LSB Industries

What LSB Industries does

LSB Industries, Inc. (NYSE: LXU) is a U.S.-based, pure-play nitrogen chemical manufacturer founded in 1968 and headquartered in Oklahoma City, Oklahoma. The company operates four manufacturing facilities — El Dorado, Arkansas; Cherokee, Alabama; Pryor, Oklahoma; and Baytown, Texas (operated under a contract manufacturing arrangement for Covestro LLC) — with combined ammonia production capacity of approximately 2,540 tons per day, ranking it among the top five U.S. ammonia producers. Its product portfolio spans anhydrous ammonia, urea ammonium nitrate (UAN) solutions, urea, ammonium nitrate (high-density and low-density prilled forms), nitric acid at multiple concentrations, sulfuric acid, mixed acids, aqua ammonia, and CO2, serving agricultural (corn, cotton, wheat, alfalfa, vegetables, citrus), industrial (semiconductor manufacturing, nylon and polyurethane intermediates, metals processing, water treatment, refrigeration), and mining (coal, copper, gold extraction) end markets.

The underlying technology platform is steam-methane reforming of natural gas into ammonia and derivative nitrogen products. Differentiated assets include the El Dorado carbon capture and sequestration (CCS) project (the first in Arkansas and third in the U.S., targeting 400,000-500,000 metric tons of CO2 captured annually and 305,000-380,000 metric tons of low-carbon/blue ammonia produced annually), installed N2O abatement equipment at El Dorado (reducing nitric acid emissions ~80%), on-site cogeneration and ~5,200 MWh of purchased solar power, and the KBR blue ammonia technology selected for the planned 1.1 million tpa U.S. Gulf Coast export project with INPEX Corporation.

The business model is primarily B2B spot/contract sales of commodity and specialty chemicals at negotiated prices (not publicly disclosed), distributed via a multi-modal logistics network (barge, rail, pipeline, truck) from strategically located facilities. Revenue is generated through direct sales by territory-specific (Western, Central, Eastern U.S.) and product-specific industrial sales representatives, supplemented by a dedicated contract manufacturing services arrangement with Covestro. In FY2025, LSB generated $615.2M in net sales (+22.3% YoY) and $162M in adjusted EBITDA (+25% YoY), with EBITDA margin expansion to a targeted 35% by FY2026 supported by operational improvements, nitrogen pricing tailwinds, and the El Dorado CCS project (expected to add $25-30M in annual EBITDA when fully operational).

Name

LSB Industries

Legal name

LSB Industries, Inc.

Website

https://lsbindustries.com

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

251–500 employees

Short description

LSB Industries (NYSE: LXU) is a top-5 U.S. nitrogen chemical manufacturer producing ammonia, UAN, urea, ammonium nitrate, nitric acid, and sulfuric acid across four facilities for agricultural, industrial, and mining customers, with a pioneering blue ammonia and carbon capture project at El Dorado, Arkansas.

Ownership category

akta.pro rank

Product category

Industrial Nitrogen Chemicals

NAICS

Nitrogenous Fertilizer Manufacturing (325311), Chemical Manufacturing (325), Industrial Gas Manufacturing (32512), Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing (3253)

SIC

Agricultural Chemicals (2870), Industrial Inorganic Chemicals (2810), Chemicals & Allied Products (2800)

akta.pro primary industry

Nitrogen Fertilizers (Ammonia/Urea/UAN) (IMAEAEAA)

akta.pro secondary industries

Nitrogen Fertilizers (Ammonia, Urea, UAN, Ammonium Nitrate/Sulfate) (AFABABAA), Ammonia & Nitrogen Feedstocks (Ammonia, Urea, Nitrates) (EUALAHAG)

Keywords

• Industrial nitrogen chemicals
• Agricultural fertilizers
• Ammonia production
• Mining explosives
• Specialty chemical manufacturing

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Agricultural Fertilizer Products: LSB sells ammonia and derivative nitrogen fertilizer products including anhydrous ammonia, urea ammonium nitrate solutions (UAN), and urea for use as nitrogen fertilizers for agricultural crops including corn, cotton, wheat, alfalfa, vegetables, and citrus across North America. These products represent a significant share of total revenue.
2. Industrial and Specialty Chemical Products: LSB manufactures and sells industrial ammonia (refrigerant grade, commercial grade, aqua ammonia), nitric acid (57%-70%, mixed acids, concentrated), sulfuric acid (93%-100%), and CO2 for use in water treatment, refrigeration, power plant emissions abatement, semiconductor manufacturing, nylon and polyurethane intermediates, aluminum nitrate, metals processing, bromine, pulp and paper, and food refrigeration/dry ice.
3. Mining Products (Ammonium Nitrate): LSB produces and sells industrial grade prilled low-density ammonium nitrate (LDAN) and ammonium nitrate solutions (ANS) to mining customers worldwide for coal, copper, gold, and other mineral extraction. Products are transported in non-explosive state and then altered at destination for specific mining, quarry, or construction applications.
4. Contract Manufacturing for Covestro: LSB operates a nitric acid facility for Covestro LLC in Baytown, Texas. Revenue is generated through a manufacturing services arrangement for a global chemical company.
5. Blue/Low-Carbon Ammonia: LSB is developing the capability to produce and sell low-carbon (blue) ammonia to international markets as a decarbonization solution for customers' supply chains. The El Dorado CCS project will yield 305,000-380,000 metric tons of low-carbon ammonia annually when fully operational, expected by end-2026 or early 2027.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

