Air Products cancels Louisiana Clean Energy project, takes $2.9B charge, but advances Saudi renewable ammonia deal.

Air Products announced it will not proceed with the Louisiana Clean Energy Complex (LCEC) project due to insufficient expected financial returns, resulting in a pre-tax charge up to $2.9 billion in its fiscal third quarter. The company will also discontinue a zero-carbon hydrogen facility in Arizona and other smaller projects amid challenging market conditions. However, Air Products is finalizing a marketing and distribution agreement with Yara International for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia, supporting its growth in clean energy. These moves reflect a strategic portfolio adjustment focused on profitable growth and market realities.