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Article: Canada : Quebec eyes stake in papermaker.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
The Quebec government could invest directly in struggling AbitibiBowater Inc., the Montreal-based forestry giant that ranks as the world's largest newsprint producer, provincial Economic Development Minister Clement Gignac said yesterday.
But he told a Montreal news conference he would consider such an investment only if the company and its unions are ready to make "sacrifices" and cut costs by $50 to $75 U.S. a tonne to widen margins and improve competitiveness in North America and overseas.
That would be a big target. Newsprint now sells at $480 U.S. per tonne, an all-time low after inflation. Consumption by United States ...