LSB INDUSTRIES REPORTS STATUS OF PRODUCTION AT PRYOR FACILITY
Oklahoma City, Oklahoma – June 23, 2011 - LSB Industries, Inc. ("LSB"), (NYSE: LXU) today updated the status of production at its Pryor, OK Facility ("Pryor Facility"). As previously reported, the Pryor Facility was shut down on May 30, 2011, for unplanned maintenance on the anhydrous ammonia plant. The repairs were completed and the ammonia plant was returned to service on June 12, 2011.
Also, as disclosed, the nitric acid plant required corrective measures, which were anticipated to be completed on June 21 st, at which time we anticipated UAN production would resume. Due to delays in the completion of the repairs to the nitric acid plant, management decided to defer the completion of the repairs until July 5th in conjunction with the planned major maintenance "Turnaround".
In the meantime, the ammonia plant, which was returned to service on June 12th, is producing at rate of approximately 500 tons per day. Tony M. Shelby, LSB’s Chief Financial Officer, stated that "at current market conditions, the production and selling of ammonia from the Pryor Facility, result in significant margin contribution and mitigate the effect of the nitric acid plant being off-line."
LSB is a manufacturing, marketing and engineering company. LSB’s principal business activities consist of the manufacture and sale of commercial and residential climate control products, such as geothermal and water source heat pumps, hydronic fan coils, large custom air handlers and modular geothermal chillers; the manufacture and sale of chemical products for the industrial, mining and agricultural markets; and the provision of specialized engineering services and other activities.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements generally are identifiable by use of the words "believe," "expects," "intends," "anticipates," "plans to," "estimates," "projects" or similar expressions, and such forward-looking statements including, but are not limited to: the production and selling of ammonia from the Pryor Facility, result in significant margin contribution and mitigate the effect of the nitric acid plant being off-line. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risk and uncertainties and that actual results may differ materially from the forward-looking statements as a result of various factors, including, but not limited to, equipment failure, weather conditions, the demand for the chemical products produced at the Pryor Facility, or changes in current market conditions, including, but not limited to, pricing and customer demand for our ammonia products.
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