<ARTICLE>                     5
<LEGEND>
                THIS SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION  EXTRACTED
                FROM THE  CONSOLIDATED  BALANCE  SHEET AT JUNE 30,  1997 AND THE
                RELATED CONSOLIDATED  STATEMENTS OF INCOME AND OF CASH FLOWS FOR
                THE SIX MONTHS ENDED JUNE 30, 1997 OF PHELPS  DODGE  CORPORATION
                AND  ITS  SUBSIDIARIES  AND  IS  QUALIFIED  IN ITS  ENTIRETY  BY
                REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                                          1,000       
<CURRENCY>                                     U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                               DEC-31-1997
<PERIOD-START>                                  JAN-01-1997
<PERIOD-END>                                    JUN-30-1997
<EXCHANGE-RATE>                                           1 
<CASH>                                              352,100 
<SECURITIES>                                              0 
<RECEIVABLES>                                       515,000 
<ALLOWANCES>                                              0 
<INVENTORY>                                         308,100 
<CURRENT-ASSETS>                                  1,354,700 
<PP&E>                                            3,163,900 
<DEPRECIATION>                                            0 
<TOTAL-ASSETS>                                    4,943,600 
<CURRENT-LIABILITIES>                               842,400 
<BONDS>                                             602,800 
<PREFERRED-MANDATORY>                                     0 
<PREFERRED>                                               0 
<COMMON>                                            382,100 
<OTHER-SE>                                        2,252,800 
<TOTAL-LIABILITY-AND-EQUITY>                      4,943,600 
<SALES>                                           2,086,700 
<TOTAL-REVENUES>                                  2,086,700 
<CGS>                                             1,438,800 
<TOTAL-COSTS>                                     1,438,800 
<OTHER-EXPENSES>                                    182,300 
<LOSS-PROVISION>                                          0 
<INTEREST-EXPENSE>                                   26,600 
<INCOME-PRETAX>                                     395,000 
<INCOME-TAX>                                        122,400 
<INCOME-CONTINUING>                                 272,300 
<DISCONTINUED>                                            0 
<EXTRAORDINARY>                                           0 
<CHANGES>                                                 0
<NET-INCOME>                                        272,300 
<EPS-PRIMARY>                                          4.28 
<EPS-DILUTED>                                          4.28