Norbord (OSB)

Ray Ferris CEO of West Fraser
Chris Virostek CFO of West Fraser
Chris McIver Senior VP of Marketing and Corporate Development
Peter Wijnbergen President and CEO
Robin Lampard Chief Financial Officer
Mike Wilde BMO
Hamir Patel CIBC Capital Markets
Sean Stewart TD Securities
Paul Quinn RBC Capital Markets
Call transcript
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Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the joint West Fraser and Norbord Q4 2020 Results Conference Call.

During this conference call, West Fraser representatives will be making certain statements about potential future developments. These forward-looking statements include certain statements about West Fraser's future financial and operational performance, West Fraser's business outlook, including demands for products and available supply and expectations concerning costs, West Fraser's capital plans, including the completion and ramp up of capital projects and the realization of the benefits of such plans and projects. including integration duty Fraser of dispute proceedings and business. lumber the and Norbord softwood adjustments rates to related The into West and guidance to These meaning and statements forward-looking investors. intended United Canadian are reasonable statements laws, States provide within to securities include of the subject cause events of is future differ from statements the events by assumptions these and these risks accuracy on a to various The of uncertainties implied statements. number depends and to that may materially factors will that and business the affect including the risks depend of on risks quarterly company outcomes those management's under analysis, of the number Actual by in other ability company's MD&A. could and a described discussion company's supplemented annual in the as to uncertainties plans, out as and execute uncertainties matters set be Fraser's investors. United for or filings Web and Canadian accessed States for These West site, investors, on SEDAR through EDGER can Accordingly, listeners statements. forward-looking should upon exercise and relying caution mute noise. been background to placed any lines All on have prevent After question the speakers' remarks, session [Operator a answer and there will be Instructions]. Mr. you, Thank you may your Ferris, conference. begin

Ray Ferris

XXXX opening about make year and few part for their you, now Robin call. Robin as West of Lampard a fourth President and and Fraser McIver, and call Norbord XXXX results. CEO, West VP Good Chris several and Fraser I QX, to other Corporate by and Chief to Norbord Norbord's standalone and our Norbord's quarter And pass Officer, both joint conference West Fraser; of Thank the to joined Virostek. Financial the welcome are will CFO morning Senior Chris well of and This West Wijnbergen; and Robin today then Fraser as Marketing Development, I'm everyone and comments Joanna. full Peter Peter Peter executives. family. we'll morning, remarks

and standalone today in results the transition West comments in full quarter Canadian dollars. will and make move US Fraser dollars, I'll remind Norbord's results fourth will call for of financial to reference while then of West everyone be some questions. will before to concluding I we those take review year Virostek of his Chris We be Fraser

get be were able incidents better much We do the the materials. industry about in health in safety we our of do not of part to carbon best industry we to operate a this communities. company. the yet the record our eliminate can the our the injuries and of employees and while year Just thanks an general and of and we renewable general materials XXXX incredible COVID sustainable part society in West an West to an It's we we're of simply of important natural year being the was building meaningful low participating but to forest building is its managed privileged and Fraser. a both comment Manufacturing strong period a to before proud related for to in deliver we industry are part and required be minimizing by a be that We on provides focus this journey safety the economy. change able do And exciting very life rapid agile forest meet into and did workplace. in serious solution Despite in the Fraser products know by in industry, just change uncertainty, to results. And some required and our for so from that to It's one products sustainable for we a everyday. business the for objectives. cycle forest renewable achieving disruptions, that live history climate of. to and of an

project remiss we have of OSB, And did the of teams, departments both and our be announced just this teams transaction the I tirelessly that in Xst. of would February a which one capital several the Fraser as the largest February Chris's outstanding challenges as In both we've pleased being legal teams. world's a November wood not listeners are was particular, be recognize I XXXX areas work operating acquisition over done and other that mid on proud producers. closing in who Xst. remind I in building years, accomplished. based closed realized. am and leading finance the of I on gains worked to announced of with now seasonal on world's the this of which could Robin November, middle our achieved also invested holiday which result what initiatives positions We to of transaction, to and successful close to a if Norbord, XX, past and in more producer smooth not pandemic, products proposed Well West the

