May 6 (Reuters) - Specialty metals company Crucible Materials Corp filed for Chapter 11 protection in a Delaware bankruptcy court on Wednesday, citing the continuing disruption in the U.S. automotive industry.
The company, which derives a significant portion of its revenue from the automotive sector, said it witnessed a sharp drop in overall demand for its products in the fourth quarter of 2008, a trend which it says has continued into the first and second quarters of 2009.
Crucible listed assets and liabilities in the range of $100 million to $500 million in its bankruptcy filing.
In documents filed with the court, Crucible said it employs about 1,000 people and has two primary manufacturing mills. The company also has 12 regional service centers and one research center.
The Syracuse, New York-based company was created in 1985 following an employee buyout from Colt Industries. Crucible makes different types of steel for use in the automotive, aerospace and petrochemical industries.
The case is In re: Crucible Materials Corp, U.S. Bankruptcy Court, District of Delaware, No.09-11582. (Reporting by Santosh Nadgir in Bangalore, editing by Matthew Lewis)
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