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The U.S. Environmental Protection Agency on Monday issued a blanket ban on asbestos, which has long been linked to various types of cancer.
EPA announcement of final rule applies to chrysotile asbestos, the only form of asbestos currently on the market used in or imported into the United States; it is the most common type of asbestos in the world, used in products such as gaskets and brake linings, as well as in the production of bleach and sodium hydroxide, also known as caustic soda, including some 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 following previous amendments to 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 40,000 deaths each year in the United States.