Magna expects sales to be hurt by sale of fluid pressure and controls business

Magna expects sales to be hurt by sale of fluid pressure and controls business
AURORA, Ont. — Magna International Inc. says it expects its sales this year will be weighed down by a stronger U.S. dollar and the sale of its fluid pressure and controls business. The Ontario-based auto parts maker, which keeps its books in U.S. dollars, says it expects total sales of US$40.2 billion to $42.4 billion for 2019. Magna expects net income... Read More

The changing nature of Canada’s forest supply as fires, bugs, and climate bite

The changing nature of Canada’s forest supply as fires, bugs, and climate bite
Mills in the heart of Canada’s timber industry have fallen quieter this winter as wildfires and infestations made worse by climate change have made vast tracts of once valuable forest into barren stands of dead trees. After seeing record high softwood lumber prices earlier this year, Canada’s forestry industry is facing an uncertain future due to falling demand from a cooling U.S. housing market, increasingly frequent and intense forest fires and... Read More

N.S. prepares for worst on controversial pulp mill: ‘No easy solution here’

N.S. prepares for worst on controversial pulp mill: ‘No easy solution here’
HALIFAX — Nova Scotia’s premier says he’s keenly aware of the continuing need to diversify the province’s economy in 2019, especially with the future of a key economic player up in the air. Questions around the potential closure of the Northern Pulp mill in Abercrombie, N.S., will grab a share of the headlines in the coming year and Stephen McNeil... Read More

N.S. to announce plan on clear-cutting and other forest practices

N.S. to announce plan on clear-cutting and other forest practices
HALIFAX — Nova Scotians will learn more today about the future of clear-cutting and other forestry practices in the province. The government will release its response to an independent report last August that called for fundamental changes in how trees are harvested, including a reduction in the controversial practice of clearcutting. In the report, University of King’s College president Bill... Read More

Pressure mounts on Ottawa to review N.S mill’s contentious effluent pipeline

Pressure mounts on Ottawa to review N.S mill’s contentious effluent pipeline
HALIFAX — A proposal to pump millions of litres of treated pulp mill waste into the Northumberland Strait is a clear case for Ottawa’s toughest environmental review process, say veteran fisheries scientists — who contend many questions remain on how a swirl of sea life will mix with warm effluent and a changing climate. The Strait touches three provinces, and... Read More

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