A statement Wednesday from the Vancouver-based company says the sawmill and pellet plant in Chetwynd, B.C., north of Prince George, is expected to close early in the second quarter of 2023.
Canfor president Don Kayne says the company is making these “difficult but necessary decisions to create a more sustainable operating footprint” in B.C. The announcement comes just two weeks after Canfor announced it will permanently close the pulp line at its Prince George pulp and paper mill later this spring, affecting an estimated 300 jobs by the end of the year.) soared in response to the late Wednesday release of stronger-than-anticipated fourth-quarter results.
The oil industry has been facing calls from investors and the White House to put last year’s record earnings from sky high energy prices into more drilling, acquisitions, or to reduce prices for consumers. Those unprecedented earnings led analysts at Citi on Wednesday to ask if one of the two might buy BP, Shell or TotalEnergies.
The U.S. oil majors’ valuations are about 40 per cent above European rivals, Citi said. BP’s market value is about US$108-billion, compared to Chevron’s US$346-billion and Exxon’s $US466-billion. But Chief Financial Officer Zachary Kirkhorn said the company would also be “attacking every other area of cost and unwinding cost increases created for multiple years of COVID-related instability.”
Tesla forecast it would sell 1.8 million EVs this year, which would mean sales growth of about 37 per cent. That annual number could be as high as 2 million vehicles barring an external shock, Mr. Musk said. The company’s average cost per vehicle, including all categories of its spending, was almost US$44,000 in the fourth quarter.
Industry executives have said that they do not see any signs of slowing demand in the face of a potential slowdown. Operating revenue rose about 40 per cent to $13.19-billion, slightly below the estimate of US$13.20-billion.) increased after reporting quarterly results that fell short of Wall Street estimates, but the casino operator expects a broad recovery, including at its property in Macau.
“I’m interested to hear if it meets their 15-20-per-cent historic return on investment hurdle,” he added. After the Federal Reserve’s rate hikes for most of last year, the economy has begun to show some signs of slowing down, with wide-ranging layoffs and fears of a recession spooking consumers. Higher interest rates, inflation, recession worries, and geopolitical tensions from the Russia-Ukraine conflict have prevented private equity firms like Blackstone from selling assets for top dollar.
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