NL Industries, Inc.                      Contact:   Gregory M. Swalwell
Three Lincoln Centre                                Vice President, Finance
5430 LBJ Freeway, Suite 1700                        (972) 233-1700
Dallas, TX  75240-2697
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                                  News Release
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                             FOR IMMEDIATE RELEASE
                        NL REPORTS THIRD QUARTER RESULTS

DALLAS, TEXAS -November 10, 2003 -- NL Industries, Inc. (NYSE:NL) today reported
net income for the third quarter of 2003 of $16.6  million,  or $.35 per diluted
share,  compared with income of $8.8 million,  or $.18 per diluted share, in the
third quarter of 2002. For the first nine months of 2003, NL reported net income
of $54.9 million, or $1.15 per diluted share,  compared with net income of $29.2
million, or $.60 per diluted share, in the first nine months of 2002.

The Company's  titanium  dioxide  pigments  ("TiO2")  segment  profit  (formerly
referred  to as  "operating  income")  in the  third  quarter  of 2003 was $35.4
million  compared  with  $29.6  million in the third  quarter  of 2002.  The 20%
increase in segment profit was primarily due to higher average  selling  prices,
partially offset by lower sales volumes. Segment profit in the first nine months
of 2003 increased 38% to $105.2 million compared with $76.4 million in the first
nine months of 2002  primarily due to higher  average  selling prices and higher
production  volumes,  partially offset by higher  operating costs,  particularly
energy costs.

The Company's  average selling prices in billing  currencies (which excludes the
effects  of  fluctuations  in the  value of the U.S.  dollar  relative  to other
currencies)  during  the third  quarter  of 2003  were 2% higher  than the third
quarter of 2002,  with the greatest  improvement  being realized in the European
and export markets, and were 5% higher in the first nine months of 2003 compared
to the same period in 2002.  Expressed  in U.S.  dollars  computed  using actual
foreign currency  exchange rates prevailing during the respective  periods,  the
Company's  average  selling  prices in the third quarter of 2003 were 10% higher
than the third quarter of 2002,  and were 15% higher in the first nine months of
2003 compared with the first nine months of 2002.

The  Company's  third  quarter  2003 sales  volumes  decreased 6% from the third
quarter of 2002, with  substantially  all of the decrease in the export markets.
Volumes  were 1% lower in the first nine  months of 2003  compared  to the first
nine months of 2002. The Company's third quarter 2003 production volumes were 1%
higher  than the third  quarter  of 2002,  and were 6% higher in the first  nine
months of 2003 compared to the same period in 2002, with operating rates at near
full capacity in all periods  presented.  Inventories  at September 30, 2003 are
below two months average sales.

Securities  gains  (losses),  net in the first nine months of 2003  included the
previously-reported  first quarter $2.3 million noncash  securities  transaction
gain ($1.5 million,  or $.03 per diluted share,  net of income taxes) related to
the exchange of the Company's  holdings of Tremont  Corporation common stock for
shares  of  Valhi,  Inc.  common  stock  as a  result  of  a  series  of  merger
transactions  completed in February 2003. Interest income in 2003 was lower than
the same  periods of 2002 due to lower  average  levels of funds  available  for
investment.

The gain on disposal of fixed assets in 2003  related  primarily to the disposal
of certain real property not associated with the Company's TiO2 operations,  and
aggregated $5.5 million,  or $.12 per diluted share,  net of income taxes in the
year-to-date  period ($4.8  million,  or $.10 per diluted  share,  for the third
quarter of 2003).  The legal  settlement  gains in both 2002 and 2003  relate to
legal settlements with certain of the Company's former insurance carriers, which
aggregated $1.5 million,  or $.03 per diluted share,  net of income taxes in the
2002 year-to-date period. The previously-reported  $6.3 million foreign currency
transaction gain in 2002,  which  aggregated $.13 per diluted share,  related to
the second quarter extinguishment of certain intercompany  indebtedness.  Due to
the utilization of certain income tax attributes not previously  recognized,  no
income taxes were recognized on this foreign currency  transaction gain in 2002.
The noncompete agreement income related to a covenant not to compete involving a
formerly owned business unit which became fully amortized in January 2003.


Corporate  expense for the first nine months of 2003  increased  compared to the
comparable 2002 period primarily due to higher environmental remediation expense
accruals  (principally  related  to  one  formerly  owned  site  for  which  the
remediation process is expected to occur over the next several years) and higher
legal expenses.

