Feb. 20, 2018 - German-based grinding and eroding machines specialist Vollmer will hand over its wood-cutting band saw products to Swiss sharpening machine manufacturer Iseli effective Jan. 1, 2019.

Iseli will obtain the rights of use and marketing rights for the product area and Vollmer will continue to perform service and maintenance activities for the machines delivered up to the acquisition date.

Guarantees and warranty obligations, as well as maintenance contracts for machines that Vollmer concluded with customers up to the acquisition date shall remain with Vollmer. This means that service activities and the spare parts supply, as well as the application support for all machines delivered up to Jan. 1, 2019 from the wood-cutting saws product area will continue to be performed by Vollmer without any restrictions.

The disposal of this product segment is part of Vollmer’s long-term corporate strategy. In the future, Vollmer will focus more on its growing business areas of CNC-controlled grinding and eroding machines. Vollmer will invest more heavily in the circular saw and rotary tool product areas and equip them with additional resources in order to develop new technologies, services and machines. 
Feb. 20, 2018 - A surge in multifamily production pushed overall housing starts up 9.7 per cent in January to a seasonally adjusted annual rate of 1.33 million units after an upwardly revised December reading, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.

Multifamily starts rose 23.7 per cent to a seasonally adjusted annual rate of 449,000 units. Meanwhile, single-family production posted a healthy 3.7 per cent gain to 877,000 units.

"The growth in production is in line with our reports of solid builder confidence in the housing market," said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. "A pro-business regulatory climate and increasing housing demand are boosting builders' optimism, even as they continue to face supply-side hurdles such as rising construction material prices and access to lots and labor."

"Demand for owner-occupied housing is rising due to favorable demographic tailwinds and a healthy labor market. Increases in after-tax incomes should help prospective buyers save for a downpayment on a home," said NAHB chief economist Robert Dietz. "As consumers continue to enter the single-family market, we should see builders increase production to meet this demand."

Regionally in January, combined single- and multifamily housing production increased 45.5 per cent in the Northeast, 10.7 per cent in the West, and 9.3 per cent in the South. Starts fell 10.2 per cent in the Midwest.

Overall permit issuance rose 7.4 per cent to a seasonally adjusted annual rate of 1.4 million units, which is a post-recession high. Multifamily permits registered a 26.5 per cent gain to 530,000 while single-family permits edged down 1.7 per cent to 866,000.

Permit issuance rose 92.5 per cent in the South and 17.1 per cent in the West. Permits declined 2.6 per cent in the Midwest and 21.7 per cent in the Northeast.
Feb. 20, 2018 - West Fraser has announced its 2017 annual and fourth quarter results. 
Feb. 1, 2018 - Resolute Forest Products Inc. has announced the selection and appointment of Yves Laflamme as Resolute's new president and chief executive officer, and a member of the Board of Directors, succeeding Richard Garneau.

The announcement of Mr. Garneau's retirement today coincides with the announcement of the company's fourth quarter and 2017 annual results.

"The Resolute Board of Directors enthusiastically supports Yves Laflamme's selection, recognizing his good judgment and strong business acumen. Yves has a strong reputation in the industry, a well-refined focus on costs, and built teams that consistently deliver results. There is no better person to lead Resolute into the future," said Bradley P. Martin, chairman of the Board of Directors. "The choice of an internal candidate to succeed Richard Garneau is a credit to the internal talent developed by the company. Yves' appointment is also a reaffirmation of our strategic direction."

Under Mr. Garneau's leadership, Resolute established a competitive cost structure and diversified asset base, a conservative capital structure and a sustainable business strategy. His unwavering commitment to a safe workplace and environmental stewardship has earned North American and global recognition.

In expressing its appreciation to Mr. Garneau, the Board of Directors recognize his dedication, strength of purpose and personal integrity. "Resolute is a stronger, more dynamic and far more sustainable company today following Richard's seven-year tenure as president and CEO," added Mr. Martin. "Richard personified courageous leadership, not only tackling complex issues but also challenging the status quo. Richard above all else is a man of his word, and Resolute in turn reflects this transparency and integrity. His principled leadership and insistence on truly sustainable outcomes have set the foundation for shared prosperity."

"I am honoured to now lead Resolute as we take our next steps, further defining our collective future. We will build on the positive momentum, and continue to make Resolute a profitable and sustainable company," said Yves Laflamme. "Richard led by example, exemplified principled leadership, and built upon his knowledge with a commitment to life-long learning. We are very pleased that Richard has agreed to stay on in an advisory capacity working with me on specific mandates."

Mr. Laflamme currently serves as senior vice-president of wood products, global procurement and information technology for Resolute. He is a 37-year veteran of the industry, as well as Resolute and its predecessor companies. Mr. Laflamme began his career in finance working at Donohue Inc.'s Saint-Félicien integrated pulp mill and wood products operations in 1981, and moved on to serve as controller for the company's integrated newsprint and wood products facilities in the Abitibi region of Quebec. Over the past 15 years, he held a series of successive roles as vice-president and senior vice-president, covering the overall wood products business, including both operations and sales, as well as the company's former recycling business. Over the past several years, Mr. Laflamme expanded his scope to also include a wide range of corporate support functions, including IT and global procurement, among others. In addition, he led a number of important mandates for the company, including M&A activity and enterprise resource planning (ERP), and has represented Resolute in major negotiations with governments. Mr. Laflamme currently serves as chairman of Resolute-LP Engineered Wood joint ventures, a Board member of Toundra Greenhouse, an executive team member of the Quebec Forest Industry Council, and is a past chairman of the Canadian Wood Council. He is a CPA (CMA), after pursuing his university education in administration and finance.   

"Yves has the depth of experience, necessary skill set and track record of success, prerequisites for the top job in this challenging industry environment. Yves is a tireless worker who has never lost sight of his roots. He has high expectations and is fair," said Richard Garneau. "Yves' strong leadership traits have positioned Resolute's wood products business as top tier, and have given the company a competitive edge across business cycles." 
Jan. 30, 2018 - On January 26, 2018, Komatsu Ltd. (president & CEO: Tetsuji Ohashi) signed an agreement to acquire from Prenbec Equipment Inc. (CEO: Charles MacLennan), a company based in Quebec, Canada, the Quadco and Southstar forestry attachment operations, excluding the forestry equipment businesses of Tanguay and Forespro delimbers. The acquisition will be made through a wholly owned subsidiary of Komatsu in the United States and is expected to close in February 2018, subject to completion of the closing conditions.

