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IMC FERTILIZER ANNOUNCES 2-WEEK SHUTDOWN OF CANADIAN POTASH OPERATIONS AND EXPECTED LOSS FOR FIRST QUARTER

 NORTHBROOK, Ill., Aug. 27 /PRNewswire/ -- IMC Fertilizer Group, Inc. (NYSE: IFL) today announced it would shutdown its potash mining operations in Saskatchewan, Canada for two weeks in September as a result of weak demand for its potash products. The shutdown had originally been scheduled for the company's fiscal second quarter which begins in October, but is being accelerated due to the anticipated slow start of the fall planting season in the U.S. caused by wet weather in the Midwest.
 "The current weak demand for potash coupled with continued depressed demand for phosphate-based soil nutrients and limited improvement in phosphate prices are expected to result in the company reporting an operating loss for the first quarter ending Sept. 30," said Wendell F. Bueche, president and chief executive officer. "We are cautiously optimistic about prospects for increased demand in the second half of our 1993-94 fiscal year. This should permit a return to more normal production levels. However, without a substantial increase in product prices, it is probable IMC Fertilizer will operate at a loss in fiscal 1993-94."
 The company also noted today an adjustment to its financial results reported July 29, 1993. Although the results for the year ended June 30, 1993 were correct, the reported net loss of $22.8 million or $1.04 per share for the fourth quarter was incorrect and should have been a net loss of $26.7 million or $1.21 per share.
 -0- 8/27/93
 /CONTACT: John E. Galvin, 708-205-4814 (financial) or Thomas C. Pasztor, 708-205-4801 (news media), both of IMC Fertilizer/
 (IFL)


CO: IMC Fertilizer Group, Inc. ST: Illinois, Saskatchewan IN: CHM SU: ERP

GK-LG -- NY012 -- 6518 08/27/93 09:29 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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