Mexican steelmaker Ahmsa advances with appraisal of assets after bankruptcy

Steelmaker Altos Hornos de México (Ahmsa) reported that the process to draw up an inventory and appraise the company’s assets is progressing as scheduled, following the confirmation of its bankruptcy proceedings at the end of last year.

This phase is expected to be concluded within approximately two months.

Meanwhile, Mexican President Claudia Sheinbaum said during a press conference that "in a short time," her government will be in a position to announce "good news" regarding the nearly 20,000 workers to whom the steelmaker owes debts.

"It has been a very long process. If you remember, in my 100 commitments, I promised to address the Ahmsa issue; we're working on it," the president said on Monday. 

"Before the end of the year, I held a meeting with the labor minister and finance minister, who are helping us review the matter, and we're exploring different options. Our goal is, of course, to save jobs. I hope that, in a short time, we will be able to share some good news,” she added.

The president expressed her hope to present what she referred to as “a plan of justice for workers, so that families can have at least the bare minimum.”

The inventory and appraisal efforts at Ahmsa are intended to comply with applicable laws, ensure responsible management of the company’s resources and lay the groundwork for the forthcoming steps in the judicial process, including the announcement and execution of the sale of the assets, the company said in a statement.

Attorney Víctor Manuel Aguilera Gómez, appointed as bankruptcy trustee by the federal agency of bankruptcy specialists (Ifecom), was formally ratified by the commercial bankruptcy court in November.

“This phase is essential not only to gain a precise understanding of Ahmsa's assets but also to guarantee fair and equitable treatment for all interested parties. We are working transparently and professionally to meet the established deadlines and provide certainty at every stage of the process,” Aguilera Gómez said in the Ahmsa statement.

The company, based in Monclova in the northern state of Coahuila, has been in crisis due to its debts for several years, eventually leading it to submit to bankruptcy proceedings. Since the end of 2022, Ahmsa has been gradually suspending its operations.