Kemira GrowHow Oyj - Corporate Action

Planned joint venture by Kemira GrowHow Oyj and Terra Industries Inc. for UK operations approved by Competition Commission

The UK Competition Commission today approved the joint venture
planned by Kemira GrowHow Oyj and Terra Industries Inc. to combine
the fertiliser and associated process chemicals businesses of both
companies in the United Kingdom. The approval is conditional upon the
divestment of certain process chemicals businesses - which account
for less than 3 per cent of sales of the planned joint venture - as
well as upon amendment of certain terms in the agreements for supply
of carbon dioxide at Ince. .

The planned joint venture is designed to secure a sustainable,
long-term base for manufacturing fertiliser and process chemicals in
the UK. Both businesses produce ammonium nitrate, which is the main
nitrogen fertiliser consumed in the UK.

Kemira GrowHow UK Limited is the largest UK producer of compound
fertilisers and Terra Nitrogen (UK) Limited is the largest UK
producer of ammonium nitrate. The joint venture would provide a
complete fertiliser offering for agricultural customers. Both
businesses are also leading producers of process chemicals and have
well-established and highly-skilled workforces of approximately 400
per company.

The joint venture will be owned 50/50 by Kemira GrowHow and Terra and
will include the site of Kemira GrowHow at Ince and of Terra on
Teesside and Severnside. The annual turnover of the operations
included in the joint venture exceeded 500 million euros in 2006.

Through the joint venture, Kemira GrowHow and Terra expect to create
significant cost and operational synergies that would enhance their
ability to service and compete in increasingly challenging markets. .

Heikki Sirviö, CEO of Kemira GrowHow, said: "We are pleased with this
conclusion, which will enable us to start this joint venture and
continue to provide high quality products and services to the
agricultural and industrial customers of both our companies."

Mike Bennett, President and CEO of Terra, said: "We have worked
closely with the Competition Commission and expect to satisfy their
conditions soon so that we can start the joint venture. We continue
to believe that the proposed joint venture represents the best way
forward for our UK business and customers."

Kemira GrowHow Oyj
Heikki Sirviö
CEO

For further information please contact:
Kemira GrowHow Oyj
Kaj Friman, Deputy CEO, CFO
Tel. +358 10 215 2180

Distribution:
Helsinki Stock Exchange
Media

About Terra Industries Inc.
Terra Industries Inc., with 2006 revenues of $1.8 billion, is a
leading international producer of nitrogen products. It employs about
1,200 people in North America and UK and is listed on the New York
Stock Exchange. Terra Industries Inc. purchased Terra Nitrogen UK
from ICI in 1997. www.terraindustries.com

About Kemira GrowHow Oyj
Kemira GrowHow Oyj is one of the leading producers of fertiliser and
feed phosphates in Europe. Kemira GrowHow develops and markets
fertilisers and integrated solutions for crop cultivation, animal
feed supplements and chemicals required in various industries. The
company has approximately 2,500 employees worldwide and in 2006 net
sales were 1.2 million euros. Kemira GrowHow Oyj is listed on the
Helsinki Stock Exchange. www.kemira-growhow.com

Forward-looking statements
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
and/or Kemira GrowHow Oyj'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. In respect
of Terra Industries Inc., 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. Neither Terra Industries Inc. or Kemira GrowHow
Oyj undertakes any obligation to publicly update or revise any
forward-looking statement set out in this announcement, whether as a
result of new information, future developments or otherwise.