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Agrium nitrogen project halt drags stock down

Agrium nitrogen project halt drags stock down

By Amanda Brodhagen, Farms.com

Agrium Inc. said Monday that it’s gearing down on its nitrogen projects.

The Calgary-based fertilizer giant is suspending engineering work on its new $3-billion U.S. Midwest nitrogen plant and instead shifting its focus on securing a partner and a gas contract.  Agrium also said that it may still consider expanding its nitrogen plant in Borger, Texas.  A decision on the proposed 640,000 tonne expansion is expected by the second half of this year.

The company’s stock dropped 2.6 per cent Monday on the Toronto Stock Exchange to $93.33, but regained by late afternoon to $93.92, or 2.1 per cent.

Agrium produces nitrogen, phosphate, and potash fertilizer – and services North America, South America and Australia.
 

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