You might have a NSMutableString (or some home-grown NSString subclass) that you want to duplicate.
NSMutableString *buffer = [NSMutableString string];
// do something with buffer
NSString *immutableStringToKeepAround = [NSString stringWithString:buffer];
Of course, you can also just make a copy:
NSMutableString *buffer = [NSMutableString string];
// do something with buffer
NSString *immutableStringToKeepAround = [[buffer copy] autorelease];
but you own the copy and must release or autorelease it.