Asarco in Chapter 11 Amid Asbestos Claims

Asarco, the U.S. copper-mining unit of Grupo Mexico, has filed for bankruptcy protection after a five-week strike halved copper production and as asbestos claims approached $1 billion.

Liabilities exceed assets by $400 million, Asarco Chief Executive Daniel Tellechea said. The Tucson-based copper producer filed for Chapter 11 reorganization Tuesday in U.S. Bankruptcy Court for the Southern District of Texas in Corpus Christi.

Asarco has assets of $600 million and debt of $1 billion, Tellechea said.