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UNDERWRITERS OFFER 2,100,000 AMERICAN DEPOSITARY SHARES OF GRUPO SIMEC, S.A. DE C.V. AT $14 PER ADS

 NEW YORK, July 1 /PRNewswire/ -- Salomon Brothers Inc and Prudential Securities Incorporated, as underwriters, announced today the initial public offering of 2,100,000 American Depositary Shares (ADSs), each representing 20 shares of Series B common stock, of Grupo Simec, S.A. de C.V. at a price of $14 per ADS. In addition to the U.S. offering, 940,000 ADSs are being offered outside the United States and Mexico by International Managers and 15,200,000 shares of Series B common stock are being offered in Mexico by a Mexican Underwriter. The company's parent, Grupo Sidek, S.A. de C.V., has granted the U.S. Underwriters, the International Managers and the Mexican Underwriter a 30-day option to purchase up to 315,000 additional ADSs, 141,000 additional ADSs and 2,280,000 additional shares of Series B common stock, respectively, to cover over-allotments, if any. The ADSs have been approved for listing on the American Stock Exchange under the symbol "SIM."
 The net proceeds to be received by the company from the combined offering will be used to finance a portion of the construction of the new steel melt shop and rolling mill that started operations in Mexicali, Mexico in June 1993, to upgrade the melt shop at the Guadalajara mini-mill and to repay short-term indebtedness.
 Grupo Simec, S.A. de C.V., headquartered in Guadalajara, Jalisco, Mexico, is the leading mini-mill steel producer in Mexico and manufactures a broad range of small and medium non-flat structural steel products. The company also manufactures a wide range of extruded aluminum products. The company's products are used primarily in the residential, commercial and industrial construction markets.
 -0- 7/1/93
 /CONTACT: Barbara Hynes of Doremus & Co., 212-366-3102, for Salomon Brothers/


CO: Grupo Simec, S.A. de C.V. ST: IN: MNG SU: OFR

SM -- NY032 -- 7612 07/01/93 10:12 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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