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.