Latest news with #CanforSouthernPine
The Market Online
2 hours ago
- Business
- The Market Online
Canfor to close two South Carolina sawmills under ongoing market challenges
Canfor (TSX:CFP) announced its decision to permanently close its Estill and Darlington sawmills in South Carolina, effective August 2025 Canfor posted an operating loss of C$29 million for Q1 2025, with a net loss attributable to shareholders of C$31 million Looking ahead to the second quarter of 2025, North American lumber markets are expected to remain volatile and uncertain Canfor stock (TSX:CFP) opened trading at C$14.31 Canfor (TSX:CFP) announced its decision to permanently close its Estill and Darlington sawmills in South Carolina, effective August 2025. The closures come in response to prolonged weak market conditions and sustained financial losses that have rendered continued operations at the facilities unsustainable. Approximately 290 employees will be impacted by the closures, which will also reduce Canfor's US lumber production capacity by 350 million board feet annually. 'We understand the significant impact this difficult decision will have on our employees,' Lee Goodloe, Canfor Southern Pine's president admitted in a news release. 'This outcome is in no way a reflection of the dedication and hard work of our teams. We are committed to supporting our employees through this transition, including providing severance payments and exploring opportunities for redeployment within our other operations where possible.' The announcement follows Canfor's first-quarter 2025 financial results, reported in May, which exposed the company's ongoing struggles. Canfor posted an operating loss of C$29 million for Q1 2025, with a net loss attributable to shareholders of C$31 million, or $0.26 per share. Canfor also sustained an operating loss of C$46 million in Q4 2024. Despite an increase in North American lumber prices during the quarter—largely driven by supply constraints amid rising global economic and trade uncertainty—Canfor's US operations continued to face significant headwinds. In contrast, the company reported improved results from its Western Canadian operations, following a rationalization strategy implemented in 2024, and another quarter of solid earnings from its European segment. Canfor Pulp also saw modest improvement in Q1 2025, as global softwood pulp market fundamentals began to strengthen early in the quarter. Looking ahead to the second quarter of 2025, North American lumber markets are expected to remain volatile and uncertain. Persistent affordability issues and ongoing disruptions to traditional trade routes due to tariffs are likely to dampen near-term demand. The company has not yet disclosed details regarding severance or support for affected employees but stated it is committed to working with local officials and community partners to ease the transition. The Vancouver-based logging giant also closed two of its sawmills based in Northern British Columbia in late 2024, much to the chagrin of Fort St. John's Mayor. Canfor's decision is an engraved sign of the broader volatility in the lumber industry, which continues to grapple with fluctuating demand, trade tensions, and shifting global economic conditions. Canfor Corp. is an integrated forest products company involved in manufacturing high-value, low-carbon forest products. The company operates through two segments: lumber segment and pulp and paper segment. The company's solid wood products include dimension lumber, specialty lumber and engineered wood products. Canfor stock (TSX:CFP) opened trading half a per cent lower at C$14.31 and has lost 6.65 per cent since the beginning of the year, 2.34 per cent since this time last year. Join the discussion: Learn what other investors are saying about this stock on the Canfor Corp. Bullboard, and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Globe and Mail
18 hours ago
- Business
- Globe and Mail
Canfor Announces Closure of Darlington and Estill Sawmills
VANCOUVER, BC , June 26, 2025 /CNW/ - Canfor Corporation (TSX: CFP) announced today its decision to permanently close the Estill and Darlington sawmills in South Carolina , effective August 2025 . These closures follow an extended period of persistently weak market conditions and sustained financial losses, which have made continued operations at these facilities no longer viable. "We understand the significant impact this difficult decision will have on our employees," said Lee Goodloe , President, Canfor Southern Pine. "This outcome is in no way a reflection of the dedication and hard work of our teams. We are committed to supporting our employees through this transition, including providing severance payments and exploring opportunities for redeployment within our other operations where possible." Approximately 290 employees will be affected by the closures, which will also reduce Canfor's U.S. lumber production capacity by 350 million board feet annually. Forward-looking statements. Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law. About Canfor Corporation. Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and renewable energy. Proudly headquartered in Vancouver, British Columbia , Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada , the United States and Europe . The Company has a 77% stake in Vida AB, Sweden's largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit
Yahoo
12-02-2025
- Business
- Yahoo
New sawmill opens in north Mobile County Tuesday
MOBILE, Ala. (WKRG) — A new sawmill opened in north Mobile County Tuesday morning. Semmes Mardi Gras parade and ball canceled — what we know Canfor Southern Pine gave News 5 a look inside the new 'Axis Sawmill' on Highway 43. A $210 million investment is now up and running. President of Canfor Southern Pine Lee Goodloe said logs brought into the new 'Axis Sawmill' will help create around 17,000 single-family homes every year. 'It's modern technology today keeps us with sustainable products that we can deliver to the market in support of the housing sector,' said Goodloe. The 155-acre sawmill took close to 600,000 construction hours to build. Goodloe told News 5 this facility will create close to 550 direct and indirect jobs for people in the community. 'Which will include our loggers, our truckers, and our other business partners in the community as well as civil culture and industrial partners,' said Goodloe. Alabama legislature may take up gaming again, conservative think tank says it's a bad bet Construction broke ground back in April 2023. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
