Research brief / Forestry & Timber
The lumber duty is a deposit, not a tax.
Canadian lumber enters the U.S. with cash deposits of 26.47% of its value in West Fraser's case and 35.16% for most other producers, plus a…
Fibre, housing and trade
Forestry & Timber
Lumber, pulp and timberland businesses exposed to U.S. housing, trade policy and the cost of fibre.
Canadian lumber is a U.S. housing input and a trade-policy flashpoint at the same time. The research follows duties, fibre costs and mill economics rather than the headline.
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Relevant company profiles
West Fraser's head office is in Vancouver, and its shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the same symbol,…
- Sales (latest quarter)
- US$1,434MQuarter ended Jul 3, 2026
- Net earnings (latest quarter)
- −US$61MQuarter ended Jul 3, 2026
- Adjusted EBITDA (latest quarter)
- US$59MQuarter ended Jul 3, 2026
All figures are in U.S. dollars, West Fraser's reporting currency. The second quarter of 2026 ended July 3, 2026; figures are from the July 29, 2026 news release, the interim MD&A and the interim financial statements filed on EDGAR the same day. Annual figures are from the February 11, 2026 release. Adjusted EBITDA is management's non-IFRS measure as the company defines it. Lumber volumes are in million board feet (MMfbm); OSB in million square feet on a 3/8-inch basis. Blank means not yet verified, never zero.
Vancouver, British Columbia
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The record
Desk notes in this theme
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Policy / Forestry & Timber
Commerce puts a Quebec sawmill back under the lumber duty order at 1.05%
After a Court of International Trade judgment on July 21, D&G/Portbec's 2015 subsidy rate was recalculated from a de minimis 0.21% to 1.05%, so cash deposits resume on its U.S. shipments; the seventh review that sets everyone else's rate is still pending.
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Results / Forestry & Timber
West Fraser returns to positive EBITDA with US$1,077 million on deposit in Washington
Adjusted EBITDA of US$59 million followed a negative US$66 million first quarter; the net loss narrowed to US$61 million, the Texas sawmill doubled output, and the company says the new 50% Section 338 tariffs do not touch its lumber or OSB.
Data & documents
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Use the current releases linked below. We do not display live market data, and a source directory is never a verified data snapshot.
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SEDAR+ public filings
Issuer financial statements and MD&A.