IMC Global Reports Sharp Improvement in 2004 First Quarter Results From Continuing Operations of 8 Cents Per Diluted Share

IMC Global Reports Sharp Improvement in 2004 First Quarter
Results From Continuing Operations of 8 Cents Per Diluted Share
FIRST QUARTER AND RECENT HIGHLIGHTS


LAKE FOREST, Ill., May 4  /PRNewswire-FirstCall/ -- Citing strong increases in
crop nutrient pricing, IMC Global Inc.  today reported significantly improved
earnings from continuing operations of $11.6 million, or 8 cents per diluted
share, for the quarter ended March 31, 2004.  This is a 36-cent improvement
compared with a loss from continuing operations, before the cumulative effect
of a change in accounting principle, of $31.7 million, or 28 cents per diluted
share, in the prior year.

Including a loss from discontinued operations of $2.4 million, or 2 cents per
diluted share, in this year's first quarter and the cumulative effect of a
change in accounting principle of $4.9 million, or 4 cents per diluted share,
in the prior-year quarter, the Company reported 2004 first quarter net earnings
of $9.2 million, or 6 cents per diluted share, versus a net loss of $36.6
million, or 32 cents per diluted share, last year.

2004 first quarter results from continuing operations were predominantly
affected by strong increases in phosphate pricing and potash realizations,
partially offset by higher raw material costs, principally ammonia.  Average
diammonium phosphate (DAP) realizations improved $45 per short ton, or 31
percent.  Ammonia costs increased 49 percent for Florida and 21 percent
combined versus the prior year.

Also impacting 2004 first quarter results from continuing operations were a
non-cash, pre-tax gain of $4.6 million ($2.8 million after tax), or 2 cents per
diluted share, from a weaker Canadian dollar impact on U.S. dollar denominated
receivables; an after-minority interest and after-tax loss of $0.7 million, or
1 cent per diluted share, from the proposed settlement of two Florida
class-action lawsuits; and an after-tax loss of $1.0 million, or 1 cent per
diluted share, for expenses incurred in connection with the proposed
combination of IMC Global and Cargill Crop Nutrition.  Also included in this
year's first quarter earnings per share was the impact of $2.6 million, or 2
cents per diluted share, from preferred stock dividends.

Net sales in the first quarter of 2004 increased 6 percent to $584.2 million
from $552.1 million a year ago due to improved phosphate and potash price
realizations and higher potash shipments, partially offset by lower phosphate
volumes.

Selling, general and administrative expenses of $16.8 million in the first
quarter of 2004 fell 8 percent versus the prior year primarily due to the
absence of spending in 2003 relating to the Company's organizational
restructuring program.  This was partially offset by a 3 percent increase in
interest expense to $47.1 million due to the Company's refinancing activities
in 2003.

Operating earnings in the quarter improved to $62.0 million versus $14.4
million a year earlier; depreciation, depletion and amortization expenses were
$45.5 million compared with $41.1 million.  Gross capital expenditures of $23.6
million in the first quarter were unchanged from $23.7 million a year earlier. 
The Company has a 2004 capital expenditure budget of about $111.0 million
versus 2003 capital spending of $120.3 million.

The income tax provision on earnings from continuing operations for the first
quarter was $7.6 million, for an effective tax rate of 39.7 percent versus a
benefit of $14.9 million, or an effective tax rate of 32 percent a year ago. 
The increase in the effective tax rate reflects the effect of a U.S. Internal
Revenue Service Notice issued during 2003 that adversely impacts the Company's
ability to utilize foreign tax credits beginning in 2004.  The increase in the
effective tax rate negatively impacted first quarter 2004 results by 1 cent per
diluted share.

The Company ended the first quarter of 2004 with its main bank revolver undrawn
except for letters of credit.  Total cash and main bank revolver availability
at March 31, 2004 was approximately $132 million, with no significant debt
maturities in 2004 or 2005.  The Company has additional borrowing capacity
available through its Canadian working capital facility.

