World's largest distributor of fertilizer, with good geographic diversification Benefits from joint ventures with low-gas cost producers Exposure to volatile and rising energy costs Focus on highly cyclical nitrogen production Concentration in European high cost production area The ratings on Norway-based Yara International ASA reflect its leading position as the world's largest distributor of fertilizers and producer of nitrogen. The enhancement of the product mix with the phosphates business of newly acquired Kemira GrowHow (KGH) and several other industrial products is positive, and the integration of KGH is proceeding on plan. The company runs large-scale plants in Europe and has no production assets in the U.S. It benefits from low-cost gas supplies through joint-venture operations (about 30% of total production)
