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PRESS RELEASE: Phelps Dodge addresses current economic environment: Curtails production, takes steps to improve operating income, eliminates dividend. [1 table].
Phelps Dodge Corp announced a series of actions to address the current economic environment, including changes in copper operations that will lead to curtailment of about 220,000 tons/y of copper production and curtailment of 54,000 tons/y of North American carbon black production.
These actions will result in the layoff of about 1500 employees.
The company also is advancing rapidly its comprehensive, lean-production programmes to effect a sustainable improvement in annual operating income targeted at $400 M.
The full benefits from these programmes are expected by end of 2003.
In addition, the company has determined to eliminate the …
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