SIOUX CITY, Iowa, March 13 /PRNewswire-FirstCall/ -- Terra Industries Inc.
(NYSE: TRA) announced today that due to recent natural gas price decreases and
nitrogen products and methanol market improvements, it is resuming production
at its Blytheville, Ark., and Woodward, Okla., facilities and increasing
production rates at some of its other North American facilities. At current
prices, Terra expects to operate all of its North American plants near
capacity.
As previously reported, Terra ceased production in the last week of
February 2003 at its Blytheville and Woodward facilities due to high natural
gas prices. In addition, Terra reduced ammonia and methanol production rates
at its other North American facilities.
Michael L. Bennett, Terra's President and Chief Executive Officer, said,
"Restarting the Blytheville and Woodward facilities and increasing production
at other facilities will permit us to meet customer demand during the balance
of the fertilizer year. While the production curtailments and sharply higher
natural gas costs during the first half of March will adversely affect our
first quarter results, we are pleased that those curtailments were short-lived
and did not significantly impair our financial condition or negatively impact
our ability to supply any products to our customers."
Terra Industries Inc., with 2002 revenues of $1 billion, is a leading
international producer of nitrogen products and methanol.
Information contained in this news 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 governmental regulations and other risks
described in the "Factors That Affect Operating Results" section of Terra's
current annual report.
Note: Terra Industries' news announcements are also available on its web
site, http://www.terraindustries.com.
SOURCE Terra Industries Inc.
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