Interfor curtails 60% of lumber production in response to COVID-19 conditions
In response to operating and market conditions impacted by COVID-19, Interfor is slashing its lumber production in B.C., the Pacific Northwest and the U.S. south by 35 million board feet per week, about 60 per cent of its capacity, for the next two weeks.
The company announced the curtailments yesterday, along with its plan to reduce its capital expenditures in 2020 and 2021 by a total of approximately $140 million.
“We are very focused on ensuring the health and safety of our employees as well as adapting to the evolving market conditions,” Ian Fillinger, Interfor’s president and CEO, said in a news release. “In addition, Interfor will remain disciplined in its approach to capital deployment as it focuses on retaining a strong capital structure.”
The decision to curtail production for two weeks was made, “in order to align production with the prevailing market,” the company said, and will be re-evaluated regularly.