GreenFirst Announces Lumber Duty Deposit Rate Reduction

GreenFirst Forest Products Inc. (TSX: GFP) is pleased to announce the reduction in its softwood lumber duty deposit rate from 20.23% to 7.99%, which is expected to take effect on or about August 2, 2023. This official change by the United States Department of Commerce (“US DOC”) results from the Final Determination of the Fourth Administrative Review of softwood lumber imports from Canada to the United States for the year 2021.

Since August 28, 2021, upon the acquisition by GreenFirst of the Rayonier sawmills, the US DOC assessed GreenFirst’s duty deposit rate on softwood lumber imports to the United States at a significantly higher rate than its Canadian peers. The net effect of the US DOC’s decision has resulted in a reduction in GreenFirst’s earnings and a corresponding overpayment of softwood lumber duties in relation to other Canadian exporters. We believe the amount of the overpayment up to the end of June is approximately US$21 million; however, at this time we are not certain when this reimbursement may occur. Beyond this overpayment, GreenFirst has an additional US$51 million of duties on deposit pending a broader industry settlement.

The impact of this reduction in duties, both with respect to the potential release of funds on deposit and on GreenFirst’s future earnings, will be discussed in greater detail on GreenFirst’s forthcoming second quarter earnings call.

“Today’s announcement is welcome news for GreenFirst, as the reduced softwood lumber duty rate will significantly improve our earnings and cash flow profile,” said Paul Rivett, Chair of the Board. “We will continue to advocate for our shareholders to see a timely return of the duties overpayment and for a settlement of all remaining duty deposits.”.
https://greenfirst.ca/2023/07/31/

Related Posts

Resolute Forest Products Praises Canada’s Filing at WTO

Resolute Forest Products Inc. expressed praise for Wednesday's filing by the Government of Canada at the World Trade Organization (WTO). Canada launched a wide-ranging complaint against the United States, challenging a host of measures inconsistent with its WTO obligations. Resolute applauds the Canadian action, standing up for Canadian jobs and families, the company's customers and business partners in the United States, and the international rule of law. "Resolute has been a victim of this pattern of behavior by the United States Department of Commerce. We are repeatedly confronting the same discredited protectionist policies when we fairly sell paper and lumber to American consumers who need and want these products," stated Richard Garneau, president and chief executive officer. Click Read More below for additional information.

UPM Raflatac to showcase their more sustainable sticky notes products at the Insights-X stationery expo

UPM Raflatac, a global supplier of self-adhesive paper and film products, will showcase their more sustainable sticky notes products at the Insights-X stationery expo in Nuremberg, Germany on 11-14 October 2023. UPM Raflatac will be participating in the expo under the Global Notes by UPM Raflatac brand name after acquiring the AMC AG and the Global Notes brand in 2022. UPM Raflatac will introduce its new UPM Notes product range. UPM Notes offers a selection of different colorful sticky note pads and cubes made from FSC™-certified (FSC C003094) paper. To eliminate the use of unnecessary plastic, the notes are wrapped in transparent FSC™-certified plastic-free paper, making the packaging renewable, recyclable, and significantly lighter when compared to traditional cardboard packaging. UPM Raflatac is the first in the market to offer an innovative beyond fossils alternative for packaging sticky notes.

Monadnock Paper Mills Expands Popular Envi Card Stock Portfolio with New 100% Post-Consumer Waste Offering

Monadnock Paper Mills, Inc. is expanding its popular Envi Card Stock portfolio with the introduction of Envi PC 100 Card 28 pt., crafted from 100% post-consumer waste fibers. In the last 10 years, more than 10 billion gift, membership, and loyalty cards have been produced on Envi Card by the world’s leading retailers, restaurants, hotels, and brands. This is a testament to the viability of converting PVC card programs to engineered paper. The “Un-Plastic® alternative,” a drop-in replacement for legacy plastic and PVC substrates, will be particularly attractive to issuers looking to enhance their sustainability portfolios. Envi Card has been qualified by printers and card manufacturers around the world. Like all Envi Card Stock materials, Envi PC 100 Card is manufactured in the U.S. and is FSC® certified, manufactured carbon neutral (VERs), and made with 100 percent renewable Green-e certified wind-powered electricity (RECs) under a third-party certified ISO 14001 Environmental Management System.
Back To Top
×Close search
Search