PHOENIX - Phelps Dodge Corp. (NYSE: PD) is donating $1 million to the American Red Cross Hurricane Katrina disaster response effort, the company announced today.

"Our hope is that this contribution will provide some help and relief to the thousands of people affected by the devastation caused by Hurricane Katrina. All of us at Phelps Dodge want to come to the aid of the victims. We recognize that the need for relief is massive," said J. Steven Whisler, chairman and chief executive officer. "We join the nation in reaching out to a region that is only beginning to walk the long road of recovery from the hurricane and its aftermath."

Columbian Chemicals Co., a Phelps Dodge Industries subsidiary, operates its North Bend carbon black manufacturing facility in Centerville, La., about 100 miles west of New Orleans. Although many employees' homes were damaged by winds, heavy rains and flooding, the plant experienced no significant damage. All employees of the North Bend site are accounted for and safe.

Phelps Dodge Corp. is one of the world's leading producers of copper and molybdenum, the largest producer of molybdenum-based chemicals and continuous-cast copper rod, and among the leading producers of magnet wire and carbon black. The company and its two divisions, Phelps Dodge Mining Co. and Phelps Dodge Industries, employ more than 15,000 people worldwide.

Phelps Dodge Corporation

Phelps Dodge Corporation

Phelps Dodge Corp. is one of the world's leading producers of copper and molybdenum and is the largest producer of molybdenum-based chemicals and continuous-cast copper rod. The company employs 14,500 people worldwide. In 2005, Phelps Dodge produced about 2.5 billion pounds of copper and 62 million pounds of molybdenum. Two major projects on the horizon are the development of a copper mine in Safford, Ariz., and a copper/cobalt mine in the Democratic Republic of the Congo. Phelps Dodge strives to create value for our communities, our employees and our businesses and to act as a catalyst for positive change in our operating communities through charitable giving, employee involvement and stakeholder engagement initiatives.

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