K+S to cut costs by $670 million

German Potash giant K+S will slash costs by $670 million by 2016 as a result of potash price uncertainty.

"From July to September 2013, the K+S Group could not attain the previous year’s figures with regard to both revenues and operating earnings," the company's website states as part of its Q3 results.

"Lower prices prompted by the uncertainties on the market for products containing potassium as well as lower sales volumes in the Potash and Magnesium Products business unit were substantially responsible for this."

In July, Uralkali, the world's largest potash maker, left one of the industry's cartels, sending global potash fertilizer prices south.

"It was and is obvious that the announcement (by Uralkali) caused tangible purchasing restraint on the customers' side," K+S said.

Farmers around the world are holding off on orders, worried that prices will fall further still.

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