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Mexican steelmaker AHMSA is considering filing for bankruptcy in the US | Mexico Companies

The steelmaker Altos Hornos de México (AHMSA) announced this Thursday that it is considering declaring its subsidiary Minera del Norte bankrupt in the United States due to the cancellation of coal orders from the Mexican public power company Federal Electricity Commission (CFE).

In a statement sent to the Mexican Stock Exchange, AHMSA explained that it “is exploring the possibility of incorporating its subsidiary Minera del Norte” into Chapter 11 of the United States Bankruptcy Law, which allows companies with financial problems to reorganize.

AHMSA alleged that a third of its annual production of 6.6 million tons of thermal coal is developed in the United States and that the CFE canceled “the orders and supply contracts for its plants.”

He assured that the decision of the public electricity company “led to the loss of 4,000 direct jobs.”

AHMSA is owned by Alonso Ancira, a businessman accused of overpricing a useless fertilizer plant to Pemex when the public oil company was run by Emilio Lozoya, currently prosecuted for this matter and for the Odebrecht plot.

Last April, the Attorney General’s Office agreed with Ancira to release him in exchange for the payment of $ 216.6 million to Pemex as compensation for the damage.

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