YARA’s Holsether: “Clear Risk of Nitrogen Shortages…”
02 August 2022, US: Fertilizer manufacturer YARA International posted a profit of nearly $1.48 billion for the second quarter of 2022, compared with USD 775 million a year earlier, according to a YARA news release. Net income attributable to shareholders of the parent was USD 664 million (USD 2.61 per share) compared with USD 539 million (USD 2.10 per share) a year earlier.
“Yara’s business model remains resilient, and I would like to thank the whole Yara organization for another strong effort in a volatile market”, said Svein Tore Holsether, President and Chief Executive Officer of Yara. “However, there is a clear risk of nitrogen shortages and further price spikes if the gas situation in Europe deteriorates further.”
Yara said seasonally lower Northern hemisphere demand combined with the recent European gas price surge is leading to significant curtailments in Europe, including Yara. Yara has currently curtailed several of its production plants, currently amounting to an annual capacity of 1.3 million tons of ammonia and 1.7 million tons of finished fertilizer.
Mitch Eviston, founder and CEO of Meristem Crop Performance said it’s this risk of scarcity and high fertilizer prices make it the perfect time to try biologicals that free up nutrients. “Just begin to open some acres for trying some of these new approaches – these new products – that will help you make the most of the nutrients you do buy. This is the time to try a new approach.”
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