Mexican integrated steelmaker Altos Hornos de Mexico, AHMSA, has reportedly defaulted on payments to suppliers, according to a media report from La Voz de Coahuila.
The report said AHMSA failed to pay 18 suppliers a combined total of MXN 300 million ($12.9 million), as part of delayed payments. Several suppliers have been reportedly missing payments from AHMSA since December 2019.
Recently, rumors about a potential asset sale by AHMSA have increased, as the company’s board president, Alonso Ancira, was re-appointed to “continue negotiations with companies interested in the acquisition (of AHMSA assets), a joint venture or any transaction that would improve AHMSA’s financial profile,” according to a document filing obtained by SteelOrbis.
AHMSA is expected to complete a M&A transaction by the end of March, according to local media reports.