It’s difficult to compare ourselves with the European market. I would say that we mainly compare ourselves to the North American market. I would say that, in terms of North America, we’re still quite competitive. The forestry system in Ontario is still a very good forestry system. We’re able to ensure a sustained, sustainable and certified supply at a competitive cost. It’s often the cost of the fibre that impacts the final product cost.
When we compare ourselves to our North American competitors, we find that we’re still in a good position. On the other hand, there is certainly still a lot of investment to be made in our factories to be able to say that we’re in the top quartile. The company has defined a strategy, and it’s been presented to our shareholders. Our company is a public company.
The strategy consisted of two phases. In the first phase, we had to invest $50 million, and in the second phase, between $70 million and $80 million. We have started the first phase, we have invested in one of our factories, mainly for a new sawing line and boilers. We just invested about $28 million. We have also invested about $3 million in Cochrane.
However, given the tariffs that have been imposed, we are forced to suspend those investments. In fact, we’re not only suspending investments, we’re asking each of our CEOs to reduce all expenses. We’re currently doing the bare minimum. That said, we must certainly continue to invest to accomplish our mission and the vision we presented to our shareholders, which is to be part of the top quartile.