Mexico steelmaker AHMSA to slash jobs, investment as prices drop
MEXICO CITY, June 3 (Reuters) - Altos Hornos de Mexico (AHMSA), one of Mexico's largest steelmakers, said on Wednesday it would cut its work force by 20 percent, suspend investments and reduce production after what it called a drastic fall in prices over the last five months.
The company said it would cut 4,500 jobs, slash production by 20 percent and suspend 3.9 billion pesos ($251.08 million) worth of investments.
AHMSA said that anti-dumping investigations by Mexico's government had been slow and insufficient given the growth of imports of all types of steel products into the country at dumping prices.
Foreign firms had taken advantage of Mexico's open economy, while Europe and the United States had done a much better job at defending industry from dumping-level prices, the company added. ($1 = 15.5330 Mexican pesos) (Reporting by Christine Murray; Editing by Leslie Adler)
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