The CEO of Canadian fertilizer giant Nutrien says the company may consider slowing down its previously announced plan to ramp up potash production, in light of falling prices and lower sales volumes.

The comments come as the Saskatoon-based company — the world’s largest fertilizer producer — lowered its earnings guidance for the year to between 6.4 billion and 8 billion dollars, down from a previously announced range of 8.4 billion to 10 billion dollars.

It’s been a volatile period for Nutrien, which achieved record earnings in 2021 and then saw fertilizer prices spike in March of 2022 as the Russia-Ukraine war shook up global agricultural markets and reduced supplies of fertilizer from Eastern Europe.

To meet increased global demand, Nutrien announced in June of last year a plan to ramp up potash production by 40 per cent compared with 2020 production levels — an increase of more than five million tonnes.

(Canadian Press)