Shougang's Peru unit declares force majeure on iron shipments

Iron miner Shougang Hierro Peru, a unit of China's Shougang Group, declared force majeure on its shipments because of an ongoing strike that has curbed output, the company said on Tuesday. Shougang's country manager, Raul Vera, said the company moved to exempt itself from contractual obligations last week after a deal with workers fell through. Force majeure is a condition that permits a company to cancel those obligations due to an event or effect that can't be controlled.