Total sales for LP were 47% higher in the fourth quarter at US$549m and 27% higher for the full year at US$1.7bn. EBITDA earnings for the year were US$203m, compared with a loss of US$5m in 2011.

"The US housing recovery picked up momentum in the fourth quarter with annual housing starts at a seasonally adjusted rate of 954,000 in December," said CEO Curt Stevens.

"This increase in demand resulted in better OSB pricing and good performance in our siding segment."

LP is to restart operations at one of three mothballed OSB plants following sales of US$243m in the last three months of 2012, up 86%, with full-year sales up 50% to US$814m. Earnings before interest, tax, depreciation and amortisation (EBITDA) were US$166m, compared with a loss of US$18m in 2011.

Sales of siding products grew 25% in the fourth quarter and 17% to US$501m for the full year. Engineered wood products were up 11% for the last three months and 5% to US$213m for the year.