Financial Reports
Resolute Forest Products Inc. recorded an operating loss of US$18 million for the second quarter, compared to operating income of US$16 million in the year-ago period. Key to the quarter's reported performance was a non-recurring US$37 million closure and impairment related charge, almost all of which resulted from the permanent shutdown of a newsprint machine at the Augusta facility during the quarter.
Domtar reported net earnings of US$18 million for the second quarter of 2016 compared to net earnings of US$4 million for the first quarter of 2016 and net earnings of US$38 million for the second quarter of 2015. Sales for the second quarter of 2016 were US$1.3 billion.
Tembec reports that its consolidated sales for the three-month period ended June 25, 2016, were $376 million, as compared to $365 million in the same quarter a year ago. The company generated net earnings of $9 million or $0.09 per share in the June 2016 quarter compared to a net loss of $16 million or $0.16 per share in the June 2015 quarter.
Canfor Pulp Products Inc. reported net income of $2.2 million for the second quarter of 2016, compared to $23.1 million for the first quarter of 2016 and $17.7 million for the second quarter of 2015. For the six months ended June 30, 2016, the company's net income was $25.3 million compared to $45.7 million for the six months ended June 30, 2015.
The leader of Quebec’s official opposition party is calling on Premier Philippe Couillard to take action on countervailing duties applied to supercalendered paper exports to the United States. Sylvain Gaudreault, member of provincial parliament for Jonquière and leader of the opposition, says the duty is threatening the future of two mills in his territory.
The federal government has taken a trade complaint about the U.S. tariffs on imports of Canadian supercalendered paper to the World Trade Organization.The Honourable Chrystia Freeland, Minister of International Trade, announced that Canada has filed a request for consultations with the World Trade Organization to challenge U.S. countervailing duties on supercalendered paper imported from Canada.Consultations are the first step in the WTO dispute settlement mechanism.
A ruling by the U.S. International Trade Commission that the U.S. paper industry is materially injured by imports of supercalendered paper from Canada will result in a countervailing duty of up to 20 per cent on these products.
The U.S. Department of Commerce has made its final determination in the countervailing duty (CVD) investigation of imports of supercalendered paper from Canada, and the duties are even higher for some mills than the interim rates.
With the expiration of the 2006 Softwood Lumber Agreement between Canada and the U.S. on Oct. 12, lumber trade between the two nations is now governed by a “standstill provision” that precludes the U.S. from bringing trade action against Canadian softwood lumber producers for 12 months.
After 9 years of the truce imposed by the Softwood Lumber Agreement, what’s next for trade in lumber between the U.S. and Canada?
British Columbia's Minister of Forests, Lands and Natural Resources Operations, Steve Thomson, expects the Canada-United States Softwood Lumber Agreement (SLA) will expire next month and enter a one-year standstill period.
Imports of some uncoated freesheet and groundwood paper grades from China, Indonesia, Brazil, Australia and Portugal to the U.S. will now face a duty of up to 193 per cent. The U.S. Department of Commerce imposed preliminary anti-dumping duties on Aug. 20, following its investigation and an investigation by the U.S. International Trade Commission, which concluded that the U.S. industry had been materially injured by sales of these paper products for less than their fair value.
Canadian supercalendered paper sold in the U.S. is now subject to a duties up to 20%, following a preliminary determination by the U.S. Department of Commerce. The investigation concluded that Canadian producers and exporters have received countervailable subsidies.
The U.S. Department of Commerce will continue to conduct an investigation on imports of supercalendered paper from Canada, following a decision by the United States International Trade Commission (USITC) on April 10. The USITC has decided that...
The U.S. Department of Commerce has initiated a countervailing duty (CVD) investigation of imports of supercalendered paper from Canada, at the request of The Coalition for Fair Paper Imports, an ad hoc association of two U.S. manufacturers of...
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