PLYMOUTH, Minn.--(BUSINESS WIRE)--The Mosaic Company (NYSE: MOS) today announced that it will reduce its phosphate production plans by 300,000 tons for the spring season. Mosaic has been monitoring U.S. markets and NOLA DAP prices, and has decided to reduce production due to continued weather concerns across key U.S. growing regions, along with higher than normal carryover inventory levels from the fall.
Mosaic believes the current margin structure does not reflect today’s balanced market conditions. Protecting margins at this seasonably slow time of the year is important for the Company and its customers.
The reduction will impact Mosaic’s U.S. phosphate facilities in Florida and Louisiana and will be accomplished through changes in maintenance schedules and operational production plans.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the Company is available at www.mosaicco.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the anticipated benefits or strategic plans and other statements about anticipated future financial, production and operating performance. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: difficulties with realization of the benefits or strategic plans; actual costs of various items differing from management’s current estimates, price and demand volatility for our products, other changes in market conditions, accidents and disruptions, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations, changes in government policy, changes in environmental and other governmental regulation, as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.