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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Conifex Timber Inc    CFF   CA2073241044

CONIFEX TIMBER INC (CFF)
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Canada opens WTO case against United States over lumber duties

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11/29/2017 | 12:14am CEST
A pile of logs is pictured in Squamish,

OTTAWA (Reuters) - Canada on Tuesday formally opened a case against the United States at the World Trade Organization over a recent Commerce Department decision to impose duties on Canadian lumber exports, the foreign ministry said.

A ministry statement said Canada would forcefully defend the lumber industry against the "unfair, unwarranted and deeply troubling" decision.

Earlier this month Canada launched a NAFTA trade challenge against duties affecting about $5.66 billion worth of U.S. lumber imports.

The Office of the U.S. Trade Representative is confident the Department of Commerce's actions "fully comply" with WTO rules, said USTR spokeswoman Amelia Breinig, in a statement.

In any case, Canada's decision to open a case with the WTO is premature, she said, since final duties are not yet in place, pending a decision by the U.S. International Trade Commission on whether imports of Canadian lumber have harmed U.S. producers.

That decision is expected in December.

The U.S. Commerce Department accuses Canada of unfairly subsidizing and dumping softwood lumber, which is commonly used in the construction of homes. Canada denies it is dumping the lumber.

The disagreement centers on the fees paid by Canadian lumber mills for timber cut largely from government-owned land. They are lower than fees paid on U.S. timber, which comes largely from private land.

(Reporting by David Ljunggren in Ottawa and David Lawder in Washington; additional writing by Rod Nickel in Winnipeg; Editing by Andrew Hay and Chris Reese)

Stocks mentioned in the article
ChangeLast1st jan.
CANFOR CORPORATION 0.42% 21.42 Delayed Quote.-13.92%
CONIFEX TIMBER INC 2.37% 3.02 Delayed Quote.-46.36%
INTERFOR CORP 2.03% 16.6 Delayed Quote.-21.64%
WEST FRASER TIMBER CO. LTD. 2.46% 66.23 Delayed Quote.-16.67%
WEYERHAEUSER COMPANY 2.50% 28.72 Delayed Quote.-20.36%
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News from SeekingAlpha
08/10Conifex Timber reports Q2 results 
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2017Conifex Timber reports Q3 results 
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Financials (CAD)
Sales 2018 782 M
EBIT 2018 51,5 M
Net income 2018 25,9 M
Debt 2018 316 M
Yield 2018 -
P/E ratio 2018 3,44
P/E ratio 2019 2,09
EV / Sales 2018 0,60x
EV / Sales 2019 0,44x
Capitalization 151 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 7,25  CAD
Spread / Average Target 140%
EPS Revisions
Managers
NameTitle
Kenneth A. Shields Chairman, President & Chief Executive Officer
Antonio Madia Senior Vice President-Operations
Yuri Lewis Chief Financial Officer & Secretary
George L. Malpass Independent Non-Executive Director
Jim Jia Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
CONIFEX TIMBER INC-46.36%116
CANFOR CORPORATION-13.92%2 069
GREENLAM INDUSTRIES LTD-30.01%304
TA ANN HOLDINGS BERHAD--.--%268
ACADIAN TIMBER CORP-10.87%225
JAYA TIASA HOLDINGS BERHAD--.--%143