By adding the Quadco felling heads and Southstar large harvester heads to the existing lines of Log Max and Komatsu small and medium-sized harvester heads, Komatsu will become an industry leader in forestry attachments. This will allow Komatsu to offer its customers a full range of forestry attachments. Quadco and Southstar will continue to operate as independent companies within the Komatsu group following the completion of the acquisition and will maintain their existing sales networks. In order to offer improved value to customers, a forestry attachment division within Komatsu Forest AB will be formed, which will manage the Quadco, Southstar, and Log Max brands.

Komatsu anticipates that this acquisition will have no material impact on its consolidated business results and performance for the current fiscal year ending March 31, 2018.

1. Background and Objective of the Acquisition
In April 2016, Komatsu launched a three-year mid-range management plan (2016-2018) under the slogan "Together We Innovate GEMBA Worldwide –Growth Toward Our 100th Anniversary (2021) and Beyond". In line with this plan, Komatsu decided to make this acquisition and expand its forestry attachment business.

Forestry attachments are classified into two categories: the Cut to Length (CTL) method, which involves the use of a harvester and forwarder and is popular in Europe, and the Full Tree Length (FTL) logging method, which involves the use of a felling head attached to a base-machine and a skidder, which is popular in North America.

The global market for forestry machines, including forestry attachments, is continuing to grow at a rapid rate. It is anticipated that there will be particular growth in the North American market, where FTL is the dominant method.

2. Method of the Acquisition
Komatsu will acquire the forestry attachment operations of the Quadco and Southstar brands through a wholly owned subsidiary.
Jan. 9, 2018 - The newly enacted tax law will create a more favourable tax climate for the business community, which should spur job and economic growth and keep single-family housing production on a gradual upward trajectory in 2018, according to economists speaking at the NAHB International Builders' Show in Orlando, Fla., Tuesday.

"We expect that tax reform will boost GDP growth to 2.6 per cent in 2018, and this added economic activity will also bode well for housing, although there will be some transition effects in high-tax jurisdictions," said NAHB chief economist Robert Dietz. "Ongoing job creation, expected wage increases and tight existing home inventory will also boost the housing market in the year ahead."

However, builders will continue to deal with ongoing supply-side headwinds this year that will dampen more robust growth. These factors include an increasing number of unfilled construction jobs, a shortage of buildable lots and a slow growth in acquisition, development and construction loan activity that is failing to keep pace with rising demand.

In addition, regulatory costs stemming from building codes, land use, environmental and other rules have jumped 29 per cent in the past five years, and this has had a significant impact on housing affordability.

The ongoing U.S.-Canada softwood lumber trade dispute is further exacerbating the situation, as the price of softwood lumber has increased 20 per cent from a year ago.

The Forecast
As the economy continues to strengthen, NAHB expects 30-year fixed-rate mortgages will average 4.31 per cent in 2018 and 4.82 per cent in 2019.

NAHB is projecting 1.21 million total housing starts in 2017 and expects overall production to grow an additional 2.7 per cent this year to 1.25 million units.

Single-family starts are expected to rise five per cent in 2018 to 893,000 units and increase an additional five per cent to 940,000 next year.

Setting the 2000-2003 period as a benchmark for normal single-family housing activity when single-family production averaged 1.3 million units annually, single-family starts are expected to gradually rise from 63 per cent of what is considered a typical market in the third quarter of 2017 to 73 per cent of normal by the fourth quarter of 2019.

On the multifamily side, NAHB is expecting multifamily starts to edge 1.6 per cent lower this year to 354,000 units from a projected 360,000 total in 2017. This is a sustainable level due to demographics and the balance between supply and demand.

Meanwhile home remodeling is posting strong market conditions, due in part to strong demand in the wake of the terrible hurricane and wildfire season in 2017. Residential remodeling activity is expected to register a seven per cent gain in 2018 over last year.

Healthy Housing Markets
Delving beneath the national numbers, David Berson, senior vice-president and chief economist at Nationwide Insurance, said the vast majority of local housing markets are healthy and faring well.

Berson lists 324 markets as positive, 69 as neutral and just seven as negative. While job gains, household formations and mortgage markets still look good, he noted that rapid price increases are concerning.

Comparing current conditions with the housing boom a decade ago, Berson noted that the market is supply constrained today, but wasn't during the boom. And mortgage credit, while more readily available than just a few years ago, remains far limited relative to the market peak in 2007.

While he anticipates a slightly more rapid rise in mortgage interest rates this year, Berson said it should not hurt housing activity.

"Mortgage rates are expected to rise from four per cent to 4.5 per cent by the end of year," he said. "However, housing demand remains strong and wages are solid, and this will more than offset the negative effects from rising rates."

Home Prices Up, Affordability Down
CoreLogic chief economist Frank Nothaft also expects mortgage interest rates and home prices to post moderate increases in 2018, which in turn will lessen housing affordability.

Like Berson, Nothaft expects that the benchmark 30-year fixed-rate mortgage will average 4.5 per cent by the end of the year.

"Higher rates are not just a gradual erosion of affordability, but also impact owner mobility," said Nothaft. "That has implications on the overall inventory for sale. Supply has been tight and for-sale inventory will continue to remain tight."

The ongoing tight inventory in the housing market will cause home and rent price growth to outpace inflation, he added, with nationwide home prices rising an average five per cent and rental prices posting a three per cent increase. 

The biggest growth for new home sales are occurring in the South and West, where many of these metro areas have good job growth, good affordability and good weather. Nothaft listed Houston, Dallas, San Antonio, Austin, Phoenix, Atlanta and Charlotte as the top seven major markets in terms of new home sales.

Meanwhile, he reported that overall mortgage delinquency and foreclosure rates are at their lowest levels in more than a decade, but that is a different story for markets pummeled by last year's devastating hurricanes.

"Houston's delinquencies almost doubled year-over-year and that is due almost entirely to Hurricane Harvey," said Nothaft.
Jan. 3, 2018 - After the currency-driven global lumber price slump in 2015, market demand and prices both started to improve in 2016. While overall global demand improved modestly in 2017 – at only half the rate of 2016 – it has been supply disruptions and changing dynamics that created a wild and unpredictable market that surpassed everyone’s expectations.

