Phelps Dodge to Take $375-Million Charge: Phelps...
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From Times Staff and Wire Reports
Phelps Dodge to Take $375-Million Charge: Phelps Dodge Corp. said it will take one-time pretax charges of about $375 million in the fourth quarter as part of the continuing effort to streamline the copper mining company. After deferred tax benefits, these charges will reduce net income in the quarter by about $250 million, the company said, adding that it still expected to report a profit for the period. The charges stem from a decision to write off certain non-producing assets.
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