What The Mosaic Company told the SEC could break it.

Mosaic produces potash in Canada and sells into the U.S.; the U.S. imposed a 25% tariff on most Canadian imports (incl. potash) effective March 4, 2025, then exempted USMCA-qualifying goods like Mosaic's potash from March 7 — but continues to assess Canadian-potash tariffs, leaving a material policy risk over its potash business.

“U.S. tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition. In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients.”

Mosaic benefits from ITC/DOC countervailing-duty determinations on imported phosphate; a reversal or change in those determinations (in federal courts or at the WTO) could adversely affect its business and margins.

“A reversal of, or change in, the ITC's or DOC's prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results.”

Ammonia is a key input for Mosaic's phosphate crop nutrients; in North America two-thirds is covered by supply agreements or internal production (Faustina, Louisiana) and the remaining one-third is bought on the spot market, exposing costs to ammonia price volatility.

“In North America, two-thirds of our ammonia is sourced either through ammonia supply agreements or produced internally at our Faustina, Louisiana, location with the remaining one-third purchased from various suppliers in the spot market.”

All of Mosaic's wholly-owned North American phosphate mines and related mining operations are located in central Florida, concentrating its phosphate rock supply in a single region exposed to local weather, regulatory and operational events.

“All of our wholly-owned phosphate mines and related mining operations in North America are located in central Florida.”