An excess of potash, a competitive position in nitrogen and a recovery in agriculture were some of the keys to Nutrien President and CEO Chuck Magro’s presentation at the 29th Global Metals and Mining Conference held today (Tuesday) in Florida.

After what Magro called a tough 2019, a year he says saw the market conditions eliminate all global growth, the Nutrien CEO was optimistic looking to the future. Magro says they are expecting a strong spring season in North America with a recovery year in ag.
“Returning to the cyclical improvements that we saw in 2018 and further improving in 2021, 2022 and beyond. We just don’t know exactly when the recovery will take hold.”

Magro called the conference timely after a unique 2019, he believes that Nutrien is well positioned for any market conditions they will see in ag today.
“It starts with our broad exposure to the ag value chain, basically put we have a direct relationship with farmer’s around the world. We understand their business and what they need to be successful. Second though is of course, our business model. It’s proved that it can generate both growth and stability, and it comes really from having a suite of operating and financial benefits for the integrated model. We have higher operating rates, lower costs, strong cash flows and a strong balance sheet, and we have the ability to invest at the bottom of the cycle, which is precisely what we’ve been doing.”

According to Magro the largest potash producer in the world also has about 6 million tonnes of excess potash capacity they are not using today, an excess that Nutrien plans to bring into the market in the next decade.

Nutrien also believes that they have built the leading digital ag platform with 62% of their customer base with active accounts, representing about 6 billion dollars of total revenue base. During the conference the company shared their vision to operate with a long term view committing to working with their stakeholders to address economic, environmental and social priorities.