The Mexican government is working with part of its cabinet on the final details to rescue the workers of the giant steel company Altos Hornos de México (AHMSA), paralyzed by insolvency since the beginning of 2023, said President Claudia Sheinbaum at a press conference.
“Before the end of the year, I had a meeting with the Secretary of Labor, with the Secretary of Finance (SHCP) who are helping us review the issue, and we are looking at different options. Our objective is obviously to recover jobs,” Sheinbaum responded to a direct question about the government's actions on AHMSA.
“I hope that in a short time we can give good news,” said the president of Mexico at her daily morning conference in Mexico City.
To find out if it will be a reactivation of steel production or through a project to generate employment other than steel production, SteelOrbis contacted the spokespersons of the Ministry of Labor and the Ministry of Finance.
Separately, they said that the information will be released until the project is completed. The Ministry of Labor also said that there is still no definitive date to make it public.
“In any case, we are going to make a (labor) justice plan for workers, so that families can have the bare minimum. We are working,” said the president of Mexico.
Separately, AHMSA reported in a press release that the asset appraisal process in the bankruptcy process declared by the judge could be completed next March. The next step will be to call potential buyers of the company's assets in a public auction. The assets will be sold free of liabilities (labor and financial).
AHMSA is an integrated steel company with its own mining complexes and an annual steel production capacity of 5.5 million tons. As of 2022, AHMSA had a payroll of just over 13,900 people, 5,874 were employees and 7,986 were workers.