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Bayou Steel

Steel recycling company Bayou Steel has filed for protection under Chapter 11 of the Bankruptcy Code. The move comes a day after announcing it would be laying off 376 employees and shutting down its LaPlace-based steel mill.

According to documents filed in Delaware bankruptcy court Tuesday, the steel recycling company owes between $50 and $100 million to other businesses. Among the 30 entities owed the most, seven are based in Louisiana.