Canada Enterprise Emergency Funding Corporation

July 27, 2026 – Canada Enterprise Emergency Funding Corporation (CEEFC), a subsidiary of the Canada Development Investment Corporation (CDEV), announced today that it has entered into an agreement to provide a $100 million Large Enterprise Tariff Loan (LETL) to Millar Western Forest Products Ltd., a Western-based global pulp supplier with operations in Alberta and British Columbia.

The financing will provide the company with liquidity to navigate current market and trade pressures, support its important role in Canada’s forest products value chain, and maintain its competitive position as pulp prices and global trade conditions stabilize. 

Millar Western is a Canadian producer of Bleached Chemi-Thermo Mechanical Pulp, a specialized pulp used in the manufacture of high-quality consumer paper products. The company has one million air dried metric tons of annual production capacity across three mills in Alberta (Whitecourt and Slave Lake) and British Columbia (Quesnel). The company’s operations is home to over 600 jobs in BC and Alberta, and are crucial to the rural and local economies of their home communities.

The company is a leading Canadian producer of this specialized pulp and supplies almost one fifth of global market needs. In recent years, the market for this specialized pulp has faced significant disruption. Global trade imbalances and tariffs have contributed to a decline in commodity prices. These pressures have been compounded by current trade barriers affecting U.S. buyers, including tariffs and duties.

“Many of Canada’s strategic industries are highly exposed to global market pressures, and the forestry sector is no exception,” said Lorraine Audsley, President and Chief Executive Officer of CEEFC. “Millar Western plays an important role in Canada’s forest products value chain and is a significant economic contributor in Western Canada. By leveraging CEEFC’s commercial expertise, we are helping ensure key Canadian companies can withstand temporary disruptions and continue contributing to a resilient and competitive Canadian economy.”

“Canada’s forest products sector is navigating an exceptionally challenging period, shaped by trade uncertainty and broader market pressures,” said Elizabeth Wademan, President and Chief Executive Officer of CDEV. “This financing will help ensure that an important Canadian company has the liquidity it needs to weather these near-term challenges while continuing to contribute to Canada’s forest products value chain.”

“Millar Western is a vital part of our region’s economy and has been for decades, and we appreciate the Government of Canada supporting our application under the LETL Program,” said Melanie Litoski, Chief Financial Officer of Millar Western. “This capital will assist us in continuing to navigate the ongoing trade uncertainty and better position the company for long-term success in serving our customers throughout North America, Asia and India.”

LETL provides liquidity to otherwise viable businesses, while protecting taxpayer interests. The terms of the LETL will require Millar Western to maintain minimum employment levels, and limit executive pay. Companies interested in applying for the LETL facility can submit an enquiry form to CEEFC via www.ceefc-cfuec.ca.

Quick facts

• Millar Western manufactures high-quality market pulp for customers around the world.
• CEEFC was established in 2020 by CDEV to administer emergency and strategic financing programs on behalf of the Government of Canada.
• The Large Enterprise Tariff Loan (LETL) facility was launched in 2025 to support large Canadian employers, protect Canadian jobs, business operations, and investment activities in the face of actual and potential tariffs and countermeasures.
• For over 40 years, CDEV has provided the Government of Canada with specialized financial advisory around the country’s most complex and diverse commercial interests.

About CEEFC
The Canada Enterprise Emergency Funding Corporation (CEEFC) is a subsidiary of the Canada Development Investment Corporation (CDEV). Created in 2020 during the COVID-19 pandemic, its mandate is to administer resilience capital programs on behalf of the Government of Canada.

About CDEV
CDEV advances economic prosperity for Canada by delivering financial and commercial expertise that government relies on. As a self-sustaining Crown corporation operating since 1982, CDEV has become the federal government’s trusted advisor and active asset manager responsible for more than $75 Billion in strategic assets.

About Millar Western
Millar Western Forest Products Ltd. is a Canadian forest products company producing bleached chemi-thermomechanical pulp from operations in Alberta and BC. The company is committed to safe operations, sustainable forest management and supplying high-quality products to customers worldwide.