with So Peter. pass will to over call I that, the

Peter Wijnbergen

has weakness was second construction early stages Repair record now with above cases pace of full levels. Industrial of Well, a pandemic. year. many also thank in global for continued caught led North to best pre demand the remarkable from financial you, the a In as strongly that recovered morning The we to million year also demand remodeling of in US everyone. adjusted $XXX robust face and respects that for This strength and the and the for the back much pandemic normalized activity surprise. Norbord’s Ray, America, exceeded at million demand some by the unfolded in as many and past truly the during was year, home of bouncing all expectations good Norbord year. delivered QX of COVID recover in ever $XXX the EBITDA half to and the running has amount results in back OSB the

our this pricing. $XX struggled We strategy. benchmark increased the record XX mill XX% feet of pandemic, year or expected now took prices operating the allowed million. the demand will to the seasonal reduction to per curve, with OSB then up and will Chambord from the continue quarter. two be up cannot so spring. at customer capacity Chambord is in in a North In ramping strategy first production will full resume backup quarter in In pandemic continue to demand fourth in down EBITDA XXXX. in towards Fourth increased production we December a decisive efficiently in this taken growth XX% meet was costs. X% in after stronger fewer quarter the the the Europe part supply action made managing the to to Europe, mill complete adjusted mill year us keep to the QX restart our were year-over-year. with decrease of in substitution the in days is to the recovery EBITDA million now OSB all and part the This typical and Full Norbord of period years to the one of year. QX driven our demand OSB but typically the into with second be to the America, flexible in up European X% strength than mills. expansion new with the currently its the quarter fourth our the demand expansion ramp was during of year, recovery XXXX, improving of to During flexible adjusted fourth the is million compared the on down have cost was million up production in $XX of for and great The the where demand demand due mills with and OSB us due come. in in QX the our compared at We've expected the stages implementing of impact lowest align downtime This shipments weaker capacity second quarter. half XXX approach on help and while by to operating early Europe of the phase third fourth meet carried in quarter ramped new once We strong from in that square progress cycle to operating downtime its quarter fiscal This in days high to to quarter operating XXX in in took suppliers Inverness the days we quarter OSB made third from to $XX QX. recovery second maintenance quarter leading slower from decision demand, mill startup fully of the available

work, Engineered I'll call story. President Fraser, work West And at this next And the especially as As this continue of chapter on forward for Wood hard and year. that, one we their exciting to together Robin. new embark Fraser my on colleagues to we Norbord as organization, pass West in all acknowledge company’s our very past forward move and commitments to to look I with wanted I with as

Robin Lampard

good and everyone. morning, Thanks, Peter

with two results. QX today, reminders update as Norbord's me models you quick Just from West your Fraser

steep in of products, lumber. American at applies commodity benchmark. don't A order of First, benchmarks Norbord remind realized value to move of where up QX, goes timing you periods will taxes And during related pay American files second impact that of XXXX. payable the the as continued had the our the uses $XXX have I'll volume occurs in course taxes both strong standalone commodity roughly to light balance profitability This you for of at or down inherent versus end. fiscal lag, added changing US the OSB balance XX% in in into into sheet sheet the tax million as specialty rapidly North the same Both end. cuts on in payable year benchmark and OSB lag prices large prices of prices ways, seen because and of of with thing end those negotiated million the Fraser have that on which entities well the CADXXX of increase QX installments similarly, to West North our its prices year has

the impact and the bonus out will seasonal in and usual this flow QX to in we operating inventories log addition quarter, profit building see impacts always that cash share North from paying accruals. So in

said, to So hand I'll call with that the Chris.

