Tag: AHMSA

The leading bidder for bankrupt Mexican steelmaker Altos Hornos de Mexico (AHMSA) failed to provide the required earnest money guarantee to confirm its $1.4 billion bid for the steelmaker and its Minera del Norte (MINOSA) mining assets. The court will now consider selling the assets to a consortium of creditors. After the bankruptcy auction on Sept. 25, the court overseeing the proceedings granted the leading bidder, Construcciones e Ingenierías Electromecánicas SA de CV (CIESA), ten days to provide a bid bond of $56.3 million. The Oct. 13 deadline passed without any prequalified bidders, including CIESA, providing the required amount. In fact, the court said CIESA deposited only 5,000 Mexican pesos (US$271).

Mexico's Construcciones e Ingenierías Electromecánicas SA de CV (CIESA) has emerged as the leading bidder for the assets of bankrupt steelmaker Altos Hornos de México (AHMSA) and its mining subsidiary Minera del Norte (MINOSA). The Michoacán-based engineering and construction company offered $1.4 billion in a court-supervised bankruptcy auction held Sept. 25.

Six qualified bidders have emerged for the assets of bankrupt Altos Hornos de México (Ahmsa) and its Minosa mining assets.

Ahmsa’s steelmaking assets and its Minosa mining assets in northern Mexico will be sold together as a single productive “as-is” unit on the morning of...

A Mexican court has approved the joint auction of AHMSA and its MINOSA mining assets for $1.33 billion, paving the way for a single buyer to take control of both businesses.

The public bankruptcy auction for the assets of Altos Hornos de Mexico has been postponed.

Altos Hornos de México (AHMSA) announced a proposed schedule and minimum sale price for the auction of the bankrupt steelmaker and its Minera del Norte (MINOSA) operations.

The auction for the assets of bankrupt Mexican steelmaker Altos Hornos de Mexico (AHMSA) and its mining subsidiary, Minosa, has been postponed, according to various local media reports.

A former CEO goes to court for swiping tin. An OEM distributor slams the bankruptcy trustee for failing workers and creditors. The steelmaker fires back. Angry employees demand back pay as tensions rise in Monclova's steel saga.

Representatives of at least six companies interested in acquiring AHMSA have reportedly begun to carry out physical inspections of the insolvent company’s assets.

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.

An inventory valuation of the assets of Altos Hornos de Mexico SA (AHMSA) has been completed. Local reports suggest an auction for the assets of the bankrupt steel company could come as soon as the end of this month.

A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.

A trustee will lead AHMSA through the liquidation stage of its bankruptcy.

After failing to reach agreements with its creditors, Altos Hornos de México (AHMSA) has been formally declared bankrupt by a Mexican bankruptcy court.

Altos Hornos de México (AHMSA) announced it is entering the third stage of bankruptcy.

On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.

Steel Dynamics Inc. executives provided further insight into operations at the company’s Sinton, Texas, flat-rolled steel mill on a second-quarter earnings conference call on Thursday morning. Despite a series of start-up woes, the company recently commissioned two new coating lines there, and the mill continues to ramp up production. The execs were also bullish on […]

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

US sheet prices continue to fall, with SMU’s average hot-rolled (HR) coil price now at $670 per short ton (st). Prices for cold-rolled and coated products are now in the mid/high $900s/st. As I noted in my last Final thoughts, the consensus among our readers is that prices will bottom out in July. And that makes intuitive sense. Lead times in mid/late July should be stretching into the typically busier fall months. The question then is where prices bottom.

Outgoing Mexican President Andrés Manuel López Obrador (AMLO) said the incoming administration of Claudia Sheinbaum will be able to resolve the woes of shuttered steelmaker Altos Hornos de México (AHMSA). 

The conventional wisdom is that sheet prices will trend down for the next few weeks (maybe the next two months) before rising again in August – around when lead times stretch into the busier fall months. We see that reflected in our survey results and in market chatter. And there are plenty of data points to choose from if you want to support of that position.

We’ve been writing a lot about sheet prices, and those for hot-rolled (HR) in particular, coming down. Here's one thing that hasn't dropped: The wide spread between HR and cold-rolled (CR) prices. That's what's in a chart below. And I'm using it as a rough proxy for galv and G'lume base prices as well

Everybody has a plan… until they’ve dealt with volatility in the HRC market. While Mike Tyson’s original quote was about getting punched in the mouth, it’s unlikely the ex-champ has gone many pricing rounds with hot-rolled coil.

On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.

They say all’s fair in love and war. But that doesn’t seem to be the case in steel. Being deemed “unfair” could get you slapped with shiny new Section 232 tariffs these days. Then again, “unfair” implies a judge. And people on opposing sides seldom agree with the judgment. Such seems to be the current case between the US and Mexico.

AHMSA’s new investors, Argentem Creek Partners, have plans for a potential staggered restart of operations at the Mexican steelmaker.