Uralkali (the Company; Moscow Exchange: URKA), one of the world's largest potash producers, announces plans to cut back potash production in 2H 2019.
The Company expects to reduce its total output of potash by approximately 350-500 thousand tonnes. The cutback is largely as a result of current market situation and scheduled maintenance activities, which require a temporary shutdown of the Company's production facilities.
The production downtime is fully in line with Uralkali's strategy, whereby the Company determines its output based on global potash market conditions, such as demand and price dynamics. This approach enables the Company to avoid excess production and selling its main products at unfavourable prices.
Despite the current short-term market headwinds, Uralkali remains confident in the long-term fundamentals of the potash industry.
Uralkali (www.uralkali.com) is one of the world's largest potash producers and exporters. The Company's assets consist of 5 mines and 7 ore treatment plants in the towns of Berezniki and Solikamsk (Perm Region, Russia). Uralkali employs ca. 12,000 people in the main production unit. Uralkali's shares are traded on the Moscow Exchange.
OAO Uralkali published this content on 20 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2019 07:26:08 UTC