请教manhattan

一个句子中it可以同时做形式主语和代词？请NN指点

今天看Manhattan的SC，看到如下句子
It would hardly be fair for the meatpacking industry to blame regulators for the harm that it has inflicted upon itself in the sub-prime meat sector.
Manhattan说这个句子是对的
我就有点奇怪了，句子中的第一个it是形式主语，第二个it和itself都是指代industry的。记得是PREP还是OG上遇到做类似的句子，当时看讲解说这样的用法是错误的。
见过一个句子中出现两个形式主语的正确句子，但是没见过上述句子。所以想请教下NN，这样的用法是正确的吗？

这句话，第一个It是placeholder，这里叫做形式主语，就说没有具体的指代。后面的it, its都是有具体的指代，it指代industry没有问题。

贴一下我摘录的Ron的总结，典型的例子是OG57
你举的这句话属于第二种类型。
THE ONLY PRONOUNS ON THE GMAT THAT DON'T HAVE TO STANDFOR NOUNS:
It + description+ that +complete sentence (independent clause)
It + description+ to +verb (infinitive)
It + (TOBE verb) + NOUN + that/who + verb

these "it"s DO NOT have to stand for nouns.
ALL other gmat pronouns must stand for nouns.

FIRST TYPE

It + is obvious + that Medellín will beat Nacional in Wednesday’s game.


It+ has been said + that the moon is made of green cheese.

Johnny found it + counterintuitive + that the GMAT tests exceptions to rules just as often as ittests the rules themselves.

SECOND TYPE

It + is often difficult + to distinguish between a past-tense verb and a pastparticiple.

The rain made it + quite challenging + to drive on the freeway.

THIRD TYPE

It + was my own brother + who committed the crime.

BTW, it的指代问题是要根据就近原则么，如果是的话，第二个it指代regulator不是也可以么，这样就有歧义了，请NN指点。