IMC PhosFeed

IMC PhosFeed's first quarter net sales of $363.3 million increased slightly
compared with $359.0 million last year as higher selling prices more than
offset lower phosphate shipments.  Total concentrated phosphate shipments of
approximately 1.4 million short tons decreased 16 percent versus the prior year
level of approximately 1.6 million short tons.  Export revenues rose 21 percent
versus 2003 primarily due to increased sales to Australia, Thailand and China. 
Domestic revenues decreased 9 percent as a result of the Company's decision not
to participate in lower-priced winter fill programs.  The average price
realization for DAP of $188 per short ton in the first quarter, the highest
level in many years, increased $45, or 31 percent, versus the prior year's
level of $143 and $29 per short ton from the fourth quarter of 2003.

First quarter gross margins of $18.4 million improved by approximately $33
million from gross margin losses of $14.8 million in the first quarter of 2003
and more than tripled from gross margins of $5.8 million in the fourth quarter
of 2003.  Higher prices more than offset increased raw material costs,
predominantly ammonia, as well as higher rock costs.  Ammonia, sulphur and
natural gas costs increased a combined $23 million versus the prior year.  The
Company's Florida ammonia costs averaged an equivalent $292 per metric ton in
the first quarter of 2004.  Published Tampa ammonia prices peaked at $325 per
metric ton in January, and the Company partially benefited from the decline to
$220 per metric ton by the end of the first quarter, with current Tampa ammonia
pricing in the mid-$180 per metric ton range.

Approximately 30 percent of IMC's Louisiana concentrated phosphate output
continued to be idled, an operating rate expected to be maintained until market
conditions show sufficient and sustained improvement.

IMC Potash

IMC Potash's first quarter net sales increased 12 percent to $239.6 million
versus last year's $214.2 million due to stronger sales volumes and selling
prices.  Total sales volumes of approximately 2.3 million short tons increased
6 percent versus approximately 2.2 million a year ago. Domestic revenues
improved 26 percent as stronger prices spurred customer orders; export revenues
fell 17 percent as higher prices were more than offset by increased freight
rates and the favorable impact in last year's first quarter of the retroactive
Canpotex allocation increase to 37 percent.  The average selling price,
including all potash products, was $77 per short ton, the highest level since
the second quarter of 2001, compared with $74 per short ton in the prior year,
as a 14 percent increase in domestic prices more than offset a 10 percent
decline in export prices primarily from higher freight rates.  The Company's
average domestic realization for muriate of potash (MOP) improved $6 per short
ton, or 7 percent, from the fourth quarter of 2003, reflecting the full impact
of the September 2003 domestic price increase and a partial impact from the
mid-February 2004 price increase.

First quarter gross margins of $65.2 million ($81.4 million excluding
provincial levies) increased 18 percent from $55.4 million ($70.2 million
excluding provincial levies) due to improved prices.  Potash production costs
per ton were essentially flat as the impact of unfavorable foreign exchange was
offset by the benefits of volume increases.  IMC Potash took nearly 4 weeks of
mine shutdowns in the first quarter of 2004.

Observations and Outlook

"We're off to a solid and encouraging start in 2004," said Douglas A. Pertz,
Chairman and Chief Executive Officer of IMC Global.  "The earlier optimism we
expressed for margin improvement in 2004, given positive worldwide grain and
fertilizer dynamics, is reflected in the strong performance of our core
phosphate and potash businesses in the quarter, especially in price increases.

"The large improvement in our PhosFeed segment, both year-over-year and
sequentially from last year's fourth quarter, reinforces our view that global
phosphate fundamentals have improved," Pertz said.  "As DAP spot prices held
around 8-year highs throughout much of the quarter and Tampa ammonia costs fell
significantly from a late January peak, we saw our PhosFeed profitability
improve as we moved through the quarter and began the second quarter.  Our
average DAP realizations in the first quarter and so far in the second quarter
are at levels we haven't seen in many years."

Pertz said that higher raw material costs, primarily ammonia, continued to
negatively impact phosphate margins in the quarter.  However, current Tampa
ammonia prices, after falling rapidly in the first quarter, are now below
year-ago levels with sulphur costs relatively flat versus the prior year.  "We
remain cautiously optimistic that our ammonia and sulphur raw material costs
should be directionally lower in 2004," he said.

At the same time, phosphate price realizations should continue to be improved
over comparable 2003 periods as global supply-and-demand, along with operating
rates, recover.

