Western Forest Products (WEF) has announced plans to reduce its lumber production for the remainder of this year.
The Vancouver-based lumber company says the reduction will amount to about 200 million fewer board feet of wood produced during the month of December. The reduction is being undertaken to help it better manage inventory levels to meet current market demand.
Western Forest Products said the reduction will be spread across its entire B.C. operations. However, the production cuts will not interrupt remanufacturing or shipping operations.
Lumber production is expected to return to normal levels in January 2023, and the company says it will keep evaluating market conditions to balance production with demand going forward.
Western Forest Products has an annual lumber capacity in excess of one billion board feet of wood. The company operates seven sawmills, four remanufacturing facilities, and two glulam manufacturing facilities.
The company’s stock is down 48% this year and trading at $1.10 per share.