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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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): October 30, 2003


                              TERRA INDUSTRIES INC.
             (Exact name of registrant as specified in its charter)


           Maryland                       1-8520                   52-1145429
(State or other jurisdiction     (Commission File Number)       (IRS Employer
      of incorporation)                                      Identification No.)

                                  Terra Centre
                        600 Fourth Street, P.O. Box 6000
                           Sioux City, Iowa 51102-6000
                                 (712) 277-1340
          (Address of Principal Executive Offices, including Zip Code)
              (Registrant's Telephone Number, Including Area Code)

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ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

         (c)      Exhibits

                  Exhibit Number     Description
                  --------------     -----------

                      99.1           Press Release dated October 30, 2003
                                     announcing third quarter 2003 earnings by
                                     Terra Industries Inc.

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

                  On October 30, 2003, Terra  Industries  issued a press release
setting forth Terra Industries Inc.'s third quarter 2003 earnings. A copy of the
press release is filed  herewith as Exhibit 99.1 and is hereby  incorporated  by
reference.

                  The information in this Form 8-K is being furnished and shall
not be deemed "filed" for the purposes of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that Section. The
information in this Form 8-K shall not be incorporated by reference in any other
filing under the Securities Exchange Act or Securities Act of 1933 except as
shall be expressly set forth by specific reference to this Form 8-K in such
filing.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                                       TERRA INDUSTRIES INC.


                                       /s/ Mark A. Kalafut
                                       -----------------------------------------
                                       Mark A. Kalafut
                                       Vice President, General Counsel and
                                       Corporate Secretary


Date: October 30, 2003