By Giulia Petroni
Yara International ASA on Friday said that it is curtailing ammonia production at some of its plants due to soaring natural-gas prices.
The Norwegian fertilizer producer said that it will cut around 40% of its European ammonia production capacity by next week as record high prices are hurting margins.
The company said it will continue to monitor the situation in order to keep supplying customers, but will curb production where necessary.
Europe's energy crunch is proving particularly difficult for the fertilizer industry, which uses large volumes of natural gas to produce hydrogen in order to make ammonia for fertilizers.
Earlier this week, U.S. maker of agricultural fertilizers CF Industries Holdings Inc. halted operations at its manufacturing facilities in the U.K., giving no estimation of when production will resume.
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(END) Dow Jones Newswires