Interest  expense in the third  quarter and first nine months of 2003  increased
$.7 million and $2.5 million,  respectively,  from the  comparable  2002 periods
primarily  due to higher  levels of  outstanding  debt and  associated  currency
effects,  partially  offset by lower  interest  rates.  As previously  reported,
interest expense in the first nine months of 2002 includes a second quarter $2.0
million  charge  ($1.3  million,  or $.03 per diluted  share,  net of income tax
benefit)  related to the early  extinguishment  of the  Company's  11.75% Senior
Secured Notes.

The  Company's  income tax benefit in the first nine months of 2003 includes the
previously-reported  $24.6  million  cash income tax  benefit  ($.51 per diluted
share)  related to the favorable  German court ruling  concerning  the Company's
claim for refund suit. The Company  currently  expects to receive  approximately
$15 million of  additional  German income tax refunds over the next four to nine
months,  a portion of which may result in the  recognition of additional  income
tax benefits.

In an effort to provide  investors  with  additional  information  regarding the
Company's results as determined by accounting  principles  generally accepted in
the  United  States of America  ("GAAP"),  the  Company  has  disclosed  certain
non-GAAP  information which the Company believes provides useful  information to
investors:

o    The Company discloses percentage changes in its average TiO2 selling prices
     in billing  currencies,  which  excludes  the  effects of foreign  currency
     translation.  The Company  believes  disclosure of such percentage  changes
     allows  investors to analyze such changes  without the impact of changes in
     foreign  currency  exchange rates,  thereby  facilitating  period-to-period
     comparisons  of relative  changes in average  selling  prices in the actual
     various  billing  currencies.   Generally,  when  the  U.S.  dollar  either
     strengthens or weakens against other  currencies,  the percentage change in
     average  selling  prices  in  billing  currencies  will be higher or lower,
     respectively,  than such percentage  changes would be using actual exchange
     rates prevailing  during the respective  periods.  o The Company  discloses
     segment profit (formerly referred to as "operating income"). Segment profit
     is used by the  Company's  management  to  assess  the  performance  of the
     Company's  TiO2  operations.  The Company  believes  disclosure  of segment
     profit provides useful information to investors because it allows investors
     to analyze the performance of the Company's TiO2 operations in the same way
     that the Company's  management  assesses  performance.  The Company defines
     segment profit as income before income taxes,  minority interest,  interest
     expense and certain general corporate items.  Corporate items excluded from
     the  determination of segment profit include  corporate  expense,  interest
     income  not  attributable  to the  Company's  TiO2  operations,  litigation
     settlement  gains,  securities  gains  (losses),  gains on the  disposal of
     long-lived  assets  outside the ordinary  course of business or  long-lived
     assets not  associated  with the Company's  TiO2  operations and noncompete
     agreement income

NL  Industries,  Inc. is a major  international  producer  of  titanium  dioxide
pigments.

The statements in this release relating to matters that are not historical facts
are  forward-looking   statements  that  represent   management's   beliefs  and
assumptions based on currently available information. Forward-looking statements
can be  identified  by the use of words such as  "believes,"  "intends,"  "may,"
"will," "should," "could,"  "anticipates,"  "expects," or comparable terminology
or by discussions of strategy or trends.  Although the Company believes that the
expectations  reflected in such  forward-looking  statements are reasonable,  it
cannot give any  assurances  that these  expectations  will prove to be correct.
Such statements by their nature involve risks and uncertainties,  including, but
not  limited  to, the  cyclicality  of the  titanium  dioxide  industry,  global
economic  and  political  conditions,  changes  in global  productive  capacity,
changes in customer  inventory  levels,  changes in product pricing,  changes in
product  costing,  changes  in  foreign  currency  exchange  rates,  competitive
technology positions,  operating interruptions  (including,  but not limited to,
labor disputes, leaks, fires, explosions,  unscheduled downtime,  transportation
interruptions, war and terrorist activities), the ultimate resolution of pending
or possible future lead pigment litigation and legislative  developments related
to the  lead  pigment  litigation,  the  outcome  of  other  litigation  and tax
controversies,  and other  risks and  uncertainties  detailed  in the  Company's
Securities and Exchange  Commission  filings.  Should one or more of these risks
materialize (or the  consequences of such a development  worsen),  or should the
underlying  assumptions prove incorrect,  actual results could differ materially
from those  forecasted  or  expected.  The Company  disclaims  any  intention or
obligation to update publicly or revise such statements,  whether as a result of
new information, future events or otherwise.

