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
Nippon’s Mori meets with Pa. Gov. Shapiro: Report
Nori, a top Nippon Steel official, met on Tuesday with Pennsylvania's governor, to discuss its proposed acquisition of U.S. Steel.
Nippon won’t import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
AISI: Raw steel production falls to 5-week low
Domestic raw steel mill production slipped to a five-week low last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Weekly production is now at the third-lowest level recorded this year.
Nucor maintains HR price at $750/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.
Mexican court orders sale of officially bankrupt AHMSA
After failing to reach agreements with its creditors, Altos Hornos de México (AHMSA) has been formally declared bankrupt by a Mexican bankruptcy court.