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CF INDUSTRIES ANNOUNCES COMPLETION OF PORT NEAL, IOWA, CAPACITY EXPANSION PROJECT
Source: CF Industries news release

CF Industries Holdings, Inc. (NYSE: CF) today announced that the new ammonia and urea plants at the company's Port Neal, Iowa, Nitrogen Complex have been successfully commissioned and started-up, marking the completion of the company's capacity expansion projects.

The ammonia plant, which began production in late November, has operated at approximately its nameplate capacity of 2,425 tons per day. The back end of the plant (ammonia synthesis) was recently taken offline to replace a gasket and is expected to resume production shortly. The front end of the ammonia plant continues to operate and produce carbon dioxide that is used to feed the new urea plant. The urea plant, which was commissioned earlier this month, has produced on specification granular urea. The urea plant was also recently taken offline to replace a relief valve and is expected to resume production shortly as well.

"CF's capacity expansion projects are complete," said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. "With projected returns significantly above our cost of capital, we have built the foundation for CF's growth and greatly increased our cash generation capability."

Total annual gross ammonia capacity at Port Neal is now 1.2 million tons, up from 380,000 tons previously. Output from the new ammonia capacity will largely be upgraded to urea. Total annual urea capacity at Port Neal is now 1.4 million tons, up from 50,000 tons previously. Total annual UAN capacity remains largely unchanged at 800,000 tons.


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