By Tanner Smith

Forestry

Canfor announces first-quarter profit

May 3, 2022 | 5:28 PM

Canfor has released its first-quarter report of 2022, one that shows a net income of $742 million.

That compares to a $ 66.8 million loss in the fourth quarter of 2021.

Canfor says there was near record-high North American lumber pricing in Q1.

The company has also announced a plan to net-zero carbon emissions by 2050.

It plans to put at least $250 million into carbon reduction over the next eight years as well as trying to reduce emissions from lumber and pulp operations by 42% come 2030.

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Canfor has completed the purchase of three Millar Western Forrest Products Ltd.’s mills for $440 million. That includes two sawmills, one each in Fox Creek and Whitecourt, and a high-value specialty facility in Acheson.

– with files from Curtis Galbraith