August 20, 2014 / 12:50 AM / 3 years ago

Mexico's AHMSA to buy up to $1.1bln of iron from Voestalpine

MEXICO CITY, Aug 19 (Reuters) - Altos Hornos de Mexico (AHMSA), one of Mexico's largest steelmakers, said on Tuesday it has signed a deal to buy up to $1.1 billion worth of hot briquetted iron (HBI) from Voestalpine's Texas subsidiary.

AHMSA will buy between 400,000 and 650,000 tonnes of HBI a year from Voestalpine Texas LLC, with the first shipment due at the beginning of 2016, the company said in a statement to Mexico's stock exchange.

The deal has an estimated value of between $900 million and $1.1 billion and will last a minimum of five years from the date of the first delivery, the company said. (Reporting by Christine Murray and Noe Torres)

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