FORM 11-K/A
                                (Amendment No.1)


                                  ANNUAL REPORT
                        PURSUANT TO SECTION 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


/x/  ANNUAL REPORT  PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE ACT OF
     1934. FOR THE FISCAL YEAR ENDED December 31, 2003.

                                       OR

/ /  TRANSITION  REPORT  PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE
     ACT OF 1934.

                        Commission file number 001-10351

A.   Full title of the plan and the address of the plan, if different  from that
     of the issuer named below:

                        PCS U.S. Employees' Savings Plan

B.   Name of issuer of the securities  held pursuant to the plan and the address
     of its principal executive office:

                     Potash Corporation of Saskatchewan Inc.
                             122 - 1st Avenue South
                     Saskatoon, Saskatchewan, Canada S7K 7G3



This Form 11-K/A amends the Annual Report on Form 11-K filed June 16, 2004, to
reflect certain technical corrections, none of which pertained to the financial
statements contained therein.




     PCS U.S.
     Employees' Savings Plan

     Financial Statements as of
     December 31, 2003 and 2002 and for the
     Year Ended December 31, 2003,
     Supplemental Schedule as of December 31, 2003 and
     Report of Independent Registered Public Accounting Firm





PCS  U.S. EMPLOYEES' SAVINGS PLAN

TABLE OF CONTENTS
--------------------------------------------------------------------------------

                                                                          Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                     1

FINANCIAL STATEMENTS:

   Statements of Net Assets Available for Benefits as of
     December 31, 2003 and 2002                                             2

   Statement of Changes in Net Assets Available for Benefits for the
     Year Ended December 31, 2003                                           3

   Notes to Financial Statements                                           4-7

SUPPLEMENTAL SCHEDULE:

   Form 5500, Schedule H, Part IV, Line 4i--
     Schedule of Assets (Held at End of Year) as of December 31, 2003       8



All other schedules required by Section 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 have been omitted because they are not applicable.





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Plan Administrator and Participants of the
PCS U.S. Employees' Savings Plan:

We have audited the accompanying statements of net assets available for benefits
of the PCS U.S. Employees' Savings Plan (the "Plan") as of December 31, 2003 and
2002, and the related statement of changes in net assets available for benefits
for the year ended December 31, 2003. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
2003 and 2002, and the changes in net assets available for benefits for the year
ended December 31, 2003 in conformity with accounting principles generally
accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) as of December 31, 2003 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This schedule is the responsibility of the Plan's
management. Such schedule has been subjected to the auditing procedures applied
in the audit of the basic 2003 financial statements and, in our opinion, is
fairly stated in all material respects when considered in relation to the basic
financial statements taken as a whole.

/s/ Deloitte & Touche LLP

April 29, 2004






PCS U.S. EMPLOYEES' SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2003 AND 2002
--------------------------------------------------------------------------------


                                                    2003                2002

ASSETS:

  Participant-directed investments (Note 3)       $187,949,279     $166,284,315

  Unsettled trades                                      32,123
                                                  ------------     ------------

NET ASSETS AVAILABLE FOR BENEFITS                 $187,981,402      $166,284,315
                                                  ============     =============


See notes to financial statements.





PCS U.S. EMPLOYEES' SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2003
-------------------------------------------------------------------------------


ADDITIONS:
  Contributions:
    Employer contributions                                         $ 2,807,636
    Participant contributions                                        7,713,393
    Rollover contributions                                             166,161
                                                                   -----------

           Total contributions                                      10,687,190
                                                                   -----------

  Investment income:
    Net appreciation in fair value of investments (Note 3)          21,162,967
    Interest and dividends                                           4,573,567
                                                                   -----------

           Net investment income                                    25,736,534
                                                                   -----------

   Net Transfers from Affiliate Plans                                  104,121
                                                                   -----------

           Total additions                                          36,527,845
                                                                   -----------

DEDUCTIONS:
  Benefits paid to participants                                    (14,814,323)
  Administrative expenses                                              (16,435)
                                                                  -------------

           Total deductions                                        (14,830,758)
                                                                  -------------

INCREASE IN NET ASSETS                                              21,697,087

NET ASSETS AVAILABLE FOR BENEFITS:
  Beginning of year                                                166,284,315
                                                                  ------------

  End of year                                                     $187,981,402
                                                                  ============


See notes to financial statements.






