US producer Magnetation is latest casualty of iron slump
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New York
A WORLDWIDE oversupply of iron ore triggered Magnetation LLC's bankruptcy filing, with the US producer saying it plans to carry out a debt-restructuring agreement with creditors.
Iron ore sank to a 10-year low at the start of April as economic growth in China, the biggest consumer, threatens to fall below 7 per cent for the first time in more than 20 years, while the biggest producers of the steelmaking raw material expand production.
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