Chris Virostek

new home When some and everyone. gave all response. supply owing earnings in they prices prices for the strong lifting we demand fourth last a construction, had elevated lean and in renovation morning, wood strength products, recovery lumber channel highs. continued And October driven to remained back from these reported demand time good historic limited in a price versus Thanks, applications, West norms, Fraser, lumber while in inventories to Robin quarter, ground reaction

performance, the million temporarily quarter, third pulled of consolidated for the quarter back. financial In CADXXX down EBITDA our of Fraser fourth adjusted year. from terms the CADXXX generated adjusted the prices In in lumber million, full consolidated West CADX.XX reached as EBITDA billion

We recorded specifically, quarter was duty CADXXX versus Our rates duty lumber million the the of and the were recovery EBITDA released quarter. of segment a respect fourth in in adjusted XXXX final million in third as November. $XXX as in million XXXX rates $XXX

in segment downtime at and in quarter, slightly fourth and in inflation. offset the continued performance as River showing pulp higher Adjusted signs took as declined in fourth pricing maintenance Panel Our fiber quarter. fiber strong the we are markets quarter EBITDA lower cost More pulp fourth of the its shipments Hinton Quindell pulp recently, recovery.

lumber, improvements increased shift as of to in shipments the the available lower improved most and focused are log XXXX, that was in made reductions in the control, pleased we than in SPF Turning production mill increased prior therefore, overall all reductions overall, shipment benefits were and capacity the due strong as costs, compared while the in capacity mills clearly generated SYP than our allocation few production our the improved we we XXXX a was reliability things the US utilization and by progress recovery. were have on And and of permanent implemented in CADXXX second at closures we South. changes significant volumes, realizing slightly production. spending the of sheet. years. XXXX Capital capital can our and Cost balance and, volumes in expenditures demand higher in million our XXXX volumes XXXX, year due impact price more segments. in to our declined XXXX, in spent have across for XXXX due to productivity which capital half Shifting to in that's and reduced on typical in SYP impact we costs XXXX and to we the the specifically of shipment capital past XXXX Conversely, as to lower

you And of the net XXXX, as that, back our have some debt debt outlook available modest liquidity our an turn the results, With exiting increased the exiting the billion. the for CADX.XX Debt Given over and to million XXXX projects. on will of and year liquidity with million for per seen, I'll our dividend level Ray strong materially of call CADXXX XXXX. at maintained just lastly, on CADXX quarter. Board levels CADX.XX with in remained total select update share

Ray Ferris

Thank you, Chris.

with start couple a on of the of acquisition general and me Norbord outlook comments Let on for the XXXX.

officially as Board having like Marian to Fraser Board. the to Norbord to Fraser. McMorrow also I'd welcome First, Norbord's And both team welcome Colleen members, Lawson joined and West West from new the

As we've flexibility that the opportunities we and and talked to opportunities very still will early addition West are the ahead. be deliver And previously, assets strong us company a about gives a it's Fraser the cycle. while excited the and shareholders positions through we to Norbord's Norbord to how better the lie seeing value of Fraser people financial very complement days, growth remain West to pursue to about strategic family already

projects. In terms mortgage our trend incentives people created toward markets, strong building record and products working, demand drive purchase undertake work to for low end combined with single to multifamily. for homes more it has our options, housing formation Remote that deficit, ongoing and renovations the home from homes, than rates, of do the consumes continued of have greater when underlying new family yourself

that there economic uncertainty recognize our implications can factors COVID-XX. of control long that of the influence effects we including are markets, While around of outside many the term temporarily

have memory safe will and servicing to by been past is market but few strategy. going trend. the of needs clear to are the our it forward. currently our our markets months both and community has We strong our and months which And with Keeping with of focusing favorable thoughtful mind, employees in be attention further we're customers' more led building about wood, including and we the accepted. in Record seeing, high optimistic still that our never benefits environmental fundamentals supported more just are XX and pricing with our is new a allocation results, patient relatively capital ago, priorities

few few there. and a the share that South to to select relate our like updates I'd particularly strategy Now regarding those projects, US

