PhosAgro is one of the leading mineral fertilizer producers in Russia. The group accounts for more than 60% of phosphate fertilizer consumption in Russia and is the largest global producer of high-grade phosphate rock. Its key products include MAP and DAP complex phosphate fertilizers (production capacity of over 3 mln tonnes), phosphate rock (roughly 8 mln tonnes), ammonia and nitrogen fertilizers. PhosAgro is comprised of four key production subsidiaries (Ammophos, Apatit, Balakovskiye Mineralniye Udobrenia, and Cherepovets Azot) with a total headcount of over 25,000 employees. Its revenues were around $1.9 bln and it posted EBITDA of roughly $440 mln in 2009 (IFRS). The company’s debt/EBITDA ratio was close to 0.15 for the period.