Mexico Plans to Sell Top 2 Steel Firms
The government announced plans Wednesday to sell off Mexico’s two leading state-owned steel companies as part of its sweeping privatization program.
A statement from the Planning and Budget Ministry said the decision to privatize Altos Hornos de Mexico and the Lazaro Cardenas-Las Truchas steel complex was in keeping with a worldwide trend toward private sector control of the steel industry.
Altos Hornos is the single largest steel concern in Mexico and is listed among the country’s top 10 businesses.
The Lazaro Cardenas-Las Truchas steel complex on the Pacific coast was a pet project of former President Jose Lopez Portillo, who poured vast financial resources into its construction before the Mexican debt crisis erupted in 1982.
Further details of the privatization of the two companies were not available.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