                               NL INDUSTRIES, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               (In millions, except per share and metric ton data)
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                  Three months ended         Nine months ended
                                                                     September 30,             September 30,
                                                               -----------------------------------------------------
                                                                   2003        2002          2003         2002
                                                               -----------------------------------------------------

<S>                                                             <C>         <C>           <C>          <C>
Net sales                                                       $   242.9   $    234.1    $  762.5     $    663.3
Cost of sales                                                       177.4        177.5       563.5          510.0
                                                               -----------------------------------------------------

    Gross margin                                                     65.5         56.6       199.0          153.3

Selling, general and administrative expense                          29.8         28.5        90.1           78.2
Other operating income (expense):
    Currency transaction gains (losses), net                          (.4)          .7        (4.3)           (.8)
    Disposition of property and equipment                             7.2          (.2)        8.3             .5
    Noncompete agreement income                                       -            1.0          .3            3.0
    Legal settlement gains                                            -            -            .7            2.3
    Other income                                                       .1           .3          .4             .5
    Corporate expense                                                (9.7)       (10.6)      (48.2)         (28.2)
    Other expense                                                     -            -           (.1)           (.1)
                                                               -----------------------------------------------------

        Income from operations                                       32.9         19.3        66.0           52.3

Other income (expense):
    Securities gains (losses), net                                    (.1)         -           2.4            (.1)
    Trade interest income                                              .2           .7          .6            1.3
    Other interest income                                              .8          1.8         2.6            4.4
    Foreign currency transaction gain                                 -            -           -              6.3
    Interest expense                                                 (8.3)        (7.6)      (24.7)         (22.2)
                                                               -----------------------------------------------------

        Income before income taxes and minority interest             25.5         14.2        46.9           42.0

Income tax expense (benefit)                                          8.9          4.7        (8.2)          11.7
Minority interest                                                     -             .7          .2            1.1
                                                               -----------------------------------------------------

        Net income                                             $     16.6  $        8.8  $    54.9    $      29.2
                                                               =====================================================

Basic and diluted net income per share                         $       .35 $        .18   $   1.15    $        .60
                                                               =====================================================

Weighted average shares used in the
  calculation of earnings per share:
    Basic shares                                                     47.7         48.6        47.7           48.8
    Dilutive impact of stock options                                   .1           .1          .1             .1
                                                               -----------------------------------------------------
    Diluted shares                                                   47.8         48.7        47.8           48.9
                                                               =====================================================

Other Data - metric tons in thousands:

      Sales volume                                                  110.9        117.4       350.3          352.4
      Production volume                                             117.5        116.0       354.2          334.9
</TABLE>


                                                    NL INDUSTRIES, INC.

                                            RECONCILIATION OF SEGMENT PROFIT TO
                                                  INCOME FROM OPERATIONS
                                                       (In millions)
                                                        (Unaudited)


<TABLE>
<CAPTION>
                                                                  Three months ended         Nine months ended
                                                                     September 30,             September 30,
                                                               -----------------------------------------------------
                                                                   2003        2002          2003         2002
                                                               -----------------------------------------------------

<S>                                                              <C>         <C>          <C>           <C>
Segment profit                                                   $   35.4    $    29.6    $  105.2      $    76.4

Adjustments:
    Trade interest income                                             (.2)         (.7)        (.6)          (1.3)
    Gain on disposal of fixed assets                                  7.4          -           8.5            -
    Legal settlement gains                                            -            -            .7            2.3
    Noncompete agreement income                                       -            1.0          .3            3.0
    Other income                                                      -            -            .1             .1
    Corporate expense                                                (9.7)       (10.6)      (48.2)         (28.2)
                                                               -----------------------------------------------------

Income from operations                                          $    32.9  $        19.3 $    66.0    $      52.3
                                                               =====================================================
</TABLE>




                                            RECONCILIATION OF PERCENT CHANGE IN
                                                  AVERAGE SELLING PRICES
                                                        (Unaudited)


<TABLE>
<CAPTION>
                                                                    Percent change-           Percent change-
                                                                  Three months ended         Nine months ended
                                                                     September 30,             September 30,
                                                                     2003 vs. 2002             2003 vs. 2002
                                                               -----------------------------------------------------

Percent change in average selling prices:
<S>                                                                       <C>                        <C>
    Using actual foreign currency exchange rates                         +10%                       +15%
    Impact of changes in foreign currency exchange rates                 - 8%                      - 10%
                                                               -----------------------------------------------------
    In billing currencies                                                + 2%                       + 5%
                                                               =====================================================
</TABLE>