From TheStreet, September 21:
An expert analyst shares why the company was forced into filing Chapter 11 bankruptcy.
Most Americans know very little about magnesium.
In fact, they may be more aware of it as a health supplement that purportedly helps bone and heart health, along with a long list of supposed benefits.
Magnesium, however, has been named a "critical mineral" by the United States government. The U.S. Dept, of Energy shared some of the reasons.
Key reasons for magnesium's critical status:
- Defense and Aerospace Applications: Magnesium alloys are used in the construction of aircraft, missiles, and other defense equipment. Their lightweight and durable properties enhance performance and efficiency.
- Energy Sector Importance: Magnesium is integral to various energy technologies, contributing to advancements in energy production and storage solutions.
- Supply Chain Security: The U.S. Geological Survey's Critical Materials List highlights magnesium's significance, prompting initiatives to ensure a stable domestic supply and reduce reliance on foreign sources.
"The U.S. Department of Defense has recognized the strategic importance of magnesium by investing in domestic production capabilities. For instance, a $28 million partnership was formed to develop technology for producing magnesium from seawater, aiming to re-establish primary magnesium production in the U.S. for the first time in 40 years," according to The Department of Energy's Energy.gov.
Key magnesium provider has filed Chapter 11 bankruptcy
US Magnesium, a key producer of chemicals, lithium, and magnesium critical to United States defense efforts, has filed for Chapter 11 bankruptcy after a dispute with the state of Utah....
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