Nutrien suspending plans to expand production as blobal fertilizer slump takes a toll on the potash giant
is indefinitely suspending plans to ramp up its potash production, cutting its capital expenditure and reducing its profit forecast yet again, as a prolonged slump in the global fertilizer market takes its toll on the Canadian giant.
The fertilizer company had already warned last month that its profit forecast would likely be soon pared back, after it was forced to cut production at one of its mines owing to the inability to exportout of the port of Vancouver amid the strike by the International Longshore and Warehouse Union. Formed in 2018 after the merger of Agrium Inc. with PotashCorp of Saskatchewan, Nutrien is one of the world’s largest fertilizer producers, producing potash, nitrogen and phosphate. The company is also a major agricultural retailer in the United States and Canada, selling fertilizers, seeds and pesticides.
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