All markets appeared to be at least good to strong in 2017; this included the U.S., Canada, most of Europe, Japan, China and much of Asia. Only one market region remained unsettled again: the Middle East/North Africa (MENA) ­– Egypt and Algeria, specifically, along with some areas of the Middle East. The U.S. was a solid growth market again in 2017 (the case since 2010), but supply dislocations (forest fires, hurricanes, etc.) and other developments resulted in surging prices throughout the year.

As usual, there are always various change factors at work that can directly or indirectly lead to unpredictable swings in lumber supply, demand and prices, and this was especially the case in 2017. One of the largest market variables in 2017 was the initiation of import duties on Canadian lumber shipments to the U.S. (announced in late April and including retroactive duties back to late January 2017). These duties were expected to cause huge disruptions and volatility, and certainly did so as Canadian exporters successfully pushed up U.S. market prices to cover all of the import duties. The following excerpts from WOOD MARKETS 2018: The Five-Year Solid Wood Products Outlook 2018-2022 address some of the important North America lumber market changes anticipated over the next two years.

North American demand
Both the U.S. economy and housing starts continue to improve, although at a stubbornly slow pace. The official unemployment rate is now down to almost four per cent (but the effective level is considered much higher), while home foreclosures are much closer to historical rates than ever – all good news. New residential housing (the key driver of North American lumber consumption) remains on a slow but steady upward trajectory and should reach between 1.20-1.22 million units in 2017. Stocks of both new and existing homes have retreated to historical levels, but prices for new homes continue to move up in many markets (and in some cases are higher than those seen before the 2006 crash). With a shortage of building lots and workers, as well as strong credit ratings required for new-home purchases, a number of factors have contributed to a tight housing inventory, fostering price increases. The five-year WOOD MARKETS 2018 housing forecast is still very conservative, and we do not foresee U.S. housing starts reaching 1.5 million units until 2022 at the earliest. Even with a slow rate of growth in U.S. housing starts in 2017 and given what is expected from 2018 to 2022, supply-side impacts have already led to some major imbalances; overall demand and market activity is anticipated to remain active and volatile again in 2018 and beyond.

US import duties
One of the biggest factors impacting lumber markets in 2017 in North America was the implementation of U.S. import duties on Canadian lumber shipments. This included both the preliminary countervailing duty (CVD) of 19.88 per cent (“all others” rate) and anti-dumping (ADD) duties of 6.87 per cent (also determined to be retroactive for 90 days upon their announcement). The reaction of Canadian exporters was to raise prices just prior to the date retroactive CVD duties might be expected to commence (late January 2017, according to the schedule). Markets were jolted by this non-market force, and that created huge uncertainty in the early part of the year. The lumber price increases proposed by Canadian exporters were largely accepted, and most (if not all) of the duties were passed on to U.S. buyers during the year.

As part of the U.S. trade law process, the Department of Commerce ruled in November 2017 that total CVD/ADD duties of 20.83 per cent were to be levied on Canadian lumber imports. The U.S. International Trade Commission (ITC) upheld this decision in early December, ruling that the U.S. lumber industry was injured by Canadian lumber imports. The ITC submitted its decision back to Commerce by Dec. 22, and final duties were implemented as of Dec. 28 when the CVD/ADD order was published in the Federal Register. Some “ministerial error” corrections were applied to the AD rate for Canfor and the CV rate for West Fraser (to correct mathematical errors in the calculations). The final rates, including the total “all others” rate (which drops to 20.23 per cent from 20.83 per cent) are shown in table 1.

Table 1
As in previous trade disputes, Canada has already announced its plans to appeal the CV/AD duties before NAFTA and World Trade Organization panels.

North American supply
North American production continued to expand in 2017 (as it has since 2009) as a result of slowly growing demand in U.S. housing and all other end-use segments. Higher prices in the U.S. market limited exports for both U.S. and Canadian companies, and this led to the fourth consecutive year of declining net trade (from 10.2 billion bf in 2013 to 6.2 billion bf in 2017). Reduced exports and rising output from North American mills meant more shipments directed at the U.S.; there was also another significant increase in offshore imports to the U.S. market. With 45 plus Canadian-owned mills situated in the U.S., and given the Canadian import duties and stronger prices in 2017, a flurry of capex projects to expand existing capacity is combining with more announcements of greenfield/brownfield mill projects to add incremental lumber output (almost all of these are in the U.S. South).

Canadian lumber production, which has continued to rise from its bottom in 2009, should reach 28.2 billion bf in 2017; however, this will represent a decline of about 300 million bf from 2016, well below the 2004 peak of 35.2 billion bf. Lumber output from the B.C. Interior was flat between 2011 and 2014 and then peaked in 2016 at 12.1 billion bf. With the implementation of U.S. import duties starting in late January of 2017, lumber prices were raised to cover the duties and stayed high, exacerbated by severe forest fires that crippled logging and sawmilling operations over a two-month period. Interior B.C. lumber output is likely to decrease somewhat in 2018, but this will depend on the declines in log supply (including the economic viability of processing dead pine timber) and lumber prices. It is still expected that as many as three to five sawmills will close in the B.C. Interior by 2025, but the timing is unknown. Lumber exports to Asia may grow, but volume gains are expected to be small if they occur at all given softer market demand in Japan in 2018 and lower prices in China (versus the U.S.).

Eastern Canada (Ontario and Quebec) also continues to face longer-term timber supply issues as a result of legislated reductions in harvesting limits (annual allowable cuts) on government lands. In addition, the closure of several pulp and newsprint mills (with additional shuts expected) has negatively impacted chip prices in some regions. However, lumber production continues to rebound in Eastern Canada from the lows of 2009. In fact, during the last few years, North America’s largest percentage increases have been achieved in this region, simply because this was the last area in North America to restart curtailed sawmills; Ontario, for example, is estimated to have grown its production by 20 per cent in 2017 (although output will still be more than 30 per cent below 2005 levels).

