18:26 PM | July 13, 2020 | Agribusiness
Mosaic has issued a press release stating that as of 26 June, it is filing petitions with the US Department of Commerce and the US International Trade Commission requesting the initiation of countervailing duty investigations into the import of phosphate fertilizers from Morocco and Russia.
In the release, the producer states that it has taken this action “because large volumes of unfairly subsidized imports from Morocco and Russia are causing significant harm to Mosaic's operations. Mosaic's phosphate fertilizer business employs approximately 3,500 US workers and operates mines and production facilities in Florida and processing plants in Louisiana.”
Mosaic goes on to state that “the purpose of the petitions is to remedy the distortions that foreign subsidies are causing in the US market for phosphate fertilizers, and thereby restore fair competition.”
"Mosaic believes in free trade and vigorous competition, and we believe we should compete on a level playing field," said Mosaic President and CEO Joc O'Rourke. "The duties we are seeking will help ensure that North American farmers can rely on the American phosphate industry to supply critical fertilizers for the long term."
As per the release, the US Department of Commerce and the US International Trade Commission will consider the petitions and determine the next steps and the likely extensive administrative investigations that will ensue.