Norbord Announces Curtailments and Reduced Capital Expenditures

Norbord Inc. has announced that effective March 30^th it will begin reducing production across its entire North American OSB portfolio in response to the drop in demand for product being caused by the COVID-19 pandemic. Norbord has indicated that it will adjust its operating configuration by reducing shifts and running a number of its North American mills on alternating schedules to match production with an anticipated reduction in OSB demand and to comply with government-imposed restrictions. The reduction configuration will initially result in a 25% reduction to Norbord’s currently operating North American. In addition, the Company is deferring non-critical capital projects and further reducing its 2020 capital expenditures budget by 25%, from US $100 million to US $75 million, to preserve cash and balance sheet flexibility.