By Curtis Galbraith

Forestry Business

Canfor reports first quarter loss

May 3, 2023 | 2:13 PM

Canfor is reporting a first quarter loss of $146.4 million.

That was a $17.4 million improvement over the operating loss of $163.8 million reported in the last quarter of 2022.

The company says in a news release that what it calls “continued pricing pressures” for its mills in Western Canada helped account for the loss.

Canfor did report strong earnings for its mills in Europe and “more modest earnings” for operations in the US.

The company says housing affordability, higher interest rates and inflation all put pressure on lumber markets in North America while inflation and high interest rates also lowered demand from Asia.

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It expects the same conditions to continue in the second quarter of this year.

Canfor owns the sawmill located on 108 Street in Grande Prairie.