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.
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Ben Pratt
The Mosaic Company
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Laura Gagnon
The Mosaic Company
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SOURCE: The Mosaic Company