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
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.