Canadian lumber producer Slocan Forest Products Ltd will look to more new export to mitigate the impact of recently imposed countervailing and anti-dumping duties in the USA.
The company recorded increased net profits of C$43.4m in the second quarter of 2002, due to the return of C$21.8m in provisional duties and an unrealised currency gain of C$17.2m due to accounting changes. Sales were C$230m, against C$251m a year earlier.
Slocan expects the impact of US duties to be heavy in the second half of 2002. Consequently the company said it is looking to broaden the range of its export markets.
