net loss of $96 million in 2023.
“While market conditions showed some signs of recovery in the fourth quarter, demand uncertainty is anticipated, and we remain cautious in our market outlook,” Â said Canfor Pulp CEO Kevin Edgson.
“In addition, as the availability of economically viable fibre remains constrained, Management continues to focus on improving overall performance and preserving our balance sheet.”
2023 was a year filled with curtailments and closures for Canfor around the Central Interior.
In January 2023, the company started the year by permanently closing the pulp line at the PG Pulp and Paper mill affecting around 300 jobs.
Two weeks later, Canfor announced they would be closing mills in Chetwynd and Houston.
In November, announced it would curtail operations at the Polar Sawmill for six months.
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