CF Industries Holdings, Inc. (CF)

CF Industries Holdings, Inc. is a producer of ammonia and ammonia-derived nitrogen products. Its stated mission is to provide clean energy to feed and fuel the world sustainably, and it operates what it describes as the world's largest ammonia production network. Using the Haber-Bosch process, it combines atmospheric nitrogen with hydrogen from natural gas to make anhydrous ammonia, which it sells directly or upgrades into other products. The company is pursuing decarbonization to produce low-carbon ammonia. In July 2025 it completed a carbon capture and sequestration project at its Donaldsonville, Louisiana complex. It is also building a low-carbon ammonia plant at its Blue Point complex in Modeste, Louisiana through a joint venture in which it holds 40%, JERA holds 35% and Mitsui holds 25%.

The company reports five segments differentiated by product: Ammonia, Granular Urea, UAN, AN and Other. In 2025 it sold 19.1 million product tons for net sales of $7.08 billion. Ammonia contributed $2.18 billion, granular urea $1.78 billion, UAN $2.16 billion, AN $421 million and Other $545 million. Other consists mainly of diesel exhaust fluid, urea liquor, nitric acid and aqua ammonia. Gross margin was $2.72 billion. Most products are used as fertilizer, and AN is also used in commercial explosives. Other uses include emissions control and industrial applications.

Principal customers are cooperatives, retailers, independent fertilizer distributors, traders, wholesalers and industrial users. CHS Inc. owns about 11% of CF Industries Nitrogen, LLC and has the right to buy up to about 1.1 million tons of granular urea and 580,000 tons of UAN annually at market prices. In 2025 the company made its first sales of low-carbon ammonia at a premium, to customers in Europe and Africa. It expects demand to grow in Europe, where customers want to reduce the cost of carbon regulations. It also expects new uses, such as power generation and steel production in Japan, with JERA and Mitsui committing to volumes from Blue Point. Marine shipping is another potential application.

The company owns six U.S. manufacturing facilities, in Donaldsonville and Waggaman, Louisiana; Sergeant Bluff, Iowa; Yazoo City, Mississippi; and Claremore and Woodward, Oklahoma. It also owns two Canadian facilities, in Medicine Hat, Alberta and Courtright, Ontario, and a facility in Billingham, United Kingdom, which now imports ammonia to upgrade into AN and other products. Together its eight North American plants represent about 40% of North American ammonia capacity. It has a network of terminals and transportation equipment, mainly in the Midwestern United States, and a 50% interest in an ammonia joint venture in Trinidad. ExxonMobil transports and stores the captured CO2 from Donaldsonville and Yazoo City. Principal executive offices are in Northbrook, Illinois, and its common stock is listed on the New York Stock Exchange.