<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
                THIS SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION  EXTRACTED
                FROM THE  CONSOLIDATED  BALANCE  SHEET AT MARCH 31, 1997 AND THE
                RELATED CONSOLIDATED  STATEMENTS OF INCOME AND OF CASH FLOWS FOR
                THE  THREE   MONTHS   ENDED  MARCH  31,  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
                                               
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                                                    DEC-31-1997
<PERIOD-START>                                                       JAN-01-1997
<PERIOD-END>                                                         MAR-31-1997
<EXCHANGE-RATE>                                                                1
<CASH>                                                                   422,000
<SECURITIES>                                                                   0
<RECEIVABLES>                                                            523,600
<ALLOWANCES>                                                                   0
<INVENTORY>                                                              297,700
<CURRENT-ASSETS>                                                       1,427,900
<PP&E>                                                                 3,074,800
<DEPRECIATION>                                                                 0
<TOTAL-ASSETS>                                                         4,878,600
<CURRENT-LIABILITIES>                                                    754,300
<BONDS>                                                                  531,800
<PREFERRED-MANDATORY>                                                          0
<PREFERRED>                                                                    0
<COMMON>                                                                 396,500
<OTHER-SE>                                                             2,358,200
<TOTAL-LIABILITY-AND-EQUITY>                                           4,878,600
<SALES>                                                                1,021,700
<TOTAL-REVENUES>                                                       1,021,700
<CGS>                                                                    695,900
<TOTAL-COSTS>                                                            695,900
<OTHER-EXPENSES>                                                          86,100
<LOSS-PROVISION>                                                               0
<INTEREST-EXPENSE>                                                        13,900
<INCOME-PRETAX>                                                          202,000
<INCOME-TAX>                                                              64,600
<INCOME-CONTINUING>                                                      137,500
<DISCONTINUED>                                                                 0
<EXTRAORDINARY>                                                                0
<CHANGES>                                                                      0
<NET-INCOME>                                                             137,500
<EPS-PRIMARY>                                                               2.12
<EPS-DILUTED>                                                               2.12
                                                                     

</TABLE>