<ARTICLE> 5
<LEGEND>
THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL   INFORMATION  EXTRACTED  FROM  THE
CONSOLIDATED  BALANCE  SHEET  AT JUNE  30,  1998  AND THE  RELATED  CONSOLIDATED
STATEMENTS OF INCOME AND OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1998 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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<CASH>                                         336,000
<SECURITIES>                                         0
<RECEIVABLES>                                  391,500
<ALLOWANCES>                                         0
<INVENTORY>                                    287,900
<CURRENT-ASSETS>                             1,192,400
<PP&E>                                       3,515,600
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               5,061,000
<CURRENT-LIABILITIES>                          676,800
<BONDS>                                        831,700
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       366,700
<OTHER-SE>                                   2,254,700
<TOTAL-LIABILITY-AND-EQUITY>                 5,061,000
<SALES>                                      1,592,700
<TOTAL-REVENUES>                             1,592,700
<CGS>                                        1,196,100
<TOTAL-COSTS>                                1,196,100
<OTHER-EXPENSES>                              (15,300)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              43,400
<INCOME-PRETAX>                                326,600
<INCOME-TAX>                                   119,500
<INCOME-CONTINUING>                            204,100
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   204,100
<EPS-PRIMARY>                                     3.49
<EPS-DILUTED>                                     3.48