Forest Industry on East Coast Gets Provincial Help

By 250 News

The  forest industry  in B.C.  is preparing its third quarter  financial statements and  the expectation is that there will be plenty of  red ink. 

Meantime,  there is news, that on the other side of  Canada,  the Government of Nova Scotia  has announced  it will help  its forest industry.

That province  is making up to $36 million dollars available to forest industry companies in Nova Scotia to help them through the current economic challenges.

The funding will be available to sawmills and pulp and paper operations over the next five years.  That province’s   Minister of Natural Resources, David Morse, likened the current situation with the value of the Canadian dollar and the drop in the U.S housing market as an economic “perfect storm”.

Later this month, B.C.’s major forest companies will be releasing their third quarter results.  West Fraser will release its latest financial sheet on the 29^th of this month, while Canfor plans to release its third quarter figures on the first of November.

West Fraser has lost $19 million dollars this year so far, while Canfor has lost $81.5 million.

Pope and Talbot is expected to make an announcement today or tomorrow about its future as the extension in the agreement with it’s lenders is coming to a close.

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