Steel Mills
AHMSA Could Restart Next Week: Report
May 8, 2023
When gas is restored to Altos Hornos de México’s (AHMSA’s) plants, operations could restart at the Mexican steelmaker as early as next week, and within six weeks steel production could be at a good level, according to comments by AHMSA’s CEO in a Mexican media report.
However, although Daniel Chapman, founder and CEO of investment fund Argentem Creek Partners, was recently appointed as the new director of AHMSA’s board, no date has been set for the first $50 million of a total of $250 million in payments, according to an article in Mexico’s Periódico La Voz on May 5.
In comments to the publication, Luis Zamudio Miechielsen, AHMSA’s CEO, said it is unknown when the money will arrive. He noted this is creating problems, and AHMSA is selling scrap metal and coal to get by, but he believes that gas could be supplied to the plants within the next few days.
Michelsen pointed out that the first thing AHMSA will do with the $50 million will be to pay workers’ salaries. Steel production at AHMSA has been stopped since December 2022.
A separate article from Periódico La Voz on May 9 said the $50-million payment could arrive either Tuesday or Wednesday.
A spokesman for AHMSA did not return SMU’s email request for comment.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Cliffs hosts fireside chat on industry, union, government collaboration
Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.
Nippon agrees to sell Calvert stake, if USS deal closes
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.