Eastern lumber output (including in the Atlantic provinces) should grow by almost four per cent in 2017 as a result of favourable U.S. market prices and strong demand in Canada. In 2018-19, these levels should remain relatively unchanged from 2017 levels as the bite is felt from U.S. import duties (except in Nova Scotia) and lower Canadian housing starts.

Canadian exports to the U.S. soared to over 15 billion bf in 2016 but will slow to about 14.1 billion bf in 2017, due partially to supply disruptions in the year and partially to import duties. Depending on a number of factors – including the trends in U.S. lumber prices – it is expected that Canadian exports to the U.S. will drop further in 2018 and probably move even lower again in 2019. This reduction will occur even though U.S. housing starts continue to rise (albeit slowly), and the Canadian supply response to import duties will noticeably impact both supply to the U.S. and lumber price volatility.

DSC 0019U.S. West output remained in a narrow range of 13.5-13.9 billion bf between 2013 and 2016, with each region (West Coast, Inland and California Redwood) showing equally flat production trends. With reduced Canadian imports to the U.S. in 2017 as a result of import duties, U.S. West lumber production is forecasted to rise by about three per cent in 2017 and over six per cent in 2018, and perhaps increase another six per cent in 2019. This is an aggressive forecast, and it is subject to both log availability and suitable pricing.

U.S. South lumber output will continue to expand, and could increase by over six per cent in 2018 from ~18.3 billion bf in 2017 with a further gain of up to eight per cent in 2019 – another aggressive forecast. The U.S. South has large volumes of incremental timber that is now fuelling new sawmill announcements. The South still has some of the lowest delivered log prices, the highest lumber prices, and the best sawmill margins in North America. With restrictive import duties on Canadian lumber now in place, a bet on new mills or expansions in the U.S. South is a good one. However, an increase in sawlog demand will start to move log prices higher, eventually leading to an erosion of the currently stellar sawmill margins.

Offshore imports of structural lumber will play an expanding role over the next five years, with European lumber imports soaring in 2017 due to higher U.S. lumber prices. At mid-December East Coast prices, Scandinavian and German mills will be able to bring in more volume given the high margins. Other European countries will be following if prices hold above US$500/Mbf to the U.S. East Coast region. The duties on Canadian imports have essentially opened the door for all of Europe (and even some Russian supply) over the next five years, an outcome we predicted in last year’s report.

Of the total North American output to 2019, the lion’s share of this increase will need to come from U.S. mills, whose shipments are projected to grow by 15 per cent from 2017 to 2019 (which we view as an aggressive target). Although already limited by tightening timber harvests in the B.C. Interior and Quebec, Canadian shipments are projected to decline by 2.5 per cent in the period 2017-2019, while Canadian exports to the U.S. could slip by seven per cent. The impact of import duties on Canadian lumber exports to the U.S. will make 2018 another very interesting and volatile year!

U.S. demand will be leaning more heavily on expansions in U.S. production and European lumber imports in the 2018-19 period. Production increases in the U.S. will be subject to many factors, including lumber prices, log supply and costs, financing, supply chain dynamics (including loggers and sawmill workers), etc. This means we could see varying supply responses in different regions of the U.S., and at different times.

As we have been forecasting for the last few years (and again this year), there does not seem to be nearly enough available softwood lumber capacity in North America to meet U.S. demand by the end of the decade. While the slower pace of housing starts has somewhat delayed any potential “supply gap” in the last few years, the burden of import duties on Canadian lumber shipments to the U.S. has now exacerbated this situation (starting this year). We predict that incremental supplies of logs and lumber will be required each year, and that high lumber prices will result and attract more supply; in 2020 and beyond, there is strong potential for even higher prices.

We predicted last year that the implementation of a U.S. import tax on Canadian lumber shipments to the U.S. would cause prices to rise, and this occurred earlier than we expected. However, most elements of the lumber price “super cycle” are now in place. It was always based on declining Canadian timber supplies and lumber production, as well as increasing imports into China, and this is finally playing out. Over the next five years, there will be times when timber and lumber supply in North America will not balance out, and this puts a high probability on even further record-level pricing. There are still some wild cards out there, e.g., what will happen if Canadian import duties are substantially reduced or eliminated via arbitration, and what will be the impact if a new U.S.-Canada lumber deal is struck?

Extracted from WOOD MARKETS 2018: The Solid Wood Products Outlook 2018–2022. Find the full report at

Russ Taylor is the managing director of FEA Canada (WOOD MARKETS), based in Vancouver, B.C. International WOOD MARKETS Group was purchased by Forest Economic Advisors LLC (Littleton, MA) in August 2017 and now operates as FEA Canada. The Group is a wood products consulting firm that has provided industry and market expertise in the solid wood products field to its clients since 1993. The company provides market research, industry analysis, global timber and sawmill benchmarking as well as other consultative services to wood product companies in North America and around the world. The firm also publishes a number of strategic industry multi-client reports including its landmark WOOD Markets Monthly International Report (since 1996), the monthly China Bulletin (since 2007), and various 5-year forecast reports. The company’s various conferences are key ways to inform producers, exporters and importers of key trends in global markets. Further information is available on

RELATED: 2017 Lumber Outlook
Dec. 29, 2017 - Sawlog prices were up in most regions of the world in the 3Q/17. The price increases from the 2Q/17 were generally smaller in local currencies than in US dollar terms because of the weakening US dollar. In US dollar terms, quarter-to-quarter prices were up the most in Europe (+7.9%) and Oceania (+6.1%), while the upward price adjustments were more modest in North America (+2.8%) and Latin America (+2.2%).

The Global Sawlog Price Index (GSPI) has gone up for three consecutive quarters to reach $75.69/m3 in the 3Q/17. The increase of 5.1% from the 2Q/17 was the biggest quarter-to-quarter jump since 2010. In addition, the GSPI is at a three-year high because of the recent strengthening of sawlog prices throughout the world. With the outlook for continued strong demand for lumber in key markets and higher consumption of sawlogs, it is likely that the price index will continue upward in the coming quarters.

The Euro-based European Sawlog Price Index (ESPI-€) also trended upward the past year, but at a slower pace than the GSPI. The biggest price increases in Euro terms over the past year have occurred in Eastern and Central Europe, particularly in Poland, Austria and Germany, while prices only saw modest rises in the Nordic countries.