PCS U.S. EMPLOYEES' SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2003 AND 2002 AND FOR THE
YEAR ENDED DECEMBER 31, 2003
--------------------------------------------------------------------------------


1.    DESCRIPTION OF PLAN

      The following description of the PCS U.S. Employees' Savings Plan (the
      "Plan") is provided for general information purposes only. Participants
      should refer to the Plan Document for more complete information.

      General--The Plan is a defined contribution plan sponsored by PCS
      Administration (USA), Inc. (the "Company") covering all employees of the
      Company, PCS Phosphate Company, Inc., PCS Sales (USA), Inc., certain
      employees of White Springs Agricultural Chemicals, Inc. and certain
      employees of PCS Nitrogen. The Employee Benefits Committee of the Company
      controls and manages the operation and administration of the Plan. The
      Plan is subject to the provisions of the Employee Retirement Income
      Security Act of 1974 ("ERISA").

      Contributions--Participants may contribute up to 50 percent of base
      compensation each year, as defined in the Plan, subject to certain
      Internal Revenue Code limitations. The Company match, which was 100
      percent of up to the first five percent of base compensation that
      participants contribute to the Plan, was eliminated as of August 1, 2003.
      Participants may also contribute amounts representing distributions from
      other qualified defined benefit or contribution plans (rollover
      contributions), which are not eligible for the Company match.

      Participant Accounts--Individual accounts are maintained for each Plan
      participant. Each participant's account is credited with the participant's
      contribution, the Company's matching contribution when applicable, and
      allocations of plan earnings, and is charged with withdrawals, an
      allocation of plan losses and administrative expenses. Allocations are
      based on participant earnings or account balances, as defined in the Plan.
      The benefit to which a participant is entitled is the benefit that can be
      provided from the participant's vested account.

      Investments--Participants direct the investment of their account balances
      and contributions into various investment options offered by the Plan. The
      Plan currently offers Potash Corporation of Saskatchewan Inc. ("PCS")
      Common Stock, twelve mutual funds and one pooled investment stable value
      fund. The U.S. Government Reserves Fund is used to maintain dividends
      distributed with the ESOP option and is not available as a
      participant-directed investment option.

      Vesting--Participants are immediately vested in their account balances.

      Participant Loans--Participants may borrow from their fund accounts up to
      a maximum amount equal to the lesser of $50,000 or 50 percent of their
      vested account balance. Loan terms range from one to five years or up to
      20 years for the purchase of a primary residence. The loans are secured by
      the balance in the participant's account and bear interest at two
      percentage points above the rate for five-year U.S. Treasury Notes on the
      last day of the preceding quarter in which the funds are borrowed. Loans
      for the purchase of a primary residence bear interest at the standard
      lending rate for 20-year fixed rate home mortgage loans. Principal and
      interest are paid ratably through monthly payroll deductions.

      Payments of Benefits--On termination of service, a participant may elect
      to receive either a lump-sum amount equal to the value of the
      participant's vested interest in his or her account; or monthly, quarterly
      or annual installments over the participant's estimated life span. Other
      forms of benefits are also provided to participants whose accounts were
      transferred from other plans. A participant may elect to receive payment
      of benefits prior to termination of service, as defined in the Plan.
      Participants may elect to receive their investment in the PCS Stock Fund
      in cash or in whole shares of PCS Common Stock. The Plan includes an ESOP
      feature with a dividend payout program whereby participants may elect to
      receive dividends paid on their vested shares of PCS Common Stock in the
      PCS Stock Fund.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Basis of Accounting--The accompanying financial statements have been
      prepared in accordance with accounting principles generally accepted in
      the United States of America.

      Use of Estimates--The preparation of financial statements in conformity
      with accounting principles generally accepted in the United States of
      America requires Plan management to make estimates and assumptions that
      affect the reported amounts of net assets available for benefits and
      changes therein. Actual results could differ from those estimates. The
      Plan utilizes various investment instruments, including mutual funds,
      pooled investment stable value fund, and common stock. Investment
      securities, in general, are exposed to various risks, such as interest
      rate, credit, and overall market volatility. Due to the level of risk
      associated with certain investment securities, it is reasonably possible
      that changes in the values of investment securities will occur in the near
      term and that such changes could materially affect the amounts reported in
      the financial statements.

