Mexican President Suggests Mr Ancira to Sell His Shares in Ahmsa

Bnamericas has reported that Mexico’s President Mr Andrés Manuel López Obrador has suggested that Mexican steelmaker Ahmsa’s Chairman Mr Alonso Ancira sell his shares in the steelmaker to local investors and present a debt payment plan in exchange for government support to overcome the company’s financial crisis. Mr López Obrador told “If Mr [Ancira] decides to sell his shares, hand over his shares in exchange for the debts he has, if he makes such an approach to us and responsible Mexican businessmen want to participate, of course we will help to maintain the company and strengthen it, because it is producing very little and getting worse all the time.” However, the president reiterated that government funds would not be used to rescue the Monclova-based steel company that has debts with entities such as state oil company Pemex and public power utility CFE, which have led to power outages affecting operations. Mr López Obrador added that “Ahmsa has a great future, because the demand for steel is going to grow. If Mr Alonso Ancira had made a decision two years ago, the company would already have gotten ahead, just taking advantage of the times of good steel prices.” Ahmsa's media communications coordinator Mr Francisco Orduña told BNamericas “There is a negotiation process underway with investors. For confidentiality reasons, it’s not possible to say more.” Altos Hornos de Mexico is the largest integrated steel plant in Mexico. It has corporate offices in Monclova, Coahuila, in the center of the Mexican state of Coahuila, 155 miles from the United States border. Throughout the decade of the '70s and after several expansions, the company achieved production of 3.75 million tonnes per year. Grupo Acerero del Norte has 64% of Ahmsa, while the free float is 34% and board members and directors hold 2%. According to Wikipedia “Mr Alonso Ancira, the owner and president of Altos Hornos, was arrested by the Interpol in connection with the 2014 sale of a fertilizer plant to PEMEX, the Mexican-state oil company, in 2019. According to bank records he is bankrupted and has billions in debt. Mr Alonso Ancira and other family members have been charged for corruption, money laundering, fraud and other crimes. It is believed that Lozoya will soon be arrested”

Mexican President Suggests Mr Ancira to Sell His Shares in Ahmsa

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