Nate Jorgensen, CEO of Boise Cascade, announced on Monday, April 6th, that the company is taking steps in response to the rapidly evolving market conditions and economic uncertainties surrounding the impact of COVID-19. Given the current outlook and with sufficient inventory on hand, Boise Cascade’s Wood Products division has implemented changes to reduce the volume of plywood and engineered wood products (EWP) it will produce in the coming weeks. The Company is planning reductions in plywood production of 25-35% and in EWP volumes of 20-40% depending on location, in comparison to first quarter levels. The reductions in production are expected to be implemented through a combination of periodic curtailments and reductions in operating schedules at specific facilities. Boise Cascade has also announced its plan to reduce its planned capital spending for 2020 from its previously expected range of $85-to-$95 million to $50-to-$70 million. The Company is also closely scrutinizing all discretionary spending in response to the COVID-19 impact.
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Providing a business update regarding COVID-19