Utilize the input text as a context reference, choose the right relationship between Fonterra and milk from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

New Zealand dairy giant Fonterra said Thursday it was slashing 523 jobs amid a slump in prices for milk on international commodity markets.

Answer: product_or_material_produced