<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMAITON EXTRACTED FROM THE
CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND THE
CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-END>                               JUN-30-1996
<CASH>                                         322,130
<SECURITIES>                                    53,391
<RECEIVABLES>                                  577,930
<ALLOWANCES>                                    17,716
<INVENTORY>                                    424,467
<CURRENT-ASSETS>                             1,475,874
<PP&E>                                      11,200,840<F1>
<DEPRECIATION>                               3,491,412
<TOTAL-ASSETS>                               9,660,078
<CURRENT-LIABILITIES>                          971,549
<BONDS>                                      2,862,365
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        55,145
<OTHER-SE>                                   3,671,001
<TOTAL-LIABILITY-AND-EQUITY>                 9,660,078
<SALES>                                      2,977,766
<TOTAL-REVENUES>                             2,977,766
<CGS>                                        2,546,870
<TOTAL-COSTS>                                2,546,870
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             108,178
<INCOME-PRETAX>                                154,288
<INCOME-TAX>                                    55,087
<INCOME-CONTINUING>                             99,201
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    99,201
<EPS-PRIMARY>                                     1.04
<EPS-DILUTED>                                     1.04
<FN>
<F1>Includes timber and timberlands.
</FN>