Steel Mills

AHMSA assets to be liquidated; workers call for nationalization
Written by Laura Miller
December 4, 2024
A trustee has taken control of AHMSA to advance the Mexican steelmaker and miner through the liquidation phase of its bankruptcy process.
A bankruptcy court in Mexico certified attorney Victor Manuel Aguilera Gomez as AHMSA’s bankruptcy trustee after his appointment by the Federal Institute of Bankruptcy Specialists (IFECOM).
“The trustee will then, according to legal regulations, take possession of the administration and assets of the company and assume full control over the administrative and financial decisions necessary to advance the liquidation phase,” AHMSA said in a statement on Nov. 28.
The company added that the liquidation phase will have four stages: asset inventory, valuation, call for auction, and asset auction.
The condition of AHMSA’s remaining assets is unclear, as there have been many reports of them being looted and pillaged. The company had not responded to a request for comment as of press time.
AHMSA said in the Nov. 28 statement that the trustee will communicate clearly and promptly throughout the process “so that a solution can be reached in the shortest possible time.”
Workers call for AHMSA’s nationalization
Meanwhile, former AHMSA workers have asked Mexican President Claudia Sheinbaum to nationalize the company and save the 10,000+ jobs lost by its closure, according to local media reports. The workers also called for the extradition and punishment of former AHMSA president Alonso Ancira.
Workers hand-delivered their request to the president when she visited the area recently. Local media has reported that she is aware of the AHMSA situation and that the federal government is analyzing possible alternatives for the company.
AHMSA’s significant liabilities owed to the federal government are a large deterrent for potential investors, according to Luis Eduardo Olivares Martinez, the secretary of the economy in the state of Coahuila. That’s where AHMSA’s mill is located, in the city of Monclova.
He told Periodico La Voz that AHMSA needs the help of the federal government. The ideal strategy for the near term, he said, is “reducing AHMSA’s debts or generating incentives that make investment in the steel company viable and attractive for new owners.”

Laura Miller
Read more from Laura MillerLatest in Steel Mills

Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.

Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.

Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.

AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.

USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.