04:51 PM EDT, 10/07/2024 (MT Newswires) -- Western Forest Products ( WFSTF ) after trade Monday said it plans to reduce lumber production in its British Columbia sawmills by about 30-million board feet for the fourth quarter.

The company said that for the entire year, it expects a total production cut of about 90-million board feet, which includes around 30-million board feet in the third quarter. This drop represents about 10% of the company's annual lumber capacity.

The temporary curtailments are due to market challenges, such as weaker lumber demand and higher US softwood lumber duty rates, as well as issues in the BC operating environment, the company added.

"With the potential for the combined US Softwood lumber duties rate to more than double in the second half of 2025, all levels of government need to be focused on creating a policy environment that supports the forestry industry and encourages domestic investment," Chief Executive Steven Hofer said.

The company's shares closed down $0.01 to $0.56 on the Toronto Stock Exchange.