Duncan-based Western Forest Products Inc. (TSX:WEF) is slashing more than half of its timber harvesting operations for July and August due to continued weakness of the U.S. and Japanese markets.
About 650 employees and 1,200 contractors will be affected by the shutdown of operations on Vancouver Island, the Queen Charlotte Islands and the Sunshine Coast. It will also be shutting down its sawmill at Duke Point in Nanaimo.
The curtailments are in addition to the indefinite shutdown of its Ladysmith sawmill and other short-term curtailments at its other mills.
The company had curtailed approximately a third of its log harvesting operations on Vancouver Island and the Sunshine Coast in May and June.
Western Forest Products' share price range during the past week: between $0.96 and $1.20; 52-week high: $2.45; 52-week low: $0.91.