Phelps takes writedown as prices plummet

A US$61-million writedown related to restructuring has wiped out Phelps Dodge's (PD-N) slender second-quarter earnings of US$1.2 million (or 2 cents per share), leading the company to post a loss of US$58.7 million ($1.01 per share) for the 3-month period.Performance...

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