By Curtis Galbraith

Forestry Business

Canfor reports operating loss in 2023

Mar 7, 2024 | 6:00 AM

Canfor says in a news release that 2023 was “a challenging year” for the company.

The owner of a sawmill in Grande Prairie is reporting an operating loss of $532 million for the year and $191 million for the fourth quarter.

The loss for shareholders was $326 million for the year and $117 million for the last quarter.

Canfor says weak lumber markets that started in 2022 continued in 2023, adding high interest rates and inflation reduced lumber demand by making home s more expensive. Lumber demand still stayed strong in the home renovations area.

The company also cited the continued difficulties with getting what it calls “economically viable fibre” for its lumber and pulp mills in B.C.

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Canfor closed its Chetwynd sawmill and pellet plant along with the pulp line at its Prince George Pulp and Paper Mill last year.

It also says lumber markets will stay tough in the first quarter of this year.

Canfor’s full release can be found here.