Canada’s Nutrien bumps up potash output after EU imposes sanctions on Belarus

Canada’s Nutrien bumps up potash output after EU imposes sanctions on Belarus

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By Rod Nickel

WINNIPEG, Manitoba, June 21 (Reuters)Canadian fertilizer producer Nutrien Ltd NTR.TO stated on Monday it will enhance 2021 output of the crop nutrient potash by 500,000 tonnes, after the European Union imposed commerce sanctions on Belarus.

Nutrien’s improve takes its potash gross sales outlook this yr to a record-high vary of 13.three million to 13.eight million tonnes, and follows a earlier 500,000-tonne manufacturing improve introduced this month. The corporate doesn’t disclose total manufacturing steerage.

Western powers hit Belarus with sanctions in a coordinated response to Minsk’s compelled touchdown of a Ryanair RYA.I airplane final month to arrest a journalist on board.

The sanctions embrace a ban on potash imports from Belarus, the place state-owned Belaruskali is without doubt one of the world’s greatest producers, together with Nutrien. Potash costs have strengthened this yr on rising demand, as farmers pocket stronger crop costs and look to maximise yields.

Saskatoon, Saskatchewan-based Nutrien stated that by elevating manufacturing, it was additionally factoring in rivals’ issues. U.S.-based Mosaic Co MOS.N this month reduce manufacturing at its greatest potash mine, in Saskatchewan, because of flood dangers.

Nutrien additionally boosted first-half adjusted internet earnings-per-share steerage to a spread of $2.30 to $2.50, from $2 to $2.20 beforehand.

Previous to Nutrien’s bulletins, its shares rose 1.7% in Toronto to C$73.70.

(Reporting by Rod Nickel in Winnipeg; Modifying by Jonathan Oatis and Peter Cooney)

(([email protected]; Twitter: @RodNickel_Rtrs; 1-204-230-6043;))

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