      Investment Valuation and Income Recognition--The Plan's investments are
      stated at fair value. The PCS Common Stock is valued at its quoted market
      price. Shares of mutual funds are valued at quoted market prices, which
      represent the net asset value of shares held by the Plan at year-end. The
      Fidelity Managed Income Portfolio II is valued at the amount of
      participant and Company contributions plus accrued interest thereon
      (contract value). Participant loans are valued at the outstanding loan
      balances.

      The Fidelity Managed Income Portfolio II is a stable value fund that is a
      commingled pool of the Fidelity Group Trust for Employee Benefit Plans.
      The portfolio may invest in fixed interest insurance investment contracts,
      money market funds, corporate and government bonds, mortgage-backed
      securities, bond funds, and other fixed income securities. Participants
      may ordinarily direct the withdrawal or transfer of all or a portion of
      their investment at contract value. The crediting interest rates were
      4.12% and 4.64% at December 31, 2003 and 2002, respectively, which were
      based on the interest rates of the underlying portfolio of assets. The
      average yield for the year ended December 31, 2003 was 4.31%.

      Purchases and sales of securities are recorded on a trade-date basis.
      Interest income is recorded on the accrual basis. Dividends are recorded
      on the ex-dividend date.

      Management fees and operating expenses charged to the Plan for investment
      in the mutual funds are deducted from income earned on a daily basis and
      are not separately reflected. Consequently, management fees and operating
      expenses are reflected as a reduction of net appreciation (depreciation)
      in fair market value of investments for such investments.

      Administrative Expenses--Administrative expenses of the Plan are paid by
      the Plan or the Plan Sponsor, as provided in the Plan Document.

      Payment of Benefits--Benefit payments to participants are recorded upon
      distribution. There were no amounts allocated to accounts of participants
      who have elected to withdraw from the Plan but had not yet been paid at
      December 31, 2003 and 2002.

      Transfers--Along with the plan, the company also sponsors savings plans
      for certain union employees. If employees change their union status during
      the year, their account balances are transferred into the corresponding
      plan.

3.    INVESTMENTS

      The Plan's investments are shown below. Investments that represent five
      percent or more of the Plan's net assets available for benefits as of
      December 31, 2003 and 2002 are marked with an asterisk:

                                                    2003             2002

Fixed Income and Bond Funds:
  Fidelity Managed Income Portfolio II         $ 61,748,565 *   $ 63,989,006 *
  Fidelity Retirement Money Market Portfolio      6,112,264        6,708,160
  Fidelity Institutional Short-
    Intermediate Government Fund                  6,508,618        6,718,784
  Fidelity U.S. Government Reserves Fund              1,153                7
Equity Funds:
  Clipper Fund                                      889,115
  Fidelity Puritan Fund                          12,773,141 *     10,600,623 *
  Fidelity Magellan Fund                         21,087,002 *     16,448,744 *
  Fidelity Growth and Income Portfolio           28,795,862 *     25,102,127 *
  Fidelity Overseas Fund                          4,412,309        2,756,976
  Fidelity Aggressive Growth Fund                14,705,575 *      9,864,562 *
  Fidelity Mid-Cap Stock Fund                     2,132,716        1,048,144
  Fidelity Small Cap Stock Fund                   3,587,804        1,831,058
  Fidelity Spartan US Equity Index Fund          11,898,309 *      9,127,110 *
PCS Common Stock                                  8,499,361        7,251,291
Participant Loans                                 4,797,485        4,837,723
                                               ------------     ------------

Total                                          $187,949,279     $166,284,315
                                               ============     ============

      During 2003, the Plan's investments (including gains and losses on
      investments bought and sold, as well as held during the year) appreciated
      (depreciated) in value as follows:

Fixed Income and Bond Funds:
  Fidelity Institutional Short-Intermediate Government Fund        $   (46,236)
Equity Funds:
  Clipper Fund                                                          73,262
  Fidelity Puritan Fund                                              1,804,659
  Fidelity Magellan Fund                                             3,970,288
  Fidelity Growth and Income Portfolio                               4,345,635
  Fidelity Overseas Fund                                             1,249,436
  Fidelity Aggressive Growth Fund                                    3,477,039
  Fidelity Mid-Cap Stock Fund                                          401,665
  Fidelity Small Cap Stock Fund                                        950,113
  Fidelity Spartan US Equity Index Fund                              2,478,407
PCS  Common Stock                                                    2,458,699
                                                                   -----------
Net appreciation of investments                                    $21,162,967
                                                                   ===========

4.    RELATED-PARTY TRANSACTIONS

      Certain Plan investments are shares of mutual funds managed by Fidelity
      Management Trust Company ("Fidelity"). Fidelity is the trustee as defined
      by the Plan and, therefore, these transactions qualify as
      party-in-interest transactions. Fees paid by the Plan for the investment
      management services were included as a reduction of the return earned on
      each fund.

