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Potash miner K+S reviews strategy but two pillars to remain - CEO

Published 2017-05-10, 04:49 a/m
© Reuters.  Potash miner K+S reviews strategy but two pillars to remain - CEO
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By Patricia Weiss

KASSEL, Germany, May 10 (Reuters) - The boss of Germany's K+S SDFGn.DE , who will hand over the top job to the group's finance chief this week, said the mining company was undergoing a strategic review but that its two divisions salt and potash would remain core activities.

"It's imperative that, as part of this, the business prospects of the entire group within and outside its current activities will be looked at," CEO Norbert Steiner told shareholders at the annual general meeting on Wednesday.

He signalled that salt and potash would remain part of the group: "I can't imagine that K+S would not stand for potash and salt in the future."

Shares in the company, which fended off a 41 euro-per-share takeover approach from Potash Corp POT.TO in 2015, have fallen to current levels of around 22.8 euros, after a global decline in potash prices and after environmental restrictions curtailed output at its German mines.

Steiner, who will be replaced by CFO Burkhard Lohr, said the strategic review was initiated last year and would continue for some time, without providing further details.

(Writing by Ludwig Burger; Editing by Maria Sheahan)

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