IMC Potash began 2004 with an impressive first quarter performance, Pertz said.
 Sales and gross margins rose 12 and 18 percent, respectively, highlighted by a
continuation of improved domestic muriate of potash (MOP) realizations from
2003.  Pertz said the mid-February domestic price increase of $10 per short ton
is holding into the second quarter, with current North American realizations at
levels not achieved in many years.  At the same time, export potash price
increases are beginning to offset and even outstrip ocean freight rates,
suggesting more favorable year-over-year comparisons for the rest of 2004.  The
recent retreat in ocean freight rates will yield additional benefits to potash,
as well as phosphates.

IMC Potash volumes in 2004 are expected to exceed 2003 levels which were the
second-highest level of shipments at 8.6 million short tons.  Canpotex, the
export marketing organization for Saskatchewan producers, expects to eclipse
its record 2003 shipments this year with double-digit growth, while improved
U.S. farm fundamentals also suggest higher demand for potash.  Pertz noted that
increased production rates benefit IMC Potash's plant operating performance.

Pertz emphasized that continued improvement in global grain and fertilizer
market conditions is providing the impetus for better performance in 2004. Much
tighter grain markets, higher crop prices and improved farm income, including
record 2003 U.S. net cash farm income, encourage more planted acreage and
increased application rates to maximize crop yields, Pertz noted.

"IMC Global's strong worldwide positions in phosphate and potash, along with
the major cost reductions we have instituted in recent years and excess
capacity available to meet increased demand, should enable the Company to
capitalize on favorable market trends and sustain its improved performance
throughout the balance of 2004," Pertz said.

IMC Global Proposal on Phosphate Resource Partners Limited Partnership

On March 19, 2004, IMC Global and Phosphate Resource Partners Limited
Partnership (PLP) (NYSE:PLP) announced the signing of a definitive agreement to
merge PLP into a subsidiary of IMC.  Pursuant to the merger, each publicly
traded PLP unit would be converted into the right to receive 0.2 shares of IMC
Global common stock.  Alpine Capital and The Anne T. and Robert M. Bass
Foundation (collectively, the largest public holders of PLP units) have agreed
to support such a transaction.

On April 20, 2004, IMC Global filed a Registration Statement on Form S-4 with
the U.S. Securities and Exchange Commission (SEC) containing a preliminary
proxy statement/prospectus regarding the proposed PLP merger.  PLP will not
distribute the definitive proxy statement/prospectus regarding the proposed
transaction to the PLP unitholders until the SEC has completed its review of
such Registration Statement and such Registration Statement has been declared
effective by the SEC.

The PLP merger is subject to certain conditions, including among other things,
necessary regulatory approvals, approval by the partners of PLP, and other
conditions which are customary for transactions of this nature involving
publicly traded companies.  Closing is anticipated in the summer of 2004.

IMC Global and Cargill Crop Nutrition Combination

IMC Global and Cargill, Incorporated (Cargill) announced on January 27 the
signing of a definitive agreement to combine IMC Global and Cargill Crop
Nutrition to create a new, publicly traded company.  The transaction is
expected to be immediately accretive to IMC Global shareholders and to be more
additive to earnings per share over the next several years beyond the impact of
currently expected improvements in global agricultural and fertilizer
fundamentals.

The new company is expected to benefit from a stronger balance sheet with
increased financial flexibility, a lower cost of capital, significant synergy
potential, and an enhanced platform for worldwide growth.

Under terms of the definitive agreement, IMC Global common shareholders and
Cargill will own on a pro forma basis 33.5 percent and 66.5 percent,
respectively, of the outstanding common shares of the new company.

In early April, Global Nutrition Solutions, Inc. filed a Registration Statement
on Form S-4 with the SEC containing a preliminary proxy statement/prospectus
regarding the proposed transaction between IMC Global and Cargill Crop
Nutrition.  IMC will not distribute the definitive proxy statement/prospectus
regarding the proposed transaction to its common stockholders until the SEC has
completed its review of such Registration Statement and such Registration
Statement has been declared effective by the SEC.

The combination is subject to regulatory approval in the U.S., Brazil, Canada
and several other countries; the approval of IMC Global's common shareholders;
the completion of the PLP merger; and satisfaction of other customary closing
conditions.   Necessary antitrust or competition processes required in several
other jurisdictions, including China, have been fully satisfied.  Closing is
anticipated in the summer of 2004.

