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CF Industries Holdings, Inc. Statement Regarding ITC Injury Determination Concerning Imports of UAN from Russia and Trinidad and Tobago
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary
The U.S. International Trade Commission (ITC) has made a negative final injury determination regarding imports of urea ammonium nitrate solutions (UAN) from Russia and Trinidad and Tobago. CF Industries expressed disappointment, stating that this outcome fails to recognize the harm from unfair trade practices linked to subsidized imports. In June 2022, the U.S. Department of Commerce identified significant dumping and subsidy rates for imports from both countries, but the ITC concluded that the U.S. UAN industry was not injured, affecting the competitive landscape for domestic producers.
Positive
None.
Negative
ITC's negative determination continues unfair trade practices affecting UAN imports from Russia and Trinidad.
Failure to recognize injury could lead to a distorted competitive environment for the U.S. UAN industry.
DEERFIELD, Ill.--(BUSINESS WIRE)--
Today, the U.S. International Trade Commission (“ITC”) made a negative final injury determination concerning its investigation of imports of urea ammonium nitrate solutions (“UAN”) from Russia and Trinidad and Tobago (“Trinidad”).
“We are disappointed that the International Trade Commission has determined the U.S. UAN industry has not been harmed by the unfair trade practices from state-subsidized entities underpinning UAN imports from Russia and Trinidad that were clearly established through thorough and impartial investigations by the U.S. government,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “Unfortunately, this outcome will perpetuate an unlevel playing field for a domestic industry that has invested billions of dollars in the U.S. to ensure American farmers have a reliable source of UAN fertilizer.”
Today’s ITC’s decision follows the U.S. Department of Commerce’s (“Commerce”) final affirmative AD/CVD determinations in June 2022. Commerce found that imports from Russia are dumped (i.e., sold at less than fair value) at rates ranging from 8.16% to 122.93%, and unfairly subsidized at rates ranging from 6.27% to 9.66%. In addition, Commerce found that imports from Trinidad are dumped at a rate of 111.71% and unfairly subsidized at a rate of 1.83%.
Commerce and the ITC initiated their investigations in July 2021 in response to petitions filed by CF Industries through certain of its production facilities.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.
