06:16 AM EDT, 09/05/2024 (MT Newswires) -- Canfor ( CFPZF ) , a lumber and wood producer, overnight Wednesday announced the closure of its Plateau and Fort St. John operations in northern British Columbia and also the reduction of production at its southern U.S. operations.

The company said closures were decided upon following a review of operating conditions, including the "persistent challenge accessing economic fibre, ongoing financial losses, weak lumber markets and increased US tariffs." It added these closures will impact approximately 500 employees and will remove 670 million board feet of annual production capacity from Canfor's ( CFPZF ) BC operations.

On the reduced production, Canfor ( CFPZF ) said it will indefinitely curtail one shift at its Darlington facility in South Carolina, and reduce operating hours at its Estill, South Carolina and Moultrie, Georgia locations. The company added it will also implement curtailments across other southern US operations "to better align with market demand". These changes will reduce lumber production by approximately 215 million board feet on an annualized basis.

On Wednesday, Canfor ( CFPZF ) closed down $0.07 at $14.11 near its 52-week low.