Support The Moscow Times!

Market Turmoil Forces German Potash Maker to Cut Costs

FRANKFURT — German potash maker K+S announced plans Thursday to cut costs by 500 million euros ($670 million) over the next three years following the collapse in July of one of the world's two big cartels selling the fertilizer, between Russia's Uralkali and Belarus' Belaruskali, which triggered a decline in global potash prices.

"It was and is obvious that the announcement [by Uralkali] caused tangible purchasing restraint on the customers' side," K+S said in publishing quarterly results, adding that it was difficult to assess how long the uncertainty would last.

Farmers and potash import organizations across the globe have held off on orders in anticipation of a further drop in prices.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.