UPDATE 1-Intermet files for Chapter 11, cites steel costs

Newswire

(Recasts, adds details on filing, S&P downgrade and byline, changes dateline from previous NEW YORK) By David Bailey CHICAGO, Sept 30 (Reuters) - Auto parts maker Intermet Corp. said on Thursday it has filed for Chapter 11 bankruptcy reorganization, citing a record rise in raw material costs, especially for scrap steel, in North America and Europe. Intermet, which makes powertrain, chassis, suspension and structural components, said it expects manufacturing operations to continue ...

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