CF Industries is one of the world's largest producers of nitrogen-based fertilizers, with its core product being anhydrous ammonia. Ammonia is produced from natural gas via the Haber-Bosch process and is either sold directly or upgraded into downstream products including granular urea, urea ammonium nitrate (UAN) solution, and ammonium nitrate (AN). These products are sold primarily as fertilizers — nitrogen is an essential, non-discretionary crop nutrient — with secondary industrial uses including diesel exhaust fluid and commercial explosives. CF operates nine manufacturing facilities across the U.S., Canada, and the U.K., plus a 50% interest in a Trinidad joint venture, and accounts for roughly 40% of North American ammonia production capacity. CF sells through an internal sales force to cooperatives, retailers, distributors, and industrial users; CHS, an agricultural cooperative with a minority equity stake in CF's main U.S. subsidiary, is the largest customer. Profitability is driven by the spread between nitrogen fertilizer prices — which are globally set commodities — and natural gas feedstock costs. CF's U.S. and Canadian plants have access to cheap North American gas, giving CF a structural cost advantage over European and Asian producers. CF is expanding into low-carbon ammonia: a carbon capture project at its Donaldsonville complex generates 45Q federal tax credits and enables a modest price premium on certified low-carbon volumes. CF's central growth initiative is Blue Point, a ~$3.7B greenfield low-carbon ammonia plant in Louisiana (40% CF-owned, with JERA and Mitsui), expected to produce ~1.5M tons annually beginning in 2029. CF returns most excess cash to shareholders via buybacks.