CANADA –  Norbord Inc. reported EBITDA of USD 45 million in the third quarter of 2013, compared to USD 66 million in the same quarter last year and USD102 million in the second quarter of 2013.

North American operations generated EBITDA of USD 36 million in the quarter versus $58 million last year and $92 million in the prior quarter. European operations generated EBITDA of $12 million in both the third and second quarters of 2013 versus $10 million in the third quarter last year.

“I am pleased with our third quarter result in spite of the volatile OSB pricing we’ve experienced in North America this year,” said Barrie Shineton, President and CEO. “Prices have adjusted by 45% since the spring, yet even at today’s more moderate levels, we continue to generate attractive free cash flow. OSB prices bottomed in September and we are now seeing a gradual, positive improvement that I believe will continue into the fourth quarter. Demand from our customers remains strong, their inventories are lean and Norbord has a healthy four-week order file.”
Regarding the European market Barrie Shineton added, “In Europe, panel markets continued to strengthen, particularly OSB, and our plants are running at capacity. It is clear that the housing recovery is now well entrenched in our core UK and German markets.”