LSB Industries manufactures and sells nitrogen-based industrial chemicals, agricultural fertilizers, and mining explosives from three owned U.S. facilities (El Dorado, AR; Cherokee, AL; Pryor, OK) and a fourth contract-manufacturing site (Baytown, TX). Its core product slate centers on ammonia, ammonium nitrate, urea, UAN solutions, nitric acid, sulfuric acid, carbon dioxide, and Diesel Exhaust Fluid (EarthPure DEF), with an emerging position in low-carbon blue ammonia.

Product overview

LSB Industries is a diversified chemical manufacturing company that operates as a single unified product portfolio across industrial, agricultural, and clean energy markets. The company produces ammonia and ammonia-related products organized into three main categories: Industrial Products (including refrigerant and commercial grade ammonia, nitric acid at various concentrations, sulfuric acid, CO2, and aqua ammonia) serving semiconductor, nylon, polyurethane, metals processing, and water treatment industries; Mining/Explosives Products (including ammonium nitrate solutions in various concentrations, low-density and high-density prilled AN) serving coal, copper, gold mining and quarrying operations; and Agricultural Products (including anhydrous ammonia, UAN solutions, and urea solutions) serving corn, cotton, wheat, and other crop production across North America. Additionally, LSB is developing Blue Ammonia/Low Carbon Ammonia products through its El Dorado Carbon Capture & Sequestration project, positioning the company in the emerging clean energy market. The company operates four manufacturing facilities (El Dorado AR, Cherokee AL, Pryor OK, and Baytown TX) and has ammonia production capacity of approximately 2,540 tons per day across its facilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Anhydrous Ammonia Anhydrous ammonia (NH3) is a core nitrogen product sold to industrial and agricultural customers for use as a fertilizer, refrigerant, and chemical feedstock. Produced at LSB's three owned U.S. facilities.
• Ammonia (Refrigerant, Commercial, and Aqua Grades) Specialty ammonia grades — refrigerant-grade, commercial-grade, and aqua ammonia — sold to industrial buyers with specific purity and specification requirements.
• Nitric Acid (Various Concentrations, Mixed, Concentrated) Nitric acid sold in multiple concentrations including mixed acid and concentrated grades, supplied to industrial chemical processors for use in fertilizers, explosives, and specialty chemical manufacturing.
• Sulfuric Acid Sulfuric acid produced and sold to industrial customers as a process chemical, often used in fertilizer production and other industrial applications.
• Carbon Dioxide (CO2) Liquid carbon dioxide sold to industrial and food-grade customers from LSB's manufacturing operations.
• Ammonium Nitrate (LDAN, HDAN, and Ammonium Nitrate Solutions) Low-density ammonium nitrate (LDAN), high-density ammonium nitrate (HDAN), and ammonium nitrate solutions (ANS) sold primarily to the mining industry for use in commercial blasting explosives.
• Urea Ammonium Nitrate (UAN) Solutions Liquid nitrogen fertilizer (UAN) sold to agricultural distributors, retailers, and growers for use in crop nutrient programs.
• Urea (Granular and Prilled) Granular and prilled urea sold to agricultural customers as a dry nitrogen fertilizer and to industrial customers for chemical applications.
• EarthPure DEF (Diesel Exhaust Fluid) EarthPure-branded Diesel Exhaust Fluid (DEF), an aqueous urea solution used in selective catalytic reduction (SCR) systems on diesel engines to reduce emissions, sold through distribution channels to trucking and equipment markets.
• Blue Ammonia (Low-Carbon) Low-carbon "blue" ammonia produced using carbon capture and sequestration (CCS), developed to serve emerging demand for decarbonized ammonia in industrial and potential hydrogen/energy carrier applications.
• Contract Manufacturing Services (Baytown, TX) Contract manufacturing of chemicals at the Baytown, Texas facility operated on behalf of Covestro, generating service-based revenue for LSB.

