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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 23, 1997
TERRA INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Maryland 1-8520 52-1145429
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
Terra Centre
600 Fourth Street
P.O. Box 6000
Sioux City, Iowa 51102-6000
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (712) 277-1340
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ITEM 5. Other Events.
On December 23, 1997, Terra Industries Inc. issued the press release
contained in Exhibit 1 hereto, which is incorporated by reference herein.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TERRA INDUSTRIES INC.
By: /s/ GEORGE H. VALENTINE
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George H. Valentine
Senior Vice President, General Counsel
and Corporate Secretary
Date: December 29, 1997
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[LOGO OF TERRA INDUSTRIES INC.]
Exhibit 1
Terra Industries Inc.
600 Fourth Street
P.O. Box 6000
Sioux City, IA 51102-6000
Telephone: (712) 277-1340
Telefax: (712) 233-3648
www.terraindustries.com
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NEWS
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For Immediate Release Contact: Paula C. Norton
(712) 277-5438
TERRA RESOLVES INSURANCE CLAIMS RELATED TO PORT NEAL EXPLOSION
Sioux City, Iowa (December 23, 1997)--Terra Industries Inc. (NYSE symbol: TRA)
announced today that it has reached a settlement with Industrial Risk Insurers
(IRI) on its insurance claims for property damages and business interruption
losses arising from the 1994 explosion at Terra's Port Neal, Iowa fertilizer
plant. IRI is one of the six insurance carrier defendants Terra sued in April
of this year in Sioux City federal district court to recover on its claims.
Under the settlement, IRI agreed to pay Terra its proportionate share (50
percent of the overall insurance coverage) of a total claim fixed at $321
million. Previously, Terra settled with all of the other five insurance carrier
defendants, who collectively paid the other 50 percent share of a $321 million
settlement.
As a result of the settlements, the lawsuit filed in April will be dismissed.
Terra Industries Inc. is a leading marketer and producer of nitrogen fertilizer,
crop production products, seed and services for agricultural, turf, ornamental
and other growers. Terra also produces nitrogen products and methanol for
industrial customers.
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Note: Terra's new releases are available by fax at no charge by calling 800-
758-5804, code 437906.
