The world’s prime fertilizer maker will increase output of a key crop nutrient whilst demand softens.
Nutrien’s plan to extend potash manufacturing capability to 18-million tons by 2025 has not modified, CEO Ken Seitz stated Thursday throughout the firm’s third-quarter earnings name. The transfer comes as costs are falling from the very best stage in years as farmers in North America and Brazil delay purchases, creating localized gluts.
“We’ve got been prudent about increasing capability, pacing it with the market,” Seitz stated. “We proceed to imagine the supply-side challenges are actual and there’s going to be a house for our volumes out there.”
Along with Nutrien’s growth plans, BHP Group is methods to hurry improvement of a $5.7-billion potash mission in Canada that would add greater than 4 million tons yearly to world provides.
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