Housing slump closes Quebec sawmill
TEMISCAMING, Que. – Tembec Inc. says it will shut down its Bearn, Que., sawmill for three months at end of March due to lack of reasonably priced logs and a depressed lumber market.
About 150 employees will be affected by the move, the company said Thursday.
"This shutdown is a reflection of the severe decline in overall market conditions, driven primarily by the dramatic fall in the number of housing starts in the United States and the related impact on lumber pricing," said Dennis Rounsville, president of Tembec's forest products group faxless payday loan.
"The continued high value of the Canadian dollar against the U.S. dollar further aggravates these conditions."
Tembec (TSX: TMB) is an integrated forest products company with operations in North America and France and about 8,000 employees.
In Thursday trading on the TSX, Tembec shares fell seven cents to $3.40.