We evaluated the effectiveness of commercial thinning mainly from below (CT; 0, 26%, 32% and 40% merchantable basal area removals) in meeting wood production demands and developing structural heterogeneity in a balsam fir (Abies balsamea (L.) Mill) and spruce (Picea spp.) stand. After 10 years, 32%–40% removals showed a 12%–18% increase in mean diameter and 27%–38% increase in gross merchantable volume (GMV) per tree compared to the unthinned control. At the stand level, all thinning treatments generated as much cumulative GMV (harvested volume + GMV after 10 years) and gross sawlog volume per hectare as the unthinned control. As for stand structure, eight out of nine thinned experimental units showed increased structural heterogeneity after 10 years, i.e., irregular, positively-skewed diameter distribution with an elongated right tail toward larger trees. The diameter distribution in the unthinned control became more symmetric, unimodal and regular over time, with fewer saplings than at the beginning of the experiment and lower density of larger trees compared to CT. Regeneration density and stocking were abundant in all treatments, largely dominated by balsam fir. Results indicate that thinning can be used to meet wood production objectives and help develop structural heterogeneity in this forest.