(Saskatoon) Nutrien’s top boss says the unprecedented volatility in fertilizer markets, which has contributed to the company’s declining profits so far this year, is stabilizing.
According to Ken Seitz, demand for potash strengthened during the second half of the year, and the company expects it to return closer to 2021 levels over the next year.
The CEO’s comments come as the Saskatoon-based fertilizer company posted a third-quarter profit of US$82 million on Thursday, significantly lower than the US$1.6 billion it posted in the same period. last year.
Volatility in fertilizer markets led Nutrien to announce in August that it was indefinitely suspending the planned ramp-up of its potash production.
Mr. Seitz indicated that he is comfortable with Nutrien’s current capacity, but that the company would be prepared to restart this ramp-up when it seems appropriate.
Despite BHP’s large potash project currently under construction in Saskatchewan, Mr. Seitz expects Nutrien to maintain its market share as demand for potash grows.