With 2003 revenues of $2.2 billion, IMC Global is the world's largest producer
and marketer of concentrated phosphates and potash crop nutrients for the
agricultural industry and a leading global provider of feed ingredients for the
animal nutrition industry.  For more information, visit IMC Global's Web site
at imcglobal.com.

Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements regarding expected quarterly and annual
results for 2004, expectations regarding the phosphate market recovery and
potash market fundamentals, expectations regarding the proposed transactions
with PLP and Cargill Crop Nutrition, and other statements that are not
historical facts. Such statements are based upon the current beliefs and
expectations of IMC Global's management and are subject to significant risks
and uncertainties. Actual results may differ from those set forth in the
forward-looking statements.

The following factors, among others, could cause actual results to differ from
those set forth in IMC Global's forward-looking statements: increased
competition and its effect on pricing, spending, third-party relationships and
revenues; the risk of new and changing regulation in the U.S. and
internationally; recovery of the phosphate market; DAP and potash pricing,
margins and realizations; the prices of raw materials; and regulatory and
shareholder approvals of pending transactions.  Additional factors that could
cause IMC Global's results to differ materially from those described in the
forward-looking statements can be found in the 2003 Annual Report on Form 10-K
of IMC Global filed with the SEC and available at the SEC's Internet site (
http://www.sec.gov/ ).

Not a Proxy Solicitation for IMC Global and Cargill Crop Nutrition Combination

This communication is not a solicitation of a proxy from any security holder of
IMC Global or Cargill, Incorporated.  Global Nutrition Solutions, Inc. has
filed a Registration Statement on Form S-4 with the SEC containing a
preliminary proxy statement/prospectus regarding the proposed transaction
between IMC Global and Cargill.  Stockholders are urged to read the definitive
proxy statement/prospectus regarding the proposed transaction when it becomes
available, because it will contain important information. Stockholders will be
able to obtain a free copy of the definitive proxy statement/prospectus, as
well as other filings containing information about Cargill and IMC Global,
without charge, at the SEC's Internet site ( http://www.sec.gov/ ). Copies of
the definitive proxy statement/prospectus and the filings with the SEC that
will be incorporated by reference in the definitive proxy statement/prospectus
can also be obtained, without charge, by directing a request to IMC Global
Inc., 100 South Saunders Road, Lake Forest, Illinois 60045-2561, Attention:
David A. Prichard, or by telephone at [phone], email:  , or to Cargill,
Incorporated, 15407 McGinty Road West, MS 25, Wayzata, Minnesota 55391,
Attention:  Lori Johnson, or by telephone at [phone], email:   .

The respective directors and executive officers of Cargill and IMC Global and
other persons may be deemed to be participants in the solicitation of proxies
in connection with the proposed transaction.  Information regarding such
persons and a description of their direct and indirect interests, by security
holdings or otherwise, is contained in the preliminary proxy
statement/prospectus contained in the above-referenced Registration Statement
on Form S-4 of Global Nutrition Solutions, Inc. filed with the SEC on April 8,
2004.

Not a Proxy Solicitation for PLP Merger Proposal

This communication is not a solicitation of a proxy from any security holder of
IMC Global or PLP.  IMC Global has filed a Registration Statement on Form S-4
with the SEC containing a preliminary proxy statement/prospectus regarding the
proposed transaction between IMC Global and PLP.  PLP unitholders are urged to
read the definitive proxy statement/prospectus relating to the proposed
transaction between IMC Global and PLP when it becomes available, because it
will contain important information.  PLP unitholders will be able to obtain a
free copy of the definitive proxy statement/prospectus, as well as other
filings containing information about IMC Global and PLP, at the SEC's Internet
site ( http://www.sec.gov/ ).  Copies of the definitive proxy
statement/prospectus and the filings with the SEC that will be incorporated by
reference in the definitive proxy statement/prospectus can also be obtained,
without charge, by directing a request to IMC Global Inc., 100 South Saunders
Road, Lake Forest, Illinois 60045-2561, Attention: David A. Prichard, or by
telephone at [phone], e-mail:  .  You may also obtain documents filed
with the SEC by PLP free of charge by requesting them in writing from Phosphate
Resource Partners Limited Partnership, 100 South Saunders Road, Suite 300, Lake
Forest, Illinois 60045-2561, or by telephone, [phone].

