The second auction of Mexican steelmaker Altos Hornos de México (AHMSA) and its mining subsidiary Minera del Norte (MINOSA) has fallen through after none of the prequalified bidders provided the required $56.3 million bid guarantee by October 13, according to bankruptcy trustee Víctor Manuel Aguilera, as reported by local media.
CIESA's $1.4 billion offer fails to advance
As SteelOrbis previously reported, Construcciones e Ingenierías Electromecánicas (CIESA) emerged as the leading bidder with a $1.4 billion offer at the September 25 auction, although the transaction remained conditional on financial guarantees. Despite CIESA's subsequent claim that payment had been made, the trustee confirmed that the required amount had not been received.
Cargill and Afirme explore alternative acquisition
The court has granted secured creditors Cargill and Afirme 90 calendar days, from October 17, 2026, to January 14, 2027, to explore forming a consortium to acquire the companies, with progress reports required every 15 days. The authorization grants neither ownership nor preferential acquisition rights, while the planned sale of AHMSA and MINOSA as a single productive unit remains in place.
