Norbord’s core North American operations recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of US$165m in 2012 (2011: US$14m), while the European division (UK and Belgium) saw a slight dip in EBITDA profits to US$39m (US$44m).

Norbord’s chief financial officer Robin Lampard said that there had been a "fundamental" change in the US market, with the sector set on an upward curve.

"It’s been a long time on the bottom of the market," she said, adding that it was now genuine new demand that was driving OSB sales.