News
Abitibi posts large loss

Abitibi-Consolidated also posted large losses in the fourth quarter. The company was out $355 million, or 80 cents …

Abitibi-Consolidated also posted large losses in the fourth quarter. The company was out $355 million, or 80 cents a share, from $108 million, or 24 cents a share just one year earlier. In addition to high energy prices and a strong Canadian dollar, Abitibi had the additional pressure of shut mills and idled machines to contend with.

The closing of paper mills in Kenora, ON, and Stephenville, Newfoundland and Labrador, as well as a sawmill located in Champneuf, QC, totaled $228 million in terms of expenses and writedowns. Had writedowns been excluded, the company confirmed it would have lost $51 million.