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The U.S. Environmental Protection Agency on Monday issued a comprehensive ban on asbestos, which has long been linked to various types of cancer.
The EPA's announcement of the final rule applies to chrysotile asbestos, the only form of asbestos currently being used in or imported to the U.S.; it is the world's most common type of asbestos, used in products such as brake linings and gaskets, as well as in the manufacture of chlorine bleach and sodium hydroxide, also known as caustic soda, including some that is used for water purification.
The Asbestos Disease Awareness Organization said the EPA's action will primarily impact OxyChem (OXY), Olin (NYSE:OLN), Westlake (WLK) and Chemours (NYSE:CC).
The EPA rule is the first to be finalized under prior amendments in the Toxic Substances Control Act, a 2016 law that authorized new rules for tens of thousands of toxic chemicals found in everyday products.
Exposure to asbestos is linked to more than 40K deaths in the U.S. each year.