LSB Industries (NYSE: LXU) is a chemical manufacturing company that produces nitrogen-based fertilizers and industrial chemicals at three facilities in the United States. Revenue comes from selling ammonia, urea ammonium nitrate (UAN), ammonium nitrate (AN), nitric acid, and related products into two distinct end markets: agriculture and industrial. Agricultural sales occur at spot market prices or via short-duration forward commitments, while industrial customers purchase under contracts that often pass through raw material and other manufacturing costs. The company operates facilities in El Dorado, Arkansas; Cherokee, Alabama; and Pryor, Oklahoma, each with distinct logistics advantages including pipeline, rail, barge, and truck access. LSB pursues a strategy of balancing agricultural spot sales with more stable industrial contract volumes to reduce production volatility and raw material price exposure. As of end of FY2025, LSB held approximately $192.8 million in combined cash, short-term investments, and revolving credit availability. Senior Secured Notes of 6.25% mature in October 2028, and a secured revolving credit facility provides up to $75 million in capacity, with an option to increase by $25 million.

Revenue model

Transactional and contract-based. Agricultural products (ammonia, UAN) are sold at spot prices or via short-duration forward sales. Industrial products (nitric acid, ammonium nitrate) are sold primarily under contracts that pass through some raw material and manufacturing costs.

Products and services

Ammonia, urea ammonium nitrate (UAN), ammonium nitrate (AN), nitric acid, and other industrial acids and chemical products.

Customers and end markets

Two primary end markets: (1) agriculture, including crop fertilizer buyers, and (2) industrial, including polyurethane intermediates producers, mining operations (copper, gold, coal), quarrying and aggregate producers, and explosives manufacturers. Industrial customer base is described as almost entirely located in the United States (FY2025 10-K).

Value-chain role

Manufacturer and direct seller of nitrogen-based chemicals. Operates upstream chemical production assets and manages its own logistics and distribution through pipeline, rail, barge, and truck access at three facilities.

Geographic exposure

United States only. Facilities in El Dorado, Arkansas; Cherokee, Alabama; and Pryor, Oklahoma. Industrial customer base described as almost entirely domestic (FY2025 10-K).

Source: SEC 10-K, filed 2026-02-26

Industry: Industrial Inorganic Chemicals Peers: Chemours Co Huntsman Corp