SIOUX CITY, Iowa, Jan. 23 /PRNewswire/ --
Terra Industries Inc. (NYSE: TRA) announced today that it expects to meet
its credit arrangement's covenant that earnings before interest, taxes,
depreciation and amortization (EBITDA) for 2001 equal or exceed $90 million.
EBITDA for the nine months ending September 30, 2000, was $107 million.
Terra's expectation for 2001 reflects continued strong demand in both North
America and the United Kingdom for its nitrogen products.
Terra also reported today that it expects to restart this week its
Woodward, Okla., manufacturing facility and the idle plants at its Verdigris,
Okla., facility. With these restarts, Terra will be operating 77, 99, 33 and
13 percent of its North American ammonia, UAN, urea and methanol manufacturing
capacity, respectively.
Terra expects its Blytheville, Ark., facility to remain idle until some
equipment is replaced in early March. Restart of Terra's Beaumont, Texas,
methanol and ammonia manufacturing facility will depend on future natural gas,
methanol and ammonia prices.
Information contained in this release, other than historical information,
may be considered forward-looking. Forward-looking information reflects
management's current views of future events and financial performance that
involve a number of risks and uncertainties. The factors that could cause
actual results to differ materially include, but are not limited to, the
following: changes in financial markets, general economic conditions within
the agricultural industry, competitive factors and price changes (principally,
selling prices of nitrogen and methanol products and natural gas costs),
changes in product mix, changes in the seasonality of demand patterns, changes
in weather conditions, changes in agricultural regulations, and other risks
detailed in the "Factors That Affect Operating Results" section of Terra's
current annual report.
Terra Industries Inc., with 1999 revenues of $775 million, is a leading
international producer of nitrogen products and methanol.
SOURCE Terra Industries
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Related links:
http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/437906.html or fax,
800-758-5804, ext. 437906
CONTACT:
Mark Rosenbury of Terra Industries Inc.,
712-279-8756
NOTE TO EDITORS: Terra Industries' news announcements are also
available on its web site, http://www.terraindustries.com , and
by fax at no charge by calling 800-758-5804, code 437906.
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