Suedzucker To Step Up Exports To Boost Revenues After Sugar Price Slump
Suedzucker, Europe's largest sugar refiner, said it is suffering from the steep fall in sugar prices in recent months and plans to step up exports to try and compensate.
"The drastic fall in sugar prices to a historically low level can by no means be compensated by lower production costs and higher sales volumes," Suedzucker said on Thursday in a statement about its annual results.
The EU liberalised its sugar market last September, ending its system of guaranteed minimum prices and production quotas, giving producers freedom to expand and export more and linking EU prices to world markets. But a worst-case scenario has emerged with European producers exposed to falling global prices in an oversupplied world market.
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