Alabama opportunity upgrades expectations. environment see significant of to see complex in is further in and jobs a ability Final has in we improving of great planar our US on to complex on new as while which our reducing is Turnover strategy. value higher but key Our key end substantially, manufacturing the fewer track, turnover is and our people The our all we expectations. and in retain we in seeing completed a uplift example and our the before that of is starting the XXXX, be execute were reduced recruit the to are new Opelika, we and Georgia, believe South. in Dudley, construction cost improving needed And up reduction. work the to achieving anticipate metrics, Perhaps the month. our able is in of strategy, we key productivity creating our reach safety, people upside we operating most importantly the

execution it's good the of in with from and as a to more second rest sustainability in stages benefits speak, of our for more the fiber early consuming key close It's to we strategically expect The Similar and further more business. located in capital from log supply have from our both Opelika, good without site XXXX. the we reduction in platform, for of US growth is a to later operating the now people strategy. in the same lumber we coming production, and the cost good lumber In to online as cost timber having we in a quarter. overall important lumber fact, South. markets a the planet than XX% our is note, continued it's and a extract producing investment consume our result southern that would perspective area

to and low continuing are capital we look bring to our the we been to US committed to South deploying cost forward support in them operating that remain able by prudently We projects in platform. encouraged XXXX. have operationalize the to to And completion

the is our our taken whatever ability of doing comes improved everyone have I transition next. tackle people And And to in so on overall it that and employees thankful of is past challenge this have that, year. remind the Finally, want and The that burden turn we’ll what Thank proud am dedication perseverance our to questions with I most company across of. call back for you. for operator the to the


[Operator you instructions]. Thank

Mike from First at Wilde question comes BMO.


Chris CapEx out. tone more of six bit? little positive Can Ray talk ago. heard maybe these to sounds around a of than kind like It and capturing your is months Southern you and what start returns that just projects wanted some I about I


I'll I sounds apologize try different, Mark. Well, for If it that.

I changed. hasn't think our view

to probably hear our excited It's any to actually those achieve as I think think get I just today. don't we think I sure. realize really are we tone. start But realize starting that more to and for them, expectations we're different


And left yields, Ray, productivity, impact so XX% the would in how and that much what improving across about be? you And of you be got in increase the improving help about of terms think runway talked us would seven, you’ve that remains? be what the that financial might sales can yields,


well it's think that even question. capitalized platform. to that I were a to mills always -- to continue with mean we in I'm of investing, two that Well, I pronged our kind going are answer improve fairly

kind regardless. it's get quarter. of and I that question on I With me and I every question, So large this think strategic pretty the to much respect mean goes to capital, fair a

we that the where game. quite left we've of bit got analogy, are baseball used a I've baseball think And I still. in runway

the to a say kind aware, leave we're I still think, you giving But number, as we I that inning the as I kind of the think the South. mean, you sixth bottom we top runway so what US of you're continue is deploy of or as capital see, would I to capturing, strategic sixth And later. as or far sort of far fifth see in thing, as of in we'll as to

in and achieve to frankly, remaining of product better kind and costs, recovery mills move from those So lower our fundamentally margins our stream.

So bit we're is Mark do. of our still frankly, quite runway. that, about work a to excited why, And quite


dividend just guess right wondered in Norbord we're where that turn kind just situation I of structure question is the in variable top I markets allocation. and light was, the of dividend that this then it now, And a if could kind this the because is might capital it of the variable kind consider of the we seems dividend. exactly like had you

So prioritize talk and you’d where then about just now, can building sort including yourself said edging you in as to dividend kind And other capital terms of market's going right the cash also strategy you uses position for of how right of now. perhaps a go.


in terms same. is hierarchy think allocation, I the capital of the

a having been believe exist, that's I being regardless the both in it's disruption leading in bit has approach investing for think, hasn't low of it's we us flexibility a providing terms been to think shareholders But in durable There's in striking they both a the and executed. manner changed. difference companies, platform, Having when market similar. and to a opportunities to those. cost returns all for weather across manufacturing been of And and and something growth of balance which that financial fact, approach conditions. allocation I capital

the is have out really post in kind now the not more first only the of we necessarily is think and norm. we and here as to capital we're to I working and optimize of new We're capital two weeks anything said, completion. patient, work coming consumption quarter, into peak cash today's structure this, to than be the think time market I

