Global, Local Firms Seek to Acquire AHMSA’s Assets

ArcelorMittal, Villacero, Cargill Financial Services, Nippon Steel, and four additional companies have formally expressed interest in acquiring the industrial assets of AHMSA and Minera del Norte (MINOSA), which remain under liquidation in the bankruptcy process. Their participation, from both national and international markets, underscores the key value that AHMSA’s infrastructure still holds. 

During the latest session of the bankruptcy oversight committee, trustee Víctor Manuel Aguilera confirmed that documentation from eight potential buyers has been received. All companies were invited based on financial capacity and formal commitment, and several have already begun technical evaluations of the assets.

The asset auction could be held in January 2026. The estimated value of the portfolio stands at US$1.326 billion and will serve as the benchmark for formal bids.

The process remains complex. AHMSA’s liabilities exceed MX$61 billion, including tax debts and obligations to IMSS, SAT, CFE, and PEMEX, as well as outstanding payments to suppliers, financial creditors and workers. The trustee has stressed that any acquisition must guarantee payment of outstanding labor rights. Buyers will be required to assume pending obligations and provide certainty for active employees.

Interest from companies such as Nippon Steel and Cargill introduces an international component that could bring advanced technologies, greater efficiency, and more sustainable practices. Villacero and ArcelorMittal, already established in the domestic industry, appear to be evaluating integration or expansion opportunities. However, modernization costs and environmental compliance requirements will influence their final decisions.

The sale is being conducted under the supervision of the Federal Institute of Specialists in Bankruptcy Proceedings (Ifecom) to ensure transparency throughout the process.

What Happened to AHMSA?

In 2019, Alonso Ancira, former CEO, AHMSA, was arrested in Spain following an investigation into bribery involving PEMEX officials, who were allegedly overcharged for the sale of a fertilizer plant in northern Mexico. Some of the illicit proceeds were allegedly funneled into Odebrecht accounts. Following Ancira's arrest, CFE canceled several contracts with AHMSA. Subsequently, President López Obrador's administration reached an agreement with Ancira for him to return US$200 million, which was the estimated overcharge from the fertilizer plant sale to PEMEX.

On Nov. 30, 2023, AHMSA halted steel production. In early 2024, Grupo Acerero del Norte entered into an agreement to sell a majority stake in AHMSA to a group of foreign investors for US$200 million. This transaction was part of a broader financial restructuring plan aimed at addressing the company’s bankruptcy and facilitating its recovery.

Since AHMSA suspended operations, Mexico has lost roughly 4Mt of annual steel production. Imports have partially covered this gap, increasing costs for construction, automotive and infrastructure sectors. The shutdown has severely affected central Coahuila. Monclova and nearby municipalities have experienced significant job losses. Around 10,000 AHMSA workers and 4,000 MINOSA employees remain in uncertainty, with months of unpaid wages and benefits.