OSB prices were at their lowest since 2001 according to the wood-based panels producer, with year-on-year revenue also falling by 29% (US$107m) to US$261m.
This overshadowed positive growth in Europe for the company, with its European mills recording earnings before interest, taxes, depreciation and amortisation of US$18m, three times the figure for the same period in 2006.
“Recovering building construction activity in Germany, rapid economic expansion in eastern Europe and capacity closures in western Europe are supporting very strong panelboard demand,” Norbord stated in a letter to its shareholders.
“We expect Norbord’s European earnings will continue to improve during the remainder of the year.”
