SIOUX CITY, Iowa, Sept. 16 /PRNewswire-FirstCall/ -- Terra Nitrogen
Company, L.P. (TNCLP) (NYSE: TNH) announced plans to resume ammonia and urea
production at its Blytheville, Ark., facility on or around October 1, 2003.
Blytheville suspended production on July 1, 2003 because of continuing high
natural gas prices and the seasonal decline in nitrogen fertilizer demand and
prices. TNCLP recorded a $40.7 million charge for the impairment of
Blytheville's long-lived assets in the 2003 second quarter because TNCLP's
general partner concluded that future market conditions may not justify the
ongoing investment in the maintenance and replacement capital required to
operate Blytheville for the remainder of its estimated useful life.
The restart is in response to higher urea selling prices and strong
seasonal demand. TNCLP expects Blytheville's production to continue through at
least April 30, 2004.
Terra Nitrogen Company, L.P. is a leading manufacturer of nitrogen
fertilizer products.
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
nitrogen fertilizer selling prices 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 Performance" section of TNCLP's current
annual report.
Note: Terra Nitrogen Company, L.P. news announcements are also available
on Terra Industries' web site, http://www.terraindustries.com .
SOURCE Terra Nitrogen Company, L.P.
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Related links:
http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/106067.html
CONTACT:
Mark Rosenbury of Terra Nitrogen Company,
L.P., +1-712-279-8756
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