Note: The GSPI and ESPI price indices are volume-weighted indices comprised of sawlog prices for log grades commonly used for manufacturing lumber into construction and better grade lumber in the largest log-consuming countries in the world and Europe, respectively. The indices tracks prices from the 1Q/95 to the current quarter and are published each quarter in the WRQ.

Global lumber, sawlog and pulpwood market reporting is included in the 52-page quarterly publication Wood Resource Quarterly (WRQ). The report, which was established in 1988 and has subscribers in over 30 countries, tracks sawlog, pulpwood, lumber and pellet prices, trade and market developments in most key regions around the world. To subscribe to the WRQ, please go to
Dec. 21, 2017 - Western Forest Products Inc. announced today that it has entered into an agreement with Hampton Lumber Mills-Washington, Inc. (Hampton) to acquire Hampton’s lumber processing and distribution centre in Arlington, Washington. The purchase price of the transaction is approximately USD $9 million and is anticipated to close in January 2018.

“This acquisition is a natural fit for Western as it allows us to increase the production of targeted, finished products while also providing a centralized warehousing and distribution centre to more effectively service our selected U.S. customers,” said Don Demens, president and chief executive officer of Western. “This asset in Washington State also strengthens our global competitiveness by positioning Western to mitigate the damaging effects of duties on our products destined for the U.S. market.”

The site is ideally suited for Western’s central distribution needs with direct rail service and close proximity to the Company’s major U.S. markets.
Dec. 19, 2017 - Canada's lumber industry has been able to survive the impacts of preliminary duties, largely thanks to soaring lumber prices. While industry production will remain virtually flat this year, industry revenues are on pace to grow by 8 per cent, according to The Conference Board of Canada's Canadian Industrial Outlook: Wood Products Manufacturing – Autumn 2017.

"Lumber prices are at their highest levels in over a decade due to a perfect storm of factors, including supply constraints in B.C. from the wildfires this summer, and increased demand from a recovering U.S. housing market and rebuilding efforts in hurricane-affected regions," said Michael Burt, director of Industrial Trends at The Conference Board of Canada. "The surging lumber prices are providing a welcome relief from the costs of the lumber duties imposed by the U.S., but this is not likely to last." 


  • Canadian lumber producers will pay an estimated $500 million in countervailing and antidumping duties this year, since the U.S. Department of Commerce announced an average duty of 21 per cent on Canadian softwood lumber.
  • Lumber prices reached their highest levels since 2004, rising by 5.6 per cent this year.
  • Higher lumber prices will help offset some of the costs of the U.S. duties, and industry pre-tax profits are forecast reach $2.6 billion this year.
Lumber tariffs on Canadian shipments of softwood lumber to the U.S. have resulted in a sharp decline in sawmill exports, which prior to the duties, had been the key driver of the industry's strong performance. Sawmill export volumes have declined by 12 per cent since the first quarter of 2017. On a more positive note, Canadian producers are receiving higher prices for the lumber they are selling, and nominal exports have fallen by only 7 per cent.

Lumber duties were not the only reason for the drop in Canada's lumber exports. British Columbia accounted for over 80 per cent of the decline to nominal lumber exports since the start of the year, although the province accounts for only 60 per cent of Canada's total lumber exports. This suggests that mill suspensions and closures resulting from the wildfires in B.C. negatively impacted industry production this year. Going forward, wildfires will pose a growing threat to Canada's wood products industry as they become increasingly common.

Were it not for the exceptionally strong Canadian housing market, which underpinned demand for an array of wood products, the industry would likely have been on pace to contract this year. In all, the industry is forecast to see production inch up by 0.4 per cent in 2017, compared to average annual gains of 5.3 per cent between 2010 and 2016. Unless the industry is able to replace lost U.S. demand with markets outside of North America or there is a favourable outcome to softwood lumber negotiations, industry production is expected to average growth of only 0.6 per cent per year between 2018 and 2019.

The industry's financial performance is also expected to deteriorate over the next five years as the tailwinds that drove lumber prices to new heights begin to dissipate. The high lumber prices are already prompting a pickup in U.S. domestic production. In addition, other countries are exporting more lumber to the U.S. to fill the gap left by Canadian imports, which are being priced out of the market by duties. Ultimately, these factors will keep a lid on future price growth. The weaker price increases, combined with modest gains in production, will hold industry revenue growth to just 1.8 per cent annually between 2018 and 2022. Meanwhile, industry pre-tax profits are expected to moderate from $2.6 billion in 2017 to $1.7 billion by 2022.
Dec. 18, 2017 - Builder confidence in the market for newly-built single-family homes increased five points to a level of 74 in December on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) after a downwardly revised November reading. This was the highest report since July 1999, over 18 years ago.

"Housing market conditions are improving partially because of new policies aimed at providing regulatory relief to the business community," said NAHB chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. 

"The HMI measure of home buyer traffic rose eight points, showing that demand for housing is on the rise," said NAHB chief economist Robert Dietz. "With low unemployment rates, favorable demographics and a tight supply of existing home inventory, we can expect continued upward movement of the single-family construction sector next year."

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI components registered gains in December. The component measuring buyer traffic jumped eight points to 58, the index gauging current sales conditions rose four points to 81 and the index charting sales expectations in the next six months increased three points to 79.

Looking at the three-month moving averages for regional HMI scores, the Midwest climbed six points to 69, the South rose three points to 72, the West increased two points to 79 and Northeast inched up a single point to 54.  

Editor's Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at More information on housing statistics is also available at

The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 700 state and local home builders associations around the country. NAHB's builder members will construct about 80 per cent of the new housing units projected for this year.
Dec. 12, 2017 - Record high prices for softwood lumber in North America in the 3Q/17 and rising lumber export prices in Sweden, Finland and Russia as lumber demand picks up in key markets, reports the Wood Resource Quarterly.

Global Lumber Trade
Demand for imported softwood lumber to the U.S. has fallen by six per cent during the first nine months of 2017 as compared to the same period in 2016. In contrast, Chinese import volumes have been up 21 per cent year-over-year.

The lumber trade in Europe has also picked up in 2017 with the United Kingdom, the Netherlands, Austria, Denmark and Spain having increased imports the most so far in 2017. Countries in the Middle East and North Africa, also known as the MENA countries, have sharply reduced consumption of lumber this year, reports the Wood Resource Quarterly (WRQ). In the first eight months of 2017, Egypt and Algeria (the two biggest lumber consumers in the region) have decreased their imports by 24 per cent and 39 per cent respectively as compared to the first eight months of 2016.

