Resolute said timber prices would help offset the rise in US border taxes

Montreal - resolute Forest Products Inc. said that high timber prices would mean a significant increase in border taxes imposed by the U.S. governmen

According to the US Department of Commerce, CEO Remi Lalonde said that taxes would be raised from 20% to 30% for most of 2022.

Lalund said that the timber trade dispute between Canada and the United States needs patience to be resolved, but he "hopes" to resolve the dispute in a way that is beneficial to Canadian producers as in the past.

Although the legal process is slow, strong demand enables companies to compensate for tariffs at prices.

Resolute said on Thursday that the price fell from more than $1000 per thousand board feet to an average of $573 in the third quarter, still above the historical average.
Resolute exceeded expectations and its net profit for the quarter increased to $80 million or 99 cents per share, compared with $57 million or 66 cents per share in the same period last year.

The adjusted profit reached 84 cents per share, higher than 13 cents expected by analysts and 72 cents in the third quarter of 2020. Sales climbed 12% to $817 million.