04:44 PM EDT, 04/30/2024 (MT Newswires) -- Interfor ( IFSPF ) Tuesday said it plans to reduce its lumber production by approximately 175-million board feet between May and September, representing just under 10% of its normal operating stance, as lumber prices weaken.

According to a company statement, the temporary curtailments will impact all of Interfor's ( IFSPF ) operating regions, including the U.S. South, through a combination of reduced operating hours, prolonged holiday breaks, reconfigured shifting schedules and extended maintenance shut-downs.

The curtailments are in response to persistently weak market conditions.

"Benchmark lumber prices have continued to weaken since the beginning of the year, from already unsustainably low levels, as available supply has outstripped product demand," chief executive Ian Fillinger said in a statement. "This action will help bring Interfor's ( IFSPF ) production and the needs of our customers back into balance. It will also help to keep inventory levels in check as we move into the summer."

T's announcement follows Interfor's ( IFSPF ) Feb. 15, announcement to indefinitely curtail its sawmill operations in Philomath, Oregon. The Philomath sawmill had an annual production capacity of 220 million board feet and ceased operations and shipments at the end of March.

Interfor ( IFSPF ) closed unchanged at C$17.47 on the Toronto Stock Exchange.