IMC Global, and its respective directors, executive officers and certain
members of management and employees may be deemed to be participants in the
solicitation of proxies in connection with any possible merger transaction.
Information regarding such persons and a description of their direct and
indirect interests, by security holdings or otherwise, is contained in the
preliminary proxy statement/prospectus contained in the above-referenced
Registration Statement on Form S-4 of IMC Global filed with the SEC on April
20, 2004.

IMC Global will conduct its 2004 1st Quarter earnings and cash flow conference
call on Tuesday, May 4 at 10 a.m. Central Time (11 a.m. Eastern Time).  The
telephone number is 630.395.0018.  A replay of the conference call will be
available through 6 p.m. Eastern Time on Friday, May 14 by calling
402.220.3903.  In addition, a Webcast of the conference call, both live and in
replay format, can be accessed by visiting IMC Global's Web site at
imcglobal.com.

                                        Consolidated Statement of Operations
                                      (in millions except per share amounts)
  IMC Global Inc.                                                (unaudited)

                                                     Three months ended
                                                           March 31,
                                                    2004               2003

  Net sales                                       $584.2             $552.1
  Cost of goods sold                               505.4              516.0
    Gross margins                                   78.8               36.1

  Selling, general and administrative expenses      16.8               18.3
  Restructuring charges                              -                  3.4
  Operating earnings                                62.0               14.4

  Interest expense                                  47.1               45.9
  Foreign currency transaction (gain) loss          (4.6)              21.9
  Debt refinancing expense                           -                  2.9
  Other expense, net                                 8.8                1.9

  Earnings (loss) before minority interest          10.7              (58.2)
  Minority interest                                 (8.5)             (11.6)

  Earnings (loss) before taxes                      19.2              (46.6)
  Provision (benefit) for income taxes               7.6              (14.9)

  Earnings (loss) from continuing operations        11.6              (31.7)
  Loss from discontinued operations                 (2.4)               -

  Earnings (loss) before cumulative
   effect of a change in accounting principle        9.2              (31.7)
  Cumulative effect of a change in
   accounting principle                              -                 (4.9)

  Net earnings (loss)                               $9.2             $(36.6)

  Earnings (loss) from continuing operations
   available for common shareholders:
    Earnings (loss) from continuing operations     $11.6             $(31.7)
    Preferred stock dividend                        (2.6)               -
                                                    $9.0             $(31.7)

  Diluted earnings (loss) per share:
    Earnings (loss) from continuing operations     $0.08             $(0.28)
    Loss from discontinued operations              (0.02)               -
    Cumulative effect of a change in
     accounting principle                            -                (0.04)
    Diluted earnings (loss) per share              $0.06             $(0.32)

  Weighted average number of shares outstanding    116.0              114.7



                                           Consolidated Financial Highlights
                                                       (dollars in millions)
  IMC Global Inc.                                                (unaudited)


                                          Three months ended     Favorable/
                                               March 31,       (Unfavorable)
                                            2004      2003   Amount       %

  Net sales:
      IMC PhosFeed                        $363.3    $359.0     $4.3      1%
      IMC Potash                           239.6     214.2     25.4     12%
      Corporate (a)                        (18.7)    (21.1)     2.4     11%
                                          $584.2    $552.1    $32.1      6%

  Gross margins:
      IMC PhosFeed                         $18.4    $(14.8)   $33.2     n/m
      IMC Potash                            65.2      55.4      9.8     18%
      Corporate (a)                         (4.8)     (4.5)    (0.3)    (7%)
                                           $78.8     $36.1    $42.7     n/m

      IMC Potash - Adjusted (b)            $81.4     $70.2    $11.2     16%


  Operating earnings (loss):
      IMC PhosFeed                          $7.6    $(28.3)   $35.9     n/m
      IMC Potash                            58.0      48.3      9.7     20%
      Corporate (a)                         (3.6)     (5.6)     2.0    (36%)
                                           $62.0     $14.4    $47.6     n/m

  Depreciation, depletion and
   amortization:
      IMC PhosFeed                         $25.7     $23.0     $2.7     12%
      IMC Potash                            14.8      13.7      1.1      8%
      Corporate                              5.0       4.4      0.6     14%
                                           $45.5     $41.1     $4.4     11%

   (a)Includes elimination of intercompany sales.

