Phelps Dodge Corp.
Industry: Metal Mining

Phelps Dodge Corp. is a worldwide producer of copper, carbon black and magnet wire, and continuous-cast copper rod. The Company also has become a producer/processor of molybdenum and molybdenum products with the acquisition of Cyprus Amax Minerals Co. The Company consists of two divisions: Phelps Dodge Mining Company (PD Mining) and Phelps Dodge Industries (PD Industries). PD Mining includes the Company's worldwide copper operations from mining through rod production, marketing and sales; molybdenum operations from mining through manufacturing, marketing and sales; other mining operations and investments; and worldwide mineral exploration and development programs. PD Industries includes the Company's specialty chemicals segment and its wire and cable segment.

Business Summary
Phelps Dodge Corporation (PD) is engaged in the production of copper, carbon black and magnet wire, and continuous-cast copper rod. The Company is also a producer/processor of molybdenum and molybdenum products. PD operates in two major divisions: Phelps Dodge Mining Company (PDMC) and Phelps Dodge Industries (PDI). PDMC includes the worldwide, vertically integrated copper operations from mining through rod production, marketing and sales; molybdenum operations from mining through conversion to chemical and metallurgical products, marketing and sales; other mining operations and investments, and worldwide mineral exploration, technology and project development programs. PDI is the manufacturing division comprised of two segments: Specialty Chemicals, and Wire and Cable. PDI produces engineered products principally for the global energy, transportation and specialty chemicals sectors.

Financial Summary
PD operates Phelps Dodge Mining Co. (involved in copper operations-including mining, concentrating, smelting & refining) & Phelps Dodge Inds. (manufactures engineered products for the transportation, energy & telecommunications inds.). For the 6 months ended 6/30/05, sales rose 30% to $4.22B. Net income applic. to Common rose from $405.5M to $1.06B. Results reflect higher copper prices and a $438.4M gain on the sale of all the Company's common shares in SPCC.