Lumber markets – North America
Lumber consumption in the U.S. did not change much during the first eight months of this year as compared to the same period in 2016, according to the Western Wood Products Association. However, there was an increase in demand during the third quarter, which was met by higher domestic production both in the South and the West. U.S. lumber production has gone up by 3.2 per cent year-over-year, and the only region of North America that saw a reduction in lumber production this year was British Columbia. In August when the forest fires were at their peak, production was 8.7 per cent lower than in August last year.

Increased lumber demand in the Western U.S. and Asia pushed Douglas-fir lumber prices to record highs in the 3Q/17. In the U.S. South, prices for pine lumber were stable during the summer but picked up in the fall after the two hurricanes impacted both the log flow and lumber demand.

Lumber markets – Northern Europe
Shipments of lumber from the Nordic countries slowed in the 3Q/17, with export volumes for Finland and Sweden being down 13 per cent and 18 per cent respectively from the previous quarter. The biggest change in destinations for exported lumber for both countries over the past two years has been the expansion in sales to Asia. In 2017, 20 per cent of the export lumber volume from the Nordic countries was shipped to China and Japan. Lumber prices in both Finland and Sweden strengthened in 2017, and in August, reached their highest levels since early 2015.

Lumber markets – China
Chinese softwood lumber importation is likely to reach a new record high in 2017. During the first nine months, imports were 21 per cent higher than in the same period in 2016, with volumes in the second and third quarter being the highest quarterly imports on record. Russia has been increasing its share of the Chinese lumber market, accounting for 57 per cent of total imports in the 3Q, up from 52 per cent in 2015, according to the WRQ. Average import prices to China have continued their three year climb this fall and were 19 per cent higher in September than in early 2016 when they were at an eight-year low.

Lumber market – Japan
The lumber market in Japan has been very stable in 2017. In fact, import volumes have consistently ranged between 1.5 and 1.6 million m3 per quarter over the past few years. There have been small shifts in supply sources, with a slight decline in Canadian lumber supply and an increase in shipments from Finland. Prices for domestic and imported lumber to Japan have remained unchanged throughout 2017 in Yen terms except for prices for imported Douglas-fir, which have gone up six per cent from January to November.

Lumber market – Russia
The Russian sawmilling sector continues to add capacity in Siberia and the Far East, targeting the expanding demand for lumber in China. Just during the first eight months of this year, Russia increased shipments to China by 23 per cent as compared to the same period in 2016. Although Russian lumber prices have not changed much in Ruble terms over the past two years, there has been a steady increase in export prices as measured in U.S. dollars.

This is an excerpt from the newly released market report Wood Resource Quarterly. To read the full 56-page quarterly report, please visit to initiate an annual subscription.

Global lumber, sawlog and pulpwood market reporting is included in the 56-page quarterly publication Wood Resource Quarterly (WRQ). The report, which was established in 1988 and has subscribers in over 30 countries, tracks sawlog, pulpwood, wood chip, lumber and pellet prices, trade and market developments in most key regions around the world. To subscribe to the WRQ, please go to
Nov. 16, 2017 - Roughly half of all hardwood chips traded in the Pacific Rim have been destined for Chinese ports in the 1H/17 with Vietnam and Australia being the major suppliers, reports the Wood Resource Quarterly.

Pulpmills in China and Japan continue to rely on large volumes of imported hardwood wood chips from a number of countries around the Pacific Rim. The biggest changes in trade over the past five years, according to the Wood Resource Quarterly, have been the increase in chip exports from Vietnam, record import volumes to China and a shift in Australian export shipments from Japan to China.

Shipments of hardwood chips in the Pacific Rim have increased for six consecutive years and reached a record-high of 22.9 million odmt in 2016. Last year was also the year when China took over Japan’s role as the world’s largest importer of hardwood chips - roughly half of all hardwood chips traded in the Pacific Rim were destined for Chinese ports in 2016. Based on import volumes to China in the first nine months of 2017, it is likely that Chinese imports will hit a new record high of over 11.5 million odmt in 2017, according to the Wood Resource Quarterly (WRQ).

There have been a number of alterations in the trade flows of hardwood chips in the Pacific Rim over the past decade based on price fluctuations, chip quality preferences and changes in business relationships. In the latest issues of the WRQ we have chosen to highlight how the chip trade has evolved from 2012 to 2016 as an example of the shifting market that exists in this part of the world. The major changes over the past five years have been

Vietnam’s expansion in exports to both China and Japan, Australia’s increase in shipments to China (equal to Vietnam’s volumes in the 2Q/17), Chile’s diversion of volumes from Japan to China, and Japan’s increasing reliance on hardwood chips from Vietnam and South Africa, at the expense of Australia and Chile.

The top-five trade flows of hardwood chips in 2016 were (more details in the WRQ):

1. Vietnam – China

2. Australia – China

3. Vietnam – Japan

4. Chile – Japan

5. Australia – Japan

During the first half of 2017, hardwood chip shipments from most of the major supplying countries in the Pacific Rim have gone up with the notable exceptions of Australia, Thailand, Brazil and Uruguay, which reduced their export volumes by between four and twenty-one percent as compared to the first half of 2016. The biggest increases in chip supply to Japan and China year-over-year have been from Chile and Indonesia. Chilean chip exports are likely to reach a new all-time high in 2017 and the country will remain the third largest chip exporter in the world.

Global lumber, sawlog and pulpwood market reporting is included in the 56-page quarterly publication Wood Resource Quarterly (WRQ). The report, which was established in 1988 and has subscribers in over 30 countries, tracks sawlog, pulpwood, lumber and pellet prices, trade and market developments in most key regions around the world. To subscribe to the WRQ, please go to
Nov. 10, 2017 - Conifex Timber Inc. has reported results for the third quarter ended September 30, 2017. Adjusted EBITDA*, including countervailing ("CVD") and anti-dumping duty ("ADD") deposits of $3.4 million, was $12.1 million, compared to $10.2 million in the second quarter of 2017 and $8.5 million in the third quarter of 2016.

