The Second District Court for Commercial Bankruptcy Matters in Mexico has authorized the joint sale of Mexican steelmaker Altos Hornos de México (AHMSA) and its subsidiary Minera del Norte (Minosa) for a total of $1.326 billion, according to local media reports.
The decision approves the revised proposal submitted by Víctor Manuel Aguilera Gómez, the bankruptcy trustee of AHMSA and Minosa, after the first auction attempt for the companies’ assets ended without results in February this year. The new proposal aims to keep AHMSA and Minosa together as a single productive unit, preventing the dispersion of their assets through separate sales of facilities, machinery and mining operations. Under the approved plan, $1.201 billion corresponds to AHMSA’s steelmaking infrastructure, while $125 million is allocated to Minosa’s mining assets. The objective is to attract an investor capable of operating both businesses together.
In line with Mexico’s Bankruptcy Law, proceeds from the auction will first be used to pay outstanding wages and benefits owed to workers and employees. After these labor obligations are settled, payments will be made to the remaining creditors recognized in the bankruptcy proceedings.
The court also recognized several secured creditors as qualified bidders, including Pemex, Cargill, Banca Afirme, Unifin, Caterpillar and Tubacero. These companies will be allowed to participate in the bidding process by using the value of AHMSA’s outstanding debts to them as part of their acquisition proposals.
With the new deadlines established, the opening of financial bids must take place within the next 60 calendar days. Accordingly, the selection of the new owner and operator of AHMSA and Minosa could be completed by mid-August 2026.
