TEMISCAMING, QC, June 25 /CNW Telbec/ - Tembec today announced a three week extension to the previously announced curtailment of the Pine Falls, Manitoba Newsprint Operations. The original curtailment, which began on June 16, was estimated to be for three weeks.
"The market for newsprint continues to be challenging. This extended curtailment is a result of unacceptably low prices offered in some markets due to supply and demand imbalances and the black liquor tax credits available to some newsprint mills in the southern US," stated Chris Black, Executive Vice President and President of the Paper Group.
The effect of the overall curtailment is expected to result in a total reduction in production of 22,000 tonnes of newsprint. Tembec indicated it will continue to monitor market conditions and inventory levels closely and will adjust operating rates accordingly.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices. The Company's principal operations are located in Canada and France. Tembec's common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available on its website at www.tembec.com.
This press release includes "forward-looking statements" within the meaning of securities laws. Such statements relate to the Company's or management's objectives, projections, estimates, expectations or predictions of the future and can be identified by words such as "will", "anticipate", "estimate", "expect" and "project" or variations of such words. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of future developments. Such statements are subject to a number of risks and uncertainties, including, but not limited to, changes in foreign exchange rates, product selling prices, raw material and operating costs and other factors identified in our periodic filings with securities regulatory authorities. Many of these risks are beyond the control of the Company and, therefore, may cause actual actions or results to materially differ from those expressed or implied herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.