world news - 24.10.2002
Slump in wood industry dampens Weyerhaeuser profit
The forest products giant Weyerhaeuser said yesterday that third-quarter earnings fell 86 percent because of low wood prices, duties on imports of Canadian softwood lumber and merger-related charges. The company, based in Federal Way, Wash., reported a profit including one-time items of $13 million, or 6 cents a share, compared with a profit of $91 million, or 41 cents a share, a year ago.
Weyerhaeuser, which announced a major timberland sale and two plant closings on Monday, is suffering in a downturn in the wood and paper industry that has lasted more than two years.
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