The IAF consortium was awarded the company after offering US$27 million in capital contribution subject to an integration schedule based on the firm's needs.

The Argentine government has privatized the metallurgical firm IMPSA, the first since it took power just over a year ago, and its shares will be transferred to the US consortium Industrial Acquisition Find, LLC (IAF), with Arc Energy as its main partner, it was officially announced on Wednesday.

The Evaluation Committee of the offers for the sale of Industrias Metalúrgicas Pescarmona SA (IMPSA), made up of the Fondep of the Ministry of Economy, the Agency for the Transformation of Public Companies and the province of Mendoza, resolved to recommend the pre-allocation of the company's shares held by the national and provincial State to the IAF consortium.

IAF offered 27 million dollars in capital contribution subject to an integration schedule according to the needs of the firm and requested a deadline until January 31 to obtain the refinancing of the debt it has with IMPSA creditors, which amounts to 576 million dollars, the Ministry of Economy said in a statement.

"We privatized Impsa," said the Minister of Economy, Luis Caputo, on his account on the social network X.

Right-wing President Javier Milei has pledged to reduce the structure of the State, including the privatization of companies and the non-allocation of federal resources to private firms, with the aim of maintaining a zero deficit.

IAF will have to obtain the consent of creditors for the renegotiation of the debt and, if the condition is met, the contract for the purchase and sale of shares and their subsequent transfer will be drawn up, the statement said.

IMPSA, founded in 1907, is dedicated to the manufacture of equipment such as turbines, cranes, reactors to supply the metallurgy, energy generation and technology sectors.