BUSINESS SECTION

August 11, 2005
 NEW YORK, August 11 (newratings.com) – Asarco, the copper mining unit of Grupo Mexico Wednesday filed for bankruptcy protection after a five week strike that hampered production. The company also faces environmental and other claims worth $1.9 billion.

Asarco filed for Chapter 11 protection in the US Bankruptcy Court in Corpus Christi, Texas, although its operations are headquartered in Tucson. Asarco is facing a large number of asbestos related personal injury claims besides several environmental lawsuits related to its mining, smelting and refining operations. The company expects the Chapter 11 filing to enable it to reorganize its liabilities, reduce operational costs and restructure its balance sheet. The workers at Asarco’s Southern Arizona and Texas facilities have been on strike since early July due to a disagreement with the management over their wages, pensions and medical benefits.

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