its 'XX four a of this early and magnitude from really healed this last accumulation 'XX. the it and So of difficult or phenomenon months, five a balance sheets been what's order in cash fairly

difficult and appropriateness On over didn't markets done long our and pay the early specifically, XXXX, to over to sustainable Mark, been continue dividend were of so we'll strategy long consistently time. have period our We need term. of the in dividends to a is fixed what has even when would I a that historically the dividend adjust say, evaluate approach


of me saying value just I to the I sense time. over transactions think do want years that that to close of potential my makes this is and by the third in has covering the one add most the sector, the most

and it So you I'll over. turn I wish those, look on


at question Capital next The Patel CIBC from Hamir comes Markets.


first first through announced of there pointed two I to deal you you Have you move expectations able refine your as to, Norbord closing? synergies million the when was believe November, the $XX Ray, a it in been years. within


ourselves day XXth, What is, have to we’re I into. and I remind I'd it’s say think

what from synergies. And progress pretty further says so certainly is, on our time I’d and conservative we’ll synergies. haven’t on we people We time update those no, really to our refined on were

still conservative, we refine execute that, think a it's running and I of up us a and little assembling while we're process plans to with going view the building Hamir. that our and teams further action in but on take have But is actively it to synergies. to those get


on the rebuilds you touched the project. Can other or underway And you to over year have two? next might speak what Ray, you Dudley

Ray Ferris

into I have detail, do I won't kind us. a but of it front that go we of in say just runway in Hamir,

that think our use returns, when programs, decent we of. I capital invest good both would of Norbord achieved as record that's and that good a pretty think Fraser, capital and this track I say we've West bring kind we I we a pretty and announce forward pretty that got

expect that. we're this give But forward until ready just that. specific not so moving kind of more of to would announce I And I'm going say, I that point, to at we're communities


market. siding had sense. at just reasons think, question it final looked didn't of couple I a a potentially had Norbord Peter. ago, variety entering time the for at I Peter And that was, of And a the years make

of ownership area an of a that growth the potential that change see industry you the as some developments. area Given the Is entity? for and combined


better today opinion opportunities risk that provide us adjusted we still think with of I significantly the have we're returns. that

will our on like focus business OSB Obviously, right of continue I'd growth unchanged. things how strategy evaluate grow. siding we OSB more the suited And to the that region, will lot to remains continue I to industrial everyone Aspen which of our have is we these in what we now, But think is remind production. sector. so to a the And capacity


The comes Sean Stewart next question TD. from at


I the capital to appreciating a around revisit transaction, couple you're weeks thoughts think your for sheet put Board you you here. only any might And arms you to want allocation, be just will work? revisiting take? on Few and comfortable to or in long of But in integration be the as the might comfortable balance when Ray, look M&A questions. as ways you how wrap the


just I'll -- that's maybe quickly. to transition, phases months. there's But Rob lot then next I me of multiple think Well, to And corporately that of that mean But happening few it. and start that IT. very financed, occur I a with over necessary. I and course, will it's the can rescue accounting, really respect integration, mean Chris it's Chris if not and

a that. disruption get confidence frankly, even that, already are at amount forward. quite of quite Chris And two finance won't and really I demonstrating teams taking capacity great frankly, I think significant so and because Rob more And there building, from be looking fair go to that we're

organization other better integration, everybody I’d the assets a people. has class we that on even So fantastic world bought and remind

building best on a not of sleep of to losing practices. a we're kind I just lot having lot we're that about stuff there's today, to integrate of go, so because And

us really plan. take game it doesn't of our very off frankly, far So

something I we true. we've not the of come might speak always us to still our the of But might be for at And frankly, have to Board. real this I not gate. was strategies I'm going any think that that's that so other opportunities around the believe off take way. going looked out And to make stronger as company And our

