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Byline: Laura King in Toronto
Canadian steelmaker Ivaco Inc. on Tuesday filed for insolvency and said it is shutting down its U.S. operations.
The Montreal company is the third Canadian steelmaker to file for protection from creditors in the last two years, while 39 of its U.S. counterparts have gone bankrupt or out of business since 1997 as cheap foreign imports and higher energy costs wipe out earnings.
Ivaco said in a statement Tuesday, Sept. 16, it has been granted 30 days' protection under the Companies' Creditors Arrangement Act in Canada. It has also filed a proceeding under Section 304 of the U.S. Bankruptcy Code in Michigan.