VANCOUVER, BC, Nov. 30, 2021 /CNW/ - West Fraser Timber Co. Ltd.
("West Fraser" or the "Company") (TSX and NYSE: WFG)
announced today that in response to the flooding situation in
British Columbia it is providing
the following update on operating conditions and does not
anticipate providing another update ahead of its annual and
fourth-quarter earnings release scheduled for February 15, 2022.
Operational Update
In recent weeks, severe weather and flooding in B.C. has caused
transportation disruptions to rail and truck routes, including
limiting access to ports for overseas shipments. In the second half
of November, following the weather event that led to road and rail
closures, the Company's western Canadian lumber weekly shipments
have declined by approximately 25%-30%. In addition, our pulp
shipments to the port of Vancouver, from where the majority of our
export pulp ships, have averaged less than 20% of normal volumes.
While West Fraser is utilizing alternative transportation routes
and methods to the extent they are available to continue servicing
customers, the magnitude and duration of the impact from current
weather events remains uncertain. Therefore, West Fraser has
reduced operating schedules at multiple western Canadian locations
and will continue to make such adjustments as necessary in order to
manage inventory levels, raw material supplies and our integrated
fibre supply chain. At the current time, it is not possible to
estimate when full transportation services will resume or when the
backlogs resulting from the interruptions will be cleared.
The Company
West Fraser is a diversified wood products company with more
than 60 facilities in Canada,
the United States, the
United Kingdom, and Europe. From responsibly sourced and
sustainably managed forest resources, the Company produces lumber,
engineered wood products (OSB, LVL, MDF, plywood, and
particleboard), pulp, newsprint, wood chips, other residuals and
renewable energy. West Fraser's products are used in home
construction, repair and remodelling, industrial applications,
papers, tissue, and box materials.
Forward-Looking Statements
This news release contains forward-looking information or
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities laws,
including reductions to operating schedules, future production
adjustments, the availability of alternative transportation routes,
and restoration of transportation services, including elimination
of shipment backlogs. Any such forward-looking statements are based
on information currently available to us and are based on
assumptions and analyses made by us in light of our experience and
our perception of historical trends and current conditions. Readers
should also refer to the risk factors set forth in the Company's
annual information form and management's discussion and analysis
for the year ended December 31, 2020,
each dated February 11, 2021,
available at SEDAR (www.sedar.com) and EDGAR
(www.sec.gov/edgar.shtml). There can be no assurance that the
plans, intentions or expectations upon which forward-looking
statements are based will be realized. Actual results may
differ, and the difference may be material and adverse to the
Company and its shareholders.
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SOURCE West Fraser Timber Co. Ltd.