The main shareholder of Mexican steel company Altos Hornos de Mexico (AHMSA), Alonso Ancira, is negotiating with his main financial creditors for the arrival of a new partner with fresh capital to reactivate the steel company's operation, according to media reports.
Armando Guadiana Tijerina, a candidate for governor in Coahuila, told media at a press conference that his friend Ancira is “seeing how to arrange things because there are two primary creditors of AHMSA. One is Cargill (Cargill Financial Services International), the main creditor and the second is the group of Julio Villarreal (Afirme Grupo Financiero). They are in negotiations with Ancira.”
AHMSA is technically bankrupt because its liabilities exceed the value of all its assets. As of September 2022, total assets were $2.24 billion and total liabilities were $2.90 billion. The technical bankruptcy is $655 million.
It is expected that in the coming weeks there will be positive news so that the steel company, with a capacity of 6.0 million metric tons of annual steel production, will reactivate its operations, which have been totally paralyzed since last December 5.