AHMSA shareholders were barred from altering the company's control.

A federal judge presiding over the Altos Hornos de México steel company's (AHMSA) financial restructuring legal proceedings has declared that the company is not allowed to hold shareholder meetings with the intention of changing the share structure on December 21. "(AHMSA has) a prohibition on holding corporate meetings that modify the administration of the merchant," the Second District Court on Commercial Bankruptcy Matters ruled last week, according to judicial edicts seen by SteelOrbis. The judge will also forbid the state oil company Pemex from seizing the company. The court reported that the conciliator (the person in charge of reviewing AHMSA's financial situation) requested authorization on October 31 to hold a shareholders' meeting. Last week, SteelOrbis published that the current board of directors, headed by Alonso Ancira Elizondo, called a shareholders' meeting so that investors led by the New York investment fund manager Argentem Creek Partners take control of the company. Upon assuming control of AHMSA, the new investors led by Argentem will request a loan of up to $600 million to reactivate steel production.