© Reuters. An interior view of the storage warehouse is seen at Nutrien’s Cory potash mine near Saskatoon, Saskatchewan, Canada, Aug. 12, 2019. REUTERS/Nayan Sthankiya

(Reuters) – Canada’s Nutrien (NYSE:) Ltd, the world’s largest fertilizer producer, said on Wednesday it plans to increase potassium production by nearly 1 million tons this year to about 15 million tons in response to supply uncertainty from Eastern Europe.

Potassium is an important input required for the production of nitrogen fertilizers, and Russia and Belarus are the second and third largest producers of the raw material in the world after Canada.

Potassium prices have soared since economic sanctions were imposed on Russia after the invasion of Ukraine. Belarus, Russia’s ally, is also subject to European and US sanctions that have curtailed potassium exports.

Nutrien said the additional volume of potash is expected to be produced in the second half of the year.

Meanwhile, the Canadian Pacific (NYSE:) Railway, which transports potash fertilizers to the United States, has sent a lockout to its workers after talks with a union over wages and other issues fell through, a move that disrupted the supply of the product.

A shutdown at the rail company could have “serious consequences” for the transportation of potassium to ports for shipment to offshore buyers, Natashia Stinka, a spokeswoman for Canpotex Ltd, a company owned by Nutrien and Mosaic Co (NYSE:) said. , previously said .

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This post Nutrien boosts potash production amid supply concerns in Eastern Europe By Reuters was original published at “https://www.investing.com/news/stock-market-news/nutrien-to-increase-potash-production-amid-eastern-europe-supply-worries-2786328”

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