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Altos Hornos de México
Altos Hornos de México, S.A.B. de C.V. (AHMSA) is a steel plant in Mexico. It has corporate offices in Monclova, Coahuila, in the center of the Mexican state of Coahuila, 155 miles from the United States border.
Teódulo Flores Calderon donated the land to AHMSA, later Harold Rudolph Pape founded Altos Hornos de Mexico in 1942 in Monclova, Coahuila for its proximity to the border, with the mines of iron located in the same state and Chihuahua, as well as with coal, located in the carboniferous region of Coahuila.
Between 1944 and 1948, the production increased from 40,000 to 100,000 tons of liquid steel per year. In 1960, the smelter increased its capacity to 2 million tons of liquid steel per year, with this being consolidated as the largest company industry in Latin America. Throughout the decade of the '70s and after several expansions, the company achieved production of 3.75 million tons per year. In the decade of the '80s, AHMSA was nationalized by the federal government and went through several crises.
In 1991, Altos Hornos was under new management by Alonso Ancira, but his tenure was marked by a series of fraudulent activities that eventually led to the bankruptcy of Altos Hornos de México (AHMSA). He orchestrated one of the largest scams in Mexican history and was subsequently arrested by Interpol on charges of fraud, corruption, and money laundering. Ancira's involvement in the Pemex, Agro Nitrogenados, and Odebrecht frauds further solidified his culpability. The fraudulent transaction amounted to $500 million, with the plant itself being revealed as nothing more than a sham. Ancira is now obligated to repay the stolen funds to the Mexican Government, as his actions have resulted in AHMSA declaring bankruptcy.
In April 2023, Ancira was ousted from the presidency of AHMSA, which is now in the hands of Argentem Creek Partners, an American fund that is facing the challenge of reviving a company on the brink of collapse. Ancira resigned along with members of the Board of Directors, including Jorge Alberto Ancira Elizondo, José Eduardo Ancira Elizondo, James Pignatelli, Juan Carlos Quintana, and Francisco Pérez Ortega.
AHMSA was sold to Argentem Creek Partners in April 2023 and is now run by new management. Despite the sale to Argentem Creek Partners, the steel company continues to have a debt of $650 million.
Alonso Ancira Elizondo, the former president of AHMSA from 1991-2023, is known for leading one of the largest scams in the history of Mexico, defrauding the Mexican government of $500 million. He is responsible for his involvement in the Pemex, Agro Nitrogenados, and Odebrecht frauds, as well as his mismanagement that led to the bankruptcy of Altos Hornos de México (AHMSA). Additionally, he has been accused of corruption, tax fraud, and money laundering.
The Pemex case originated in 2013 when Alonso Ancira, his brother Jorge Ancira of Altos Hornos de México (AHMSA), and Emilio Lozoya, who served as Pemex's director, engaged in fraudulent activities. They orchestrated the sale of a non-existent plant to the Mexican government, valued at just a few million dollars. However, in 2019, the Superior Audit Office uncovered that the transaction had far exceeded its actual cost. Consequently, Ancira was arrested for fraud in Spain in 2019 and subsequently extradited to Mexico in 2021.
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Altos Hornos de México
Altos Hornos de México, S.A.B. de C.V. (AHMSA) is a steel plant in Mexico. It has corporate offices in Monclova, Coahuila, in the center of the Mexican state of Coahuila, 155 miles from the United States border.
Teódulo Flores Calderon donated the land to AHMSA, later Harold Rudolph Pape founded Altos Hornos de Mexico in 1942 in Monclova, Coahuila for its proximity to the border, with the mines of iron located in the same state and Chihuahua, as well as with coal, located in the carboniferous region of Coahuila.
Between 1944 and 1948, the production increased from 40,000 to 100,000 tons of liquid steel per year. In 1960, the smelter increased its capacity to 2 million tons of liquid steel per year, with this being consolidated as the largest company industry in Latin America. Throughout the decade of the '70s and after several expansions, the company achieved production of 3.75 million tons per year. In the decade of the '80s, AHMSA was nationalized by the federal government and went through several crises.
In 1991, Altos Hornos was under new management by Alonso Ancira, but his tenure was marked by a series of fraudulent activities that eventually led to the bankruptcy of Altos Hornos de México (AHMSA). He orchestrated one of the largest scams in Mexican history and was subsequently arrested by Interpol on charges of fraud, corruption, and money laundering. Ancira's involvement in the Pemex, Agro Nitrogenados, and Odebrecht frauds further solidified his culpability. The fraudulent transaction amounted to $500 million, with the plant itself being revealed as nothing more than a sham. Ancira is now obligated to repay the stolen funds to the Mexican Government, as his actions have resulted in AHMSA declaring bankruptcy.
In April 2023, Ancira was ousted from the presidency of AHMSA, which is now in the hands of Argentem Creek Partners, an American fund that is facing the challenge of reviving a company on the brink of collapse. Ancira resigned along with members of the Board of Directors, including Jorge Alberto Ancira Elizondo, José Eduardo Ancira Elizondo, James Pignatelli, Juan Carlos Quintana, and Francisco Pérez Ortega.
AHMSA was sold to Argentem Creek Partners in April 2023 and is now run by new management. Despite the sale to Argentem Creek Partners, the steel company continues to have a debt of $650 million.
Alonso Ancira Elizondo, the former president of AHMSA from 1991-2023, is known for leading one of the largest scams in the history of Mexico, defrauding the Mexican government of $500 million. He is responsible for his involvement in the Pemex, Agro Nitrogenados, and Odebrecht frauds, as well as his mismanagement that led to the bankruptcy of Altos Hornos de México (AHMSA). Additionally, he has been accused of corruption, tax fraud, and money laundering.
The Pemex case originated in 2013 when Alonso Ancira, his brother Jorge Ancira of Altos Hornos de México (AHMSA), and Emilio Lozoya, who served as Pemex's director, engaged in fraudulent activities. They orchestrated the sale of a non-existent plant to the Mexican government, valued at just a few million dollars. However, in 2019, the Superior Audit Office uncovered that the transaction had far exceeded its actual cost. Consequently, Ancira was arrested for fraud in Spain in 2019 and subsequently extradited to Mexico in 2021.