Agrium halts work on U.S. nitrogen project

Stockhouse Editorial
0 Comments| June 3, 2013

(The Canadian Press) CALGARY _ Agrium Inc. (TSX: T.AGU, Stock Forum) said Monday it has suspended work on its new $3-billion nitrogen project in the U.S. and will focus efforts on finding a strategic partner and a gas contract for the project.

The company also said a decision on an expansion at its Borger Texas nitrogen plant is expected in the second half of this year.

The company, based in Calgary, produces three main types of fertilizer: nitrogen, phosphate and potash.

It also sells farm products at retail outlets across North America, with a growing presence in South America and Australia.

Agrium shares fell 2% Monday to $94, leaving a market cap of $14 billion, based on 149.5 million shares outstanding. The 52-week range is $116.38 and $77.50.

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