MONCLOVA, Coahuila, May 16, 2016 /PRNewswire/ -- Altos Hornos de México S.A.B. de C.V. ("AHMSA" or the "Company"), the leading integrated steel producer in Mexico, today announced that Judge Juan Carlos Carranza Leija of the First Civil Court of First Instance in the Judicial District of Monclova, Coahuila, has issued the necessary order for the lifting of AHMSA's suspension of payments proceeding and approved the Company's general payment agreement (the "Plan"), effective immediately. The order follows the Company's receipt of requisite creditor consent to its Plan by independent Recognized Creditors at AHMSA's creditors meeting on April 18, 2016.
AHMSA stated: "Having achieved the appropriate creditors' support for our Plan and with the judicial order lifting the suspension of payments proceeding, AHMSA now is positioned to further its long-term business potential. We will have the ability to move forward with greater financial flexibility and engage in business relationships that will enhance the Company's execution of its operational initiatives and the realization of its strategic priorities to the benefit of all its stakeholders.
"As Mexico's largest integrated steel producer, AHMSA is uniquely situated to capitalize on favorable growth trends in Mexico's domestic energy and manufacturing industries, including auto manufacturing, petroleum as well as natural gas pipeline projects, and infrastructure construction. We also are Mexico's only producer of plate, tin plate, and tin free steel," the Company concluded.
This press release does not constitute an offer to sell, or a solicitation of an offer to purchase, the securities described herein, in any jurisdiction, to or from any person to whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction.
Altos Hornos de México S.A.B. de C.V., an integrated steel producer, has two steel plants located in Monclova, Coahuila, and operates its own iron and metallurgical coal mines. Its current nominal production capacity is more than 5 million tons of liquid steel per year, which is then transformed into diverse finished products. Additionally, AHMSA operates thermal coal mines in Mexico. It employs over 19,000 workers in steel plants, mines and services.
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political, economic and social trends and assumptions it has made based on information currently available to it. AHMSA cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. Forward-looking statements contained herein speak only as of the date of this release. AHMSA does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.
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SOURCE Altos Hornos de Mexico S.A.B. de C.V.