Steel Mills
Uncertainty Remains Around AHMSA Sale: Local Media Report
June 5, 2023
The sale of Mexican steelmaker Altos Hornos de México (AHMSA) has reportedly stalled because the investment capital has not yet been received, according to a local media report.
The remarks were made by AHMSA’s Alonso Ancira Elizondo in a meeting he had with union officials in San Antonio, Texas, according to an article in Mexico’s El Periódico La Voz on June 2.
Ancira is chairman of AHMSA, according to its website, and a shareholder in the company. He is also the former president of AHMSA administrative council, La Voz said.
With a lack of clarity regarding the sale, and workers salaries remaining unpaid, officials of the Sindicato Nacional Democrático (National Democratic Union), sought a meeting with Ancira, the article said.
At the meeting, the shuttering of the company or dismissal of personnel were both ruled out, La Voz stated.
It was reported that the capital from American investment fund Argentem Creek Partners, the group led by Daniel Chapman, is not yet available, and other alternatives are being sought.
Ancira told the union representatives that other investors were being explored, including some from Asia, La Voz said.
The sale of AHMSA to Argentem was first reported in March.
Argentem Creek Partners and a spokemsan for AHMSA did not immediately return a request for comment by time of publication.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
Ternium pushes forward with growth projects despite slump in earnings and Mexican market
Ternium S.A. Fourth quarter ended Dec.31 2024 2023 Change Net sales $3,876 $4,931 -21.4% Net income (loss) $333 $554 -39.9% Per diluted share $1.43 $2.11 -32.2% Full year ended Dec.31 Net sales $17,649 $17,610 0.2% Net income (loss) $174 $986 -82.4% Per diluted share $(0.27) $3.44 -108% (in millions of dollars except per share) While […]
Kestenbaum, Ancora state their case in proxy fight for U.S. Steel
Ancora Holdings is moving forward with its proxy fight to oust U.S. Steel’s leadership and install a new board of directors and Alan Kestenbaum as CEO.
BlueScope shelves midstream facility but still upbeat on US
BlueScope Steel is pulling back on its expansion plans in the US for now but remains optimistic about the North American market.
Japanese PM cites ‘unjust political interference’ in Nippon/USS deal: Report
Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters. This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the […]
Trump says Nippon will ‘invest heavily’ in USS rather than buy it
Nippon Steel has agreed to “invest heavily in U.S. Steel as opposed to own it,” President Donald Trump said on Friday during a press conference with Japanese Prime Minister Shigeru Ishiba. U.S. Steel is “a very important company” and was once “the greatest company in the world”. Of potential foreign ownership of the Pittsburgh-based steelmaker, Trump said, “the concept, psychologically, not good."