Stelco reports earnings of $125 million in Q3 in sharp jump from last year

Stelco reports earnings of $125 million in Q3 in sharp jump from last year
HAMILTON — Stelco Holdings Inc. says it earned $125 million in the third quarter for a sharp rebound from the $30-million loss it reported in the same quarter last year. The Hamilton-based steel producer says adjusted net income for the quarter ending Sept. 30 came to $135 million, or $1.52 per share, up from an $11 million or 15 cent... Read More

CP Rail says it moved record shipments of grain and biofuels in October

CP Rail says it moved record shipments of grain and biofuels in October
CALGARY — Canadian Pacific Railway says it delivered record shipments of grain and biofuels in October. The Calgary-based railway says it moved 2.64 million tonnes of Canadian grain and grain products in the month, breaking the previous high set in September 2017. CP Rail says it has shipped more than 7.5 million tonnes of grain and grain products through 14... Read More

Lowe’s closing 31 Canadian stores and other locations, 20 stores in U.S.

Lowe’s closing 31 Canadian stores and other locations, 20 stores in U.S.
BOUCHERVILLE, Que. — Lowe’s Companies Inc. says it plans to close 31 Canadian stores and other locations as part of a plan to focus on its most profitable operations. The closures include 27 mostly Rona stores in Canada including nine in Ontario, nine in Quebec, six in Newfoundland and Labrador, two in Alberta and one in British Columbia. Lowe’s also... Read More

Resolute Forest Products third-quarter profit up, paying special dividend

Resolute Forest Products third-quarter profit up, paying special dividend
MONTREAL — Resolute Forest Products Inc. announced it would pay a special dividend as it reported a third-quarter profit of US$117 million, up from $24 million a year ago. The company, which keeps its books in U.S. dollars, says it will make a special payment of $1.50 per share to shareholders of record on Dec. 6. Resolute’s third-quarter profit amounted to $1.25 per diluted share,... Read More

Canada moves to block steel dumping with 25% surtax on select products

Canada moves to block steel dumping with 25% surtax on select products
The Canadian government says it will impose a 25 per cent surtax on some foreign steel products in a bid to head off dumping. The Finance Department said “excessive imports” are harming the steel industry, prompting it to impose a surtax on seven products that range from rebar to wire rods. The surtax, which begins Oct. 25, will be in place for 200... Read More

GFL Environmental buying U.S. company Waste Industries in deal valued at $3.65B

GFL Environmental buying U.S. company Waste Industries in deal valued at $3.65B
Toronto-based GFL Environmental Inc. has signed a deal to buy Waste Industries in an agreement that values the U.S. company at about $3.65 billion. The deal will more than double GFL’s footprint in the United States. Waste Industries provides non-hazardous solid waste collection, transfer, recycling and disposal services in the southeastern United States. It has more than 2,850 employees and... Read More

Catalyst Paper agrees to sell Canadian, French mills to Paper Excellence

Catalyst Paper agrees to sell Canadian, French mills to Paper Excellence
VICTORIA — British Columbia-based Catalyst Paper Corp. has reached an agreement to sell its operations to Paper Excellence Canada of Richmond, B.C. Catalyst CEO Ned Dwyer says when the transaction is complete it will benefit customers, employees, suppliers, communities where it operates and B.C.’s pulp, paper and forest products industries. Details of the transaction have not been released, but it will... Read More

Mercer International buying Canadian kraft pulp mills for $465 million

Mercer International buying Canadian kraft pulp mills for $465 million
TORONTO — Mercer International Inc. has signed a deal to acquire Daishowa-Marubeni International Ltd., which owns a bleached kraft pulp mill in Peace River, Alta., and a 50 per cent stake in a joint venture which operates a bleached kraft pulp mill in Quesnel, B.C. Under the agreement with Marubeni Corp., Nippon Paper Industries Co. Ltd., and Daishowa North America... Read More

Resolute to sell South Carolina pulp and paper mill for $385 million

Resolute to sell South Carolina pulp and paper mill for $385 million
MONTREAL — Resolute Forest Products Inc. says it has reached a deal to sell a pulp and paper mill in South Carolina for about $385 million to New-Indy Containerboard LLC. The price for the Catawba, S.C. mill includes about C$333.5 million (US$260 million) in cash plus assumption by the buyer of about $51.5 million of largely pension-based liabilities. Resolute says the sale... Read More

Auto sales down 7.4 per cent in September for largest drop since 2009

Auto sales down 7.4 per cent in September for largest drop since 2009
TORONTO — DesRosiers Automotive Consultants says new light vehicle sales were down by 7.4 per cent in September compared with the same month last year for the largest monthly drop since 2009. Sales were down by close to 14,000 units to total about 173,000 passenger cars and light trucks sold in September, making it the lowest sales figure for the month since 2014. DesRosiers... Read More