Richmond-headquartered Catalyst Paper (TSX:CTL) is cutting newsprint and pulp production due to worsening market conditions.
Approximately 50 employees will be laid off at Catalyst's Crofton mill at the end of January as the company shuts down one of its paper machines until market conditions improve. Production at the company's Elk Falls and Snowflake mills will be aligned with incoming order requirements.
The shutdowns will remove approximately 55,000 tonnes of newsprint production in the company's first quarter. The company had dropped 73,000 tonnes of newsprint from its fourth-quarter production.
Cuts at Catalyst's Crofton mill will remove another 38,000 tonnes of pulp production in the first quarter.
Catalyst's share price range during the past week: between $0.34 and $0.36; 52-week high: $1.78; 52-week low: $0.24.