West Fraser is a diversified wood products manufacturer, producing lumber and engineered wood products (EWP) used primarily in residential construction and renovation. West Fraser operates mills across Canada, the U.S., the U.K., and Europe. Lumber is the largest segment, producing SPF (spruce-pine-fir) lumber from 11 mills in B.C. and Alberta and SYP (southern yellow pine) lumber from 17 mills in the U.S. South, sold to retailers, pro dealers, and wholesalers. The North America EWP segment produces OSB (oriented strand board, a structural panel used in sheathing, flooring, and roofing) from 14 mills across North America, as well as plywood, LVL, and MDF from Canadian facilities. West Fraser also operates a Europe EWP segment producing OSB, particleboard, and MDF in Scotland and Belgium, and a small, non-core Pulp & Paper segment. West Fraser makes money by converting raw timber into commodity wood products and selling them at a spread over production costs. Product pricing is highly volatile and driven by U.S. housing starts, while fiber costs are the primary input cost. Canadian operations benefit from a partial natural hedge, as provincial stumpage fees are partially linked to product prices. Canadian lumber exports to the U.S. face combined duties and tariffs of roughly 36.5%, a significant headwind for the Canadian lumber segment. West Fraser argues it competes on a low-cost asset base, integrated residual fiber chain, and geographic and product diversity. West Fraser pursues a countercyclical capital investment strategy, committing to cost-reduction projects during downturns, while also paying dividends and repurchasing shares.