CF Industries (NYSE:CF) is increasing fertilizer shipments to both U.S. coasts from its nitrogen complex in Louisiana to help offset a decline in exports from Russia after it invaded Ukraine, CEO Tony Will told Reuters.
The CEO said CF Industries leased several vessels to transport more fertilizer, mostly liquid nitrogen, from the world’s largest nitrogen complex.
“Historically a fair bit of Russian imports have come particularly to the east coast, and we’re trying to make up for that lack of availability by moving our tons over there,” Will said, adding that the company delayed maintenance work at one of its six plants in Louisiana until this year’s H2 to avoid taking the facility offline.
CF has five U.S. nitrogen manufacturing complexes, and plants in Canada and the U.K., but Will said the company’s ability to increase production is limited because it tries to operate plants at their maximum rate all year.
CF Industries’ shares have shed nearly 10% since March 10, as fertilizer stocks pare strong gains made earlier as fertilizer prices surged to record highs.