 It is regarded as an important event in the history of the United States labor movement

In 1981, the price of copper plummeted from a high of $1.40 in February 1981 to $.75 (seventy-five cents) per pound by December 18, 1981, resulting in losses for the entire copper industry.During 1981, the copper industry, as a whole, laid off approximately 50%, or 11,000 workers statewide.Phelps Dodge continued to operate with full manpower throughout most of 1981, although they continued to lose money.