Our lumber segment operating results include CVD and ADD deposits on exports to the U.S. of $3.4 million in the third quarter of 2017 and $4.6 million in the second quarter of 2017. On November 2, 2017, the U.S. Department of Commerce ("USDOC") announced that the final CVD and ADD rates would be reduced from the preliminary rates by a total of 5.92%. In the third quarter of 2017, we recorded an adjustment to reflect the reduction in CVD rates on shipments made during the second quarter of 2017. Approximately $1.3 million of the $4.6 million in CVD deposits expensed in the second quarter of 2017 was reversed, which led to reduced CVD and ADD deposit expenses of $3.4 million in the third quarter of 2017.

Compared to the previous quarter, the improvement in lumber segment adjusted EBITDA of $1.2 million and bioenergy segment adjusted EBITDA of $1.5 million was partially offset by an increase in corporate costs and a variance in foreign exchange translation loss. Compared to the third quarter of 2016, lumber segment adjusted EBITDA improved by $3.0 million and bioenergy segment adjusted EBITDA improved by $2.2 million.

Adjusted EBITDA for the nine month period ended September 30, 2017, which included CVD and ADD deposits of $8.0 million, was a record $28.5 million. Adjusted EBITDA was $24.3 million for the first nine months of 2016.

Start-Up of El Dorado Mill
In October 2017, we completed construction of our sawmill, two continuous dry kilns, and planer mill in El Dorado, Arkansas (the "ED Mill") on schedule and on budget. We are operating the sawmill and conducting evaluations as the sawmill goes through a customary "ramp-up" period. We expect to begin testing and commissioning of our planer mill this month and commence commercial operations in December. We will initially operate the ED Mill on a one-shift basis and expect to ramp-up production to approximately 90% of capacity by December 2018.

The ED Mill is designed to have annual production capacity of 180 million board feet on a two-shift basis, representing approximately 25% of total lumber capacity of our mills at this level.

We believe our planned expansion into the U.S. South will provide an important new source of revenue diversification not subject to punitive trade actions on Canadian softwood lumber recently initiated by the U.S.

Our revenues totaled $120.3 million in the third quarter of 2017, an improvement of 3% over the prior quarter and 16% over the same quarter last year. Our revenue growth over the previous quarter was mainly attributable to a slight increase in our lumber segment revenues, and a 30% increase in revenues from electricity sales. Compared to the third quarter of 2016, our lumber segment revenues increased by 15% and our bioenergy segment revenues by 24%.

Our operating income for the third quarter of 2017, which includes the CVD and ADD deposits, was $8.8 million compared to $6.4 million in the previous quarter and $3.3 million in the same quarter last year. Compared to the prior quarter, an increase in lumber segment operating earnings of $1.4 million and bioenergy segment operating earnings of $1.6 million was partially offset by an increase in corporate costs of $0.6 million. Lumber segment operating earnings increased by $2.9 million and bioenergy segment operating earnings by $3.0 million compared to the third quarter of 2016.

Net income for the third quarter of 2017 was $6.2 million, or $0.23 per diluted share, compared to $4.2 million or $0.16 per diluted share in the previous quarter and $1.4 million or $0.07 per diluted share in the third quarter of 2016. Year to date net income was $9.0 million, or $0.36 per diluted share, compared to a normalized net income of $3.7 million or $0.18 per diluted share for the same period last year. Unusual items totaling $61.4 million were included in net income in the first six months of 2016. Including these unusual items, net income was $65.1 million, or $3.08 per basic and $2.85 per diluted share for the first nine months of 2016.

Lumber Segment
Lumber segment adjusted EBITDA, which includes CVD and ADD deposits, was $12.0 million in the third quarter of 2017, compared to $10.8 million in the second quarter of 2017 and $9.0 million in the third quarter of 2016. Lumber segment adjusted EBITDA was $27.9 million for the nine months ended September 30, 2017 and $22.2 million for the nine months ended September 30, 2016.

Prices for the bell-weather WSPF #2 & Btr product averaged US$406 during the third quarter of 2017, an improvement of 5% over the previous quarter and 26% over the third quarter of 2016.1 The U.S. dollar, which averaged US$0.798 for each Canadian dollar during the third quarter of 2017, appreciated by 7% over the previous quarter and 4% over the same quarter last year.2

1 As quoted in Random Lengths Publications Inc.
2 Source: Bank of Canada,

Revenue from Conifex produced lumber was $73.3 million in the third quarter of 2017. The 4% increase over the previous quarter was generally attributable to 5% higher shipment volumes offset by a modest decline in unit sales realizations. The slightly lower sales realizations reflected stronger lumber prices which were more than offset by the appreciation in Canadian currency. The growth in revenue of 15% over the third quarter of 2016 was mainly due to improved sales realizations from higher lumber prices. Our wholesale lumber revenues were largely consistent in the second and third quarters of 2017 and increased by 8% over the third quarter of 2016. The growth in revenue from the third quarter of 2016 was primarily attributable to improved sales realizations due to higher lumber prices.

Our lumber production totalled approximately 133 million board feet during the third quarter of 2017 representing an annualized operating rate of 102%. Year to date production was 4% lower compared to the same period last year, largely as a result of the implementation of a capital project at the Mackenzie sawmill and, to a lesser extent, inclement weather conditions in Western Canada which led to lower productivity in the first quarter of this year.

Unit log costs declined by 3% compared to the previous quarter and increased by 9% over the same quarter last year. Compared to the third quarter of 2016, the higher log costs were mainly attributable to higher market based stumpage and purchased log costs.

Higher operating rates contributed to an improvement in unit cash conversion costs of 3% over the previous quarter. Unit cash conversion costs were in line with the same quarter last year, although production volumes modestly declined.

We expensed CVD and ADD deposits of $3.4 million in the third quarter of 2017, and $4.6 million in the second quarter of 2017, on lumber shipments to the U.S. As previously noted, approximately $1.3 million of the adjustment made to reflect lower final CVD and ADD rates in the third quarter of 2017 was attributable to shipments made during the second quarter of 2017.

