Steel Mills
Argentem Creek Looks to Kickapoo Tribe for AHMSA Investment
July 7, 2023
Argentem Creek Partners is in negotiations with the Kickapoo Tribe of Texas for a sum of approximately $1 billion dollars to invest in troubled Mexican steelmaker Altos Hornos de México (AHMSA), according to media reports.
The US-based investment fund requested an initial loan of around $200 million from the Kickapoo Tribe, with a pre-negotiated goal of more than $1 billion, according to an article in Spain’s El Pais on July 3.
The paper reported Argentem Creek as saying, “The Kickapoo Tribe has expressed its intent to participate in this process, due to the importance of AHMSA in northern Mexico as a key source of employment for the state (of Coahuila) and the region.”
The Kickapoo Traditional Tribe of Texas, formerly known as the Texas Band of Traditional Kickapoo, is one of three federally recognized Tribes of Kickapoo people, according to its website. There are also members in Mexico.
Recall that AHMSA announced an agreement in late-February to sell the majority of its shares to a group of foreign investors to recapitalize the company, with the shareholder later named as emerging markets credit specialist firm Argentem Creek. But while Daniel Chapman, founder and CEO of Argentem Creek, was appointed as the new director of AHMSA’s board, uncertainty remains around the sale.
An email sent to Argentem Creek was not returned by time of publication.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
Mexico’s TYASA breaks ground on SBQ rolling mill
Mexican steelmaker Talleres y Aceros (TYASA) broke ground this month on the construction of a new special bar quality (SBQ) rolling mill in the state of Veracruz.
Goncalves sees more US trade actions ahead, says Nippon deal for USS has ‘zero chance’
Cleveland-Cliffs’ Lourenco Goncalves thinks trade measures announced by the US government on Tuesday against China were just the opening salvo in a series of trade actions. Case in point: The Biden administration targeted China’s “unfair” trade policies with additional tariffs on an array of Chinese-made goods - including steel, aluminum, and EVs.
Nucor holds weekly HRC price steady after last week’s cut
Nucor chose to hold its consumer spot price (CSP) for hot-rolled (HR) coil steady this week after stunning the market last week with a significant price decline. The steelmaker said in a letter to customers on Monday morning that its $760-per-short-ton (st) CSP base price for HR coil is effective immediately. The price is unchanged from the CSP announced on May 6 but down $65/st from $825/st April 29.
Nucor’s Jellison set to retire, Spicer tapped for EVP role
Nucor said EVP Douglas J. Jellison plans to retire on June 8 after more than 33 years with the company. Randy J. Spicer will be promoted to EVP effective May 12.
Republican Senators demand Biden block USS sale to Nippon
Three vocal Republican senators are demanding that President Joe Biden block the sale of U.S. Steel to Japan’s Nippon Steel.