Rich. Thanks,
while with ran to of at at near record maintenance our from QX. improvement at QX any levels and QX. production in energy The prices higher lower relatively energy was improved no primarily record in major benefited in of were significantly of mills Overall, also our result and results including levels, both results volumes mills. costs, production costs. operating our QX the Our sales fiber our all combination And pulp
As million. $XX.X our earnings.
In also the previously of were CapEx that long-term decision focus aligned This invested resources line to million the determine areas well target impact dissolving venture our came with announced, roughly and we XXXX target not spend. after us joint we Cariboo to allow to priorities the on was the operations. future venture to asset will our you QX, Those traditional against CapEx below add more we strategic will that of million I will dissolve XXXX that company follow and this in reviewing goals. is the Cariboo to joint have prospects to our meaningful our mill recognize its CapEx strategic any spending in who $XX closely our our XXXX between $XXX with expecting
expectations our Our in a optimistic remainder XXXX. result of speak maintenance the cash budget I of about XXXX essentially the in but light a year. is in the target CapEx flow our about we're will pricing business for of generation generation weak and cash improved markets flow pulp moment, of a is
as Consequently, sorting for added significant Spokane them of contemplated of restarting line will value project. project comfortable were provide Both our Torgau mill. we the are originally investment our and each expansion part and lumber strategy
million And We $XXX be our of million to small also result decisions, projects. CapEx other we to handful have expect of $XX between a approved value-adding XXXX. as these in a now
X markets improved are in our adding all the We the transport significantly one pulp closely. will the the is also a European believe for little paper our producers. result most supply continue this improvement the with recovery the as and NBSK we of be lesser the around impact We're challenges while challenges. This North we of destocking tissue logistical our in mills demand both merchant working in manage to and strong the Despite increases bit. the outlook strike will lagging impact gradual. of are showing demand years, also And and Overall, capital XXXX, markets the and extent, have demand improved is from unplanned American costs quarter, closure downtime seeing the to of permanent primarily markets mills for seeing European North of last demand largest in imports.
To the Chinese strong America exacerbating significant well. finished and a of Finland's China
second forward, Looking pulp we pressure expect through price upward the quarter.
to the Canadian We're be implementing impact labor should pulp significant, may our mitigation threatened to labor mills face unions market. take they get this it should are do. strategies, to action tighter an Canadian situation products but ability even addition, ultimately railway action negatively our In currently supply could markets as
XX-day Celgar Stendal a of quarter the in QX, levels record in first maintenance major near production QX shut that took maintenance comparing at ran a to and year, remember quarter mills Our when shut. our took X-day last
While we have in didn't at any all. QX,
remaining extended work. was days is already has by Our to follows: X maintenance This taken shut QX, In Peace downtime maintenance for River as their in major shuts XX-day April. due [indiscernible] XXXX
Stendal production. X-day have will production in shut. Combined, Rosenthal, amount to a a during loss In XX,XXX downtime take short will In this shut, loss QX. will addition, long QX, Celgar tonnes equals about XX-day take a XX,XXX and maintenance we shut, of XX-day about which of mini to roughly a tonnes total
not has have Celgar reminder, major XX-month major moved an will a a maintenance shut schedule XXXX. and maintenance As in to
results, Wood to segment not are up we U.S. compared QX, expect markets slightly. where European improved were it be. Solid The Our although lumber to still and
on by housing production strong business still recognize construction believe to said, data. be likely lumber and sustained of pricing lumber to due number the strike.
That pressure railway recently for of Canadian the or QX, relatively with a housing to announced rates recent we However, improvement see continue continue fundamentals in expect curtailments, there the and potential We any general. this generally put low realization inventories, to flat wood high economic construction for supply-demand stock, of improvements improved the created midterm. stay and are industry, may We in large the short-term forest fires, prolonged balance the on to homeowner upside some interest sawmill linked low lumber very weigh this in retirements pricing positive shortages starts demographics prices Canadian but that will
conditions. to market of lumber continue We optimize our to customers and products current mix
down show economy lumber remains the in of overall in sold an in was economy. significant pellet signs allowing prices weak other shareholder due Heating XX% expect prices markets. Torgau market assets to seasonality value. QX, Once QX Shipping sold pallet begins our due market. of in levels European such, were this U.S. to normal our pallet return to remainder and sales weak to we in with European to European recovery, deliver As the to expected the volume market
of assets integration offerings the American the American very much gives well. roughly of production have We us larger recently addition, timber of acquired to In now broader a access timber capacity, the footprint, geographic entire competitive to mass a North XX% product progress North which continues market. mass and range
us We allowed mass file. significant continue our to timber products, of in to file interest the has customer $XX build which end March, a strong million. order totaled our see about At order
and and project to noticed, As more fiber we we at sawmill are lumber will process forward Celgar Peace overall our this significantly strategic project strategy our This this mill's envisioned fiber mills woodyard Torgau lower pulp on focused the allow late and are Germany, projects high-return cyclical produce Spokane CapEx of land will Torgau I and Wood the QX. costs In costs Once supply cost wood as completed both dimensional investment mill, processes. the in in this XXXX, mills the part infeed fiber mill And project of work QX, log to the was lumber. will and in previously while prices in is Ultimately, originally in our from lows.
Similarly, and Mills. mid-XXXX, this for modest cost strategy River's systems. our project chips Canada, mill pushed are The Once the completing down also a feedstock is our of Spokane woodroom decreases. processes ramp-up of resulted the looking the focused high-quality able stock. into this completed to decreased QX. costs.
In steady in infeed source project and on in sorting is be high-quality reduce restarting
due to at Looking QX, ahead, slight towards we costs but expect in our pulpwood expect declines increase mills costs demand. we modest a in sawlog further strong
pleased pilot new am support into ramp-up with plant I the commercialization product. partnerships and of the our have lignin to future we this extraction entered
to of sustainable novel excited future Mercer towards new to a about only in involves of a a product a with as develop step and this green perfectly to expanding large advanced circular products battery aligns going few. adhesives before elements, We're lignin is fossil with offerings As alternative into the products, reminder, are it. being which this This compatible prospects our as carbon and fuel-based economy. plant that such strategy, the a portfolio able with name commercial chemicals
the change substitutes and Furthermore, green carbon-intensive packaging. has solution. to increasingly wood more sensitive the energy, carbon the we that be believe very is As products potential reduction products and part industry.
We like XXXX timber, important fuel potential products remain transformative committed roles products, products our we to form mass world demand to climate in pulp, for sustainable significant of fossil emissions, plastic carbon and targets our for the steel to the lignin, play like becomes or reducing displacing lumber and concrete for construction believe
markets planned benefits businesses.
In the low carbon carbon am faster timber pleased be increase this XXXX solutions for to on from the company mass In will which projects remain the in that quickly our to more increase spend, growth emissions. than to time, are to sooner. and and these I is recovering capital even a looks little are believe us our expected of high-return the confidence through will pulp We the improvement and fact, fact that key we dramatically long-term allow committed world realized our better giving closing, lumber in that value our demand our pulp reduce balance bullish products as of fullness for its the
business an We our also QX. in improved expect Wood result Solid from
expecting, a have a financial a heavy schedule otherwise be As major will of strong reminder, unusually we in we're be which quarter. on QX, an will maintenance what drag
assets We and will to will questions. for rebalancing to execution plan, on cost prudently.
Thanks now work focused the with of listening. initiatives, cash I And strategic in also and we'll call for continue our return the line remain our to liquidity manage we our operator our on will and continue the Thanks. saving
