Altos Hornos de México sale faces scrutiny over bidder solvency

The potential sale of the steel company Altos Hornos de México (AHMSA) is facing scrutiny due to doubts regarding the financial solvency of its sole bidder, José Arturo Domínguez Arteaga. Coahuila Governor Manolo Jiménez Salinas has expressed concern over “strange symptoms” surrounding the offer, noting questions about the bidder's equity and payment capacity.

Domínguez, who submitted the only bid during the September 25 auction, has requested a three-month period from Judge Ruth Huerta to conduct an integral verification of the company's assets, inventory, and accounting. However, he has yet to provide the required $56.3 million security guarantee, a deadline that expires this coming Tuesday.

Governor Jiménez stated that the state government will only consider the process officially underway once a $50 million guarantee is deposited, with the final confirmation requiring a total payment of $1.4 billion. Meanwhile, Arizona-based Natures Agrimate LLC has accused Domínguez of failing to meet a previous agreement to contribute $600 million to a financing fund for the acquisition.