Yara successfully employed its flexible business model to overcome the market turmoil of 2009. At the time, the company continued its strong track record in occupational safety and reached its ambitious target for reduction of GHG emissions. Safety and environmental data is covered in more detail in the Report of the Board of Directors, as well as in the separate Citizenship Report 2009.
In handling the considerable market volatility prevailing in 2009, Yara reduced third-party sourcing and prioritized running its own plants at high capacity. At the same time, production curtailments were enforced, particularly for NPKs. Mainly, planned maintenance halts were extended at the plants in Porsgrunn and Glomfjord, Norway, and in Uusikaupunki and Siilinjärvi, Finland, in order to reduce inventories at the end of the European fertilizer season.
The plant at Peremarton, Hungary, was permanently closed down in May, concluding a temporary stop from October 2008. The plant, which was a part of the Kemira GrowHow acquisition, lacked access to competitively priced raw materials and needed significant investment to bring it up to Yara efficiency and quality standards.
In January 2010, Yara entered into an agreement to sell its shares in Fosfertil, Brazil, as well as its stake in the Anitapolis phosphate rock project to Vale. Following the acquisition of Fertibras in 2006, Yara owned, directly and indirectly, 15.5 percent of Fosfertil.
The minority position did not allow for the desired optimal integration with Yara’s fertilizer marketing in Brazil, which remains an important growth market. The Anitapolis project, owned 50 percent by Yara, was part of the acquisition of Adubos Trevo in 2000.