Potassium Producer Uralkali Invests Profit into Production Upgrade
07.05.2009 — News
THE PERM KRAI.
OAO Uralkali finished the previous year with 21.9 billion roubles net profit thanks to favourable market conditions in the world market of potassium during the months of 2008 before the crisis. The profit grew 2.72 times in comparison with 2007.
The company reduced production to 25% of the full capacity due to a slump in demand for its products in October-December. As a result the production of potassium chloride in 2008 went 6.3% down in comparison with the previous year, amounting to 4.8 million tons.
The company officials informed RusBusinessNews that 14.3 billion roubles of profit was invested into the upgrade and maintenance of the current production and into building new capacities. More than 7 billion roubles was transferred to a reserve fund to finance the remediation of the emergency which took place in October 2006 in a Urlakali mine.
OAO Uralkali controls about 10% of the potassium chloride world market. More than 90% of the products is exported, predominantly to China, Brazil, South-East Asia, and India. The company develops the Verkhnekamskoye potassium and magnesium salts field with 3.8 billion tons of ore reserves.
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