AHMSA spends cash to pay off Pemex

AHMSA spends cash to pay off Pemex

Debt Funds Mexico Capital Markets Energy

Mexican steelmaker Altos Hornos de México (AHMSA) has used its "own resources" to cover a $50 million payment to state-owned oil company Pemex as part of a $217 million compensation agreement, a company source told LatinFinance on Wednesday. AHMSA CEO Alonso Ancira was accused in 2019 of selling the Agronitrogenados fertilizer plant to Pemex for an inflated price, according to the Mexican authorities. "The payment does not mean acknowledging that something illegal has occurred, but for operation

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