The Second District Commercial Bankruptcy Court in Mexico has authorized the joint sale of Mexican steel company Altos Hornos de Mexico (AHMSA) and its subsidiary Minera del Norte (Minosa) for a total of $1.326 billion, according to local media reports.
The decision approves the revised proposal submitted by Victor Manuel Aguilera Gomez, bankruptcy trustee of AHMSA, and Minos, after the first auction attempt on the companies' assets ended unsuccessfully in February this year. The new proposal is aimed at preserving AHMSA and Minosa as a single production unit, preventing the dispersion of their assets through the separate sale of facilities, equipment and mining enterprises. According to the approved plan, $1.201 billion is allocated to AHMSA's steel infrastructure, while $125 million is allocated to Minosa's mining assets. The goal is to attract an investor who is able to manage both businesses together.
According to Mexico's Bankruptcy Law, proceeds from the auction will first be used to pay outstanding salaries and benefits owed to employees and employees. After the repayment of these labor obligations, payments will be made to the remaining creditors recognized during the bankruptcy procedure.
The court also recognized several secured creditors as qualified bidders, including Pemex, Cargill, Banca Afirme, Unifin, Caterpillar and Tubacero. These companies will be allowed to participate in the tender process using the value of AHMSA's outstanding debt to them as part of their acquisition proposals.
Taking into account the new deadlines, the opening of financial offers should take place within the next 60 calendar days. Accordingly, the selection of the new owner and operator of AHMSA and Minosa may be completed by mid-August 2026.
