Canfor Corporation Announces Production Curtailments Company Wide.

Canfor Corporation has announced the measure it will be taking in response to the COVID-10 outbreak.  Canadian operations: Effective March 30, Canadian lumber production will be curtailed by approximately 70 million board feet, or approximately 40%, over a three-week period. These reductions will be implemented across several British Columbia sawmills through a combination of temporary plant curtailments and reduced operating hours. U.S. operations: Canfor Southern Pine operations will be taking a series of actions to reduce operating capacity by approximately 40% or 50 million board feet over a four-week period. The capacity reductions will be achieved through the implementation of variable shift schedules and reduced operating hours across the southern pine mills. European operations: Commencing next week, Swedish lumber production will be curtailed at two sawmills by 50% over a four-week period, representing a decrease in production of approximately 17 million board feet. Canfor also announced reduction in their capital expenditures.  Effective immediately capital expenditures are being reduced by CAD $20 million for Canadian and US operations which, when taken together with an already lower capital budget for 2020, results in a year-over-year reduction in capital spend of approximately $100 million across lumber operations compared to 2019.