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Louisiana-Pacific (LP) reported a net loss of $100 million in the third quarter, compared to a $55 million loss in the same period last year.
The Nashville, Tenn.-based company saw sales of $390 million, down 18 percent from $473 million in the year-ago period.
"In the quarter, we announced the indefinite closure of two more OSB mills (Athens, Ga., and Chambord, Quebec). Most recently we decided to delay the re-start of the newly constructed Clarke County, Ala., OSB mill,” said LP's CEO Rick Frost.
“During the fourth quarter, we anticipate that most of our mills will be curtailed as much as they will operate,” he added. “LP is currently implementing an accelerated right-sizing initiative to reduce LP's ongoing cost structure to current business levels."