Canfor Pulp Temporarily Curtailing Northwood Pulp Mill Due to Ongoing Labour Dispute at B.C. Ports

VANCOUVER, BC, July 11, 2023 /CNW/ - Canfor Pulp Products Inc. (TSX: CFX) is announcing the curtailment of its Northwood Pulp Mill in Prince George effective July 13, 2023. The curtailment is due to limited storage space for pulp products that cannot be transported overseas as a result of the ongoing labour dispute at B.C. ports. The downtime is expected to remain in place for the duration of the labour dispute and will remove approximately 11,000 tonnes of market kraft pulp per week.

"We are urging the federal government to take action to bring a swift end to the labour dispute at the Ports of Vancouver and Prince Rupert. As a result of the strike, we are unable to ship approximately 70% of our pulp products to customers in Asia," said Kevin Edgson, President & CEO, Canfor Pulp. "We regret that our Northwood employees are being impacted as a result of a separate labour dispute and we recognize the effect it will have on them, their families, our suppliers and the community."

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.

About Canfor Pulp Products Inc.

Canfor Pulp Products Inc. ("Canfor Pulp" or "CPPI") is a leading global supplier of pulp and paper products with operations in the central interior of British Columbia ("BC"). Canfor Pulp owns and operates three mills in Prince George, BC with a total capacity of 780,000 tonnes of Premium Reinforcing Northern Bleached Softwood Kraft ("NBSK") Pulp and 140,000 tonnes of kraft paper. CPPI shares are traded on the Toronto Stock Exchange under the symbol CFX. For more information visit canfor.com.

SOURCE Canfor Pulp Products Inc.

Media Contact: Michelle Ward, VP, Corporate Communications, [phone], [email protected]; Investor Contact: Pat Elliott, CFO and SVP, Sustainability, [phone], [email protected]; Dan Barwin, Director, Corporate Finance, [phone], [email protected]