05:33 PM EDT, 04/15/2024 (MT Newswires) -- GreenFirst Forest Products Inc. ( ICLTF ) after trade Monday announced "significant" initiatives to reduce its selling, general, and administrative and overhead expenses to improve the company's cost-competitiveness for the long term. Compared to 2023, on an annualized basis, it said the initiatives are projected to "significantly" decrease SG&A and overhead costs resulting in total savings of approximately $8 million, net of costs and expenses incurred to realize the savings. It added this represents an approximate 15% reduction in overhead personnel and 30% in savings related to SG&A costs and will start to materialize through 2024, with the targeted run rate to be achieved by the second half of this year. The company said it will target SG&A costs of $40/mfbm or lower, for the third quarter of 2024, and will track this measure for its shareholders in subsequent quarters.