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Markets ‘unusually depressed’: WFP

Western Forest Products is the latest company to announce closures in the face of weakening lumber markets.

Western Forest Products is the latest company to announce closures in the face of weakening lumber markets.

The fourth quarter of 2008 and start of 2009 will see reduced production at WFP’s logging operations and sawmills. The company says that for the rest of the year, operating levels will be readjusted to roughly two thirds of those associated with normal markets.

WFP cited weak demand for softwood lumber as prompting the curtailments, and referred to the market for forest products as "unusually depressed."