YARIY - Yara set to stop production at Belgian fertilizer plant in coming days
European fertilizer producer Yara International ( OTCPK:YARIY ) ( OTCPK:YRAIF ) said Tuesday it will stop production at its Belgian unit "in the next few days," as surging natural gas prices have caused Yara and others to cut production.
Annual production capacity at its Belgian site of Tertre totals 400K metric tons of ammonia, 950K metric tons of ammonium nitrate fertilizers and 800K tons of nitric acid.
The halting of the factory will cause a 10% decline in AN supply on the French market, which will be mostly compensated by its Montoir-de-Bretagne unit in western France, Yara said.
Fertilizer names including Mosaic ( MOS ), Nutrien ( NTR ) and CF Industries ( CF ) all trade lower on Tuesday but have racked up strong YTD gains.
Yara's move fills in details of its previously disclosed plan to cut ammonia production by 65% and AN by 35% .
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Yara set to stop production at Belgian fertilizer plant in coming days