We study the evolution of strings in the equatorial plane of a Kerr-Newman
black hole. Writing the equations of motion and the constraints resulting f
rom Hamilton's principle, three classes of exact solutions are presented, f
or a closed string, encircling the black hole. They all depend on two arbit
rary integration functions and two constants. A process for extracting ener
gy is examined for the case of one of the three families of solutions. This
is the analogue of the Penrose process for the case of a particle.