to so needed. think I as And forward move we’re ready


to company question ahead the requirements. a inventories, is there Chris in January. Can on Western know context decks you for And mentioned guess, in a the for like I BC, the relative expect log us I'd the to log question? working rush sense Canadian of to Robin. in working in build to normally we the of the and/or might what is QX where especially give stumpage in specifically, combined get QX, some Robin, like you cap and build Second quarter of what on QX hike look get it ahead side cap I inventory would you’re able the


can on color that add I start and Robin OSB then the business. can some on Canadian Western I mean

always and factors that, think impact affect But a and our availability does in able manage to kind of of we weather lots contractors. stumpage there's a to how I impact is that that big we you're changes to of haul. best how execute, do the big on has as the

there’s of got a in seasonal stumpage things have be So the kind year. the of if say, I you basis. on typically differences price, that in But think variables differences over inbound you’ve about on I would the that and think would year two don’t major volume terms we volume affected of of where

on And than clearly capital in volume, prior build more so with higher similar working going you to stumpage have years.

are we we’ve now. working us any inventory that that it hard in sure further to that justified the got make is we can So I don’t of know than But order right log that economically to operate on through for the coming kind go season.


the I the inventories log add, experienced for quarter, the north first, of by build historically, the the share is, the as working million working first on in capital only also said, and context, a in the accrual. the entity historical capital build Norbord the $XXX million I operating things guess for business driven building payout in side like profit of Chris, some I from OSB thing anywhere $XX would to context just has

obviously, year it that has magnitude year, profit look historically But sort the you of experienced. this range range, as to will So be than based last order of higher been. that's share we've on


Where shield do to taxes cash have stand? forward? quick going Do last ability NOL any one. And one you


You'll our up we've this disclosure, at time. Sean, see used in NOLs in point pretty our much all of

few a of We much pretty bit now. all out right are restricted but have that NOLs a


Markets. comes The RBC from Capital next Paul question Quinn at


just down the are side, given to lumber continue? mix 'XX really as sort shift shipping opposed to shift XXXX do in trying experienced the prices on of that start that you shipment that where here, in or in from expect states you I'll Asian and to to shift Maybe the understand shipping that


going speak Mr. McIver I’m that. Paul, let to to


to them China you presence I the we America North a market where, will are the meaningful to our total we'll volumes important know markets, XXXX been probably critical Canada much last reduced challenged now, and from very the prices And in similar just is right kind business. good hold we for it's swing. Yes, quarter. say, for think with in been and remember, they've but that China in well, in not last like where shifted the on significantly Yes, this year both Depending on a pretty us continue Japan Canada we're before. XXXX and in of and remains compared have our has stronger Japan as into to side, been I the demand Saying it as coming a would remains short markets in lumber these have side. has term. as OSB to going We're have


think quarters volume we XX if by another the and Peter. much how ramp great? Chambord, it how about of could of question should out be and parse sort then up And you for in that’d Peter,


the at Well, beginning hampered quarter way making first, I the or objectives Despite COVID our through. whole we're being saying, we’re start of to under spring. that end situation significantly this get production good the the towards of our by lockdown that in progress happening process working should here really

to we're So with on everything with very be the plants works Most of strong sure been this of sort stage. sort is very making we're of I'm to the commission making. properly work that able union on And the on progress count We've needs complete. the from before. in pleased done relationship

we're plan of typically, built And so making up of sort on about a That's past based And OSB start on and would good would after at board. people if a our XX% be what worth, we're certainly I -- I we an about of have year's think capacity. we pleased about be progress would when around. experience getting mill

of what instead the we XX% that that should of that quarter, and started sort up those will the And very come Jefferson in mills past. north available a something year, much and first that's first you capacity. the average expect, in up like in can on means overshadowed but saw the we ramp of of you that imagine Alabama So


while Peter, mills I about hearing got been up Have you you. starting rumors any And in North other here? America OSB


on, than reported ones. heard haven't I other Other ones of that the you've any


Maybe last question to the Ray.