Quantifiable outcome

• Record-low safety incident rate of 0.40 per 200,000 work hours in 2025
• +5 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• Lapis Carbon Solutions (Lapis Energy)flagshipStrategic or Co-development Partner · 19 May 2026LSB Industries reached an agreement with Lapis Carbon Solutions to acquire 100% ownership of Project Blue, the carbon capture and sequestration project at its El Dorado, Arkansas facility. The milestone-based transaction has total consideration of approximately $95 million with no upfront cash payment required at closing, aligning capital deployment with project progress. The project will allow LSB to become one of the first suppliers of blue ammonia to international markets and will enable the company to reduce Scope 1 GHG emissions by 25%. The EPA has deemed the Class VI application complete and begun evaluation. Expected completion by end of 2026 or early 2027.
• KBRcoreTechnology or Integration · 5 December 2025KBR announced that its blue ammonia technology has been selected for a large, commercial-scale clean ammonia production and export project on the U.S. Gulf Coast, in partnership with Tokyo-based INPEX Corporation and Oklahoma City-based LSB Industries. KBR will provide technology licensing and proprietary engineering design for a 1.1 million tonnes per annum ammonia plant designed to capture carbon while maximizing yields.
• INPEX CorporationminorStrategic or Co-development Partner · 5 December 2025Tokyo-based INPEX Corporation is partnering with KBR and LSB Industries on a large commercial-scale clean ammonia production and export project on the U.S. Gulf Coast. INPEX is a Japanese oil and gas company pursuing clean energy initiatives.
• ClimeCocoreStrategic or Co-development Partner · 5 November 2025ClimeCo, Covestro, and LSB Industries announced their nitrous oxide abatement project at Covestro's Baytown, Texas facility has issued over 10 million carbon credits, reducing emissions equivalent to over 36,000 metric tonnes of N2O since 2010. The project eliminates super pollutants at source, contributing to environmental and air quality improvements.
• AmogycoreStrategic or Co-development Partner · 1 January 2023Announced a collaboration agreement with Amogy to develop an end-to-end supply chain of low-carbon ammonia as a transportation fuel. This partnership leverages Amogy's ammonia-to-power technology with LSB's ammonia production capabilities to create integrated clean energy solutions.
• Lapis Energy (CCS Partner)flagshipStrategic or Co-development Partner · 1 January 2022LSB partnered with Lapis Energy in 2022 to develop a carbon capture and sequestration facility at the El Dorado site, expected to reduce CO2 emissions at the facility by approximately 450,000 metric tons annually. The partnership has evolved to LSB acquiring 100% ownership of the project in 2026.
• Covestro LLCcoreOEM/ Whitelabel/ Licensing PartnerLSB Industries operates a nitric acid facility for Covestro LLC at its Baytown, Texas site. The Baytown facility is a Responsible Care facility. LSB also partners with Covestro on a nitrous oxide abatement project at the Baytown facility that has issued over 10 million carbon credits, reducing emissions equivalent to over 36,000 metric tonnes of N2O since 2010.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Nutrien Ltd: Nutrien is the world's largest fertilizer producer with a fully integrated nitrogen, potash, and phosphate platform, including retail Loveland Products. Direct overlap with LSB in UAN, urea, and ammonia manufacturing; Nutrien's scale dwarfs LSB but competes for the same North American farmer customers.
• Yara International: Yara is the world's largest nitrogen fertilizer producer with global manufacturing, ammonia trading, and clean ammonia initiatives. Comparable as a global nitrogen competitor with overlapping low-carbon ammonia ambitions to LSB's blue ammonia strategy.
• Air Products and Chemicals: Air Products is a global industrial gases leader with significant hydrogen and clean ammonia projects targeting export markets. Overlaps with LSB's industrial ammonia customer base and the strategic low-carbon ammonia opportunity, though at vastly larger scale.
• Koch Industries (Koch Ag & Energy Solutions): Koch operates Koch Fertilizer, one of the largest global nitrogen producers, including Enid (OK) and other U.S. plants directly competing with LSB for agricultural and industrial ammonia customers in the Southern Plains and Midwest.

Direct peers

• OCI Global: OCI Global is a major global nitrogen producer with significant U.S. operations (Iowa Fertilizer Company) and a growing low-carbon ammonia footprint. Competes with LSB on both commodity nitrogen and emerging blue ammonia export markets, particularly from the Gulf Coast.
• CVR Partners, LP: CVR Partners is a U.S. nitrogen fertilizer MLP producing ammonia and UAN at facilities in Kansas and Iowa, directly overlapping LSB's Pryor (Oklahoma) and Cherokee (Alabama) product lines and serving the same Corn Belt farmers. Closest pure-play comparable by size and product mix.
• CF Industries Holdings: CF Industries is the largest North American nitrogen fertilizer producer, manufacturing ammonia, urea, UAN, and ammonium nitrate with comparable end-market exposure to U.S. row-crop agriculture. LSB's lead independent director Lynn F. White previously led corporate development at CF Industries, directly linking the two companies as the closest comparable U.S. nitrogen pure-play.

Regional players

• ICL Group: ICL is a global specialty fertilizers and specialty chemicals producer serving agriculture, food, and industrial markets. Comparable product breadth across specialty nitrogen derivatives and industrial chemicals with similar global export ambitions.
• Mosaic Company: Mosaic is a leading global producer of concentrated phosphate and potash crop nutrients, serving the same North American farmer customers as LSB. While primarily phosphate/potash, Mosaic competes for fertilizer shelf-space and agronomy relationships with LSB's nitrogen products.

Emerging players

• Linde plc: Linde is the global industrial gases leader producing nitrogen, oxygen, and hydrogen for industrial customers. Adjacent competitor for industrial ammonia and CO2 customers served by LSB's industrial products segment, though Linde does not produce nitrogen fertilizers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/industrieslsb
• LinkedInlinkedin.com/company/lsb-industries-inc.

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LSB Industries