Including the CVD and ADD deposits expense, the lumber segment recorded operating income of $8.5 million in the third quarter of 2017 compared to $7.1 million in the previous quarter and $5.6 million in the third quarter of 2016. Compared to the previous quarter, the benefits of stronger lumber prices, increased shipments of Conifex produced lumber, improved productivity, lower unit log and cash conversion costs, and lower softwood lumber duties, partially due to an adjustment related to previous quarter shipments, outweighed the impact of appreciation of the Canadian currency.

Compared to the third quarter of 2016, the benefit of higher lumber prices and shipments of Conifex produced lumber in the current quarter was partially offset by the expensing of CVD and ADD deposits, stronger Canadian currency, lower production volumes, and higher unit log costs. Year-to-date lumber segment operating earnings were $17.4 million, an improvement of $5.2 million over the same period last year.

Bioenergy Segment

Operating Results
The Mackenzie Plant sold 55.2 gigawatt hours of electricity under our Electricity Purchase Agreement ("EPA") with BC Hydro in the third quarter of 2017, which represents approximately 100% of targeted operating rates, compared to 95% in the prior quarter and 70% in the third quarter of 2016. The reduced production in the third quarter of 2016 was mostly attributable to maintenance downtime taken to effect certain operating improvements. On a year to date basis, electricity sales were 3% higher than over the same period last year. Electricity sales and plant operating costs in the first quarter of 2017 were impacted by some unplanned outages and challenging weather conditions, which impacted feedstock quality and deliverability.

Electricity revenues in the current quarter were $6.1 million, an increase of 30% over the previous quarter, which was mostly attributable to higher seasonal rates and, to a lesser extent, an 8% increase in production. The improvement in electricity revenues of 24% compared to the third quarter of 2016 was largely due to higher production volume, somewhat offset by lower seasonal rates and discounted prices earned during the dispatch period. Cash operating costs were consistent in the third and second quarters of 2017 and improved by 21% over the third quarter of last year. Amortization expense was lower compared to the third quarter of 2016 as idled components were not depreciated during dispatch periods.

Bioenergy segment adjusted EBITDA was $8.0 million for the first nine months of 2017 compared to $7.7 million for the first nine months of 2016 and reflected an adjusted EBITDA margin of 45%, which was consistent with the comparative period last year. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of sales.

The Mackenzie Plant achieved hourly production of 105% of our operating target over the first 12 months of commercial operations. The Mackenzie Plant resumed operations in September 2017 (after the dispatch period, discussed below) and operating rates approached historic levels during the first month of operations.

Dispatch Notice
Our EPA with BC Hydro, similar to electricity purchase agreements with other independent power producers, provides BC Hydro with the option to "turn down" electricity purchased from us during periods of low demand by issuing a "dispatch order" outlining the requested dispatch period. In April 2017, BC Hydro issued a dispatch order with respect to, among others, the Mackenzie Plant, advising of a dispatch period of 122 days, encompassing the months of April, June, July and August. Last year, the Mackenzie Plant, among others, was dispatched for 61 days in the second quarter. During the dispatch period, we only produce electricity to fulfill volume commitments under our Load Displacement Agreement with BC Hydro. We continue to be paid revenues under the EPA based upon a reduced rate and on volumes that are generally reflective of contracted amounts.

Liquidity and Capital Resources
Our net debt to capitalization ratio was 42% at September 30, 2017 compared to 38% at December 31, 2016. Excluding the effects of borrowings for our wholly-owned power subsidiary that are non-recourse to our other operations, our net debt to capitalization ratio was 27% at September 30, 2017 compared to 16% at December 31, 2016.

At September 30, 2017, we had total liquidity of $55.7 million, compared to $22.3 million at December 31, 2016 and $43.6 million at September 30, 2016.

Lumber Market and Operations Outlook
Through the closing months of 2017, we expect sustained steady demand in the U.S. and Canadian lumber markets will result in average benchmark Western SPF prices that are somewhat higher than average levels achieved in the first nine months of this year. We expect that continued uncertainty around the softwood lumber dispute will contribute to further volatility in U.S. market conditions and pricing. We expect demand and pricing to continue to remain solid in the Chinese and Japanese markets through the balance of the year.

We expect the further strengthening of WSPF prices early in the fourth quarter of 2017, the continued suspension of CVD, a solid order file, and relatively flat unit log costs will contribute to a sequential improvement in cash flow generation in our lumber segment. We expect the ED Mill to begin production in the fourth quarter of 2017 and lumber shipments to commence in December.

In our bioenergy segment, we expect higher seasonal electricity rates and operating rates at the Mackenzie Plant near targeted levels will lead to a quarter over quarter improvement in operating results.

Subsequent Event
On November 2, 2017, the USDOC announced final determinations in its CVD and ADD investigations. As a result of its findings, the USDOC lowered the final CVD rate from 19.88% to 14.25% and the final ADD rate from 6.87% to 6.58% for "all other" Canadian lumber producers, including Conifex. The final CVD will not be collected until final injury determination by the United States International Trade Commission ("USITC"), which is expected to occur in December 2017.

On November 2, 2017, the USDOC also made a final determination that critical circumstances did not exist for CVD, but did exist for ADD. We have not accrued any retroactive ADD, which could total approximately US$1.5 million, in the current or previous quarters. Management believes that the critical circumstances finding for ADD by the USDOC will not be upheld by the USITC in its final determination, consistent with the result of past softwood lumber disputes.

*Adjusted EBITDA is calculated to exclude unusual items or items that are not ongoing and do not reflect our ongoing operations. Our adjusted EBITDA calculation represents earnings before finance costs, taxes, depreciation and amortization, and gains or losses from asset sales, disposals or revaluations. Adjusted EBITDA for the second quarter of 2017 previously included $4.6 million representing CVD deposit expense based upon the USDOC preliminary rates. As the USDOC recently made its final determination of CVD and ADD rates, we are no longer including an adjustment for duty deposits in adjusted EBITDA. We disclose EBITDA, adjusted EBITDA and adjusted EBITDA margin as they are measures used by analysts and by our management to evaluate our performance. As EBITDA, adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures that do not have any standardized meaning prescribed by International Financial Reporting Standards, they may not be comparable to EBITDA, adjusted EBITDA and adjusted EBITDA margin calculated by others and are not a substitute for net earnings or cash flows.
Nov. 10, 2017 - Taiga Building Products Ltd. has reported its financial results for the three and six months ended September 30, 2017.
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