We study the evolution of strings in the equatorial plane of a Kerr-Newmann black hole. Writting the equations of motion and the constraints resulting from Hamilton's principle, three classes of exact solutions are presented, for a closed string, encircling the black hole. They all depend on two arbitrary integration functions and two constants. A process of extracting energy is examined for the case of one of the three families of solutions. This is the analog of the Penrose process for the case of a particle
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