SIOUX CITY, Iowa, Sept. 16 /PRNewswire-FirstCall/ -- Terra Industries Inc.
(NYSE: TRA) 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
costs and the seasonal decline in nitrogen fertilizer demand and prices. Terra
recorded a $53.1 million charge during the 2003 second quarter as an
"Impairment of long-lived assets" because management concluded that future
market conditions may not justify the ongoing investment in maintenance and
replacement capital necessary to extend Blytheville's operations for the
remainder of its useful life.
The restart is in response to higher urea selling prices and improved
seasonal demand. Terra expects Blytheville's production to continue through at
least April 30, 2004.
"We are very pleased that urea markets have improved to the point where we
can restart our Blytheville facility and plan on at least seven months of
production," said Terra's President and CEO Michael L. Bennett.
Terra Industries Inc., with 2002 revenues of $1 billion, is a leading
international producer of nitrogen products and methanol.
This news release may contain forward-looking statements, which involve
inherent risks and uncertainties. Statements that are not historical facts,
including statements about Terra Industries Inc.'s beliefs, plans or
expectations, are forward-looking statements. These statements are based on
current plans, estimates and expectations. Actual results may differ
materially from those projected in such forward-looking statements and
therefore you should not place undue reliance on them. A non-exclusive list of
the important factors that could cause actual results to differ materially
from those in such forward-looking statements is set forth in Terra Industries
Inc.'s most recent report on Form 10-K and Terra Industries Inc.'s other
documents on file with the Securities and Exchange Commission. Terra
Industries Inc. undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
developments or otherwise.
Note: Terra Industries' news announcements are also available on its web
site, http://www.terraindustries.com .
SOURCE Terra Industries Inc.
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Related links:
http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/437906.html
CONTACT:
Mark Rosenbury of Terra Industries Inc.,
+1-712-279-8756
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