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
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