Mr. Rick Pozzebon reports

INTERFOR ANNOUNCES LUMBER PRODUCTION CURTAILMENTS ACROSS ALL REGIONS OF NORTH AMERICA

IInterfor Corp. plans to reduce its lumber production by approximately 175 million board feet between May and September of 2024, representing just under 10 per cent of its normal operating stance.

The temporary curtailments will impact all of Interfor's operating regions, including the United States South, through a combination of reduced operating hours, prolonged holiday breaks, reconfigured shifting schedules and extended maintenance shutdowns.

The curtailments are in response to persistently weak market conditions.

"Benchmark lumber prices have continued to weaken since the beginning of the year, from already unsustainably low levels, as available supply has outstripped product demand," said Ian Fillinger, Interfor's president and chief executive officer. "This action will help bring Interfor's production and the needs of our customers back into balance. It will also help to keep inventory levels in check as we move into the summer."

Today's announcement follows Interfor's Feb. 15, 2024, announcement to indefinitely curtail its sawmill operations in Philomath, Ore. The Philomath sawmill had an annual production capacity of 220 million board feet and ceased operations and shipments at the end of March, 2024.

The company will continue to monitor market conditions across all of its operations and adjust its production plans accordingly.

About Interfor Corp.

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The company has annual lumber production capacity of approximately 5.0 billion board feet and offers a diverse line of lumber products to customers around the world.

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