The company said the reduction was mainly down to benchmark North American OSB prices being 31% lower in 2014.

Norbord’s North American operations generated EBITDA of US$54m versus US$255m in 2013, while the European plants delivered US$47m (2013: US$46m).

“US housebuilding continues to recover, albeit at a more gradual pace than originally anticipated,” said Norbord president and CEO Peter Wijnbergen.

“This put pressure on the North American OSB market, which in turn impacted our financial results.

“However, Norbord’s mills in both North America and Europe delivered excellent operational results this year, with six mills setting annual production records.”