Western Forest Products released their third quarter results yesterday, posting $141.6 million in revenue, despite its coastal mills and woodland operations being behind picket lines.
Company president and CEO Don Demens told shareholders unencumbered lumber and log inventories were sold off to mitigate the effect of the strike, which started on July 1st.
Production was shifted to their American mills, which they purchased in February, as well as using independent custom cut facilities.
Yesterday, hundreds of striking United Steelworker members held a protest rally outside company headquarters in Nanaimo.
Local union president Brian Butler says the company needlessly forced the strike by asking for concessions while reaping record profits.
“Their inability to understand that in todays marketplace where they’re making millions of dollars, record profits year after year, is hardly the time to introduce massive concessions,” he told CHEK News.
Demens told shareholders he is committed to resolving the labour dispute in a manner that supports customers and employees, while ensuring Western remains globally competitive.
Western says it has requested binding arbitration and has arranged negotiating dates with mediator Vince Ready but the union has refused.
“This company has been publicly saying how they want to get to the mediation table and get a deal, well then I don’t know why they haven’t returned my calls since last Thursday to get back to mediation,” said Butler.
Western’s third quarter revenues were less than half from the same period last year, and down from $310 million in the second quarter of this year.
https://www.westernforest.com/investors/
