Phelps Dodge Sales Co. Announces Management Changes

PHOENIX, April 10 /PRNewswire-FirstCall/ -- Phelps Dodge Corp. named Stephen T. Higgins to the position of president, Phelps Dodge Sales Co., the company announced today. Higgins, 48, is responsible for leading the company's efforts in sales, marketing, trading and logistics. He will report to Arthur R. Miele, senior vice president-marketing, Phelps Dodge Corp., who will retire at year-end after nearly 40 years with the company.

Higgins joined Phelps Dodge in 1991 as eastern region sales manager based in New York City. He has assumed positions of increasing responsibility during his years with the company and became senior vice president-global refined copper sales in 1998. He recently served as interim president of Phelps Dodge's Smelting, Refining and Rod Group. Higgins is active in several industry groups, including the International Copper Association, the Copper Development Association and the American Bureau of Metal Statistics. He holds a bachelor of science degree in economics from Cornell University and a master of business administration degree from Michigan State University.

Miele joined Phelps Dodge in 1967. During his career, he has held various executive positions with the company both in operations and in marketing and today is a member of the company's senior management team. He also has been active in a variety of professional and civic organizations. He serves on the boards of the London Metal Exchange, the National Electrical Manufacturers Association and the European Copper Institute. He also is chairman of the executive committee of the board of directors of the Copper Club, which honored him with its Copper Man of the Year award in 2003.

"Art Miele is a highly respected voice within the copper industry worldwide, and his contributions to Phelps Dodge are innumerable," said J. Steven Whisler, chairman and chief executive officer. "We are fortunate he will be succeeded by an executive of Steve Higgins' caliber. Steve is a respected professional and is well-known to our customers, industry participants and our operating management. We look forward to his making substantial contributions to our organization."

Stephen J. Ruth, 48, has been named senior vice president, Phelps Dodge Sales Co., and will report to Higgins. Ruth joined Phelps Dodge in 1983 and served most recently as senior vice president-sales and marketing, Phelps Dodge Magnet Wire Co. He holds a bachelor of science degree in accounting from Fordham University. Ruth is a board member and past chairman of the American Copper Council, an industry education group.

Phelps Dodge Corp. is one of the world's leading producers of copper and molybdenum and is the largest producer of molybdenum-based chemicals and continuous-cast copper rod. The company employs 13,500 people worldwide.