Intermet files for Chapter 11 reorganization

Newswire

NEW YORK, Sept 30 (Reuters) - Intermet Corp. said on Thursday it has filed for voluntary Chapter 11 reorganization, citing the record rise in raw material costs, especially for scrap steel, in North America and Europe. The company, which filed for reorganization with the U.S. Bankruptcy Court in the Eastern District of Michigan, said in a statement that its cost of scrap steel increased to an average of $395 a ton at the end of August from an average of about $160 a ton at the beginning of ...

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