Canada's West Fraser to curtail Lake Butler operations amid weak market environment
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West Fraser (WFG.TO) will indefinitely curtail its Lake Butler, Florida sawmill by the end of September due to high fiber costs and weak lumber markets, affecting nearly 130 employees. The decision reduces U.S. lumber capacity by about 110 million board feet, and the company plans to take an impairment charge in Q3 2024. The company also missed profit estimates in Q2, with analysts noting stagnant housing markets impacting lumber demand.
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