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PHELPS DODGE OPENS FIRST CARBON BLACK PLANT IN HUNGARY

 PHOENIX, Jan. 17 /PRNewswire/ -- Phelps Dodge Corporation (NYSE: PD) today announced that Columbian Tiszai Carbon Ltd. (CTC) has begun operation of the first carbon black manufacturing plant in Hungary. Located in the northeastern city of Tiszaujvaros, Hungary, CTC is a joint venture between Columbian Chemicals Company, a unit of Phelps Dodge Industries, and Hungary's largest petrochemical company, Tiszai Vegyi Kombinat (TVK).
 CTC will annually produce 50,000 metric tons of carbon black, an essential ingredient in the manufacture of tires and mechanical rubber goods. CTC will supply the entire Hungarian carbon black market and its remaining production, nearly 70 percent, will be exported.
 Using world-class environmental standards in this state-of-the-art facility, CTC utilizes a by-product from the adjacent TVK plant as feedstock for carbon black production. Gases generated in the production process are burned, creating steam which is used by TVK and results in a reduction in its use of fossil fuels.
 Carbon black becomes a strengthening agent for natural and synthetic rubber products when its surface area bonds to rubber molecules. Final products enhanced by carbon black include tires for passenger, commercial and off-road vehicles, rubber hoses and roofing, conveyor belts and electrical walkways. Carbon black also serves as a pigment in printing and is widely used in coatings, plastics and other non-rubber applications.
 Financing for CTC was developed through the Overseas Private Investment Corporation (OPIC) and the European Bank for Reconstruction and Development. It is the first project in Hungary to benefit from a direct loan by OPIC. Columbian Chemicals owns a 60 percent interest in CTC; the remaining 40 percent interest is held by TVK.
 Columbian Chemicals Company is an international producer and marketer of industrial chemicals and serves industrial markets in
70 countries. Columbian produces highly engineered carbon blacks, synthetic iron oxides and ferrites and employs 1,400 people in the United States, Canada, England, Italy, Germany, Hungary and the Philippines.
 Columbian Chemicals Company, a Phelps Dodge Industries' company, is a wholly owned subsidiary of Phelps Dodge Corporation, an international mining and manufacturing concern which employs 15,000 people in 25 countries.
 -0- 1/17/94
 /CONTACT: Thomas M. Foster of Phelps Dodge, 602-234-8139/
 (PD)


CO: Phelps Dodge Corporation; Columbian Tiszai Carbon Ltd. ST: Arizona IN: MNG SU:

PS -- NY044 -- 1306 01/17/94 12:03 EST
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Date:Jan 17, 1994
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