After years of inactivity, Mexico's largest steelmaker Altos Hornos de México (AHMSA), will auction its assets and its mine subsidiary Minera del Norte, on September 25 for a value of US$1.326 billion.

The sale aims to rescue an iconic private company in Mexico's steel sector, whose financial collapse left outstanding labor-related debts totaling more than 19 billion Mexican pesos owed to around 14,000 workers.

There are currently six registered bidders, including a U.S. fund and Mexican companies, yet none have deposited the required US$56 million guarantee needed to submit formal offers.