Jobs are under threat at Carter Holt Harvey's Marsden Point laminated-wood plant.
The company announced a proposed restructuring into a smaller operation concentrating on the domestic market.
It said it had serious concerns that the export side of the business, which accounts for about 70 percent of its production, was unprofitable and the business as it operates today could not continue.
Most of its products are exported to Australia.
Chief executive Prafull Kesha said closure of the plant was still possible.
"While total closure has been considered and still remains an option, we have identified that a smaller domestically-focused business may be more viable than the current business (which serves both the export and domestic markets) with a better chance of long run survival."
The company said it would consult with all staff before a final decision was made.
Kesha acknowledged it would be a difficult time for staff and the company would be working closely with the union and affected staff to ensure they had the support they needed.