The Post Standard reported that citing the drop in the automotive sector and the economy, Crucible Materials Corp filed for Chapter 11 bankruptcy in the state of Delaware.

The company said it intends to continue operating while it restructures its debts.

Mr David Robbins chairman & CEO said that "We had hoped to restructure our debts outside of Chapter 11. However, given the current economic crisis and the prolonged downturn in the marketplace, we determined that filing would be the best option in order to achieve a sustainable long term financial structure and to save jobs."

The company estimated its assets at between USD 100 million to USD 500 million and USD 100 million to USD 500 million in debts.

Crucible has its headquarters in Geddes and has a plant in Western Pennsylvania. The company employs 675 locally.

(Sourced from The Post Standard)