May 24, 2017 / 1:03 AM / a year ago

Mexico's AHMSA shuts down mine over union conflict

MEXICO CITY, May 23 (Reuters) - Altos Hornos de Mexico (AHMSA), one of the country’s largest steelmakers, said on Tuesday it had shut down definitively an iron ore mine in the northern state of Durango because of ongoing problems with the union.

AHMSA said in a statement that the Cerro de Mercado mine, which belongs to its subsidiary, Minera del Norte, produced less than 10 percent of the ore used by the company to make steel.

Conflicts with the union, “resulted in high operating costs and an increasing deterioration in production and productivity, which made the operation uncostable,” the company said.

Shares of AHMSA closed down 0.24 percent to 67.79 pesos per share on Tuesday on the local stock exchange. (Reporting by Noe Torres and Lizbeth Diaz; Editing by Sandra Maler)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below