      At December 31, 2003 and 2002, the Plan held 98,281.235 shares and
      114,031.932 shares, respectively, of common stock of Potash Corporation of
      Saskatchewan, the parent company of the Plan sponsor, with a cost basis of
      $7,172,440 and $8,303,689, respectively. During the year ended December
      31, 2003, the Plan recorded dividend income of $110,700.

5.    PLAN TERMINATION

      Although it has not expressed any intention to do so, the Company has the
      right under the Plan to discontinue its contributions at any time and to
      terminate the Plan subject to the provisions set forth in ERISA. In the
      event that the Plan is terminated, participants would remain 100 percent
      vested in their accounts.

6.    FEDERAL INCOME TAX STATUS

      The Internal Revenue Service has determined and informed the Company by a
      letter dated November 13, 2001, that the Plan was designed in accordance
      with applicable Internal Revenue Code requirements. The Plan has been
      amended since receiving the determination letter. However, the Company and
      Plan administrator believe that the Plan is currently designed and being
      operated in compliance with the applicable requirements of the Internal
      Revenue Code and continues to be tax-exempt. Therefore, no provision for
      income taxes has been included in the Plan's financial statements.

                                     ******







PCS U.S. EMPLOYEES' SAVINGS PLAN

FORM 5500, SCHEDULE H, PART IV, LINE 4i-
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2003
------------------------------------------------------------------------------------------------------------------------------------


                                                         Description of Investment,
                                                         Including Maturity Date,
            Identity of Issue, Borrower,              Rate of Interest, Collateral,                              Current
              Lessor, or Similar Party                    Par, or Maturity Value                 Cost**           Value
                                                                                                      

      SHARES OF REGISTERED INVESTMENT COMPANIES:
        Pacific Financial Research              Clipper Fund                                                  $    889,115
    *   Fidelity Management Trust Company       Puritan Fund                                                    12,773,141
    *   Fidelity Management Trust Company       Magellan Fund                                                   21,087,002
    *   Fidelity Management Trust Company       Growth and Income Portfolio                                     28,795,862
    *   Fidelity Management Trust Company       Overseas Fund                                                    4,412,309
    *   Fidelity Management Trust Company       Aggressive Growth Fund                                          14,705,575
    *   Fidelity Management Trust Company       Retirement Money Market Portfolio                                6,112,264
    *   Fidelity Management Trust Company       Mid-Cap Stock Fund                                               2,132,716
    *   Fidelity Management Trust Company       Small Cap Stock Fund                                             3,587,804
    *   Fidelity Management Trust Company       Spartan US Equity Index Fund                                    11,898,309
    *   Fidelity Management Trust Company       Institutional Short-Intermediate Government Fund                 6,508,618
    *   Fidelity Management Trust Company       U.S. Governement Reserves Fund                                       1,153

      COMMINGLED POOL:
    *   Fidelity Management Trust Company       Managed Income Portfolio II                                     61,748,565

    * POTASH CORPORATION OF SASKATCHEWAN        PCS Common Stock, 98,281.235 shares                              8,499,361

    * PARTICIPANT LOANS                         Due 2004 through 2026; interest rates
                                                  ranging from 4.75% to 9.250%                                $  4,797,485
                                                                                                              ------------


      TOTAL ASSETS HELD FOR INVESTMENT                                                                        $187,949,279
                                                                                                              ============

* Party in interest.

** Cost information is not required for participant-directed investments and, therefore, is not included.








                                  SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.

                                           PCS U.S. Employees Savings Plan
                                         -------------------------------------
                                                 (Name of plan)

Date:  June 17, 2004                             /s/ Barbara Jane Irwin
      -------------------                -------------------------------------
                                                   Barbara Jane Irwin
                                         Senior Vice President, Administration
                                              PCS Administration (USA), Inc.
                                                  as Plan Administrator


                                                   EXHIBIT INDEX


Exhibit Number                    Description of Exhibit
------------------------    ----------------------------------------------------

23.1                              Consent of Deloitte & Touche, LLP