Statements in this press release that are not reported financial results or other historical information of Resolute are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of Read our privacy policy to learn more. Comments that violate our resolute forest products lumber notes guidelines will not be posted. They include, for example, statements relating reaolute the impact of the novel coronavirus or, "COVID" pandemic and resulting economic conditions resolute forest products lumber notes Resolute's business, results of operations and market price of its securities, and to its: efforts and initiatives to reduce costs, increase revenues, and improve profitability; business and operating outlook; future pension obligations; assessment of market conditions; growth strategies and prospects, and the growth potential of Resolute and the industry in which it operates; liquidity; future cash flows, including as a result of the changes to Resolute's pension funding obligations; estimated capital expenditures; and strategies for achieving its goals generally. Spoke prkducts a builder in Toronto recently no shortage of lukber for framing.

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Customer Help. Contact us. Log in. Log out. Brent Jang. Published November 24, Updated November 24, Text Size. Please log in to listen to this story.

Also available in French and Mandarin. Log In Create Free Account. Getting audio file Open this photo in gallery. Story continues below advertisement. Your Globe Build your personal news feed Hide info. That is off just on lumber alone. Last of all tissue is a small think in comparison. Tissue segment is 12x smaller by weight here, but granted only 4x smaller normalizing for sales price.

Spoke to a builder in Toronto recently no shortage of wood for framing. Anyone notice in the K filing last night the lumber capacity. I think part of their restart of the Ignace facility helps there.

Lumber Prices Are Soaring. Why Are Tree Growers Miserable? Sawmill operators harvest gains while Southern landowners struggle with tree surplus; 'I'm not making anything' Kesl, Charlotte. Hunkered-down homeowners remodeled en masse and low mortgage rates drove demand for suburban housing. Lumber supplies tightened up and prices smashed records. Hopkins replied. Timber growers across the U. South, where much of the nation's logs are harvested, have gained nothing from the run-up in prices for finished lumber.

It is the region's sawmills, including many that have been bought up by Canadian firms, that are harvesting the profits. Sawmills are running as close to capacity as pandemic precautions will allow and are unable to keep up with lumber demand. The problem for timber growers is that so many trees have been planted between the Carolinas and Texas that mills are paying the lowest prices in decades for logs.

The log-lumber divergence has been painful for thousands of Southerners who are counting on pine trees for income and as a way to hold on to family land. And it has been incredibly profitable for forest-products companies that have been buying mills in the South.

Three Canadian firms—Canfor Corp. The surplus of standing pine is such that growers, foresters and mill executives expect that even with mills sawing at capacity and new facilities coming online, it could be another decade, maybe two, before enough trees are felled to balance supply with demand.

Meanwhile, it's a buyer's market for logs down South, said Don Kayne, Canfor's chief executive. At their onset, coronavirus lockdowns seemed to derail the housing recovery. Lumber prices plunged in March Dealers liquidated inventories. Speculators dumped lumber futures and took short positions, betting prices would fall further. Mills sent workers home and curtailed production.

Wood was in short supply when the remodeling bonanza began. Then the housing market picked up. Restaurants around the country had to build outdoor decks. Sawmills ramped up to capacity but couldn't catch up. By last summer, lumber was America's hottest commodity. Record prices Lumber futures, a benchmark for an array of regional and species-specific prices, rose to a record in early August and kept climbing.

Home builders kept hammering through mild early-winter weather and depleted lumber dealers are stocking up for spring. Lumber futures have hit all-time highs and are more than twice the typical winter price.

Spot prices for southern yellow pine set records in January. None of that has lifted the price of timber, which never recovered from the housing bust. Hopkins, the Georgia timber grower. Adjusted for inflation, prices for the logs used to make lumber are at their lowest in more than 50 years. Home prices crashed in Lumber and timber prices, too.

The potential risks and uncertainties that could cause Resolute's actual future financial condition, results of operations and performance to differ materially from those expressed or implied in this press release include, but are not limited to, the impact of: the COVID pandemic and resulting economic conditions; developments in non-print media, and the effectiveness of Resolute's responses to these developments; intense competition in the forest products industry; any inability to offer products certified to globally recognized forestry management and chain of custody standards; any inability to successfully implement Resolute's strategies to increase its earnings power; the possible failure to successfully integrate acquired businesses with Resolute or to realize the anticipated benefits of acquisitions, such as its entry into wood manufacturing in the U.

All forward-looking statements are expressly qualified by the cautionary statements contained or referred above and in Resolute's other filings with the SEC and the Canadian securities regulatory authorities.

Resolute disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 50 countries. The company owns or operates some 40 facilities, as well as power generation assets, in the United States and Canada.

Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. About Resolute Forest Products Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 50 countries.

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