As below. Nothing too explosive. In contrast, the Canfor list of questions feature such bombs such as "will you go back into OSB productions?" [likely response: uhhh we divested all our OSB assets already.... awkward as we just sold the last one a few weeks back] and "your return of capital to shareholders has been inconsistent, how do you impreove this?" [uhhh yaaaaah. It's kind of intentional. We run the biz for Jimmy, and he wants to empire build not prop up the losers with the sub-50% holdings]
1) Commodity lumber producers have seen record prices in 2020 with 2021 looking pretty good at this point. As reported in your Q3 results, Western shifted considerable commodity export to stronger domestic markets. What is needed to be able to make these types of changes?
2) How have specialty lumber prices fared in 2020 by segment – Cedar, Niche and Japan?
3) Why hasn’t record North American R&R demand led to stronger Cedar realizations? Do you anticipate a drop in Cedar pricing with the reduction in the softwood lumber export taxes?
4) What is the financial and administrative burden from the recently implemented manufactured forest product regulation? How does its introduction promote additional manufacturing in BC? Does it make financial sense to invest in one of your Vancouver Island mills?
5) Japan export volumes and pricing have been under a little pressure in 2020. Does this look to improve going forward? What is the long-term benefit of marketing Japanese Cedar in North America?
6) Western endured an 8-month strike recently. What are your main takeaways from this? Does further diversification outside the BC Coast make sense? How has your relationship with the union been since the strike and what can you do to improve it?
7) Pulp & Paper mills on the BC Coast are struggling with low pricing. Is there any risk to your residual sales?
8) Western exports a fair amount of logs. Is this a sustainable business given the NDP provincial government’s re-election?
9) Mass timber has gained adoption in Europe, and is starting to gain traction in North America. How do you expect the market to develop in North America over the next five to ten years? Would Western consider entering the market?