For the most part yes. According to Appalachian Hardwood Manufacturers, Inc., about 55% of all trees that are planted every year are done by logging companies. There can be problems with this (replanting trees in straight rows or having stands of trees all of the same age or species, for example), and apparently pristine old growth forests can store more CO2 than newly planted ones, but if done correctly it does replenish forest that has been cut down, albeit of lesser quality than the trees they replaced.
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