Thank, Steve.
quarter skewed quarter. conditions outlook perspective, when winter Typical through quarter So quarters the section let me weather. greater be sales usually harvesting the light off to and interrupted first can timber start are a Harvest our by by market seasonality. typically touching the weather on volumes accelerates end periodically support activity the activity. our of first From
log continued months, pricing demand and usual first look or to core strong anticipate to in increased could lead niche we over constrained North at have as season. any construction the we the log we our half the our Japan, And all anticipate of in expected supply the imported home support XXXX, activity of the In year. end in new we we the is harvesting term. inventories In of across stronger pricing resulting with we ahead. months segment pricing for deliver lumber demand towards combined demand half to product the imbalances and in supply-demand for logistics-constrained segment head the demand Western. from coming margin But In segment. usually created limited weather-related finally in through events near improve our markets above-trend pricing opportunities business, strong our than the to demand volatility lower spring improved cedar As level with first strong categories expect part should America, – last the continued In markets, combined our supply pricing believe year.
So inventories sawmills to our we'll over may XXXX at coming look downtime we but months. log rebuild the log-related half experience in the of first certain some
and the issues and could remain in challenges challenges the supported strong the All global volatility to supply should related limited near-term. uncertainty prices demand. continue coming pricing by shipping chip sawlog create pricing our benefit Higher ongoing expect and and ongoing in business said, logistics that residual quarters. in NBSK higher to We lead COVID-XX the to to domestic prices
and will remain We our demand as platform flexible operating the to logistics carbon footprint. product market wood leverage to its continue building as capacity. opportunities a to match the for growth We optimistic long-term looks world sustainable reduce to about production
the proposed at-risk traditional December, TFL proposed their developments. Limited defer have to the in that the First be to million have when yet old uphold The to are government November, provincial decision most temporarily harvest forests. deferrals First BC decision of intention traditional or industry hectares two In their recent partnership technical interim government's implemented to right announcement BC's and territories area growth the on with its temporary continues to as province-wide decisions impacted made. decision not if Turning the government work Huu-ay-aht final announced the be in announced and of are their that advisory identified whose have in would operated First some to certain not In X.X will that yet regarding by Nations, harvest Nations areas. in X% areas themselves the based to their final release have harvest on a between been we deferral Tsawak-qin operate Huu-ay-aht deferral Nations, years. deferral Since have temporary. on territory final updates proposed Forestry and on First BC state government's portion of whose decisions includes Partnership, The we XX temporary discussions next provided panels will Nations.
growth Western member a the planning decisions has joint initiated a agreement related Nation force month, science-based including Nanwakolas old dialogue do a on such, forest our not of plan the and XX expect to business TFL Council going as process will this approach and included government's The us final the the forward. However, members that indigenous-led their Last agreement inform managing state Block nations deferral that an decisions. short-term resource work in management Public or while completed. announced interim – these process. for four of integrated forward management report as nations on to with impact of these to we a material to hectares two are plans joint allowed a has X,XXX result communications
proactively We sustainable relationships continue support mutually to work forest positive in with First and management of on beneficial BC. in fostering Nations
December January Moving of year, Department are the lower from approximately XX.X%, the of and rates deposit to of the antidumping administrative Softwood US Western combined rate. Lumber applicable rates XX%. about third dispute. approximately X% In third Effective current duty one to from combined rates to last which duty preliminary countervailing on is for the increased the announced review from The Western than the duty this the year, Commerce review. administrative
Treasury, deposit We expect be over on approximately the August – on year. with $XXX XXX at review million the of for in third million. rate this duty has Currently to of Western CAD US administrative today's deposits exchange is the rates which final implemented
have our allocation. support of dividends capital remain to in capital the shareholders $X.X to disciplined time to shareholders $X.X allocation approach while allocation. growth initiatives. to capital approximately and and balanced business, a approach billion to flexibility we share We invested cash capital committed Since We our to maintaining while balanced Turning plan XXXX, remain in returning to the via approximately repurchases. same at billion returning to
Turning to what's next.
health the working with remains contractors collaboratively safety of and communities priority top and Nations. and then First Our our employees,
and with base, our we remains to strengthen And successfully that, and sustainably same our questions. to the business long-term our operator, focus initiatives, open shareholder your value. deliver the our long-term foundation, Our implement grow can grow call to up strategic
