EXHIBIT 99.1


                                  NEWS RELEASE

                       CHICAGO BRIDGE & IRON COMPANY N.V.

FOR IMMEDIATE RELEASE:                  FOR FURTHER INFORMATION CONTACT:
OCTOBER 25, 2001                        MEDIA: BRUCE STEIMLE (281) 774-2293
                                        ANALYSTS: MARIO VALAPERTA (815) 439-4074



               CB&I OPPOSES FTC DECISION TO CHALLENGE ACQUISITION
                         OF PDM ENGINEERED CONSTRUCTION

THE WOODLANDS, TEXAS -- Oct. 25, 2001 -- The U.S. Federal Trade Commission
("FTC") today announced its decision to file an administrative complaint
challenging Chicago Bridge & Iron Company N.V.'s (NYSE: CBI) February 2001
acquisition of certain assets of the Engineered Construction Division of
Pitt-Des Moines, Inc.

         The FTC had earlier decided not to stop this acquisition within the
time period set by the Hart-Scott-Rodino Act. Indeed, one year has passed since
the filing under that Act was made.

         The FTC's complaint alleges that the acquisition violated Federal
antitrust laws by substantially lessening competition in what the FTC contends
are six relevant specialty industrial storage tank markets: LNG tanks, LNG
peakshaving plants, LNG import terminals, LPG tanks, LIN/LOX/LAR tanks, and
thermal vacuum chambers. These kinds of tanks constitute a small percentage of
the capacity that was acquired in the transaction.

         The FTC also limits the geographic market to the United States,
contrary to an established record of worldwide competition.

         The Company believes the complaint is without substantive merit and
intends to defend the action. "We are disappointed with the Commission's
decision," said Gerald M. Glenn, CB&I Chairman, President and CEO. "We disagree
with the allegations in the FTC complaint, and we intend to pursue every legal
recourse to defend our acquisition. The markets the FTC has defined are not
commercially realistic, but, rather, are tortured constructs in order to make
their case seem stronger. We are also disappointed with the message that
bringing this case sends to industry. The expiration of the Hart-Scott-Rodino
time period is no longer of any assurance on which business can rely."

         "The Commission also appears not to have meant what it has been saying
about efficiencies," Glenn added. "From what I've been told, the new FTC had
been saying that mergers that led to efficiencies would be favored. The
efficiencies that have already been achieved in this acquisition are substantial
and proved -- however, it seems that the old ways of doing business at the FTC
have really not changed."

         At this time, the Company is unable to assess the ultimate outcome or
potential effect of this proceeding on its business, financial condition and
results of operations.


         CB&I is a global specialty engineering and construction company
offering a complete package of design, engineering, fabrication, construction
and maintenance services. Our products include hydrocarbon processing plants,
LNG terminals and peakshaving plants, bulk liquid terminals, water storage and
wastewater treatment facilities, and other steel structures and their associated
systems. Information about CB&I is available at www.chicagobridge.com.


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