Western Forest Products Inc. Announces Temporary Production Curtailments in British Columbia

VANCOUVER, British Columbia, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX: WEF) ("Western" or the "Company") today announced plans to temporarily reduce its lumber production output for the remainder of 2022 by approximately 20 million board feet to manage inventory levels to current market conditions.

This temporary reduction in lumber production will be spread across the Company's British Columbia manufacturing platform throughout December. Remanufacturing and shipping operations will continue uninterrupted, with lumber production at impacted sites expected to resume in January 2023. The Company continues to evaluate market conditions on an ongoing basis to maintain a balance between production and demand.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.0 billion board feet from seven sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

Forward-looking Statements

This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as "plans" "expects", "will" and "continue", and similar references to future periods. Forward-looking statements in this press release include, but are not limited to, statements relating to the duration of the reduction and timing for resumption of lumber production, plans for remanufacturing and shipping operations, inventory levels and market conditions. Although such statements reflect management's current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including economic and financial conditions, changes in demand for the Company's products, competition and selling prices, natural disasters and adverse weather conditions and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2021 Annual Report dated February 16, 2022.

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