Mexican industrial group Construcciones e Ingenierías Electromecánicas (CIESA) has emerged as the leading bidder for the assets of steelmaker Altos Hornos de México (AHMSA) and its mining subsidiary Minera del Norte (MINOSA), offering $1.4 billion at the September 25 auction in Mexico City, according to local media reports. However, the transaction remains subject to financial and procedural requirements.
As SteelOrbis previously reported, the auction attracted six qualified bidders, with a minimum reference price of approximately $1.127 billion, equivalent to 85 percent of the assets' $1.326 billion valuation. AHMSA and MINOSA were offered as a single, indivisible productive unit, with partial bids excluded.
Financial guarantee required before sale can advance
The court granted qualified bidders ten business days to demonstrate payment of the approximately $56.4 million bid guarantee, after the required financial documentation was not provided at the hearing. Bankruptcy trustee Víctor Manuel Aguilera stated that, should CIESA meet this requirement, it would subsequently have 90 days to pay the outstanding balance, while the sale process remains open.
Bidder outlines modernization and restart plans
CIESA's Arturo Domínguez Arteaga outlined plans to install new equipment and potentially restart steel production at the Monclova-based plant within approximately six months. Meanwhile, secured creditors retain the possibility of acquiring the assets if bidders fail to meet the required conditions.