production, outlook on XX.X% always bar here, MBSK, suspect a 'XX I struggle in high set to you've terms Just up they and the deliver. of you got

able be to year? confidence the you get that gives what to wondering this Just


related Well, I that, caribou had downtime remind I'll significant just we pretty in think, year the a market you around pandemic. last

look And achievable, our I our what so as -- at look of would going production second from we look MBSK at I when say standpoint, quite Paul? frankly I think a the And part just forward. we that was question,


back. on XXX the see mean, back it I production level, I that. don't going in at if just anything was up look Well, I your history,

any gives there you themselves that now? more is material So confidence the in change mills


planning that. have product group in XXXX, impacted with other that we saw how tell downtown, talked or about pleased as Hinton difficult incident nine that in were a market-related a the that, pulp quite fourth not of is XXXX. for have shutdown downtime in And had we quarter. tragic we're and we the But QX, the best, I market months with we at XX notwithstanding XXXX, in a the second of you like Well, part we blip -- did any our pulp performed, to than


The question follow-up is Mark from BMO. a at next Wilde


just talk high to then it of place ago and like taking decks construction maybe for I from some activity, wondered the hitting also about both could deferrals you these responses. whether for record saw Europe. a that lumber might consumer or like yourself supplier and do responses prices types about, the see OSB, we and in market things Coast of weeks I Gulf parades couple a story Peter, OSB if

OSB both and could wondered about lumber. responses So, guys if you I talk in supply


all to maybe here to a on I'll the customers story listening just very is as getting where side. the interesting. lot All more of it's the OSB integrated, similar side. the talk and lumber really then supply But And side yes, we're our

to would pull consumers away. Our like

customers percentage restocking on biggest are the it large as And they tried a afford particularly that day, busy. It's the fourth can't of on so day. a in active yourself tried every lumber they're do not their the They just year. in couple last just customers demand was be to market Our quarter, and while side. every in yards the market, increases very, it not is Their still really times. to very

pushing and they're more are their products. more the stores get all and to get And partners more trading so suppliers box busy. their all And

expect And in from be the forever. But in very level right the that a So see thing Europe we that as would if comes that now. the come fruition. been seeing and we'll seeing price maybe it speak past markets are different may than European bit. we bit an that seeing say, a to acceptance but I on last are But to we lumber, is forward prices we're you maybe to what going have, that, wood we're do of side in good other these don't has supply is lumber

they're over. come that to incented So not

with over pass Peter So OSB. I’d that, it maybe on to the


not I in North technical they're of offer from some up, demand imports Europe sort would think mills Maek. America, America for European are limited. I OSB coming same to there the The to perspective quite are reasons. capable of address market Yes, Yes, North

in. been at of the there well. really of European they and as demand can’t OSB So has are improving a time, compete that And it’s growing sort market same aspect the limited pricing

So anyways immaterial. say is if largely is those far in you two would combine I volume slowing the things, that so


this I you some we've the US. XX the about are where Fraser? think would say last Can of roll days. over West pulp rally for XX us probably just side business the And then companies skewed help have more had over that how through amazing to Southern Asian into in down thinking on that more the you than

should just see, can you you. you So for But if little a great. be that I'm more would thinking quickly through that roll it help us that, with


I'll Chris, stab a that. to at try It’s take

us. a things. very gonna few seeing probably One, It's a days It's We think fairly certainly seen it. is bit XX for are longer we've pricing. improved phenomenon a a earlier to little to of I pricing improvement. while take different around through the than the get order file that us taking lag what a no see to bit a you before recent Robin said than XX see

we're take Europe But pressure So is what and a picking little on while. markets. we're up, North encouraged And both America. puts that's very certainly Asia the seeing in which gonna by

much better year. we at this the side So pricing half least the first things for looking on see of


quarter? And what up way outage then finally, to are in those the is fourth any there days quantify kind of at costs


could really I don't put helpful, Mark. that a have be would that number


Thank you. this time. questions are at no There further

You may proceed.

Peter Wijnbergen

call very Well, support, your for talking you look forward much, thank everyone continued our to we to in Thank joining for and everyone. and QX. you


this the your thank for you gentlemen, call lines. and concludes for disconnect please Ladies We you that and conference we participation, ask today.