Mexican integrated steelmaker Altos Hornos de Mexico (AHMSA) has acquired a US iron ore pellet asset from bankrupt company ERP Iron Ore, LLC, SteelOrbis has learned.
AHMSA made a $15 million bid to buy the plant located in Reynolds, Indiana, which has a 3.5 million mt/year capacity.
ERP filed for bankruptcy on May 25, according to a document filing with the US Bankruptcy Court in the District of Minnesota. AHMSA entered into a purchase agreement for the bankrupt asset.
Meanwhile, PPL Acquisition Group, LLC made a $6.8 million bid for ERP’s Minnesota assets near Grand Rapids.