CF Industries (NYSE:CF) Tony Will said Thursday that the company plans to increase overseas shipments to regions plagued by fertilizer shortages, including Latin America, as supplies slow from Russia.
Amid fears of global fertilizer shortages, “we seriously need to look at doing significant exports to Latin America to make up for the deficit that used to be sourced out of Russia,” Will told Bloomberg in an interview.
North American farmers have “ample” fertilizer for spring sowing, which will allow CF to boost overseas sales, especially in this year’s H2, the CEO said.
Will also said the company’s Billingham fertilizer plant in the U.K. is currently profitable and should stay open for the coming months.
“Our expectation is that we can run it through the application season this spring, and then by the time we get to June and the summer months when there’s really no fertilizer application going down, there’s a question to the viability,” he said.
CF shares have been trading near record highs, prompting analysts at Scotiabank to recently issue a downgrade.