RE:RE:RE:RE:RE:RE:RE:RE:Assets priced at 50% discountCapex is overdone. Their cash breakeven is ballpark identical to the RYAM mills that went to GFP. You can also use RFP as a proxy but RFP's Thunder Bay outfit at 330MMFBM is a behemouth so that gives them a few bucks better costs.
I'd calc'd it before and recall it was maybe $40 or $50 pe mfbm higher all-in costs that the IFP mothership. Big at $500 wood but that's a paper tiger these days.
I worked at one of the now GFP mills in the past and it's suboptimized but their median 150 MMFBM outputs are more onside now then they were there (in the era of mega mills). The mega mills are rationalizing, dropping 3rd sawlnies, etc. Per Plateau (CFP's $150M albatross that's only 15 years old).
I'd say let em run as is. If we veer into cash loss territory, turn em off. It's that simple. We are not subsidizing the customer at Home Depot anymore nor trying to play last man standing with peers but shaving op costs to the bone. That's shareholder cash and should (will) be treated as such per current thinking re: capital allocation frameworks.