The CEO of the largest US lumber producer says that the commodity's sky-high price is not the new normal, even as he foresees sustained demand over the next decade
WeyerhaeuserCEO said the sky-high price of the commodity is unsustainable, Bloomberg reported.
- "I don't think $1,000
lumber pricesare the new normal," CEO Devin Stockfish said.
- Weyerhaeuser is America's largest
lumberproducer. It owns 11 million acres of timberland.
Devin Stockfish, the chief executive of Weyerhaeuser, the largest lumber producer in the US, on Tuesday said the sky-high price of the commodity is a blip that is unsustainable.
Lumber stood at over $1,168 per 1,000 board feet on Tuesday afternoon."We're going to continue to look for timberland opportunities," Stockfish said. "Every deal that comes to market, we're looking at, so I would expect us to continue to be active on that front."
The Seattle-based company owns 11 million acres of timberland in the US.Shares of Weyerhaeuser closed lower on Tuesday by 0.36%, at $35.57.
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