Azoty Drops as Polish Fertilizer Output Halts on Gas Prices
- Shares of country’s leading chemical maker drop as much as 10%
- Government says fertilizer stocks sufficient for sowing season
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Shares of Grupa Azoty SA tumbled after Poland’s biggest chemicals company halted production of nitrogen fertilizers and trimmed output of ammonia because of record gas prices.
“The current situation on the natural gas market that determines profitability of production is exceptional,” Grupa Azoty said in a statement Tuesday. It didn’t say how long the measures would last. The firm’s shares notched up an eighth day of declines, plummeting as much as 10% in Warsaw.