OCP Group takes note of Mosaic's withdrawal of its request for a third annual administrative review of the CVD

The OCP Group understands that on September 10, The Mosaic Company informed the U.S. Department of Commerce that it is withdrawing its request for a third annual Administrative Review of the Countervailing Duties (“CVD”) imposed on certain Moroccan imports of phosphate fertilizers to the U.S. We now expect the Department of Commerce to publish a notice in the Federal Register rescinding the Administrative Review in the coming weeks.

We are assessing the potential impact of this on the final CVD tariffs on our shipments to the U.S. in 2023. These tariffs were initially set at 19.95%, but have been provisionally reduced to 7.42% and we hope will come down further as our appeal in the Court of International Trade moves forward.

The final CVD tariffs on current and future shipments will be determined by any Administrative Reviews that may be requested for 2024 and subsequent years, as may be modified by the Court of International Trade.

We hope that this development will prove to be a first step toward ending these tariffs that are preventing U.S. farmers from having reliable access to a high-quality supply of an essential input for growing abundant and healthy crops to feed their fellow citizens and compete in global markets.

OCP continues to believe that there is no justification for any CVD tariffs on our U.S. fertilizer imports, particularly since U.S. production of these vital nutrients is far from sufficient to meet demand. We will continue to pursue our appeals against these tariffs in the U.S. Court of International Trade. As soon as the conditions allow, we are ready to resume our critical role as a reliable, high-quality provider of sustainable phosphate fertilizers and a trusted partner to U.S. farmers.