OSB and engineered wood product producer Louisiana-Pacific Corporation (LP) reduced its losses in 2010 to US$8m (2009: US$133m loss).
The company posted sales of US$1.4bn, up from US$1.1bn in 2009.
The company’s CEO, Rick Frost, said LP had not yet seen much improvement in housing starts but it had been able to take advantage of the improving repair and remodelling market, international opportunities and strengthening siding sales.
The core OSB division produced 3 billion FT² of 3/8in product in 2010, 465 million ft² more than a year go, Sales were US$603m, up 47%, with operating profits at US$26m (2009: US$65m loss).
LP’s engineered wood products business, including I-joists, LVL and LSL (laminated strand lumber), recorded an operating loss of US$21m (2009: US$33m), from sales of US$192m.
The siding business reported sales of US$428m, up 13% on a year ago, and operating profits of US$51m, nearly twice the level of 2009.
“Looking into 2011, we see housing starts improving by 15-20% and anticipate continued recovery of repair and remodelling activity,” added Mr Frost. “We will remain agile to respond to changes in the demand as the year progresses.”
