The steel industry lights up every time Climax Molybdenum pulls its product out of the ground. The company produces molybdenum from its underground and open-pit mines in Arizona and Colorado. The company also operates molybdenum processing and roasting facilities in the US and Europe (in the UK and the Netherlands). Molybdenum is used primarily by the steel industry as an anti-corrosive and, on a smaller scale, the chemical industry. Founded in 1916, Climax Molybdenum was a subsidiary of Phelps Dodge until Freeport-McMoRan Copper & Gold bought that company in 2007. Climax makes Freeport-McMoRan the world's #1 molybdenum producer.