   (b)Excludes provincial levies.


  n/m - Not meaningful



                                                              Key Statistics
  IMC Global Inc.                                                (unaudited)



                                          Three months ended     Favorable/
                                               March 31,       (Unfavorable)
                                            2004      2003   Amount       %

  Sales volumes (000 short tons) (a):

     IMC Phosphates                        1,377     1,636     (259)   (16%)
     IMC Potash                            2,275     2,153      122      6%

  Average price per short ton (b):

     DAP                                    $188      $143      $45     31%
     Potash                                  $77       $74       $3      4%

  (a)Sales volumes include tons sold captively.  IMC Phosphates volumes
     represent dry product tons, primarily DAP.

  (b)FOB plant/mine.



                                        Condensed Consolidated Balance Sheet
  IMC Global Inc.                                              (in millions)


                                              (unaudited)        (unaudited)
                                                March 31,          March 31,
  Assets                                            2004               2003
  Current assets:
    Cash and cash equivalents                       $1.5              $11.1
    Receivables, net                               213.7              201.1
    Inventories, net                               354.1              311.8
    Other current assets                            51.0               35.7
        Total current assets                       620.3              559.7

  Property, plant and equipment, net             2,331.7            2,342.6
  Other assets                                     684.5              661.6

  Total assets                                  $3,636.5           $3,563.9


  Liabilities and Stockholders' Equity
  Current liabilities:
    Accounts payable                              $175.4             $177.3
    Accrued liabilities                            257.5              181.7
    Short-term debt and current maturities
     of long-term debt                              43.4               16.1
        Total current liabilities                  476.3              375.1

  Long-term debt, less current maturities        2,057.8            2,162.1
  Other non-current liabilities                    578.3              624.0
  Stockholders' equity                             524.1              402.7

  Total liabilities and stockholders' equity    $3,636.5           $3,563.9



                              Condensed Consolidated Statement of Cash Flows
                                                               (in millions)
  IMC Global Inc.                                                (unaudited)



                                                      Three months ended
                                                           March 31,
                                                    2004               2003
  Cash Flows from Operating Activities
  Net earnings (loss)                               $9.2             $(36.6)
  Adjustments to reconcile net earnings (loss)
    to net cash used by operations:
    Adjustments from continuing operations:
      Depreciation, depletion and amortization      45.5               41.1
      Minority interest                             (8.5)             (11.6)
      Deferred income taxes                        (16.4)             (18.6)
      Cumulative effect of change in
        accounting principle                         -                  4.9
      Other charges                                  3.9               18.9
      Other credits                                (17.1)             (26.3)
      Changes in:
        Receivables                                (18.9)             (22.1)
        Inventories                                (48.4)              37.3
        Other current assets                         1.7                0.2
        Accounts payable                           (10.3)              22.5
        Accrued liabilities                         13.1              (22.2)
     Adjustments from discontinued operations        -                  0.6
     Net cash used by operating activities         (46.2)             (11.9)


  Cash Flows from Investing Activities
  Capital expenditures                             (23.6)             (23.7)
  Proceeds from the sale of assets                   2.1               20.6
     Net cash used in investing activities         (21.5)              (3.1)
     Net cash used before financing activities     (67.7)             (15.0)

  Cash Flows from Financing Activities
  Payments of long-term debt                      (109.9)            (361.1)
  Proceeds from issuance of long-term debt         113.7              366.5
  Changes in short-term debt, net                  (19.3)             (98.5)
  Restricted cash                                   12.4              105.5
  Debt refinancing and issuance costs               (1.9)              (1.7)
  Cash dividends paid                               (2.6)              (2.3)
     Net cash provided by (used in)
      financing activities                          (7.6)               8.4

  Net change in cash and cash equivalents          (75.3)              (6.6)
  Cash and cash equivalents - beginning of period   76.8               17.7
  Cash and cash equivalents - end of period         $1.5              $11.1


     Note: Certain amounts have been reclassified to conform to the 2004
           presentation.


DATASOURCE: IMC Global Inc.



CONTACT: Investor and Media, David A. Prichard of IMC Global,

[phone],  



Web site:  http://www.imcglobal.com/ 

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