Focus on OSB: North America | 19
Above: US apartment with OSB walls and roofing (Allen TX) PHOTO: RICH BALDWIN
Canadian shipments decreased by 20% due to lower prices.
Much of the relatively small volume of non-North American OSB originates in eastern Europe. While the US government has not banned trade in Belarussian and Russian agricultural commodities including wood products, OSB imports from Belarus and Russia substantially fell after approximately March 2022. Latvia and Romania are two other OSB sources, and for
both first half volumes exceeded second half volumes.
WEAKER SECOND HALF OF 2022 FOR OSB MAKERS
The three publicly-traded forest products manufacturers that disclose an OSB segment enjoyed a strong 2022. Fiscal 2022 sales and profits for these publicly-traded OSB producers (collectively with 54% of North American production in 2022) were the
second best in history after the record 2021. Average sales return for all of 2022 was US$596/m3
compared to US$712/m3
in 2021,
and mean EBITDA margin was 51% in 2022 versus 62% in 2021. However, these companies also report that
OSB prices that had started 2022 near record highs fell to pre-pandemic levels by year end. While the average sales return for all of 2022 was US$596/m3 US$846/m3
, a near-record sales return of (EBITDA margin = 67%) during Q1
www.wbpionline.com | April/May 2023 | WBPI
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