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TUBOS DE ACERO DE MEXICO BOARD PROPOSES STOCK ISSUANCE

 VERACRUZ, Mexico, April 1 /PRNewswire/ -- Tubos de Acero de Mexico, S.A. (TAMSA) (AMEX: TAM), announced today that its board of directors has determined to propose to the company's shareholders the issuance of up to U.S.$75 million of the company's common stock in connection with an agreement in principle reached with Siderca Sociedad Anonima Industrial y Commercial, which will strengthen the company's capital base and form the basis of a strategic alliance between the two companies.
 If the capital increase is approved by its shareholders at an extraordinary meeting of the company expected to be held on May 14, 1993, the company intends to offer the new shares to all holders of its shares (including shares held in the form of American Depositary Shares) pursuant to a rights offering expected to commence immediately following the shareholder approval.
 The agreement in principle with Siderca contemplates that Siderca will purchase all of the newly issued shares that are not subscribed for by the company's shareholders, as part of a strategic alliance between the two companies. Siderca's commitment to purchase the unsubscribed shares is subject to certain conditions, including the execution of a definitive agreement with the company, the reaching of a trust agreement with certain other shareholders of the company with respect to the holding and voting of shares sufficient to enable Siderca, together with the other shareholders, to control the company, and the board of directors of the company consisting of a majority of members who have been nominated by Siderca.
 -0- 4/1/93
 /CONTACT: Alfredo Freyssinier of Tubos de Acero de Mexico, 905-726-9013/
 (TAM)


CO: Tubos de Acero de Mexico, S.A. ST: IN: SU:

PS -- NY016 -- 1845 04/01/93 08:05 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:287
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