Four British Columbian timber giants have set aside around C$30m to pay for the US countervailing duty imposed on Canadian lumber exports.
Slocan Forest Products, Riverside Forest Products, International Forest Products (Interfor) and West Fraser Timber are budgeting for the 19.3% duty, which could receive final approval in December.
The eventual annual cost of the duty to the four firms is feared to be as high as C$250m.
In its third-quarter results, Slocan budgeted C$13.3m for the duty; Interfor set aside C$4.5m; Riverside C$2.8m; and West Fraser C$8.7m.
Interfor recorded a C$2.9m loss for the quarter, even though sales and production both increased. Slocan’s earnings were C$4m.
