CANADA – Norbord Inc. reported adjusted EBITDA of USD 90 million in 2014 compared to USD 287 million in 2013 on 31% lower North American benchmark oriented strand board (OSB) prices. 

North American operations generated adjusted EBITDA of USD 54 million versus USD 255 million in the prior year and European operations delivered adjusted EBITDA of USD 47 million versus USD 46 million in the prior year.  In the fourth quarter of 2014, Norbord recorded adjusted EBITDA of USD 15 million, unchanged from the previous quarter and USD 14 million lower than the fourth quarter of 2013.

“US housing continues to recover, albeit at a more gradual pace than originally anticipated.  This put pressure on the North American OSB market, which in turn impacted our financial results,” said Peter Wijnbergen, Norbord’s President and CEO.  “However, Norbord’s mills in both North America and Europe delivered excellent operational results this year, with six mills setting annual production records.  We achieved USD 24 million in Margin Improvement gains, reflecting the ongoing effort across our company to reduce manufacturing costs and increase productivity.  Our European panel business also had another strong year in the face of an increasingly challenging macroeconomic environment.”