Yara has “postponed” its brownfield ammonia-urea plant at Belle Plaine. I’ve downgraded the likelihood from “Likely” to “Dead.”

See Yara’s press release:

Yara views the Belle Plaine site as an optimal location for a future North American nitrogen expansion, but will spend more time evaluating construction cost development and other key project parameters.

“We are not ready to initiate a Belle Plaine expansion today, primarily due to recent increases in construction cost both in Canada and North America generally. There is also a significant risk of future nitrogen over-supply in North America as new project initiatives are announced, despite deteriorating project profitability,” said Jørgen Ole Haslestad, President and Chief Executive Officer of Yara International ASA.