© Reuters. FILE PHOTO: A normal view of Nutrien’s Cory potash mine is seen close to Saskatoon, Saskatchewan, Canada August 12, 2019. REUTERS/Nayan Sthankiya/File Photograph
(Reuters) -Nutrien, the world’s largest fertilizer producer, mentioned on Wednesday it might pause its potash manufacturing ramp-up plans indefinitely and halt work on its clear ammonia undertaking at Geismar, Louisiana.
U.S.-listed shares fell 2.6% in prolonged buying and selling as the corporate cited market situations for stopping efforts to bolster potash output to 18 million tonnes.
Potash costs have eased following the resumption of shipments from main provider Belarus, whose exports have been largely frozen final 12 months as a consequence of western sanctions after Russia’s invasion of Ukraine.
The suspension of labor at its 1.2 million tonne clear ammonia plant was as a consequence of elevated prices and uncertainty on the timing of rising makes use of for clear ammonia, it mentioned.
On an adjusted foundation, Nutrien (NYSE:) reported earnings of $2.53 per share for the three months ended June 30, in contrast with expectations of $2.79, in line with Refinitiv information.
