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IMC FERTILIZER TO CLOSE FERTILIZER PLANT DUE TO DETERIORATING PRICES

 NORTHBROOK, Ill.., March 19 /PRNewswire/ -- IMC Fertilizer, Inc., (NYSE: IFL) announced today the shutdown of its diammonium phosphate (DAP) fertilizer plant near Nichols, Fla. The facility, with an annual capacity of 600,000 tons, will close for an indefinite period beginning May 20. Members of the International Chemical Workers Union, which represents most of the operation's approximately 200 employees, were notified of the pending shutdown on today.
 "We regret the need to close this efficient operation which produces one of agriculture's most vital crop nutrients," said Wendell F. Bueche, president and chief executive officer of IMC Fertilizer. "Nevertheless, this action must be taken in response to severe price erosion."
 DAP prices have fallen to their lowest level in nearly 20 years. In addition, prices continue to deteriorate.
 "Throughout the fertilizer industry, DAP production has exceeded consumption for several months," noted Bueche. "The entire industry built DAP inventories in anticipation of a demand upturn that, unfortunately, never materialized. The closing of our Nichols plant, which represents approximately 20 percent of our DAP production capacity, is in direct response to the pricing situation. This operation will remain shut down until market conditions improve substantially."
 The market's failure to rebound is largely the result of political and economic uncertainties overseas. Recent internal changes in China, India and other large volume DAP-importing countries precipitated significant reductions in their fertilizer purchases. The financial impact of this weakened export market is magnified by domestic sales at artificially low prices due to DAP oversupply.
 The Nichols plant shutdown follows the company's February 26 announcement that due to deteriorating prices it will idle its Kingsford phosphate mine. Kingsford, also located in central Florida, will close for an indefinite period beginning May 1. Approximately 260 salaried and hourly employees will be affected. In addition, the company has announced it will cease operations at all of its phosphate mining operations for a minimum of two weeks beginning in June. An estimated 1,500 employees will be affected.
 "These scheduled shutdowns will occur in a cost-effective manner, enabling us to reduce both our inventories and our costs," said Bueche.
 IMC Fertilizer is one of the world's largest producers and marketers of phosphate rock and potash, two basic crop nutrients, and a major manufacturer of concentrated phosphates. The company also produces sulphur, oil and natural gas.
 -0- 3/19/93
 /CONTACT: Thomas C. Pasztor, financial, 708-205-4801, or Thomas C. Pasztor, 708-205-4801, both for Fertilizer, Inc./
 (IFL)


CO: IMC Fertilizer, Inc. ST: Illinois, Florida IN: CHM SU:

LD-KW -- NY076 -- 8128 03/19/93 19:25 EST
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Date:Mar 19, 1993
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