Morocco and Russia Subject to Phosphate Fertilizer Import Duties
The U.S. International Trade Commission has completed an investigation revealing that subsidized phosphate fertilizer imports from Morocco and Russia have negatively impacted the U.S. phosphate industry. Consequently, the U.S. Department of Commerce will enforce countervailing duty orders on these imports for at least five years. Expected cash deposit rates include approximately 20% for Moroccan producer OCP and between 9% to 47% for Russian producers PhosAgro and EuroChem. Mosaic's CEO believes this ruling supports American farmers by fostering a competitive fertilizer market.
- Countervailing duties on phosphate fertilizers could enhance the competitiveness of the U.S. fertilizer industry.
- Mosaic's market position may strengthen due to reduced foreign competition.
- Increased prices for phosphate fertilizers could lead to higher costs for U.S. farmers.
TAMPA, FL / ACCESSWIRE / March 11, 2021 / Today, the U.S. International Trade Commission announced that it has completed its investigation and determined that subsidized phosphate fertilizer imports from Morocco and Russia have materially injured the U.S. phosphate industry.
As a result of this ruling, the U.S. Department of Commerce will issue countervailing duty orders on phosphate fertilizers from Russia and Morocco, which will remain in place for at least five years. The cash deposit rates for such imports are expected to be approximately 20 percent for Moroccan producer OCP, 9 percent and 47 percent for Russian producers PhosAgro and EuroChem, respectively, and 17 percent for all other Russian producers.
"Mosaic employees are proud to support American farmers by producing high quality, reliable fertilizer," said Mosaic President and CEO Joc O'Rourke. "Today's decision upholds our belief that fair trade is a cornerstone of a healthy U.S. economy, and that American farmers will benefit from having a more competitive American fertilizer industry."
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the expected deposit rates and anticipated benefits or strategic plans for our products. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties as reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission.
Media
Ben Pratt
The Mosaic Company
813-775-4206
benjamin.pratt@mosaicco.com
Investors
Laura Gagnon
The Mosaic Company
763-577-8213
investor@mosaicco.com
SOURCE: The Mosaic Company
View source version on accesswire.com:
https://www.accesswire.com/635021/Morocco-and-Russia-Subject-to-Phosphate-Fertilizer-Import-Duties
FAQ
What is the significance of the U.S. International Trade Commission's ruling for MOS?
What are the expected cash deposit rates for phosphate fertilizers from Morocco and Russia?
How will the ruling impact U.S. farmers?
What are the implications of the countervailing duty orders for Mosaic Company?
How long will the countervailing duties remain in effect?
