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Business Description
Phelps Dodge Corporation is engaged in the production of copper, carbon black, magnet wire and continuous-cast copper rod. The Company is also a producer/processor of molybdenum and molybdenum products. The Company consists of two major divisions: Phelps Dodge Mining Company (PDMC) and Phelps Dodge Industries (PDI). PDMC is the Company's international business division, comprising its vertically integrated copper operations, from mining through rod production, primary molybdenum operations through conversion, marketing and sales and worldwide mineral exploration, technology and development programs. PDI is Phelps Dodge's manufacturing division, comprising two business segments that produce engineered products principally for the global energy, telecommunications, transportation and specialty chemicals sectors.

Financial Information
For the nine months ended 9/30/04, sales rose 71% to $5.09 billion. Net income applicable to Common before acct. change totaled $695.1 million vs. a loss of $49.0 million. Results reflect higher mining operations and an increase in margins.