AHMSA holds shareholders meeting to confirm management

AHMSA holds shareholders meeting to confirm management

Altos Hornos de Mexico SA (AHMSA), the largest steel producer of Mexico, producing mainly hot rolled, cold rolled steel and structural shapes is experiencing some debt payment problems between the management and the creditors. According to reports, the board of directors has suspended the payments since 1999. Therefore the creditors including Bank of America Corp., Grupo Financiero Banamex SA unit of Citigroup and Grupo Financiero BBVA Bancomer want to declare the company bankrupt and restructure it with a new management as they hold a 51% voting rights, which is enough to vote out the present board at the shareholders meeting to be held on November 7, 2002. It is scheduled to provide the shareholders with year-end financial statements for 1999, 2000, 2001 and to vote to confirm the board members.