Mexico Steelmaker AHMSA Reached Preliminary Deal With Investor

Mexico steelmaker Altos Hornos de Mexico SA (AHMSA) said it reached a preliminary financing deal with a foreign investor and that its chairman Alonso Ancira had “irrevocably” stepped down.

The company reached on March 7 a preliminary deal for a so-called debtor-in-possession (DIP) financing, according to a statement with the local regulator Monday. Eugene Irwin Davis will replace Ancira as interim chairman, it added, with Carlos Espinal Guifarro taking the role of chief executive officer. The changes must be ratified at the next shareholder assembly.

AHMSA was among companies that were part of corruption probes of past administrations spearheaded by ...