ACCESS Newswire
21 Sep 2023, 17:49 GMT+10
TAMPA, FL / ACCESSWIRE / September 21, 2023 / Today, the Mosaic Company (NYSE:MOS) commented on a ruling from the U.S. Court of International Trade (CIT) (OCP S.A. et al. v. United States, Consol. Ct. No. 21-219), which remanded the U.S. International Trade Commission's (ITC) injury finding back to the ITC for reconsideration.
CIT appeals are common in trade remedy cases, and in most cases remanded to the ITC for reconsideration, the original finding of injury is affirmed. In OCP S.A. et al. v. United States, the CIT remanded on one specific factual issue out of many that the ITC relied upon. Neither the ITC nor the U.S. Department of Commerce have thus far changed anything from their earlier determinations, and as a result, countervailing duties on phosphate fertilizers remain in effect with no changes to the rates applied at the border.
'The basic facts that led to countervailing duties on imports from Morocco and Russia remain unchanged,' said Joc O'Rourke, Chief Executive Officer. 'We will continue to participate actively before the agencies and the courts to defend the original findings.'
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
Contacts:
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and economic instability and changes in government policies in Brazil and other countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the economic impact and operating impacts of the coronavirus (Covid-19) pandemic, the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa'ad Al Shamal Phosphate Company (also known as MWSPC), the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic's decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic's operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic's processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management's current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic's available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic's potash mines; other accidents and disruptions involving Mosaic's operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.
SOURCE: The Mosaic Company
Get a daily dose of California Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to California Telegraph.
More InformationWASHINGTON, D.C.: The U.S. government is preparing to revise its influential dietary advice, with a significant shift: dropping the...
ZURICH, Switzerland: The U.S. saw an extraordinary rise in wealth last year, with more than 1,000 people crossing into millionaire...
THE HAGUE, Netherlands: The city that prides itself on being a beacon of peace and justice—home to institutions like the International...
BUENOS AIRES, Argentina: Since taking office in December 2023, Argentine President Javier Milei has implemented sweeping austerity...
LEMBATA, Indonesia: Indonesia's Mount Lewotobi Laki Laki erupted dramatically on June 18, generating substantial ash and smoke plumes....
MADRID, Spain: A routine oversight by Spain's power grid operator, REE, has been identified as the trigger behind the large-scale blackout...
HAYWARD, California: In a significant step toward its commercial debut, Amazon-owned Zoox has unveiled its first factory dedicated...
SAO PAULO, Brazil: Brazil is taking confident steps to restore its dominance in global poultry exports after declaring its commercial...
NEW YORK, New YorK - U.S. stocks closed mixed on Friday, with gains and losses modest, as investors and traders weighed up the escalation...
WASHINGTON, D.C.: Retail sales dropped sharply in May as consumer spending slowed after a strong start to the year, primarily due to...
WASHINGTON, D.C.: Mitsubishi Motors is the latest automaker to raise prices in the United States, joining a growing list of car companies...
INDIANAPOLIS, Indiana: Eli Lilly is making a bold play in cardiovascular gene therapy, announcing plans to acquire its partner Verve...