Steel Mills
Dismal Quarter for Mexican Steelmaker AHMSA
Written by Sandy Williams
October 29, 2019
Mexican steel maker Altos Hornos de México, S.A.B. de C.V. (AHMSA) earnings in the third quarter of 2019 declined across the board due to unfavorable steel market conditions.
AHMSA EBITDA plummeted 149.6 percent from 3Q 2018 for a loss of $40.4 million. EBITDA in the steel segment plunged 132.1 percent for a loss of $31 million compared to positive EBITDA of $96.6 million a year ago.
Net sales fell 34 percent driven by lower prices and weaker demand for core products. Shipments slid 16.9 percent to 733,000 metric tons year-over-year. Cost of sales decreased by 19 percent due to lower production volumes.
In an effort to reduce expenses, the company imposed strict cost control measures during the quarter, including selling properties, aircraft, vehicles and other assets not required for AHMSA operations.
“AHMSA is exploring various capitalization options and/or associations with a variety of industrial and financial groups; there is, however, no agreement at this time,” wrote AHMSA in a press release.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Algoma to shut down line in Ontario ahead of EAF start
The 106” Mill was part of Algoma's plate and strip combination facility.
Nippon trial vs. US government to begin early next month: Report
Nippon Steel’s litigation against the US government is set to begin in early February, according to a report by Japan’s Kyodo News Agency. Nippon will file its opening brief on Feb. 3. And both parties will conclude their claims by March 17 in the US Court of Appeals for the District of Columbia Circuit, Kyodo […]
Nucor carbon targets certified by GSCC
Nucor’s “ambitious” carbon targets by the end of the decade and beyond have been certified by the Global Steel Climate Council (GSCC). The Charlotte, N.C.-based steelmaker used a base year of 2023 for its science-based emissions targets (SBET). It set an SBET of 0.975 metric tons (mt) of CO2 emissions per mt of hot-rolled steel […]
SSAB halts talks with Feds on Miss. green steel plant
The Department of Energy's Industrial Demonstrations Program page states that it is no longer moving forward with SSAB.
Cleveland-Cliffs CEO seeks ‘American solution’ for U.S. Steel
He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.