(Reuters) -Nutrien, the world’s biggest fertilizer producer, said on Wednesday it would pause its potash production ramp-up plans indefinitely and halt work on its clean ammonia project at Geismar, Louisiana.
U.S.-listed shares fell 2.6% in extended trading as the company cited market conditions for stopping efforts to bolster potash output to 18 million tonnes.
Potash prices have eased following the resumption of shipments from major supplier Belarus, whose exports were largely frozen last year due to western sanctions after Russia’s invasion of Ukraine.
The suspension of work at its 1.2 million tonne clean ammonia plant was due to elevated costs and uncertainty on the timing of emerging uses for clean ammonia, it said.
On an adjusted basis, Nutrien reported earnings of $2.53 per share for the three months ended June 30, compared with expectations of $2.79, according to Refinitiv data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Maju Samuel and Arun Koyyur)
